Accounting & reporting

Keep up to date on the most recent financial accounting and reporting developments

Point of view

Financial statement disclosures - Enhancing their clarity and understandability

4/11/14 | Assurance services

Preparers and others have a role in making sure footnote disclosures are clear and understandable. Read more

The quarter close — First quarter 2014

3/17/14 | Assurance services
  • In brief
    In brief: IASB issues discussion paper on macro hedging (No. 2014-06)

    4/18/14 | Assurance services

    The IASB issued a discussion paper on accounting for dynamic risk management strategies on open portfolios.

  • Flashline
    Flashline - Week ending April 17, 2014 (No. 2014-16)

    4/17/14 | Assurance services

    This week's PwC update on financial reporting developments includes: Point of view: Financial statement disclosures... Dataline: Implications of recent events in Venezuela... PwC comments on proposed amendments to ASB's comfort letter standard... and more

  • Executive Compensation: Clawbacks 2013 proxy disclosure study

    4/17/14 | Human resource services

    This PwC publication presents our analysis of 2009 through 2012 year-end proxy disclosures for 100 large public companies relative to their compensation recoupment or “clawback” policies. When providing employees with bonuses, stock options, or other incentive awards, companies often establish provisions that allow them to recoup all or a portion of the award under certain circumstances. These provisions, referred to as clawbacks, are detailed by most public companies in their annual proxy statement.

  • Dataline / In depth
    Dataline: Implications of recent events in Venezuela - Multiple legal exchange rates exist as of March 31, 2014 (No. 2014-07)

    4/14/14 | Assurance services

    At March 31, 2014, there were three legal exchange mechanisms administered by the Venezuelan government.

  • In brief
    In brief: FASB issues final standard redefining discontinued operations (No. 2014-05)

    4/11/14 | Assurance services

    The FASB revised the threshold for reporting a discontinued operation and changed many disclosures about disposals.

  • Point of view
    Point of view: Financial statement disclosures - Enhancing their clarity and understandability

    4/11/14 | Assurance services

    Preparers and others have a role in making sure footnote disclosures are clear and understandable.

  • Tax accounting insights
    New York tax reform: Tax accounting considerations

    4/11/14 | Tax accounting services

    On March 31, 2014, New York Governor Andrew Cuomo signed the state’s fiscal year 2014-2015 (FY 14-15) executive budget legislation.

  • Flashline
    Flashline - Week ending April 10, 2014 (No. 2014-15)

    4/10/14 | Assurance services

    This week's PwC update on financial reporting developments includes: M&A snapshot: Cross-border acquisitions — Navigating SEC reporting requirements... 2014 Conflict minerals survey: Full report now available... IFRS news—April 2014... and more

  • Webcast
    Hot topics and technical updates impacting accounting and financial reporting for Healthcare, Higher Education and Not-for-Profit webcast – April 24, 2014

    Healthcare

    This installment of PwC's Healthcare, Higher Education, and Not-for-Profit quarterly webcast series covers (1) recent developments related to the FASB/IASB convergence projects, (2) an update on FASB projects impacting not-for-profit entities, and (3) as a refresher we will talk about standards that will be effective this year.

  • Webcast
    Hot Topics in Healthcare Joint Ventures and Strategic Affiliations webcast – April 22, 2014

    Healthcare

    Please join PwC for "Hot Topics in Healthcare Joint Ventures and Strategic Affiliations" as our tax specialists discuss some of the various tax issues that arise when forming such relationships.

  • IFRS news
    IFRS news - April 2014

    4/7/14 | Assurance services

    This issue of IFRS news looks at (1) leases – convergence is no longer a priority, (2) IFRS 10 practice issues, (3) OCI - feedback from the Conceptual Framework Discussion Paper, (4) EU backs IFRS Foundation, (5) exposure draft on IAS 1 narrow scope amendments, (6) joint arrangement implementation issues, (7) equity method in separate financial statements, and (8) Q&As: Onerous contracts.

  • M&A snapshot
    Cross-border acquisitions - Navigating SEC reporting requirements (M&A snapshot)

    4/7/14 | Assurance services

    This edition of Mergers & acquisitions — a snapshot is the second in our series focused on navigating the waters of a cross-border acquisition. The series looks at various aspects along the deal continuum, including pre-acquisition due diligence and strategies, financial reporting requirements, tax implications, and post-acquisition considerations. This edition provides insights on SEC and other financial reporting requirements that may apply in a cross-border acquisition.

  • Dataline / In depth
    Dataline: Simplified hedge accounting approach - New private company alternative for certain interest rate swaps (No. 2014-06)

    4/3/14 | Assurance services

    The FASB issued a new accounting standard for private companies that is intended to simplify the hedge accounting requirements for certain interest rate swaps.

  • Rx Marketplace Quarterly Newsletter

    3/27/14 | Pharmaceuticals & life science

    The PwC Rx Marketplace Quarterly features a wide range of financial reporting developments, accounting and tax developments, regulatory updates and general industry trends impacting the pharmaceutical and life sciences industry. Each quarterly also shares strategies that companies can use to unlock divestiture value, as well as links to publications and online resources. In the spotlight in this issue is our summary of the IPO market, which has seen its most robust year since 2007. We cover key metrics for the past year, assess the industry’s top registrants, and offer a snapshot of IPO activity during the first two months of 2014.

  • IASB/FASB Insurance Contracts Project - Meeting summaries

    3/27/14 | Insurance

    Insurers currently use a variety of different and largely inconsistent local approaches to measure the value of insurance contracts within their statutory financial statements. This diversity makes it difficult to compare companies and may fail to reflect the true economic value of insurance business, which can put insurers at a considerable disadvantage when competing for capital.

  • PwC comment letter (SEC)
    PwC comments on the SEC's Proposed Rule Amendments for Small and Additional Issues Exemptions Under Section 3(b) of the Securities Act

    3/27/14 | Assurance services

    PwC supports the Commission’s continuing efforts to facilitate capital raising by smaller businesses while at the same time providing appropriate levels of investor protection.

  • Corporate Governance Series
    The Quarter close: Directors edition Q1 2014

    3/27/14 | Center for Board Governance

    This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues.

  • Private company accounting alternatives on goodwill (Observations from the front lines)

    3/25/14 | US Capital Markets and Accounting Advisory Services

    Recently the FASB issued an Accounting Standards Update to permit private companies to amortize goodwill acquired in a business combination, and to apply a simplified goodwill impairment model. This change is intended to help reduce reporting complexity for private companies; however, private companies should carefully consider this alternative, especially for those considering an initial public offering.

  • In brief
    In brief: Leasing project deliberations settle some issues, but differences remain (No. 2014-04)

    3/20/14 | Assurance services

    The boards redeliberated but could not reach consensus on certain key issues with respect to the joint leasing project.

  • 10Minutes
    10Minutes on revenue recognition

    3/19/14 | Assurance services

    After much deliberation, the FASB and IASB are set to release a final global revenue recognition standard in the coming months that will do away with current industry-specific accounting and instead apply a single set of principles to all revenue transactions. Changes to practices, processes and systems could ripple through your business. 10Minutes on revenue recognition provides information about the standard as well as insight into ways in which some companies are preparing for the broader impact.

  • Video: Determining functional currency

    3/17/14 | Assurance services

    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.

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

    3/17/14 | Assurance services

    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.

  • Video: New goodwill standard for private companies

    3/17/14 | Assurance services

    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.

  • Video: Gross vs. net revenue determination

    3/17/14 | Assurance services

    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.

  • Webcast
    PwC's quarterly tax accounting webcast - Q1 2014 – April 3, 2014

    Tax accounting services

    Join a panel of PwC Tax Accounting Services (TAS) specialists for a discussion of relevant tax accounting matters including disclosures under ASC 740 as well as recent regulatory and legislative developments.

  • Disclosing cash held offshore (Insights from the Investment Community)

    3/17/14 | PwC Investor Resource Institute

    In our discussions with members of the investment community, they noted that income tax issues are very important to their analyses and they desire more transparency into the impact of income tax related decisions on companies’ financial reporting.

