Auditing & Accounting Update | KPMG | US
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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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SEC issues guidance on cybersecurity disclosures

Defining Issue 18-2 reports on the SEC’s guidance on cybersecurity disclosures. This updates the SEC’s 2011 guidance, but does not add new rules or regulations.

Go to Defining Issue 18-2 (PDF) >

FASB approves new transition method and lessor practical expedient for leases standard

Defining Issue 18-3 reports on decisions made by the FASB at its March 2018 meetings. The FASB approved amendments to create an additional transition method and a lessor practical expedient for separating lease and non-lease components; and decided to propose additional amendments to address operational issues for lessors related to sales taxes and lessee payments of lessor costs.

Go to Defining Issue 18-3 (PDF) >

FASB proposes targeted improvements to the accounting for collaborative arrangements

Defining Issue 18-4 reports on a FASB proposal to clarify when transactions between collaborative participants are in the scope of ASC 606 and can be presented as revenue. The proposed ASU is intended to reduce diversity in practice among companies that have collaborative arrangements.

Go to Defining Issue 18-4 (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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