KPMG report - Accounting and financial reporting quarterly update (March 2014) 

March 25:  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 2014 report [PDF 1.2 MB], Quarterly Outlook March 2014

Topics addressed in the KPMG report are outlined below.

Reporting matters for the current quarter and related items

  • 2014 financial reporting changes
  • SEC staff comments
  • Updated Financial Reporting Manual
  • Conflict mineral reporting
  • Certain collateralized debt obligations backed by trust preferred securities (TruPS CDOs) as permitted investments under Volcker rule

Upcoming financial reporting matters

  • Transitioning to COSO 2013
  • Affordable housing tax credits
  • Reclassifying residential mortgages to “other real estate owned” (OREO)
  • Service concession arrangements
  • Private company financial reporting changes
  • Public business entity defined

Looking ahead - Ongoing standard setting and other activities

  • Major joint FASB / IASB projects on revenue recognition, leases, financial instruments, and insurance contracts
  • Private company matters
  • Other FASB projects including going concern, discontinued operations, development stage entities, repurchase agreements, and principal-agent analysis
  • Emerging issues task force (EITF) activities
  • SEC addressing requirements of the JOBS Act
  • PCAOB developments including proposed changes to the auditor’s reporting model

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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.

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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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