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

September 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 September 2013 report [PDF 741 KB], Quarterly Outlook September 2013


Topics addressed in the KPMG report are outlined below.


Reporting matters for the current quarter and related items

  • SEC staff comments
  • Updated Financial Reporting Manual
  • Center for Audit Quality (CAQ) SEC Regulations Committee developments
  • XBRL implementation guides
  • Detroit bankruptcy
  • New benchmark interest rate

Upcoming financial reporting matters

  • Transitioning to COSO 2013
  • New presentation for certain unrecognized tax benefits

Looking ahead - Ongoing standard setting and other activities

  • Major joint Board projects on revenue recognition, leases, financial instruments, and insurance contracts
  • Private company matters
  • Other FASB projects including going concern, discontinued operations, and the disclosure framework
  • Emerging issues task force (EITF) activities
  • SEC rulemaking including rules on compensation and general solicitation
  • PCAOB developments including proposed changes to the auditor’s reporting model



©2013 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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