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.


FASB provides relief for discounting transition

January 8, 2021

KPMG reports on ASU 2021-011, which extends certain optional expedients in Topic 848 to derivative contracts impacted by discounting transition.

Defining Issues 21-01 (PDF)

FASB proposes changes to accounting for revenue contracts in a business combination

December 16, 2020

KPMG reports on the FASB’s proposed ASU1, which would change accounting for revenue contracts acquired in a business combination.

Defining Issues 20-14 (PDF)

FASB defers effective date for long-duration insurance contracts

November 9, 2020

KPMG reports on ASU 2020-111, which defers the effective date for long-duration insurance contracts and amends the early adoption transition dates.

Defining Issues 20-13 (PDF)


For more information, please contact:

Michael Maekawa | +1 213-955-8331 |

© 2022 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit

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.

Connect with us


Want to do business with KPMG?


loading image Request for proposal