Focus on Financial Reporting – 2014 Annual Update

We are pleased to provide you with the 2014 edition of KPMG’s Focus on Financial Reporting. This year witnessed one of the most significant changes to financial reporting in a generation with the FASB and the IASB releasing a converged standard on recognizing revenue in contracts with customers. While the culmination of the efforts of the two Boards to reach consensus on this project resulted in a converged standard for Revenue Recognition, the year saw the Boards struggle to reach converged solutions for other key projects. The IASB released the final version of its long-awaited financial instruments standard this year, abandoning attempts to reach consensus on some key issues with the FASB. Read more