  • EITF observer
    EITF observer - PwC's synopsis of the March 13th EITF meeting

    3/17/14 | Assurance services

    The EITF met on March 13, 2014 to discuss four issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting GAAP.

  • Regulatory and standard-setting developments -- March 14, 2014

    3/14/14 | Assurance services

    This document provides a summary of activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.

  • Revenue Accounting Could Hit Loans, Bonuses

    3/13/14

    The prevalence of estimates in the new revenue recognition standard could cause sudden spikes or drastic dives in reported revenue and earnings.

  • CFOs Seek Surer Footing for the Path Forward

    3/12/14

    U.S. finance leaders are looking for more signs of stability in the year ahead, according to the latest Duke University/CFO Global Business Outlook Survey.

  • Dataline / In depth
    Dataline: Goodwill accounting alternative - FASB and PCC issue final standard for private companies (No. 2014-05)

    3/10/14 | Assurance services

    The FASB and PCC have issued a new accounting standard for private companies that is intended to simplify the goodwill accounting model.

  • IFRS news
    IFRS news - March 2014

    3/10/14 | Assurance services

    This issue of IFRS news looks at (1) Change on the horizon - Peter Hogarth looks at recent developments, (2) Olivier Schérer gives his perspective on the post implementation review, (3) Debt versus equity - regulatory reform adds fuel to the age old debate, (4) Convergence out of sight as IASB and FASB diverge, (5) IFRS 9 effective date, (6) New revenue standard delayed, (7) IFRS Workplan, (8) IC stops debate on ‘higher of’ plans (9) Q&As: ‘N’ is for Non-controlling interests.

  • M&A snapshot
    Cross-border acquisitions - Due diligence and pre-acquisition risk considerations (M&A snapshot)

    3/6/14 | Assurance services

    This edition of Mergers & acquisitions - a snapshot is the first in a series focused on navigating the waters of a cross-border acquisition. This edition focuses on the pre-acquisition phase, including how GAAP differences can impact valuation and how a company can manage the financial risk exposure that arises from a cross-border acquisition.

  • PwC comment letter (IVSC)
    PwC Comments on the International Valuation Standards Council's Exposure Draft: Credit and Debit Valuation Adjustments

    3/6/14 | Assurance services

    PwC appreciates the International Valuation Standards Council (IVSC) Standards Board (board) efforts and welcomes the opportunity to provide comments on the exposure draft (ED) that sets out the board’s proposals aimed at providing information on credit and debit valuation adjustments. Our comment letter outlines our general comments to the proposal and responds to certain specific questions for comment in the appendix.

  • In brief
    In brief: FASB issues exposure draft of the Conceptual Framework for Financial Reporting: Notes to Financial Statements (No. 2014-03)

    3/6/14 | Assurance services

    PwC summarizes key elements of the FASB's new exposure draft of the Conceptual Framework for Financial Reporting: Notes to Financial Statements.

  • IFRS in the US: The importance of being financially bilingual

    3/5/14 | US GAAP & IFRS Convergence

    US public companies will not be required to adopt IFRS in the foreseeable future, but it’s increasingly important for a US capital market participant to be financially bilingual.

  • Global valuation standards: achievable?

    3/4/14 | Assurance services

    PwC Global valuations leader John Glynn and director Caroline Woodward explain how global valuation standards are worth pursuing, regardless of the obstacles likely to be encountered en route. And with a new chairman in place at the IVSC, the time could be right.

  • Corporate Governance Series
    Shareholder questions: Management's considerations for 2014 annual meetings

    3/3/14 | Assurance services

    This PwC publication is intended to help management and the board of directors of public companies prepare for the annual meeting of shareholders. It contains example questions on topics that may be top-of-mind for shareholders, along with background information and suggested actions for management’s consideration.

  • Webcast
    PwC Cash Investment Survey Results Webcast – March 6, 2014

    Advisory services

    Join us on Thursday, March 6 at 2:00 pm EDT, as we reveal the results from the PwC Cash Investment Survey. The survey was designed to identify leading practices in corporate investment management and provide value-added insight that treasury and finance professionals can apply within their own organizations.

  • Valuation multiples and purchase allocation trends

    2/27/14 | Transaction services

    What are the latest comparable statistics for mergers and acquisitions and active trades in the financial services industry? Check out PwC's quarterly valuation summaries for the Banking, Insurance and Asset Management sectors. Insights include: trends in market multiples, related transactions, and transaction benchmarking analysis.

  • In brief
    In brief: FASB narrows insurance contracts project scope—Convergence unlikely (No. 2014-02)

    2/25/14 | Assurance services

    FASB dramatically changes direction on its insurance project—a relief for some, bad news for global convergence.

  • Point of view
    Point of view: The municipal securities market - Greater transparency and comparability of financial information would benefit stakeholders

    2/24/14 | Assurance services

    Greater transparency and comparability of financial information in the muni- market would benefit stakeholders.

  • Tax accounting insights
    Global Tax Accounting Services Newsletter (October-December 2013)

    2/21/14 | Tax accounting services

    In this release we discuss a variety of global accounting, reporting and tax law developments and the related tax accounting considerations.

  • Private Company Platforms – NYSE ACE Portal & NASDAQ Private Market (Observations from the front lines)

    2/13/14 | US Capital Markets and Accounting Advisory Services

    The broadening of private company securities sales has helped drive the development of two new offerings from the NYSE and NASDAQ OMX. Both solutions, although different in approach and focus, are designed to provide a platform and market structure for private companies to manage and conduct the sale of private company securities.

  • Webcast
    Q1 Current Accounting and Reporting Developments Webcast - March 18, 2014

    Assurance services

    Our quarterly webcast is designed to keep you informed about emerging accounting, regulatory, and market developments impacting financial reporting. Did you miss the Q1 2014 webcast on March 18? If so, you still have an opportunity to view the webcast and earn CPE credit! PwC is offering the Q1 2014 webcast in an on-demand format for your convenience.

  • Power and Utilities Alert 2014-4: Accounting for rate-regulated activities under IFRS

    2/10/14 | Power & utilities

    The International Accounting Standards Board (IASB) issued International Financial Reporting Standard 14, Regulatory Deferral Accounts (IFRS 14), an interim standard on the accounting for certain balances that arise from rate-regulated activities.

  • PwC comment letter (IASB)
    PwC comments on IFRS Interpretations Committee's tentative agenda decision: IFRS 2–Share-based Payment

    2/6/14 | Global accounting consulting services

    In this comment letter, we respond to the boards tentative agenda decision: IFRS 2, Share-based payment – price difference between the institutional offer price and the retail offer price for shares in an initial public offering. We support the committee’s decision not to take this question onto the agenda but not for the reasons given. We are concerned that the reasons given for the agenda decision will increase diversity in practice regarding the application of IFRS 2 paragraph 13A and may also lead to diversity in the application of IFRS 13.

  • PwC comment letter (IASB)
    PwC comments on the IASB's proposed amendments to IAS 27 to allow equity method accounting

    2/6/14 | Global accounting consulting services

    In this comment letter, we do not object to the board’s proposal to restore the use of the equity method as one of the options to account for investments in subsidiaries, joint ventures and associates in an entity’s separate financial statements. However, we do not support the requirement for retrospective application of the exposure draft nor the proposed consequential amendment to IAS 28, Investments in Associates and Joint Ventures.

  • IFRS news
    IFRS news - February 2014

    2/6/14 | Assurance services

    This issue of IFRS news looks at (1) needs of capital providers: EFRAG and ICAS report, (2) IFRIC 21 - just ‘levies’ or much more?, (3) how should business models affect accounting?, (4) interim standard on regulatory deferral accounts , (5) IFRS 9 redeliberations, (6) IFRS 3 post implementation review, (7) lease redeliberations, (8) IAS 1 narrow scope amendments, and (9) Q&As: money market funds.

  • Spotlight on accounting for power and utilities companies for 2014

    2/5/14 | Power & utilities

    This document highlights technical accounting and financial reporting topics that are central to the industry and should be on the minds of chief accounting officers and controllers as they establish their plans for 2014.

