KPMG report - Accounting and financial reporting quarterly update (March 2013) 

March 18:   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 March 2013 report [PDF 245 KB], Quarterly Outlook March 2013


Topics addressed in the KPMG report are outlined below

Reporting matters for the current quarter and related items

  • American Taxpayer Relief Act of 2012
  • Budget sequestration considerations
  • Venezuelan currency devaluation
  • Presentation of items reclassified from accumulated other comprehensive income
  • Disclosures about offsetting assets and liabilities
  • Ongoing SEC activities
  • Other Current reminders

Upcoming financial reporting matters

  • Accounting for the release of a cumulative translation adjustment upon certain derecognition events
  • Accounting for certain joint and several liability arrangements.

Looking ahead-ongoing standard setting and Other Activities

  • U.S. GAAP and IFRS joint projects on revenue recognition, leases, financial instruments, insurance contracts, and investment companies
  • FASB activities including recently proposed Accounting Standards Updates, private company financial reporting, repurchase-to-maturity agreements, and the FASB’s Emerging Issues Task Force
  • SEC projects including new NYSE and NASDAQ rules and its recent rules on the conflict minerals and extractive industries provisions of the Dodd-Frank Act
  • PCAOB recent activities including 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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