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 exposes ASU 2018-12 transition guidance amendment

July, 2022

Amendment to long-duration contracts improvements to exclude certain contracts or legal entities sold and derecognized.

FASB exposes ASU 2018-12 transition guidance amendment

FASB seeks feedback on potential incorporation of IAS 20

June 17, 2022

The FASB has issued an Invitation to Comment on its potential incorporation of IAS 20 into US GAAP.

FASB seeks feedback on potential incorporation of IAS 20

SEC again reopens proposal on compensation clawback policies

June 17, 2022

Comment period on 2015 proposal to implement Section 954 of Dodd-Frank Act reopened with new questions and analysis.

SEC again reopens proposal on compensation clawback policies

KPMG responds to SEC’s climate proposal

June 16, 2022

Meeting the needs of investors in a way that is practical and minimizes the costs to preparers.

KPMG comment letter: SEC climate proposal S7-10-22 (PDF)

Accounting for investments in tax credit structures

June 16, 2022

EITF reaches consensus-for-exposure on expansion of the proportional amortization method (PAM).

Accounting for investments in tax credit structures (PDF)

SEC adopts amendments to require electronic filing

June 10, 2022

Amendments require electronic submission of certain forms currently permitted to be filed in paper form.

SEC adopts amendments to require electronic filing

SEC investment management proposals focus on ESG

May 26, 2022

Proposals target the Names Rule plus ESG disclosures by funds and investment advisers, aiming for enhanced transparency.

SEC on ESG: Focus on investment management (PDF)

FASB proposes amendments to ASC 848 and ASC 815

April 2022

Proposals would defer sunset date for reference rate reform accounting, and amend the definition of the SOFR Swap Rate.

FASB proposes amendments to ASC 848 and ASC 815

 

For more information, please contact:

Michael Maekawa | +1 213-955-8331 | tmaekawa@kpmg.com