Auditing & Accounting Update
Auditing & Accounting Update
In this section, we provide brief updates from the previous quarter on regulatory developments in auditing and accounting that may impact Japanese companies in the United States. Further discussion of the issues can be found in KPMG's Department of Professional Practice's Defining Issues.
Federal banking agencies issue proposed policy statement on the allowance for credit losses
October 18, 2019
KPMG explains the regulator’s expectations of banks subsequent to the adoption of the credit losses standard.
Defining Issues 19-20 (PDF)
SEC adopts a new rule to expand its test-the-waters accommodation to all companies
October 7, 2019
KPMG reports on the SEC's new rule that permits all companies to communicate with potential investors before an offering.
Defining Issues 19-19 (PDF)
SEC approves new PCAOB auditing standards
August 1, 2019
The new and amended standards strengthen the requirements for auditing management's accounting estimates and the auditor’s use of the work of specialists, including company specialists.
Defining Issues 19-18 (PDF)
Effective dates for long-duration insurance, derivatives, CECL and leases may be delayed
July 18, 2019
KPMG reports that the FASB tentatively decided to defer the effective dates for several major accounting standards.
Defining Issues 19-17 (PDF)
PCAOB issues new guidance for auditors and audit committees
July 10, 2019
KPMG reports on new PCAOB guidance for communications with audit committees. The guidance applies when an auditor has identified a violation of the independence rules.
Defining Issues 19-16 (PDF)
SEC amends the Loan Provision of its auditor independence rules
July 2, 2019
The SEC’s amendments refocus the analysis on debtor-creditor relationships that pose a threat to auditor independence.
Defining Issues 19-15 (PDF)
READ MORE ARTICLES IN JP EXECUTIVE INSIGHT- ISSUE 4, 2019
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
