Industries

Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

Learn more

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Learn more

FASB proposes disclosure changes

Defining Issues | May 2019

KPMG reports on the proposed ASU to update disclosures in response to the SEC’s disclosure initiative.

A proposed ASU seeks to update disclosures in response to the SEC’s disclosure update and simplification initiative. Several of the FASB’s proposed changes would apply to private and not-for-profit entities in addition to public entities.

Applicability

Proposed ASU

  • All entities

Relevant dates

  • May 6, 2019 – FASB issued proposed ASU
  • June 28, 2019 – Comments due on proposed ASU

Key impacts

The FASB proposal would modify US GAAP to incorporate several disclosures and presentation requirements currently residing in SEC regulations. The proposal would add requirements for private and not-for-profit entities, including new disclosures about:
 
  • Impact of derivative instruments in the statement of cash flows
  • Newly consolidated or deconsolidated entities
  • Assets mortgaged, pledged or subject to lien
  • Weighted-average interest rate on short-term borrowings and unused lines of credit
  • Change in reporting entity and combinations under common control in interim periods, if interim financial statements are provided
  • Repurchase and reverse repurchase agreements

Other proposed disclosures would be required only for public entities, which already have similar requirements under SEC regulations. 

The proposals are in response to the SEC’s August 2018 release, Disclosure Update and Simplification, in which the SEC referred certain of its disclosure requirements that overlap with, but provide incremental information to, US GAAP to the FASB for potential incorporation into the FASB’s Accounting Standards Codification. 

The proposed amendments would apply prospectively.

Download the document

KPMG's Comment Letter

Download PDF

Explore more

Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement.

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Headline