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.

US company impact of EU ESG reporting requirements

December 2, 2022

Corporate Sustainability Reporting Directive now formally adopted by the EU.

US company impact of EU ESG reporting requirements

FASB proposes ASU on common control lease arrangements

December 2022

The proposed amendments would change ASC 842 for common control lease arrangements and related leasehold improvements.

FASB proposes ASU on common control lease arrangements

Simplified accounting for tax equity investments

December 1, 2022

EITF reaches final consensus to expand use of the proportional amortization method to additional tax equity investments.

Simplified accounting for tax equity investments (PDF)

Compensation clawback rules to create transparency

November 4, 2022

Final rules require issuers to establish a 'recovery policy' for erroneously awarded incentive-based compensation.

Compensation clawback rules to create transparency (PDF)

Accounting for joint venture formations to be clarified

October 28, 2022

Proposed ASU would require a joint venture formation transaction to be measured at fair value.

Accounting for joint venture formations to be clarified (PDF)

FASB decides how to measure crypto assets

October 12, 2022

Entities would measure in-scope crypto assets on a recurring basis at fair value.

FASB decides how to measure crypto assets

Improving segment disclosures

October 7, 2022

FASB proposes enhancements to segment disclosures, including significant segment expenses.

Improving segment disclosures (PDF)

Enhanced transparency about supplier finance program obligations

September 30, 2022

Buyers of goods and services to disclose information about their use of supplier finance programs.

Enhanced transparency about supplier finance program obligations  (PDF)

FASB affirms ASU 2018-12 transition guidance amendment

September 23, 2022

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

FASB affirms ASU 2018-12 transition guidance amendment

EGC eligibility threshold amended under JOBS Act

September 14, 2022

SEC adopts final rules implementing inflation adjustments required by the JOBS Act.

EGC eligibility threshold amended under JOBS Act

Pay versus performance disclosures required in proxy and information

September 1, 2022

New disclosure requirements link executive compensation and financial performance.

Pay versus performance disclosures required in proxy and information (PDF)

SEC publishes draft FY 22-26 Strategic Plan for comment

August 26, 2022

The draft plan outlines the SEC’s mission, planned initiatives and strategic goals for the next four years.

SEC publishes draft FY 22-26 Strategic Plan for comment

 

For more information, please contact:

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