KPMG Financial Reporting podcast

KPMG Department of Professional Practice partners Valerie Boissou and Tim Phelps join host John Barbagallo to discuss recently amended guidance on segment reporting (ASU 2023-07) and related hot topics from the 2023 AICPA & CIMA Conference.

KPMG Department of Professional Practice partners Timothy Brown, Erin McCloskey and Samantha Demty join host John Barbagallo to discuss the 2023 AICPA & CIMA Conference on Current SEC and PCAOB Developments – with a focus on the top accounting and reporting issues addressed at the conference.

The discussion dives into the FASB's proposed ASU regarding the accounting for convertible debt instruments. It emphasizes the complexities of induced conversions and extinguishment accounting. Experts outline challenges organizations face and offer guidance on navigating the new rules. Key considerations for assessing inducement offers against original terms are explored with illustrative examples. Practical advice on transitioning to the new accounting model and the importance of consulting with advisors rounds out the insightful conversation.

Experts discuss proposed ASU improving accounting for induced conversions of convertible debt instruments, explaining what they are and how they work. They explore reasons for issuing convertible debt, including lowering interest costs, and discuss accounting implications of induced conversions.

The Pillar Two rules are going to continue to evolve long after they are initially implemented in 2024. These changes are going to put pressure on a number of important areas for multinationals, including legal entity and operational structures, IT systems and financial reporting processes, just to name a few. In this episode, Tony Burzinski, KPMG Accounting Advisory partner, and James Sanderson, KPMG Tax partner, join the show for the first ever Pillar Two draft! In the two-round draft, Tony and James take turns picking the most important long-term impacts of Pillar Two that companies should start capitalizing on today.

The Pillar Two rules are expected to have a significant impact on the income tax provision and external audit process once they go live in the first quarter of 2024. In this episode, KPMG Department of Professional Practice partner Matt Drucker, and Danielle Matthews, who is on rotation in the KPMG Department of Professional Practice, stop by to explain how to account for Pillar Two, discuss disclosures that may be required before the rules take effect, and highlight key areas that the external auditor is likely going to focus on, including what they may be asking for. We close the episode by asking Matt and Danielle to put on their coaching hats and provide some practical tips on what companies can do now to facilitate a successful financial reporting and external audit process.

The Pillar Two rules will go into effect at the beginning of 2024 and time is quickly running out for multinationals to determine the impact. One of the most challenging and time-consuming aspects of Pillar Two is the calculation of the Globe Effective Tax Rate. In this episode, KPMG Department of Professional Practice partner Nick Tricarichi is joined by Quyen Huynh, KPMG Washington National Tax principal, to break down the calculation of the Globe ETR into simple terms. We explain why it’s so challenging, provide examples of major adjustments that need to be made to the financial statements, and dive into how companies are attempting to close the extensive data gap. Lastly, we close the episode by asking Quyen to put on her coaching hat and provide some practical tips on what companies can do now to make this process more manageable.

The Pillar Two rules will go into effect at the beginning of 2024 and time is quickly running out for multinationals to determine the impact. The good news is that there is a transitional safe harbor available that can significantly reduce the time and effort required to comply with Pillar Two. In this episode, KPMG Department of Professional Practice partner Nick Tricarichi is joined by Marissa Rensen, KPMG Washington National Tax managing director, for an engaging conversation about this transitional safe harbor. We tell you how to qualify for the safe harbor and highlight areas that could potentially cause miscalculations. We close the episode by asking Marissa to put on her coaching hat and provide some practical tips on what companies should be doing now to take advantage of the safe harbor.

The Pillar Two rules will go into effect at the beginning of 2024 and time is quickly running out for multinationals to determine the impact. In this episode, KPMG Department of Professional Practice partner Nick Tricarichi is joined by Marcus Heyland, KPMG Washington National Tax principal, for an engaging conversation about the new tax regime. We discuss how it works, which countries are planning on implementing in Q1, where the US stands in all of this, and who within your organization needs to be on the project team. Lastly, we close the episode by asking Marcus to put on his coaching hat and provide some practical tips on what companies should be doing now to set themselves up for success.

Members of the ESG team in the KPMG Department of Professional Practice discuss the latest developments in ESG reporting – including two California climate disclosure laws that were recently signed into law and proposed amendments to the EU’s Corporate Sustainability Reporting Directive.