Continuing economic uncertainty — rising interest rates, inflation, recession fears and a hot financial services job market — means that reporting season is not business as usual.
The aftereffects of the global pandemic and the ongoing geopolitical unrest are reverberating throughout the economy, changing consumers’ spending habits and disrupting the supply chain.
The current economic environment makes accounting estimates and forecasting cash flow even more difficult than they already are.
Preparers should be mindful of having the right resources lined up to address this year’s reporting challenges. The current economic trends are likely to make accounting judgments more complicated and may require more resources than the financial reporting function has needed in the past.
These concerns cut across industry and geography, regardless of company size. Additional attention should be given to asset impairment analyses and other accounting areas requiring significant judgment.
Click on the articles below to read insights from KPMG U.S. leaders on things to consider while reporting across several industries.