Year-end financial reporting, quarterly outlook (2016) | KPMG | GLOBAL

KPMG report: Year-end financial reporting, quarterly outlook (2016)

Year-end financial reporting, quarterly outlook (2016)

Financial statement preparers and the SEC staff are gearing up for 2016 year-end financial reporting.

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  • The SEC staff indicated that it will continue to focus on non-GAAP financial measures, internal control over financial reporting, and disclosures about recently issued accounting standards.
  • Financial statement preparers are preparing to implement major new accounting standards (i.e., revenue, lease accounting, and financial instruments).
  • The FASB is shifting its standard-setting efforts to targeted and foundational issues, such as the accounting for income taxes on intercompany transfers and determining the primary beneficiary for a variable interest entity.

 

Read a December 2016 report [PDF 437 KB] prepared by KPMG LLP that summarizes these and other accounting and financial reporting developments that potentially affect companies in the current period or near term.

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