Q3 2025 Quarterly Outlook
ISSUES & TRENDS | September 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 a new tax bill on accounting and financial reporting, recent SEC headlines, the latest on sustainability reporting, FASB standard-setting activity and more.
Applicability:
- All companies
Key impacts
For Q3 2025:
- The enactment of H.R. 1—or the ‘One Big Beautiful Bill’—resolves months of uncertainty around corporate tax reform and leadership changes at the SEC and PCAOB signal a likely shift in regulatory priorities.
- The FASB is reaching the final stages on much of its active agenda, making way for new priorities—guided by feedback received on its recent Invitations to Comment. Meanwhile, time is running short for calendar year-end public companies to implement the new income tax disclosure standard, which becomes effective for them in annual periods ending December 31, 2025.
- Sustainability reporting saw meaningful progress this quarter, with EU standard-setters working to simplify sustainability disclosures and the International Sustainability Standards Board (ISSB) issuing guidance ahead of 2026 reporting. California’s climate regulations also continue to take shape, with final regulations anticipated in December.
- The PCAOB’s one-year deferral of QC 1000 offers audit firms more time to effectively implement the new quality control standard.
Report contents
- Current quarter financial reporting matters
- New standards and guidance
- Projects and agenda priorities
- Recommended reading and CPE opportunities
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Q3 2025 Quarterly Outlook
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Q3 2025 Quarterly Outlook
KPMG professionals discuss this quarter’s accounting and financial reporting headlines.
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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