Insights

Fresh thinking and actionable insights that address critical issues your organization faces.

Learn more

Resources

Services

KPMG's multi-disciplinary approach and deep, practical industry knowledge help clients meet challenges and respond to opportunities.

Services to meet your business goals

Technology Alliances

KPMG has market-leading alliances with many of the world's leading software and services vendors.

View all Alliances

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
Relevant Results
Sorry, there are no results matching your search.
Autocomplete suggestions are available. Use up and down arrows to review and enter to select.
See more results

Preparers’ perspectives on emerging issues

Implementation challenges and costs top of mind amidst new requirements and trending challenges. 

Share

Preparers took center stage during Monday afternoon at the 2024 AICPA & CIMA Conference on Current SEC and PCAOB Developments – with a panel of controllers and CAOs discussing how their companies are dealing with pressing issues. Panelists represented a wide range of industries – from entertainment to utilities to food and beverage to financial services:

  • Brett Woodford, EVP, Controllership, Finance, Tax, Walt Disney Company

  • Kate Sturgess, SVP, Controller and Chief Accounting Officer, American Electric Power

  • Ellie May, SCP, Controller & Chief Accounting Officer, The Coca-Cola Company 

  • Jennifer Jones, Chief Accounting Officer, Coinbase. 

Preparers offer an important perspective on standard-setting and regulation – the challenge of implementation. Their experiences help assess whether the appropriate cost / benefit balance of requirements has been achieved. That feedback loop is an essential learning for the development of future standards and rules, and a critical component of the financial reporting ecosystem. 

Angie Storm

KPMG Deputy Chief Accountant

Top of mind for all panelists was transformation of the finance function, given new accounting standards and technological advances. 

Disaggregation accounting standards

Panelists discussed how they are implementing the segment reporting and DISE standards. They noted that narrowing in on the interplay between these two standards may offer insights into financial performance while promoting consistency and comparability across disclosures.

>> Implementing the latest segment reporting requirements

The upcoming filing season will see companies implementing ASU 2023-07 on segment reporting. Many companies, particularly calendar-year companies since their 2024 annual filings are due soon, have begun previewing draft disclosures to their audit committees and investor relations teams. 

Focus has been on significant expense identification within their reported measure of segment profit or loss, and properly disclosing the profit or loss measure closest to GAAP – ensuring the measure is explained consistently across communication channels.

Read more about implementing the standard in our handbook and about the SEC Staff’s latest clarifications in our recent Hot Topic.

    >> DISE – the next big implementation project

    Although the DISE standard (ASU 2024-03) is not effective until the 2027 filing season, there is much work companies must do to prepare for it. The task list is long - identifying the expense categories to disclose, modifying IT systems to capture those categories, evaluating internal controls over financial reporting, and crafting disclosure language.

    But panelists believe the information they will disclose under the standard will be very useful to management and investors. They also noted the impact of stakeholder feedback and appreciated the resulting modifications to the final DISE standard (see FASB blog, All voices matter). 

    Read more about implementing the standard here.

    The FASB's new segment reporting and DISE standards, driven by investor demand for detailed expense information, significantly enhance financial transparency. Implementing these standards offers companies a strategic opportunity to align reporting with investor expectations – providing deeper insights into financial performance and fostering more informed decision-making. 

    Danny Zamora

    KPMG Partner, Department of Professional Practice

    AI in the financial reporting process

    Another emerging topic discussed was how companies are using AI across their organizations. They talked about the benefits of AI, which can drive productivity improvements and free up the workforce to focus on higher value work. They also emphasized the need for governance and controls when implementing and using AI to ensure appropriate use of the technology and accurate outcomes.

    Cybersecurity disclosures

    Cybersecurity disclosures were on the mind of this Day 1 panel. Panelists discussed governance issues, including implementing preventative safeguards, appropriate incident identification and management, sufficient escalation protocols and accurate reporting. All of these governance actions depend on materiality considerations – both quantitative and qualitative.

    On tap for Day 2 is a panel of SEC counsel attorneys devoted entirely to the issue of the SEC’s cybersecurity disclosure rules. So stay tuned for the attorneys’ perspectives.

    Accounting Research Online

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

    Access ARO

    KPMG. Make the Difference.


    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.

    © 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

    For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

    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.

    Search now!

    Submit RFP

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

    Submit

    Office locations

    View locations

    International hotline

    You can confidentially report concerns to the KPMG International hotline

    Learn more

    Press contacts

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

    Contact

    Headline