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June 3, 2020 – FASB issues final ASU (ASU 2020-05) May 20, 2020 – FASB affirmed and expanded its proposal to defer the effective dates of the leases and revenue standards for certain entities, and directed the staff to draft the final ASU. Delivering insights to financial reporting professionals. „Wyrażam zgodę na przetwarzanie moich danych osobowych przez Spółki wchodzące w skład grupy kapitałowej KPMG w Polsce, (jako współadministratorzy) zawartych w formularzu rejestracyjnym oraz w przesłanych dokumentach aplikacyjnych, a w szczególności mojego wizerunku na potrzeby bieżącego procesu rekrutacji. © 2020 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Create your website today. View FASB Accounting Standards Updates Issued In 2020. Partner, Dept. of Professional Practice, KPMG US. Quarterly report by PZPM and KPMG „Automotive industry. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. This site was designed with the .com. KPMG Australia will continue to provide a regular secondee from their Tax Controversy team to bolster the team of experienced tax professionals and student volunteers. On June 3, 2020, the FASB issued ASU 2020-05,1 which amends the effective dates of the Board’s standards on revenue (ASC 6062) and leasing (ASC 8423) to give immediate relief to certain entities as a result of the widespread adverse economic effects and business disruptions caused by the coronavirus disease 2019 (COVID-19) pandemic. The topic is Letter from the editors Purpose and profits combined In this edition of Frontiers in Finance, we focus on an area of rapidly growing importance to the financial services sector — the enviromental, social and governance (ESG) agenda. Informing your decision-making. The FASB has issued ASU 2020-01, which clarifies the interactions between ASC 321, ASC 323 and ASC 815. KPMG International provides no client services. On May 20, 2020 the FASB voted to affirm and expand its proposal to defer the effective dates of the leases and revenue standards for certain entities, and directed the staff to draft the final ASU. Computer Science Sundevil. Edition Q2/2020” „Automotive industry. KPMG does not provide legal advice. KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff. ASU has a team of folks working on MMIWG issues, including a study being conducted out of ASU’s Research on Violent Victimization Lab in the Watts College of Public Service and Community Solutions. ASU 2020-10, Codification improvements; ASU 2020-05, Effective dates for certain entities (revenue and leases) ASU 2019-08, Shared-based consideration payable to a customer. ASU 2016-10, Identifying Performance Obligations and Licensing ASU 2016-08, Principal versus Agent Considerations ASU 2015-05, Customers' Accounting for … The FASB tentatively decided to defer for one year the mandatory effective dates of: ­ the new leases standard (ASC 842) for private companies and public not-for-profit entities; and. Sharing our expertise and perspective. FASB discusses and responds to coronavirus, All private companies (leases and revenue) and public not-for-profit entities (leases), June 3, 2020 – FASB issues final ASU (ASU 2020-05), May 20, 2020 – FASB affirmed and expanded its proposal to defer the effective dates of the leases and revenue standards for certain entities, and directed the staff to draft the final ASU, April 21, 2020 – Proposed ASU, effective dates for certain entities issued, April 10, 2020 – FASB staff issues Q&A on accounting for COVID-19-related lease concessions, expanded the deferral of the revenue standard (ASC 606) to all private entities that have not already issued (or made available for issuance) financial statements thereunder; and. Step 1: identify the contract(s) with a customer, Step 2: identify the performance obligations in the contract, Step 4: allocate the transaction price to performance obligations, Step 5: recognize revenue when (or as) the entity satisfies a performance obligation, Customer options for additional goods or services. Start Now All rights reserved. About KPMG. Accounting Standards Update 2020-05—Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities By clicking on the ACCEPT button, you confirm that you have read and understand the FASB Website Terms and Conditions. Edition Q2/2020” In Q1 2020, 107,6 thousand new passenger cars were registered – 23% less in comparison to the Q1 2019. 480-965-2966 • CSSundevil@asu.edu • linkedin.com/in/ CSSundevil • www.github.com/CSSundevil. Kay Swinburne, KPMG in the UK, page 60 home.kpmg/frontiersinfinance May 2020 Issue #62. KPMG International Cooperative ( KPMG International ) or KPMG member firms. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Financial reporting impacts of coronavirus, Hot Topic: FASB staff guidance on accounting for COVID-19 rent concessions. Use our Accounting Research Online for financial reporting resources. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. Member firms of the KPMG network of independent firms are affiliated with KPMG International. of Professional Practice, KPMG US. At KPMG, we continued to perform audits even during the lockdown measures by doing them in a remote way. The new guidance addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. Partner, Dept. KPMG does not provide legal advice. The purpose of this article is to share some insights we hope will help you to adapt your internal audit process to cope with the different challenges In particular, ASU 2019-04 changes how a company considers recoveries and extension options when estimating expected credit losses. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Use our Accounting Research Online for financial reporting resources. Ask about our group discounts too. Using detailed Q&As and examples as well as comparisons to legacy US GAAP, KPMG explains in-depth accounting for ASC 606. of Professional Practice, KPMG US, Senior Manager, Dept. Each program concludes with an exam that auditors have three opportunities to pass. Lessees in the scope of ASC 842 (ASU 2016-02, ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20, ASU 2019-01, ASU 2019-10, ASU 2020-02, ASU 2020-05) Relevant dates Effective date 33-10762; Update 2020-08—Codification Improvements to Subtopic 310-20, … Updated: FASB issues final ASU deferring the effective dates of the leases and revenue standards for certain entities because of COVID-19. KPMG administers its own set of online training programs that also qualify for continuing education credit. ASU 2018-18, Targeted improvements for collaborative arrangements. Annual periods – Fiscal years beginning after, Interim periods – In fiscal years beginning after, Early adoption allowed in fiscal years beginning after. ’Femi Asu. It requires some adjustments to your audit approach but has been proven to work. KPMG Professional Services has stressed the need for banks in Nigeria to increase their capabilities to deliver products and services through … * Get a 10% discount on KPMG Executive Education digital self-studies when you purchase four or more courses in a single transaction. KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Delivering insights to financial reporting professionals. 4. © 2020 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Receive timely updates on accounting and financial reporting topics from KPMG met on april,. Clarifying the scope and accounting guidance for contributions received and contributions made Get a %! 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