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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 proposes a practical expedient for valuing nonpublic entity share option awards

August 17, 2020

KPMG reports on a proposed ASU which provides a practical expedient for nonpublic entities to determine the fair value of their share option awards.

Defining Issues 20-09 (PDF)

FASB amends convertible debt & contracts in own equity

August 7, 2020

KPMG reports on ASU 2020-061, which reduces the number of accounting models for convertible instruments and allows more contracts to qualify for equity classification.

Defining Issues 20-08 (PDF)

FASB to propose new leases standard amendments

July 30, 2020

KPMG reports on the FASB’s July 29, 2020 meeting at which the Board decided to propose amendments to the new leases standard and add narrow-scope projects to its technical agenda.

Defining Issues 20-07 (PDF)

Effective date for long-duration insurance may be delayed

June 12, 2020

KPMG reports that the FASB tentatively decided to defer the effective date for long-duration insurance contracts and align both the adoption and early adoption transition dates.

Defining Issues 20-06 (PDF)

SEC adopts amendments to financial disclosures about acquisitions and dispositions of businesses

June 11, 2020

KPMG reports on the SEC’s amendments intended to improve financial information about business acquisitions and dispositions.

Defining Issues 20-05 (PDF)

FASB discusses and responds to COVID-19

April 9, 2020 updated May 20, 2020

FASB issues final ASU deferring the effective dates of the leases and revenue standards for certain entities because of COVID-19.

Defining Issues 20-04 (PDF)

 

For more information, please contact:

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

 

 

READ MORE ARTICLES IN JP EXECUTIVE INSIGHT- ISSUE 3, 2020

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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