Q2 2025 Quarterly Outlook
Issues & Trends | June 2025
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 impacts of US tariffs on accounting and financial reporting, recent SEC headlines, the latest on sustainability reporting, FASB standard-setting activity and more.
For Q2 2025:
- Ongoing developments in US tariffs, tax reform and other geopolitical events have contributed to a climate of unpredictability. The rapid pace of policy change—particularly around trade measures—has introduced ambiguity regarding the scope and duration of current tariffs. Companies must remain attentive, evaluate the potential implications to their financial statements, and adapt their reporting strategies accordingly.
- Sustainability reporting has experienced a mix of progress and resistance. EU developments aimed at reducing the burden of sustainability reporting continued, while the International Sustainability Standards Board introduced measures to simplify climate reporting. Meanwhile, in the US, President Trump issued an executive order opposing state-level climate initiatives, even as California’s climate laws took another step forward.
- While we anticipate feedback on the FASB's three recent Invitations to Comment, the Board remains focused on more targeted projects, issuing standards on share-based consideration payable to a customer and business combinations involving variable interest entities.
- We remind calendar year-end public companies that a new income tax disclosure standard is effective for them in 2025 (annual periods only).
Report contents
- Current quarter financial reporting matters
- New standards and guidance
- Projects and agenda priorities
- Recommended reading and CPE opportunities
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Q2 2025 Quarterly Outlook
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Q2 2025 Quarterly Outlook
In this webcast, KPMG professionals discuss major developments that may affect a company’s accounting and financial reporting in the current period and near term.
Quarterly Outlook
Quarterly updates on accounting and financial reporting developments, including SEC matters and FASB activity.
Sustainability reporting
KPMG guidance and articles for financial reporting professionals.
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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