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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Related content

FASB defers effective date for long-duration insurance contracts

November 9, 2020

KPMG reports on ASU 2020-11, which defers the effective date for long-duration insurance contracts and amends the early adoption transition dates.

Defining Issues 20-13 (PDF)

SEC adopts amendments to update certain auditor independence requirements

October 29, 2020

KPMG reports on the SEC’s amendments1 to Rule 2-01 of Regulation S-X to modernize certain aspects of auditor independence requirements

Defining Issues 20-12 (PDF)

FASB proposes new leases standard amendments

Updated October 20, 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)

For more information, please contact:

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

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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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