  • Power and Utilities Alert 2014-2: Nuclear waste disposal fees

    2/5/14 | Power & utilities

    A recent Court of Appeals ruling, and a request by the US Department of Justice, have raised questions about the collection of nuclear waste disposal fees.

  • Retail & Consumer: 2013 Financial Reporting Trends

    2/5/14 | Retail & consumer

    The retail and consumer (R&C) practice of PwC is pleased to present our first report on financial reporting trends for the R&C industry.

  • Private company reporter
    Private company reporter - PCC amends, re-approves final VIE alternative for common control leasing arrangements

    1/31/14 | Assurance services

    In January, the PCC revised, then re-approved an alternative offering private companies an exemption from applying the VIE consolidation model to certain arrangements

  • Dataline / In depth
    Dataline: Assets acquired to be used in research and development activities - AICPA issues updated Accounting and Valuation Guide (No. 2014-04)

    1/30/14 | Assurance services

    The AICPA’s Financial Reporting Executive Committee (FinREC) recently issued an Accounting and Valuation Guide covering acquired in process research and development assets.

  • Dataline / In depth
    Dataline: Accounting for hedging activities - IASB new general hedge accounting requirements (No. 2014-03)

    1/30/14 | Assurance services

    This Dataline highlights key provisions of the IASB's new guidance.

  • Webcast
    On demand version: Q4 -2013 Current Accounting and Reporting Developments webcast

    Assurance services

    Did you miss the Q4 2013 "Current Accounting & Reporting Developments" webcast on December 17? If so, you still have an opportunity to view the webcast and earn CPE credit! PwC is offering the Q4 2013 webcast in an on-demand format for your convenience.

  • Tax accounting insights
    Tax accounting retrospective (July - December 2013)

    1/28/14 | Tax accounting services

    As part of our continued effort to help organizations navigate through the complexity of today’s tax accounting issues, we’ve assembled a compilation of our Tax Accounting Services’ publications released between July 2013 and December 2013.

  • Dataline / In depth
    Dataline: FASB revises the accounting for investments in qualified affordable housing projects (No. 2014-02)

    1/24/14 | Assurance services

    The FASB introduces a new method of accounting for investments in qualified affordable housing projects.

  • Dataline / In depth
    Dataline: Implications of Recent Events in Venezuela - Modifications to SICAD (No. 2014-01)

    1/24/14 | Assurance services

    In December 2013, the regulation allowing the SICAD auction mechanism was amended to expand its use.

  • Being prepared in a hot IPO market (Observations from the front lines)

    1/23/14 | US Capital Markets and Accounting Advisory Services

    Strong demand for IPOs continued in the fourth quarter of 2013, capping a robust year for the capital markets and setting the stage for continued growth in 2014. The window for raising capital in a robust IPO market tends to open with bursts of popularity then close quickly. This requires a constant state of readiness for the required IPO document that is filed with the Securities and Exchange Commission “SEC”. Don’t let unforeseen financial reporting items be the road block to accessing the IPO markets.

  • Tax accounting insights
    Around the world: When to account for tax law changes

    1/21/14 | Tax accounting services

    Keeping track of tax law changes around the world has increasingly become a challenge for businesses. Companies are rapidly expanding their geographic footprint at a time when the evolution and developments in jurisdictional tax laws are undergoing nearly constant change.

  • Tax accounting insights
    How will recently expired US tax provisions affect your financial statements?

    1/20/14 | Tax accounting services

    How will recently expired US tax provisions affect your financial statements? Tax Accounting Considerations for Expired Tax Provisions

  • Consumer Finance Group Accounting and Finance Considerations – Winter 2014

    1/16/14 | Consumer finance

    Consumer Finance Group Accounting and Finance Considerations provides key perspective on the complex accounting, finance and reporting issues that are impacting the consumer finance industry.

  • Distinguishing a Business from an Asset or a Group of Assets

    1/16/14 | Pharmaceuticals & life science

    This Pharmaceutical and Life Sciences Industry GAAP Alert focuses on the key accounting considerations when making this determination and provides illustrative examples.

  • In brief
    In brief: FASB issues final private company accounting alternatives for goodwill and certain interest rate swaps (No. 2014-01)

    1/16/14 | Assurance services

    On January 16, the FASB issued final standards for goodwill and interest rate swaps, providing private companies with accounting alternatives to simplify existing GAAP.

  • Power and Utilities Alert 2014-1: Accounting for rate-regulated activities under IFRS

    1/16/14 | Power & utilities

    The International Accounting Standards Board (IASB) continues to advance its rate-regulated activities projects.

  • Heard at the forum: Five provocative things

    1/10/14 | PwC Investor Resource Institute

    In early December, institutional investors and governance specialists got together in New York City at Stanford’s Institutional Investors’ Forum, co-hosted by PwC’s Investor Resource Institute. What are the big issues on investors’ minds?

  • Employee stock compensation: 2013 SEC comment letter trends

    1/9/14 | Human resource services

    PwC has produced this document to assist management teams in identifying and understanding the SEC staff's current focus areas for stock compensation. We have highlighted the areas where registrants received the most comments from the SEC staff and have provided relevant examples of recent comment letters to aid preparers in ensuring their disclosures are robust and consistent with the relevant accounting or reporting guidance for stock compensation.

  • Practical tip
    Practical tip: An emerging growth company should continually evaluate its status and related implications on its SEC filings (No. 2014-01)

    1/9/14 | Assurance services

    This Practical tip focuses on the timing of the loss of "emerging growth company" (EGC) status and the implication of losing that status on SEC filings.

  • Setting the standard
    Setting the standard - January 2014

    1/9/14 | Assurance services

    Welcome to the latest edition of "Setting the standard." It includes the latest updates on the standard-setting activities of the FASB and IASB. Learn more inside.

  • Practical tip
    Practical tip: Determining financial statement presentation for the acquisition of selected parts of an entity (No. 2014-02)

    1/9/14 | Assurance services

    This Practical tip highlights the guidance related to the determination of the financial statement presentation for the acquisition of selected parts of an entity.

  • Tax accounting insights
    2014 Mexican tax reform package

    1/7/14 | Tax accounting services

    Tax accounting considerations of the 2014 Mexican tax reform package.

  • Tax accounting insights
    Accounting for Income Taxes: 2013 Year-end Hot Topics

    1/6/14 | Tax accounting services

    Calendar year 2013 has seen considerable activity across the global legislative and regulatory landscapes. We have seen changes to tax laws in several key territories, and certain legislative trends having a significant impact on income tax accounting. These developments, combined with an environment of economic uncertainty, have added to the challenges in accounting for income taxes.

  • IFRS news
    IFRS news - December 2013/January 2014

    1/2/14 | Assurance services

    PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) IFRS 9 hedging project, (2) revised pension changes, (3) 10 Key reminders for 2013 year-ends (4) IAS 27 narrow scope amendments, (5) ESMA enforcement decisions, (6) IIRC integrated reporting Framework, (7) IFRS 9 deliberations, (8) annual improvements, and (9) know your IFRS 'ABC': 'L' is for Loans.

  • In brief
    In brief: FASB reaches final conclusions on repurchase agreement project (No. 2013-51)

    12/23/13 | Assurance services

    Final conclusions on repo project, Repos-to-maturity on balance sheet, Change in accounting for repurchase financings, New repo disclosures.

  • Corporate Governance Series
    The quarter close - Directors edition: A look at this quarter's financial reporting issues - Q4 2013

    12/23/13 | Center for Board Governance

    This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues that impact board decisions and company policies.

  • Tax accounting insights
    Global Tax Accounting Services Newsletter (July to September 2013)

    12/23/13 | Tax accounting services

    In this release we discuss a variety of accounting and regulatory updates. We also draw your attention to some significant tax law and tax rate changes during the quarter ended 30 September 2013 and some important tax accounting considerations for mergers and acquisition transactions.

  • In brief
    In brief: FASB financial instruments project - Convergence no longer likely (No. 2013-50)

    12/23/13 | Assurance services

    The FASB has made important decisions related to the classification and measurement, and impairment projects that increase divergence from the IASB.

