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 wraps up initial crypto project deliberations

February 1, 2023

Proposed ASU of a new crypto asset accounting Subtopic expected in Q1 2023

FASB wraps up initial crypto project deliberations

Climate disclosures in focus for 2022 year-ends

January 18, 2023

Pending a final climate rule, the SEC staff continues to question issuers’ climate disclosures under existing rules.

Climate disclosures in focus for 2022 year-ends

SEC adopts amendments to finalize HFCA Act-related rules

January 13, 2023

Final amendments establish requirements for entities with audit firms in countries restricting PCAOB inspections.

SEC adopts amendments to finalize HFCA Act-related rules

Corporate AMT implications – IFRS® Accounting Standards

 December 21, 2022

Impact of the IRA's Corporate AMT on accounting for deferred tax assets under IFRS Accounting Standards

Corporate AMT implications – IFRS® Accounting Standards

FASB issues ASU to extend relief for LIBOR transition

December 21, 2022

Entities can apply accounting relief for contracts and transactions affected by reference rate
reform until Dec 31, 2024.

FASB issues ASU to extend relief for LIBOR transition

Clarifying non-GAAP financial measures

December 20, 2022

SEC staff issues guidance to clarify how it evaluates non-GAAP financial measures.

Clarifying non-GAAP financial measures (PDF)

FASB amends long duration contracts transition guidance

 December 15, 2022

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

FASB amends long duration contracts transition guidance

SEC adopts amendments to insider trading plans rule

December 15, 2022

Final rules strengthen investor protections and enhance disclosures of insider trading policies and arrangements.

SEC adopts amendments to insider trading plans rule

SEC proposes share repurchase disclosure rules

December 9, 2022

Proposals would require more timely reporting of share repurchases and expand quarterly and annual filing disclosures.

SEC proposes share repurchase disclosure rules

For more information, please contact:

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

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.