Auditing & Accounting Update | KPMG | US

Auditing & Accounting Update

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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Recent IRS audit rules may affect how partnerships account for tax underpayments

Defining Issue 17-27 reports on what changes partnerships may need to make to their financial reporting beginning in 2018. Recent IRS rules for audits of partnerships may change the accounting for tax underpayments.

Go to Defining Issues 17-27 (PDF) >

 

FASB makes presentation and disclosure decisions for long-duration insurance contracts

Defining Issue 17-28 reports on the FASB's decisions about the presentation and revised disclosures for long-duration insurance contracts. These decisions include changes to the frequency and transition requirements.

Go to Defining Issues 17-28 (PDF) >

FASB agrees to further amend the Leases standard

Defining Issue 17-29 reports on decisions made at the November 29, 2017 FASB meeting. The Board decided to finalize its proposed ASU on land easements, and propose practical expedients on transition and the accounting for lease and non-lease components by lessors.

Go to Defining Issues 17-29 (PDF) >

Adoption of new accounting standards may lead to share-based payment award modifications

Defining Issue 17-30 reports on accounting implications of changes to share-based payment awards after adoption of a new accounting standard or a voluntary accounting change. If adoption of a new accounting standard or a voluntary accounting change affects operating results or performance metrics, a company may need or want to re-evaluate its performance conditions and the underlying compensation objectives for its share-based payment awards.

Go to Defining Issues 17-30 (PDF) >

Q&A; Tax Reform, Supplement to KPMG's Handbook, Accounting for Income Taxes

Defining Issues 17-31 provides supplement to KPMG's Handbook, Accounting for Income Taxes, which considers the financial reporting implications under US GAAP of H.R. 1, originally known as the Tax Cuts and Jobs Act. KPMG's latest Q&As incorporate disclosure considerations and other new hot topics. We also incorporate guidance from the FASB staff's issued FAQs. We also consider the financial reporting implications under IFRS.

Go to Defining Issues 17-31 (PDF) >

Go to Tax reform in the United States (PDF) >

EITF consensus-for-exposure on accounting for implementation costs of cloud computing arrangements

Defining Issues 18-01 reports that the EITF reached a consensus-for-exposure on accounting for implementation costs incurred in a cloud computing arrangement. The FASB's EITF agreed at its January 18, 2018 meeting that implementation costs incurred by customers in cloud computing arrangements should be deferred if those same costs would be capitalized by a customer in a software licensing arrangement.

Go to Defining Issues 18-01 (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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