  • Dataline / In depth
    Dataline: Development stage entities - FASB proposes to eliminate DSE reporting and amend the consolidation guidance (No. 2013-31)

    12/23/13 | Assurance services

    The recent FASB proposal aims to eliminate the development stage entity reporting requirements and also amends the consolidation guidance.

  • PwC comment letter (FASB)
    PwC comments on FASB's proposal to eliminate development stage entity reporting and amend the consolidation guidance

    12/20/13 | Assurance services

    PwC supports the proposed elimination of the development stage entity reporting requirements, but expresses reservations about a change to the consolidation guidance.

  • Dataline / In depth
    Dataline: Accounting for centrally cleared derivatives Understanding the accounting implications of Dodd-Frank Title VII (No. 2013-30)

    12/20/13 | Assurance services

    Dodd-Frank Title VII changed the trading requirements for certain derivatives, raising a number of financial reporting issues related to centrally cleared derivatives.

  • Dataline / In depth
    Dataline: 2013 year-end financial reporting considerations: Leading practices, lessons learned, and reminders (No. 2013-29)

    12/19/13 | Assurance services

    This Dataline provides timely reminders for companies as they navigate the year-end financial reporting process. Topics include: cash flows, other comprehensive income, revenue recognition, income taxes, segments, impairment of long-lived assets, goodwill – qualitative impairment test, variable interest entities, equity method investments, asset acquisition versus business, accounting changes and error corrections, use of overnight index swap rate in derivatives valuation, fair value hierarchy, equity-linked financing instruments, extinguishment gain when debt holder owns equity, contingencies, and stock-based compensation.

  • Point of view
    Point of view: Cash flow reporting - A call to action

    12/19/13 | Assurance services

    Enhancing cash flow transparency will help users better understand a company’s financial health and future prospects, read our Point of View to find out more.

  • Regulatory and standard setting developments - December 18, 2013

    12/18/13 | Assurance services

    This document provides a summary of activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.

  • Strategic Divestiture Alternatives – An efficient structure re-emerges (Observations from the front lines)

    12/17/13 | US Capital Markets and Accounting Advisory Services

    The re-emergence of a Mergers & Acquisitions (“M&A”) technique known as a “Reverse Morris Trust” (“RMT”) has proven to provide some unique advantages over other strategic alternatives as a vehicle for divesting divisions or a separate business. Companies considering a divestiture should become knowledgeable on the recent comeback of this strategic alternative so they can actively engage in conversations with their advisors.

  • Dataline / In depth
    Dataline: Supply Chain Finance: Analyzing Structured Payable Programs (No. 2013-28)

    12/17/13 | Assurance services

    Implementing a structured vendor payable program? Be wary - changes to the terms of the trade payable could affect balance sheet classification and debt covenant ratios.

  • Tax accounting insights
    Income tax disclosure

    12/16/13 | Tax accounting services

    Numerous income tax accounting matters require the use of estimates, judgments, and other subjective information that can obscure the presentation in the financial statement accounts. Clarifying disclosures can enable users to gain a better understanding of the reporting entity’s income tax environment.

  • Dataline / In depth
    Dataline: Highlights of the 2013 AICPA National Conference on Current SEC and PCAOB Developments (No. 2013-27)

    12/13/13 | Assurance services

    SEC, PCAOB and FASB speakers were among the headliners at the 2013 AICPA Conference. Key themes included quality and transparency for financial reporting and audits.

  • Dataline / In depth
    Dataline: Highlights of the 2013 AICPA National Conference on Banks and Savings Institutions (No. 2013-26)

    12/12/13 | Assurance services

    At the 2013 AICPA National Conference on Banks and Savings Institutions, regulators and standard setters shared views on top-of-mind issues for financial institutions.

  • Quarter close
    The quarter close — Fourth quarter 2013: Publication and new video perspectives

    12/10/13 | Assurance services

    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 Q4 publication and view our new video perspectives.

  • Video: Healthcare costs and the Affordable Care Act

    12/10/13 | Assurance services

    PwC's Jay Seliber, Michael Thompson and Ken Stoler discuss the Affordable Care Act and accounting implications for retiree medical plans.

  • Dataline / In depth
    Dataline: Derivative valuation: The transition to OIS discounting (No. 2013-25)

    12/10/13 | Assurance services

    Derivative pricing practices have evolved in recent years to reflect the funding benefit of collateral when that collateral can be rehypothecated. In fact, some collateralized derivatives may now need to be valued based on discounting at the Overnight Indexed Swap (“OIS”) rate.

  • Tax accounting insights
    Financial Accounting Foundation completes review of accounting for income taxes

    12/4/13 | Tax accounting services

    Financial Accounting Foundation (FAF) completed its post-implementation review of Financial Accounting Standards Board Statement No. 109, Accounting for Income Taxes (FAS 109) (codified in Accounting Standards Codification Topic 740, Income Taxes).

  • In brief
    In brief: FASB endorses final private company accounting alternatives on goodwill and certain interest rate swaps (No. 2013-48)

    11/26/13 | Assurance services

    On November 25, the FASB endorsed the first two accounting alternatives previously approved by the PCC, which address the accounting for goodwill and interest rate swaps.

  • Dataline / In depth
    Dataline: Testing Goodwill for Impairment - AICPA issues Accounting and Valuation Guide (No. 2013-24)

    11/25/13 | Assurance services

    Issues continue to arise in connection with goodwill impairment testing. A new AICPA guide provides guidance and illustrations related to goodwill impairment testing.

  • Dataline / In depth
    Dataline: Revenue from contracts with customers: Boards wrap up redeliberations – A look at the recent decisions (No. 2013-23)

    11/25/13 | Assurance services

    The FASB and IASB reached decisions related to their revenue project, including the constraint on variable consideration, collectibility, and licenses.

  • HRS Insight: New pension accounting for insurance companies

    11/25/13 | Human resource services

    The National Association of Insurance Commissioners has changed employers’ accounting for pensions and other postretirement benefits.

  • Senate Finance Committee Chairman Baucus releases staff discussion draft on cost recovery and tax accounting reform

    11/21/13 | Washington national tax services (WNTS)

    This release follows the international tax reform discussion draft and tax administration reform discussion draft.

  • In brief
    In brief: Hedging: IASB issues final standard (No. 2013-47)

    11/21/13 | Assurance services

    IASB issues final standard which aligns hedge accounting with risk management.

  • Dataline / In depth
    Dataline: Evaluating errors in previously-issued financial statements — Applying the "dual method" (No. 2013-22)

    11/21/13 | Assurance services

    This Dataline outlines the framework (whether a restatement, revision, or out of period adjustment) for evaluating errors in previously-issued financial statements.

  • Accounting guides
    US GAAP: Issues and solutions for pharmaceuticals and life sciences industry

    11/20/13 | Pharmaceuticals & life science

    This publication highlights factors the industry should consider and provides guidance on the most pertinent accounting solutions under US GAAP. The solutions presented are meant to provide a framework for determining the appropriate accounting answer for general solutions.

  • Senate Finance Committee Chairman Baucus releases tax administration reform discussion draft

    11/20/13 | Washington national tax services (WNTS)

    This release, the second in a series of staff tax reform discussion drafts, follows the November 19, 2013 discussion draft on international tax reform.

  • Senate Finance Committee Chairman Baucus releases international tax reform discussion draft

    11/20/13 | Washington national tax services (WNTS)

    The Finance staff international reform discussion draft ('discussion draft') proposes to repeal or modify the current deferral system.

  • EITF observer
    EITF observer - November 14, 2013 meeting highlights

    11/19/13 | Assurance services

    The EITF met on November 14th, 2013 to discuss six issues. PwC's EITF Observer provides you an insightful summary of decisions reached and the changes affecting GAAP.

  • In brief
    In brief: Discontinued operations – FASB to issue final standard (No. 2013-46)

    11/15/13 | Assurance services

    The FASB completed redeliberations and voted to issue a final standard that will change criteria for determining which disposals are presented as discontinued operations.

  • Private company reporter
    Private company reporter - PCC approves alternative that exempts certain arrangements from VIE guidance

    11/15/13 | Assurance services

    The PCC approved a final standard that offers private companies an exemption from applying the VIE consolidation model to certain common control leasing arrangements.

