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 illustration for profits interest awards

May 12, 2023

The FASB proposes four cases illustrating the scope application of ASC 718 for profits interest awards.

FASB proposes illustration for profits interest awards

SEC adopts amendments to share repurchase disclosure rules

May 12, 2023

The rules expand quarterly, semi-annual and annual filing disclosures, depending on filer type

SEC adopts amendments to share repurchase disclosure rules

Simplified investor accounting for tax equity investments

March 29, 2023

Investors in certain tax equity investments may elect the proportional amortization method by tax credit program.

Simplified investor accounting for tax equity investments (PDF 333 KB)

Leases: Common control arrangements

March 27, 2023

ASU 2023-01 amends Topic 842 for common control lease arrangements and related leasehold improvements

Leases: Common control arrangements (PDF 495 KB)

Accounting for and disclosure of certain crypto assets

March 23, 2023

FASB proposes fair value measurement, separate presentation and disclosures for in-scope crypto assets

Accounting for and disclosure of certain crypto assets (PDF 245 KB)

FASB proposes improvements to income tax disclosures

March 16, 2023

Enhanced jurisdictional and other disaggregated disclosures for the effective tax rate reconciliation and income taxes paid.

Improvements to income tax disclosures (PDF)

Focus on investment management

February 22, 2023 

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

Focus on investment management (PDF)

Pay vs performance disclosures

February 17, 2023

SEC final rule targets disclosure of the relationship between executive compensation and company performance.

Pay vs performance disclosures  (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)

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.