Auditing and Accounting Update

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.

August 1, 2023

Public business entities would disclose specific natural expense categories in certain income statement captions.

FASB proposal: Disaggregation of income statement expenses (DISE)  (PDF 224KB)

July 28, 2023

SEC final rules increase disclosure of cybersecurity incidents, risk management, strategy and governance.

SEC issues rules: Enhancing cybersecurity disclosures (628 KB)

June 2023

Proposal would largely eliminate Day1 credit loss expense for certain purchased financial assets.

FASB issues proposal for purchased financial assets

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.}