  • Webcast
    Year-end financial reporting developments for private companies - December 10, 2013

    Assurance services

    The Private Company Council (PCC) has recently finalized three proposed accounting alternatives (subject to endorsement by the FASB). This is an unprecedented shift in the standard setting process aimed at reducing the complexity of financial reporting for private companies. What’s the impact on you and your company’s financial reporting?

  • IFRS news
    IFRS news - November 2013

    11/11/13 | Assurance services

    PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) IASB leasing project, (2) IASB revenue project, (3) IAS 1 narrow scope amendments, (4) joint arrangements narrow scope amendments, (5) impairment of financial assets, (6) rate regulated activities, and (7) IASB’s work plan.

  • Debt refinancing in an uncertain rate environment (Observations from the front lines)

    11/5/13 | US Capital Markets and Accounting Advisory Services

    The economic business environment continues to improve and interest rates in the most recent year remain low, although there is concern that they may rise in the near term. Companies who have seen their credit outlook recover, and/or want to take advantage of the current lower interest rate environment, may consider refinancing their existing debt. Companies have found that the financial reporting outcomes of such negotiations may not reflect the entire expected economic benefit.

  • In brief
    In brief: Revenue recognition – Boards wrap up redeliberations (No. 2013-45)

    11/1/13 | Assurance services

    The boards address outstanding issues related to the revenue recognition project, including the constraint on variable consideration, collectibility and licenses.

  • In brief
    In brief: Most money market funds to be scoped out of consolidation (No. 2013-44)

    10/25/13 | Assurance services

    FASB tentatively decides to exclude registered and "similar" unregistered money market funds from the scope of consolidation.

  • The Bit - What energy company executives need to know about the proposed lease accounting standards

    10/22/13 | Energy & mining

    US and international accounting standards setters are getting closer to completing their overhaul of lease accounting. They are taking this action in response to long-standing criticism that today’s financial statements do not adequately portray the economic substance of lease arrangements. This issue of PwC’s The Bit summarizes the proposed guidance and explains how it is likely to change key financial reporting metrics.

  • IFRS and US GAAP: similarities and differences - 2013 edition

    10/22/13 | US GAAP & IFRS Convergence

    PwC's publication will help you develop a broad understanding of the major differences between IFRS and US GAAP. It also contains insight on recent and proposed guidance, including developments pertaining to the overall convergence agenda.

  • Webcast
    Hot topics and technical updates impacting accounting and financial reporting for Healthcare, Higher Education and Not-for-Profit – October 23, 2013

    Healthcare

    This installment of PwC's Healthcare, Higher Education and Not-for-Profit quarterly webcast series covers FASB standard setting developments that have occurred since our July webcast. As always, the focus is on not-for-profit organizations that apply FASB standards, with an emphasis on healthcare and higher education institutions.

  • Contingent Consideration in a Business Combination

    10/16/13 | Pharmaceuticals & life science

    This Pharmaceutical and Life Sciences Industry Alert provides guidance on the accounting for contingent consideration arrangements in business combinations.

  • PwC comment letter (FASB)
    PwC comments on the FASB's proposed ASU: Applying Variable Interest Entity Guidance to Common Control Leasing Arrangements (a proposal of the Private Company Council)

    10/15/13 | Assurance services

    In our comment letter, we offer the FASB and PCC some observations and suggestions.

  • Tax accounting insights
    Tax holidays and other incentives: Determining the right accounting model

    10/15/13 | Tax accounting services

    This Tax accounting insight provides a comparison of the potentially relevant accounting models and highlights some of the factors to consider in determining which model applies.

  • PwC comment letter (FASB)
    PwC comments on the FASB's proposed ASU: Definition of a Public Business Entity, an Amendment to the Master Glossary

    10/9/13 | Assurance services

    PwC agrees with most of the proposed criteria that would comprise a definition of a public business entity.

  • IFRS news
    IFRS news - October 2013

    10/9/13 | Assurance services

    PwC's monthly report shedding light on the IASB's activities. This edition looks at looks at (1) IFRS IC progress report, (2) joint standard setting, (3) an academic view of 'conceptual framework', (4) IASB revenue and financial instruments project, (5) proposed IAS 1 amendments, (6) proposed IAS 19 amendments, (7) joint protocols with IOSCO, and (8) know your IFRS 'ABC': ‘J’ for joint arrangements.

  • Point of view
    Point of view: Lease accounting - Enhancing the financial reporting model

    10/8/13 | Assurance services

    In this Point of view on the leasing proposal, we recommend an alternative approach, based on indicators of effective ownership, for income statement recognition.

  • Private company reporter
    Private company reporter - September 30 and October 1, 2013

    10/7/13 | Assurance services

    At its most recent meeting, the PCC approved final standards for the accounting for goodwill and for a simplified hedge accounting model for certain interest rate swaps.

  • In brief
    In brief: FASB changes course on repurchase agreement project (No. 2013-43)

    10/4/13 | Assurance services

    The FASB decided to retain some aspects of the accounting model for repo agreements in its January 2013 exposure draft -- a significant change from its prior decisions.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - September 2013

    10/3/13 | Center for Board Governance

    This issue of BoardroomDirect® breaks down the results of PwC’s 2013 Annual Corporate Directors Survey in the backdrop of an evolving landscape, reports on the SEC’s newly proposed CEO pay ratio rules, describes the decision by ISS to include director tenure in its 2013-2014 investor survey, and gives the latest on the FASB/IASB lease accounting proposal.

  • Corporate Governance Series
    The quarter close - Directors edition: A look at this quarter's financial reporting issues - Q3 2013

    10/3/13 | Center for Board Governance

    The Q3 2013 edition focuses on accounting and reporting issues for private companies that could impact public companies, statement of cash flows, entities under common control, contingencies, new vice-chairman at the FASB, PCAOB proposal on improving auditor reporting, and international developments on auditor rotation and retendering.

  • Webcast
    Lease accounting in the energy sector: Drilling down into what the proposed rule changes mean for you webcast - October 24, 2013

    Energy & mining

    The proposal by US and international accounting standard setters to overhaul lease accounting likely will have far-reaching impacts for most companies. Watch this installment of the Energy executive webcast series to learn about how the new proposal will impact the energy industry.

  • Power and Utilities Alert 2013-9: An industry perspective on the lease accounting proposal

    10/1/13 | Power & utilities

    How did power and utility companies respond the to the FASB/IASB lease accounting proposal exposure draft? This Power and Utilities Alert highlights the key issues that the revised ED has raised.

  • Retail & Consumer KnowledgeBrief: Technical and Quality Newsletter

    10/1/13 | Retail & consumer

    What are the technical and reporting issues impacting retail and consumer products companies? PwC's Retail & Consumer KnowledgeBrief provides insights and summaries on restructuring comment letter trends and disclosure reminders, data protection, conflict minerals, the Patient Protection and Affordable Care Act, and more.

  • Accounting guides
    US GAAP: Issues and solutions for the medical technology industry

    9/26/13 | Healthcare

    This publication highlights factors the medical technology industry should consider and provides guidance on the most pertinent accounting solutions under US GAAP. The solutions presented are meant to provide a framework for determining the appropriate accounting answer for general solutions.

  • Point of view
    Point of view: Global valuation standards - Charting a course for the future

    9/25/13 | Assurance services

    In our view, a leading global valuation standard setter can enhance quality, promote consistency in practice, and advance the brand of the valuation profession.

  • Point of view
    Point of view: The valuation profession - At a crossroads

    9/25/13 | Assurance services

    In our view, the time has come for the valuation profession to explore creating a robust professional infrastructure for those that perform valuations.

  • Setting the standard
    Setting the standard - September 2013

    9/25/13 | Assurance services

    Welcome to the latest edition of Setting the standard. It includes the latest updates on the standard-setting activities of the FASB and IASB. Learn more inside.

