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.
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)
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 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 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)
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