KPMG's Quarterly Outlook - June 2012

This edition of KPMG's Quarterly Outlook summarizes major developments that may affect accounting and financial reporting in the current period and the near future.

In the Financial Reporting Matters for the Current Quarter section, we address Euro zone uncertainty and its effect on financial reporting, the expected Supreme Court ruling on health care reform, SEC activities and other current reminders.

The Upcoming Financial Reporting Matters section discusses derecognition of in-substance real estate and disclosures about offsetting assets and liabilities.

The Looking Ahead - Ongoing Standard-Setting and Other Activities section previews financial reporting matters that are currently underway. We discuss the status of U.S. GAAP and International Financial Reporting Standards (IFRS) convergence projects, including revenue recognition, leases, financial instruments and insurance.

We highlight other FASB activities including the proposed Accounting Standards Update on consolidation of variable interest entities (VIEs), non-VIE partnerships and similar entities. We also report on the Financial Accounting Foundation’s establishment of the Private Company Council and the FASB’s Emerging Issues Task Force activities.

SEC activities related to IFRS and Dodd-Frank Act developments are discussed. We also summarize the PCAOB concept releases and proposed auditing standard amendments on the auditor reporting model, auditor independence, audit transparency, communications with audit committees and other proposals.