  • In brief
    In brief: SEC proposes rule requiring disclosure of CEO-to-employee pay ratio (No. 2013-42)

    9/19/13 | Assurance services

    On September 18, 2013, the SEC voted 3 to 2 to propose a rule that would require public companies to calculate and disclose its CEO compensation as a multiple of the median employee’s pay. This In brief article provides an overview of the key provisions of the proposed rule.

  • Webcast
    Q3 2013 Power and Utilities Executive Webcast – September 19, 2013

    Power & utilities

    PwC's Power and Utilities Executive Webcast Series provides practical guidance on recent regulatory and financial reporting developments. Our quarterly webcasts, designed for corporate accounting executives, keep you informed of new and emerging issues impacting the power and utilities industry, and provide insight into the recent activities of accounting related regulatory bodies.

  • PwC comment letter (IASB)
    PwC comments on the FASB and IASB's revised exposure draft on leases

    9/19/13 | Assurance services

    We support the core principle that an entity should recognize assets and liabilities arising from a lease. Our letter also outlines specific recommendations that we would like the board to consider.

  • Regulatory and standard-setting developments -- September 19, 2013

    9/19/13 | Assurance services

    This document provides a high-level summary of activities of the FASB, PCAOB, SEC and related international developments.

  • Supply chain financing: What you need to know (Observations from the front lines)

    9/19/13 | US Capital Markets and Accounting Advisory Services

    Many companies are seeking to improve their working capital by reviewing the terms of their trade payables. To aid companies in streamlining their payables process, financial institutions built IT solutions to act as an intermediary between purchaser and supplier. As an intermediary, financial institutions can offer a liquidity solution to the supplier by way of factoring their receivables.

  • PwC comment letter (FASB)
    PwC comments on the FASB's proposed ASU: Disclosures of Uncertainties about an Entity's Going Concern Presumption

    9/18/13 | Assurance services

    PwC supports the board's efforts to add guidance to US GAAP to provide consistency in determining when and how management should assess going concern uncertainties.

  • Quarter close
    The quarter close — Third quarter 2013: Publication and new video perspectives

    9/17/13 | Assurance services

    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 Q3 publication and view our new video perspectives.

  • Webcast
    Leasing: Consensus remains elusive. What now? – October 9, 2013

    This webcast analyzes the comment letter responses to the FASB and IASB's revised exposure draft on the new leasing proposal, and provides insights to help you think through the nuances that might lead to unexpected financial results.

  • Point of view
    Point of view: The future of US standard-setting - The road ahead

    9/17/13 | Assurance services

    As the era of joint standard-setting with the IASB comes to a close, this Point of view sets out why the FASB should continue to focus on improving the quality of US GAAP in key areas while preventing further divergence between US GAAP and IFRS when feasible.

  • EITF observer
    EITF observer - September 13, 2013 meeting highlights

    9/17/13 | Assurance services

    The EITF met on September 13th, 2013 to discuss three issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting GAAP.

  • Tax accounting insights
    Global Tax Accounting Services Newsletter (April to June 2013)

    9/12/13 | Tax accounting services

    In this release we discuss a variety of accounting and reporting developments and the related tax accounting considerations.

  • 2013 Fall legislative outlook: focus on tax reform

    9/10/13 | Washington national tax services (WNTS)

    Efforts to advance tax reform legislation move into a critical phase this fall.

  • Derivatives: Global convergence becomes global confusion

    9/9/13 | Financial services regulatory practice

    The CFTC offers a road map and timeline for cross border derivatives regulation, but much uncertainty remains.

  • Webcast
    PwC's quarterly tax accounting webcast - Q3 2013 – October 3, 2013

    Tax accounting services

    PwC invites you to watch a panel of our Tax Accounting Services (TAS) specialists for a discussion of relevant tax accounting matters including intraperiod tax expense allocation under ASC 740 as well as recent regulatory and legislative developments.

  • PwC comment letter (IASB)
    PwC Comments on Exposure Draft: Regulatory Deferral Accounts

    9/5/13 | Global accounting consulting services

    The PwC global network of firms expresses support of the proposed interim standard on regulatory deferral balances. The interim standard will help resolve practice problems in some jurisdictions and reduce the barriers to adopting IFRS, but will not increase diversity in practice among entities that already apply IFRS. Our letter also provides responses to the board's specific questions.

  • IFRS news
    IFRS news - September 2013

    9/5/13 | Assurance services

    PwC's monthly report shedding light on the IASB's activities. This edition looks at looks at (1) IFRS foundation reports on global adoption of IFRS, (2) deliberations on FASB and IASB proposals on proposed changes to financial instruments accounting, (3) IASB revenue project, (4) revenue joint transition resource group, (5) rate regulation consultative group, (6) post-implementation reviews, (7) conceptual framework roundtables, and (8) know your IFRS 'ABC': ‘I’ for income statements.

  • Spotlight Lease Accounting: Transformational Change

    9/4/13 | Healthcare

    Included in this brief are next steps organizations should consider as well as an FAQs section and key contacts you may reach out to for additional follow up.

  • Dataline / In depth
    Dataline: Joint and several liability arrangements – FASB issues new guidance to achieve consistency (No. 2013-20)

    9/4/13 | Assurance services

    This Dataline discusses the key provisions of a new FASB standard issued in February 2013 to address diversity in accounting for joint and several liabilities.

  • Webcast
    Conflict minerals webcast - Looking ahead to the first deadline - September 17, 2013

    Assurance services

    Almost 9 months into the first year of compliance, where does your company stand? Do you have a clear path forward to your first conflict minerals filing deadline? Watch this webcast where we share our perspective on the latest developments (including the legal challenge), considerations as you close out your first year of compliance, what to expect in the independent private sector audit – and how to prepare, and examples of how leading companies are addressing their compliance efforts.

  • PwC comment letter (FASB)
    PwC's Response Letter to FASB Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps, proposal of PCC

    8/29/13 | Assurance services

    PwC comments on the proposed Accounting Standards Update, Accounting for Receive-Variable, Pay-Fixed Interest Rate Swaps, a proposal of the Private Company Council.

  • PwC comment letter (FASB)
    PwC comments on the PCC's proposed ASU, Accounting for Identifiable Intangible Assets in a Business Combination

    8/29/13 | Assurance services

    PwC supports a more comprehensive reconsideration of the existing model for identifiable intangible assets in a business combination for all entities.

  • PwC comment letter (FASB)
    PwC comments on the proposed ASU, Accounting for Goodwill, a proposal of the Private Company Council

    8/29/13 | Assurance services

    PwC supports a broader reconsideration of the financial reporting model for goodwill for all entities.

  • Power and Utilities Alert 2013-7: Accounting for rate-regulated activities under IFRS

    8/27/13 | Power & utilities

    The IASB’s Consultative Group met in July to discuss responses to the Request for Information (RFI) on the rate regulation project.

  • Finance transformation: A Lean approach to increase value

    8/26/13 | Advisory services

    Lean is an alternative approach that changes the way work is performed. Learn how Lean can help transform your back office to achieve and sustain process excellence.

  • Webcast
    Q3 2013 Technology Industry Executive Webcast – September 19, 2013

    Technology

    This quarter's webcast features discussions on the following technical accounting issues impacting technology companies: revenue recognition, discontinued operations, COSO's internal control-integrated framework, and more.

  • Accounting guides
    Guide to Accounting for Derivative Instruments and Hedging Activities - 2013 edition

    8/23/13 | Assurance services

    PwC is pleased to offer the 2013 edition of our popular publication, Guide to Accounting for Derivative Instruments and Hedging Activities.

  • Accounting guides
    Global Guide to Accounting for Fair Value Measurements - 2013 edition

    8/23/13 | Assurance services

    PwC is pleased to offer the 2013 edition of our popular publication, A Global Guide to Accounting for Fair Value Measurements, the inaugural global edition.

  • Accounting guides
    Guide to Accounting for Transfers and Servicing of Financial Assets - 2013 edition

    8/23/13 | Assurance services

    PwC is pleased to offer the 2013 edition of our popular publication, Guide to Accounting for Transfers and Servicing of Financial Assets.

