The quarter close: A look at this quarter's financial reporting issues

March 2014
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The quarter close: Publication and video perspectives

At a glance

This edition updates you on recent FASB, SEC and other regulatory and corporate governance topics. Learn what's new now, and what to look for in the near future. We invite you to download our Q1 publication and view our new video perspectives.

The quarter close — First quarter 2014: Publication and new video perspectives

At a glance

This edition updates you on recent FASB, SEC and other regulatory and corporate governance topics. Learn what's new now, and what to look for in the near future. We invite you to download our Q1 publication and view our new video perspectives.


First quarter 2014
Download: The quarter close - Fourth quarter 2013

Video perspectives - First Quarter 2014

New goodwill standard for private companies

Watch the video

PwC's Kirsten Schofield, John Stieg, and Jim Gazley discuss the PCC's newly issued goodwill standard and navigating the choice to adopt or not.

Determining functional currency

Watch the video

PwC's Stephanie Stewart, John Bishop, and Michael Yenchek discuss why determining functional currency is fundamental to a company's financial statements and tips for making the assessment.

Gross vs. net revenue determination

Watch the video

PwC's Jim Gazley, Michael Coleman, and Christopher Williams discuss the complexities of determining gross vs net revenue presentation in today's evolving business environment.


The quarter close gives you a snapshot of the most significant financial reporting and regulatory updates for the quarter, and provides insight into what developments are coming in the near future. Here’s a preview:

Front and center:

  • FASB's recently issued private company accounting alternatives and the benefits and potential pitfalls involved

Accounting hot topics:

  • Evaluating whether a profit-sharing arrangement is equity or a bonus
  • Determining functional currency
  • Identifying participating securities to use in the two-class method of EPS
  • Revisiting guidance for reporting revenue on a gross versus net basis
  • And more

Hot off the press:

  • Multiple FASB decisions affect consolidation guidance
  • FASB changes course on the insurance contracts project
  • And more

And more: Along with the latest regulatory and corporate governance developments, we also discuss the recent EITF decisions.

Download The quarter close: First quarter 2014 to read the full report.

The quarter close: Fourth quarter 2013

In this issue, we continue to assess the impact of the revenue recognition standard, focus on recent FASB activity, and cover hot topics including structured payable agreements, moving employees and retirees to healthcare exchanges, and OIS dicounting. Download The quarter close, fourth quarter 2013 to read the full report.

Also watch the videos for this Quarter close issue: 

Healthcare costs and the Affordable Care Act

Insurance proposal may impact non-insurance companies

Top five financial reporting reminders


The quarter close: Third quarter 2013

In this edition, we look at the impact of the revenue recognition model, focus on the latest Private Company Council developments, and touch on hot topics including a focus on the statement of cash flows, accounting for common control transactions, contingencies. and more. Download The quarter close, third quarter 2013 to read the full report.

Also watch the videos for this Quarter close issue: 

Impact of the new revenue recognition model

Whistleblower reform

Internal control: COSO update


The quarter close: Second quarter 2013

In this edition, we spotlight the leadership changes at the FASB and SEC as well as the revised leases proposal, a look at how the Private Company Council is moving forward with proposals that would significantly modify existing accounting guidance for private companies, and touch on hot topics like balance sheet offsetting disclosures, preferred stock offerings, “gross versus net” revenue presentation, and more.” Download The quarter close, second quarter 2013 to read the full report.

Also watch the videos for this Quarter close issue: 

What's inside: A look at key financial reporting issues covered this quarter... and beyond

Impact of the joint FASB/IASB leasing proposal

Preparing to access the capital markets


The quarter close: First quarter 2013

In this edition, we discuss the leadership changes at the FASB and SEC along with the new rules and releases, look at the highly anticipated leases proposal and how it will affect the final revenue standard, and talk about the priorities of the new SEC chairman that include completing Dodd-Frank and JOBS Act rulemaking.Download The quarter close, first quarter 2013 to read the full report.

Also watch the videos for this Quarter close issue: 

Key financial reporting issues covered this quarter...and a look forward

Proposal on financial asset impairment: Impact to non-financial services companies

Derivatives reform: Beyond the banks