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.
Defining Issues 17-16 reports on the proposed ASU would address practice issues by helping entities evaluate whether they should account for a grant or similar contract as a contribution or an exchange transaction.
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Defining Issues 17-17 reports that a registrant may, in some cases, continue to apply historical accounting policies to pre-production costs and related customer reimbursements on adoption of the new revenue standard.
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Defining Issues 17-18 reports that the Board made decisions on the reserving model for nonparticipating traditional and limited-payment insurance contracts.
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Defining Issues 17-19 reports on amendments that aim to reduce the cost and complexity of applying hedge accounting, and expand the types of relationships that qualify for hedge accounting.
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Defining Issues 17-20 reports on the FASB’s proposal to make targeted clarifications to recognition and measurement guidance for financial assets and liabilities.
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Defining Issues 17-21 reports that companies and their stakeholders should consider these observations and thoughtfully evaluate their current and planned implementation efforts for these major standards.
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Defining Issues 17-22 reports that the guidance addresses certain interpretive matters, including estimation methodologies, as well as guidance and examples of statistical sampling methodologies and other reasonable methods to calculate the pay ratio disclosure.
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Defining Issues 17-23 reports that the order extends filing deadlines for companies affected by the loss of property and power, and suspension of transportation and mail delivery services.
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Defining Issues 17-24 reports on the FASB's decisions on the reserving model for participating insurance contracts, deferred acquisition costs (DAC) and market risk benefits.
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Defining Issues 17-25 reports that the EITF reached a tentative conclusion that customers should account for cloud computing arrangements and software licensing arrangements consistently, and directed the FASB staff to perform additional research on the application of the tentative conclusion.
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Defining Issues 17-26 reports on the key changes proposed by the SEC would impact MD&A, the description of property, exhibits and confidential information, incorporation by reference, and the manner of delivery and tagging of coverage page data.
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For more information, please contact:
Michael Maekawa | +1 213-955-8331 | email@example.com
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