  • PwC and Knowledge@Wharton: New revenue rules delayed, but start planning now

    8/22/13 | US Capital Markets and Accounting Advisory Services

    A new, comprehensive accounting standard is set to change the way many companies recognize revenue in their financial statements, and that could reverberate through myriad systems and processes in significant ways. Many companies do not yet realize the degree of change the new standard will usher in, nor how it could affect many industries in unexpected ways, according to PwC and Wharton.

  • Tax accounting insights
    Patent box and technology incentives: Tax and financial reporting considerations

    8/22/13 | Tax accounting services

    This publication discusses key tax and financial reporting considerations of patent box regimes and other technology incentives.

  • PwC’s Stock Compensation 2013 Assumption and Disclosure Survey

    8/16/13 | Human resource services

    PwC is pleased to share with you our Stock Compensation 2013 Assumption and Disclosure Survey. This survey presents our analysis of the 2012 year-end assumptions and disclosures for Mature and High Tech/Emerging companies.

  • Private company reporter
    Private company reporter - August 15, 2013

    8/15/13 | Assurance services

    On August 7, the FASB issued an exposure draft on the definition of a public business entity and endorsed the PCC proposal for VIE considerations of common control leases.

  • PwC's Pension/OPEB 2013 Assumption and Disclosure Survey

    8/14/13 | Human resource services

    PwC is pleased to share with you our Pension/OPEB 2013 Assumption and Disclosure Survey which presents our analysis of the 2012 year-end assumptions and disclosures under ASC 715-20, ASC 715-30, and ASC 715-60.

  • PwC comment letter (FASB)
    PwC comments on the proposed ASU: Reporting Discontinued Operations

    8/14/13 | Assurance services

    In our comment letter we support efforts to develop an improved definition of discontinued operations, however we do not agree with some of the proposed disclosures.

  • Point of view
    Point of view: Integrated reporting: Going beyond the financial results

    8/13/13 | Assurance services

    This Point of view highlights how companies may benefit from integrated reporting in response to stakeholders’ calls for enhanced disclosure of environmental, social, governance and other nonfinancial information. It also outlines the benefits some companies are realizing as they explore integrated reporting.

  • Accounting guides
    Guide to Accounting for Financing Transactions: What You Need to Know about Debt, Equity, and the Instruments in Between - 2013 edition

    8/8/13 | Assurance services

    The accounting guidance for the issuance, modification, conversion and repurchase of debt and equity securities has developed over many years into a complex set of rules. Although the guidance is now codified within the FASB’s Accounting Standards Codification, the analysis continues to involve detailed and sequential consideration of the relevant provisions of the guidance. Our Guide provides a roadmap to the applicable accounting literature to help you determine which steps are necessary for a particular transaction.

  • Accounting guides
    Guide to Accounting for Variable Interest Entities - 2013 edition

    8/8/13 | Assurance services

    Our guide brings together all of the relevant PwC guidance on the accounting for variable interest entities under US GAAP; provides an overall framework for the application of the VIE model; highlights key questions and answers; and offers our perspectives, based on our analysis of the guidance and experience in applying it.

  • Accounting guides
    Guide to Accounting for Stock-based Compensation - 2013 edition

    8/8/13 | Assurance services

    Nearly nine years after being issued, the application of the guidance contained in ASC 718, Compensation—Stock Compensation, continues to be a complex undertaking. The guidance's many nuances impact not only the accounting for employee stock-based compensation, but also the related corporate income tax accounting, the calculation of earnings per share, and the presentation of the cash flow statement. The 2013 edition of our stock-based compensation guide explains those and many other issues.

  • Accounting guides
    Guide to Accounting for Income Taxes - 2013 edition

    8/8/13 | Assurance services

    The overall accounting model for income taxes has been in place for many years, yet the accounting for income taxes (ASC 740) continues to pose many challenges for preparers, users, and auditors. This PwC guide is intended to clarify the fundamental requirements involved in the accounting for income taxes and to highlight key points that should be considered before and after transactions are undertaken.

  • Credit exposure: Affiliate transaction rule in sight

    8/6/13 | Financial services regulatory practice

    Various provisions of Dodd-Frank require banks to incorporate credit exposures from derivatives and securities financing transactions when calculating prudential limits.

  • PwC comment letter (FASB)
    PwC comments on the proposed ASU, Technical Corrections and Improvements Related to Glossary Terms

    8/2/13 | Assurance services

    PwC generally agrees with the FASB's efforts to clarify the Master Glossary of the Codification, with the exception of two matters described in our comment letter.

  • Dataline / In depth
    Dataline: Responses are in on the FASB and IASB's financial instruments credit loss proposals (No. 2013-18)

    8/1/13 | Assurance services

    This Dataline provides a high-level summary of the comments received on the board's respective credit loss proposals.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - July 2013

    7/31/13 | Center for Board Governance

    This issue of BoardroomDirect® focuses on non-financial companies that use over-the-counter (OTC) derivatives to hedge risks, such as currency, interest rates, and fuel costs, are facing myriad decisions regarding the execution and management of those financial tools under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

  • PwC comment letter
    PwC comments on the SASB conceptual framework exposure draft

    7/30/13 | Assurance services

    PwC submitted a comment letter supporting SASB's conceptual framework exposure draft. We support voluntary initiatives that contribute to enhanced corporate reporting.

  • In brief
    In brief: Boards re-deliberate aspects of joint revenue project (No. 2013-38)

    7/29/13 | Assurance services

    The FASB and IASB met in July to discuss the constraint on recognizing revenue from variable consideration, customer credit risk, and accounting for arrangements that do not meet the definition of a contract with a customer.

  • Dataline / In depth
    Dataline: Valuation of Privately-Held-Company Equity Securities Issued as Compensation -- AICPA issues updated Accounting and Valuation Guide (No. 2013-17)

    7/25/13 | Assurance services

    On May 29, 2013, the AICPA's Financial Reporting Executive Committee issued the AICPA Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (the Guide), which replaces the 2004 edition of the practice aid on this topic. The Guide (also known as the Cheap Stock Guide) provides nonauthoritative valuation guidance and illustrations for preparers, auditors, and valuation specialists related to the issuance of privately-held company equity securities for compensation. This Dataline provides a high level overview of the Guide.

  • Private company reporter
    Private company reporter - July 16, 2013

    7/25/13 | Assurance services

    On July 16, the PCC proposed to the FASB an accounting alternative that would exempt nonpublic entities from applying certain variable interest entity guidance. This edition of Private company reporter provides further information on the proposed alternative, as well as highlights of other recent developments related to private company reporting.

  • Tax accounting insights
    Revised exposure draft on leases may have significant tax accounting, state tax, and systems implications

    7/25/13 | Tax accounting services

    The FASB and the IASB issued a revised exposure draft on leases. Although the tax law regarding the treatment of leasing transactions remains unchanged, taxpayers should consider how the Exposure Draft will impact the computation of federal and state taxable income and deferred income tax assets and liabilities associated with their leases.

  • IFRS news
    IFRS news - July/August 2013

    7/23/13 | Assurance services

    PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) IASB's Discussion Paper on Conceptual Framework, (2) IASB Chairman's 'ten-point' plan to improve disclosures, (3) proposals for insurance contracts – the final act?, (4) IFRS foundation on global adoption of IFRS, (5) exposure draft on bearer plants, (6) IAS 39 amendments for novation of derivatives, (7) EU requirements on payments to governments, and (8) know your IFRS 'ABC': ‘H’ for hedging.

  • Dataline / In depth
    Dataline: Going concern – FASB issues exposure draft on going concern assessment and disclosures (No. 2013-16)

    7/22/13 | Assurance services

    The FASB issued a proposal requiring management to assess a company's ability to continue as a going concern and provide footnote disclosures under certain circumstances.

  • The overhaul of lease accounting: Catalyst for change in corporate real estate

    7/19/13 | Real estate

    This PwC publication outlines financial reporting, economic, tax and regulatory issues which commercial real estate may face with the proposed new lease accounting model.

