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
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.
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.
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
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.
Clarifying non-GAAP financial measures
December 20, 2022
SEC staff issues guidance to clarify how it evaluates non-GAAP financial measures.
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.
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 proposes share repurchase disclosure rules
December 9, 2022
Proposals would require more timely reporting of share repurchases and expand quarterly and annual filing disclosures.
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.