KPMG Financial Reporting Podcast Series

KPMG ESG reporting leaders discuss their main takeaways from the IFRS® Sustainability Symposium in New York on Feb 22, 2024.

Members of the ESG team in the KPMG Department of Professional Practice discuss the latest developments in ESG reporting.

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.

On December 19, 2023, the FASB issued a proposed Accounting Standards Update (ASU) that would provide additional guidance on whether induced conversion or extinguishment accounting should be applied to certain settlements of convertible debt instruments that do not occur in accordance with the instruments' preexisting terms.

Convertible debt instruments are complex and navigating the relevant accounting guidance is challenging – particularly when they are settled (i.e. converted).

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.