Q1 2024 Quarterly Outlook
Issues & Trends | March 2024
Our quarterly update on accounting and financial reporting developments, including SEC matters and FASB activity.
KPMG reports on major accounting and financial reporting developments that could affect companies in the current period or near term. This quarter we feature the new SEC climate rule, the PCAOB’s proposal on noncompliance with laws and regulations, and other recent SEC and FASB developments.
Key Impacts:
For Q1 2024:
- The SEC issued its long-awaited climate rule that significantly expands the climate reporting required by registrants. This includes new financial statement disclosures and, in a separate section of the annual report, climate risk disclosures and greenhouse gas emissions.
- The SEC issued its special purpose acquisition company (SPAC) rules that impact all stages of the SPAC lifecycle and better align the disclosure requirements for SPAC IPOs and de-SPAC transactions with traditional IPOs.
- Companies are implementing the SEC’s new compensation clawback rules but are raising questions about how to apply the new recovery policies.
- The PCAOB hosted a public roundtable about its proposal on noncompliance with laws and regulations (NOCLAR) and briefly reopened the related comment period.
- The FASB continues to address its technical agenda, making headway on its disaggregation of income statement expenses and environmental credit programs projects and targeting a final ASU on profits interest awards before quarter close.
Report contents
- Current quarter financial reporting matters
- New standards and guidance
- Projects and agenda priorities
- Recommended reading and CPE opportunities
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Q1 2024 Quarterly Outlook
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Q1 2024 Quarterly Outlook
KPMG professionals discuss this quarter’s accounting and financial reporting headlines
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