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 ASC 848 and ASC 815
The proposed ASU would defer to December 31, 2024 the sunset date of ASC 848, which provides relief for companies preparing for the discontinuation of interest rates such as LIBOR.
SEC proposes new and amended rules for SPACs
April 11, 2022
The SEC has proposed rules that would impose new disclosures and other requirements on SPACs and shell companies throughout their life cycle, and when projections are disclosed.
SEC issues SAB 121 on digital asset custodial obligations
Initial and subsequent measurement of the safeguarding obligation liability and related asset will be based on the fair value of the custodied digital assets.
FASB amends TDR guidance and enhances disclosures
March 31, 2022
The FASB eliminates TDR recognition and measurement guidance for creditors and requires new disclosures.
FASB expands fair value hedge accounting
March 29, 2022
ASU 2022-01 establishes the portfolio-layer method, which expands an entity’s ability to achieve fair value hedge accounting for hedges of financial assets in a closed portfolio.
Insurance: SAPWG March 2022 call
KPMG reports on statutory accounting actions and discussions of SAPWG on the March 2022 conference call.
SAPWG Call - March 2022 (PDF)
Accounting for investments in certain tax credit structures
The EITF met on March 24, 2022 to deliberate Issue 21-A, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (PAM).
SEC proposes cybersecurity rules
March 16, 2022
The proposed rules would increase the prominence of required disclosure of cybersecurity incidents in several corporate filings, including annual and quarterly filings and current reports.
Deferred effective date for proposed EU sustainability rules
March 4, 2022
Targeted revisions to the EU’s expanded sustainability reporting proposals include deferring the effective date.
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