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Q2 2023 Quarterly Outlook

Issues & Trends | June 2023

Our quarterly update on accounting and financial reporting developments, including SEC matters and FASB activity.

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KPMG reports on major accounting and financial reporting developments that could affect companies in the current period or near term. This quarter we feature a new excise tax effective in 2023, the latest on ESG reporting, and other recent SEC and FASB headlines.

Applicability

  • All companies

Key impacts

For Q2 2023:

  • The new excise tax under the Inflation Reduction Act of 2022 (IRA) is effective in 2023 for calendar year-end public companies within the scope of the legislation.
  • The FASB’s technical agenda is packed with broad-scoped projects – many of which will impact financial statement disclosure in some way (e.g. disaggregation of income statement expenses, income tax disclosure and segments).
  • The SEC remains focused on enhanced transparency and released a final rule which will require issuers to provide additional disclosure about their share repurchases.
  • Companies should continue to monitor for macroeconomic trends and events and consider their potential impacts on financial reporting and disclosure.

Report contents

  • Current quarter financial reporting matters
  • New standards and guidance
  • Projects and agenda priorities
  • Recommended reading and CPE opportunities

Download the document:

Quarterly Outlook June 2023

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Quarterly Outlook

Quarterly updates on accounting and financial reporting developments, including SEC matters and FASB activity.

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Sustainability reporting

KPMG guidance and articles for financial reporting professionals.

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SEC matters

Keeping you up to date about SEC staff positions on reporting matters and proposed rulemaking that will affect registrants

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Meet our team

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Angie Storm
Deputy Chief Accountant, Dept. of Professional Practice, KPMG US
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Robin Van Voorhies
Senior Director, Dept. of Professional Practice, KPMG US
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Image of Angie Storm
Angie Storm
Deputy Chief Accountant, Dept. of Professional Practice, KPMG US
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Image of Robin Van Voorhies
Robin Van Voorhies
Senior Director, Dept. of Professional Practice, KPMG US
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Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

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 upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

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