In this section, we provide brief updates from the previous quarter on regulatory developments in auditing and accounting that may impact Japanese companies in the United States. Further discussion of the issues can be found in KPMG's Department of Professional Practice's Defining Issues.
FASB proposes amendments to interim disclosure requirements
November 3, 2021
FASB proposes to clarify disclosure requirements for interim reporting to promote consistency across entities.
FASB proposes amendments to interim disclosure requirements (PDF)
International Sustainability Standards Board announced
November 2021
ISSB to address growing demand for global ESG disclosure standards; SEC proposals expected early 2022.
FASB issues business combination amendments
October 29, 2021
The FASB provided an exception to fair value measurement for revenue contracts acquired in business combinations.
New ASU affects revenue recognized following business combinations (PDF)
Share-based payment private company practical expedient
October 26, 2021
New ASU provides a practical expedient to determine the fair value of private company share-based payment awards.
Practical expedient for valuing share-based payment awards (PDF)