Auditing & Accounting Update | KPMG | US

Auditing & Accounting Updates

Auditing & Accounting Update

In this section, we provide brief updates 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 Changes Presentation of Not-for-Profit Financial Statements
Defining Issues 16-29 reports that a new FASB ASU changes how not-for-profit (NFP) entities, including health care entities, report net asset classes, expenses, and liquidity in their financial statements. The FASB deferred to Phase 2 of its project on NFP financial statements the decision about requiring a measure of operations in the statement of activities.

Go to Defining Issues 16-29 (PDF) >
 

Companies Face New Rules on Extraction Industry Payments
Defining Issues 16-30 reports that resource extraction companies will need to disclose payments, or a series of payments, over $100,000 made to governments related to the exploration and development of oil, natural gas, or mineral resources. However, the SEC’s final rules provide some relief to address concerns.

Go to Defining Issues 16-30 (PDF) >
 

FASB Proposes Targeted Changes to Hedge Accounting
Defining Issues 16-31 reports that the FASB's proposed ASU would provide additional opportunities for an entity to align its hedge accounting with its risk management activities, and has the potential to reduce the cost and effort required to apply hedge accounting.

Go to Defining Issues 16-31 (PDF) >
 

EITF Reaches Final Consensus; SEC Staff Discusses Recent Accounting Standards
Defining Issues 16-32 reports that the FASB’s Emerging Issues Task Force (EITF) reached a final consensus on the presentation of restricted cash in the statement of cash flows and a consensus-for-exposure on service concession arrangements at its September 22 meeting. Also, the SEC staff discussed its expectation that registrants will disclose their implementation status and, if determined, the likely qualitative effect of recently issued accounting standards.

Go to Defining Issues 16-32 (PDF) >
 

FASB Decides to Retain Guidance on Pre-production Costs
Defining Issues 16-33 reports that the FASB decided to retain the current guidance on capitalization of pre-production costs related to long-term supply arrangements while it conducts outreach to decide whether it should propose additional changes. The FASB also did not want to delay issuing its technical corrections for the revenue standard, most of which did not pertain to pre-production costs.

Go to Defining Issues 16-33 (PDF) >
 

FASB Changes Accounting for Income Taxes on Intercompany Transfers
Defining Issues 16-34 reports that, as part of its simplification initiative, the FASB recently issued an ASU that requires entities to recognize at the transaction date the income tax consequences of many intercompany asset transfers.

Go to Defining Issues 16-34 (PDF) >
 

FASB Makes Targeted Change to VIE Primary Beneficiary Test
Defining Issues 16-35 reports that in evaluating whether it is the primary beneficiary, the new FASB ASU requires a single decision maker or service provider to consider indirect interests held through related parties under common control proportionately.

Go to Defining Issues 16-35 (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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