Quarterly review of accounting, financial reporting developments 

September 21:   KPMG LLP provides a summary of major developments that may affect accounting and financial reporting in the current period and the near future.

Topics addressed in this edition of KPMG’s Quarterly Outllook [PDF 228 KB] include:

Financial reporting matters for the current quarter

  • Optional qualitative assessment for the indefinite-lived intangible asset impairment test
  • Business considerations following the Supreme Court’s ruling on health care reform
  • The SEC’s Jumpstart Our Business Startups (JOBS) Act
  • Other current reminders, including Euro zone uncertainty and its effect on financial reporting
  • SEC staff’s recent focus areas

Upcoming financial reporting matters

  • Derecognition of in-substance real estate
  • Disclosures about offsetting assets and liabilities
  • Continuing care retirement communities—refundable advance fees.

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 activities including its IFRS work plan and new rules on the conflict minerals and extractive industries provisions of the Dodd-Frank Act
  • PCAOB activities including its adoption of Auditing Standard No.16, Communications with Audit Committees, and the status of concept releases and proposed auditing standards



©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in 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.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.




©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in 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.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

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