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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.

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FASB discusses and responds to COVID-19

April 9, 2020 (updated May 20, 2020)

KPMG reports that the FASB discussed accounting issues arising from the COVID-19 pandemic and decided to defer the effective dates of the leases and revenue standards for certain companies.

Defining Issues 20-04 (PDF)

SEC rule provides smaller companies relief by amending filer definitions

April 3, 2020

The SEC has amended the accelerated filer and large accelerated filer definitions to exclude ‘smaller reporting company' issuers with less than $100 million in annual revenue. The amendments relieve these low-revenue issuers from the internal control over financial reporting (ICFR) auditor attestation requirements.

Defining Issues 20-03 (PDF)

SEC rule affects disclosures of certain registered debt instruments

March 26, 2020

SEC adopts rule amendments to streamline disclosures and encourage issuers to conduct registered debt offerings. Here we summarize the changes to disclosures for issuers and guarantors of guaranteed securities and affiliates whose securities collateralize issuers' securities (S-X Rules 3-10 and 3-16, respectively).

Defining Issues 20-02 (PDF)

FASB provides relief to companies for reference rate reform

March 13, 2020

FASB provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR that are expected to be discontinued.

Defining Issues 20-01 (PDF)

For more information, please contact:

Michael Maekawa | +1 213-955-8331 | tmaekawa@kpmg.com

 

 

 

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.

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