KPMG report - Accounting and financial reporting quarterly update (December 2012) 

December 19:   A report prepared by KPMG LLP addresses developments that may affect accounting and financial reporting in the current period and the near future.

Read the December 2012 report [PDF 257 KB], Quarterly Outlook (December 2012)


Topics addressed in the KPMG report are outlined below.

Reporting matters for the current quarter and related items

  • Accounting considerations for natural disasters
  • Fiscal cliff considerations
  • Iran Threat Reduction and Syria Human Rights Act of 2012
  • Highlights from the December 2012 AICPA conference on current SEC and PCAOB developments
  • The Jumpstart Our Business Startups (JOBS) Act
  • Optional qualitative assessment for impairment of goodwill and indefinite-lived intangible assets
  • Fair value measurement and disclosure requirements
  • Presentation of comprehensive income and accumulated other comprehensive income
  • Other current reminders, including Euro zone uncertainty and its effect on financial reporting
  • SEC staff’s focus areas

Upcoming financial reporting matters

  • Disclosures about offsetting assets and liabilities
  • Recently issued standards

Looking ahead—ongoing standard-setting and other activities

  • U.S. GAAP and IFRS convergence projects on revenue recognition, leases, financial instruments, and insurance contracts
  • Other FASB activities including recently proposed Accounting Standards Updates (ASUs), activities in private company financial reporting, and the FASB’s Emerging Issues Task Force (EITF) activities
  • SEC projects including its IFRS work plan, its new rules on the conflict minerals and extractive industries provisions of the Dodd-Frank Act, and proposed rules for security- based swap dealers and major security-based swap participants
  • PCAOB’s recent activities including its adoption of Auditing Standard No.16, Communications with Audit Committees, and new tools for audit committees concerning audit firm inspection and evaluation



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