  • In brief
    In brief: FASB updates hedging guidance to allow Fed Funds (or overnight index swap rate) as a benchmark interest rate (No. 2013-37)

    7/18/13 | Assurance services

    On July 17, 2013, the FASB issued ASU No. 2013-10, which permits an entity to designate the Fed Funds Effective Swap Rate ("Fed Funds rate"), also referred to as the overnight index swap rate ("OIS"), as a benchmark interest rate. In addition, the ASU removes the restriction on using different benchmark interest rates for similar hedges. The ASU is effective immediately. This In brief article provides an overview of the final standard.

  • Transformational change: Considering the impact of the proposed new lease accounting guidance on lessees in the rail industry

    7/11/13 | Transportation and logistics

    This spotlight paper considers the impact of the proposed new lease accounting guidance on lessees in the rail industry.

  • PwC comment letter (IASB)
    PwC comments on IASB's exposure draft: Financial Instruments — Expected Credit Losses

    7/11/13 | Global accounting consulting services

    In this comment letter, the PwC global network of firms responded to the IASB’s exposure draft on Financial instruments: Expected credit losses. The PwC global network continues to support the development of a single converged model for credit impairment under both IFRS and US GAAP. We believe an expected loss approach that requires constituents to consider a broader information set, including future expectations, represents a significant improvement as compared to the incurred loss model used today.

  • A higher bar for reporting discontinued operations (Observations from the front lines)

    7/10/13 | US Capital Markets and Accounting Advisory Services

    The FASB issued a proposal to change the criteria and reporting requirements for discontinued operations while adding new disclosures for individually material dispositions that do not qualify as discontinued operations. Companies should consider how the proposed standard impacts their communication plan to investors.

  • In brief
    In brief: FASB finalizes standard deferring certain quantitative disclosures for nonpublic employee benefit plans (No. 2013-36)

    7/10/13 | Assurance services

    The FASB issued ASU 2013-09. It provides an indefinite deferral for certain quantitative fair value disclosures for nonpublic employee benefit plans.

  • DOMA overturned: impact on income, estate, and gift taxes

    7/2/13 | Private Company Services

    The Supreme Court’s decision in United States v. Windsor removes the federal tax barriers to obtaining certain benefits.

  • In brief
    In brief: FASB issues exposure drafts for alternatives proposed by the Private Company Council (No. 2013-35)

    7/2/13 | Assurance services

    On July 1, the FASB issued three exposure drafts on the first accounting alternatives proposed by the Private Company Council.

  • Dataline / In depth
    Dataline: Responses are in on the FASB and IASB's financial instruments classification and measurement proposals (No. 2013-15)

    7/1/13 | Assurance services

    This Dataline provides a high-level summary of the of the comments received on the board's respective proposals.

  • In brief
    In brief: IASB provides relief for novation of derivatives (No. 2013-34)

    6/28/13 | Assurance services

    The IASB has published narrow-scope amendments to IAS 39, Financial instruments: Recognition and measurement. Similar provisions will be incorporated into the forthcoming chapter on hedge accounting in IFRS 9, Financial instruments. The amendments provide relief from parts of the hedge accounting requirements when a derivative is novated to a central counterparty (CCP), such as a central clearing organization, provided certain conditions are met.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - June 2013

    6/27/13 | Center for Board Governance

    This issue of BoardroomDirect® focuses on a movement by public companies toward more sustainability disclosure, but not fully integrated reporting. It also covers the testimony of corporate governance professionals at a Congressional hearing on proxy advisors, a new FAQ from the SEC on conflict minerals disclosure, NASDAQ’s decision to withdraw its proposed internal audit function rule, and FASB’s proposal to suggest a new disclosure approach for its repo agreements project.

  • Lease accounting in industrial manufacturing: Transformational change

    6/27/13 | Industrial products

    Proposed lease accounting changes will impact industrial manufacturing company financial and performance metrics such as EBITDA, net income, and cash flows from operations. Creating a catalog of all leasing arrangements will be help in evaluating the impact of the new standard.

  • In brief
    In brief: FASB issues exposure draft on going concern (No. 2013-32)

    6/27/13 | Assurance services

    On June 26, 2013, the FASB issued a proposal that would require management to perform going concern assessments and provide related footnote disclosures in certain circumstances.

  • Tax accounting insights
    FASB ratifies consensus on netting unrecognized tax benefits against loss or other tax carryforward assets

    6/26/13 | Tax accounting services

    The FASB ratified the accounting guidance proposed by the EITF consensus for Issue 13-C, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. We expect the final Accounting Standards Update (ASU) to be issued within the next few weeks.

  • Lease accounting in retail and consumer products: Transformational change

    6/25/13 | Retail & consumer

    The changes to lease accounting proposed by the FASB and IASB will bring all leases onto the balance sheet and change income statement recognition, business processes, systems, and controls. Retail and consumer companies should prepare for the upcoming business process changes.

  • Dataline / In depth
    Dataline: Investment companies – FASB modifies definition of an "investment company" (No. 2013-14)

    6/25/13 | Assurance services

    On June 7, 2013, the FASB issued amendments to ASC 946 that modify the definition of an investment company under US GAAP. This Dataline looks at the key aspects of the new guidance and shares our insights on applying it.

  • PwC comment letter (FASB)
    PwC comments on FASB and PCC Invitation to Comment: Proposed Private Company Decision-Making Framework

    6/20/13 | Assurance services

    PwC generally believes the guide identifies the appropriate matters to consider when determining whether a modification to GAAP should be available to private companies.

  • Quarter close
    The quarter close — Second quarter 2013: Publication and new video perspectives

    6/18/13 | Assurance services

    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 Q2 publication and view our new video perspectives.

  • Regulatory and standard-setting developments -- June 17, 2013

    6/17/13 | Assurance services

    This document provides a high-level summary of activities of the FASB, PCAOB, SEC and related international developments that may be of interest to audit committees, companies, and their stakeholders. It includes some of the relevant regulations, standards, and guidance that were recently issued or are on the horizon, both inside and outside of the U.S.

  • EITF observer
    EITF observer: A meeting synopsis - June 2013

    6/14/13 | Assurance services

    The EITF met on June 11, 2013 to discuss six issues. PwC's EITF observer provides you an insightful summary of decisions reached and the changes affecting US GAAP.

  • PwC comment letter (IASB)
    PwC comments on IASB's request for information, Rate Regulation

    6/13/13 | Global accounting consulting services

    The PwC global network of firms supports the board’s efforts to gather information on the topic of rate regulation and provides suggestions for the board to consider for the discussion paper phase of the project.

  • Dataline / In depth
    Dataline: Leases – The Great Divide: The new leases landscape (No. 2013-13) and Supplement

    6/13/13 | Assurance services

    On May 16, 2013 FASB and IASB a revised exposure draft for Leases. A final standard is not expected before 2014, and is unlikely to be effective before 2017. This Dataline puts together the pieces to the puzzle of understanding the proposed model for lease accounting. Also included is a supplement that provides illustrative examples of applying the proposed model.

  • Private company reporter
    Private company reporter - June 13, 2013

    6/13/13 | Assurance services

    On June 10, the FASB endorsed each of the accounting alternatives previously approved by the PCC, related to intangible assets, goodwill and interest rate swaps. This edition of Private company reporter provides further information on the proposed alternatives, as well as highlights of other recent developments related to private company reporting.

  • In brief
    In brief: FASB issues final standard on investment companies (No. 2013-30)

    6/11/13 | Assurance services

    On June 7, 2013, the FASB issued amendments to ASC 946 that modify the definition of an investment company under US GAAP. This In brief article provides an overview of the new guidance.

  • Derivatives: SEFs - Opening bell sounds

    6/7/13 | Financial services regulatory practice

    This FS Regulatory Brief describes this new regulatory environment for mandatory electronic swaps trading and highlights considerations for the buy-side and sell-side.

  • Dataline / In depth
    Dataline: A summary of the FASB’s proposal on reporting discontinued operations (No. 2013-12)

    6/7/13 | Assurance services

    PwC provides details and thoughtful insights on the FASB's proposal to change the reporting of discontinued operations. This Dataline outlines the key details of the FASB’s proposal and includes PwC’s insights about how the proposed changes may impact current practice.

  • 10Minutes
    10Minutes on lease accounting

    6/4/13 | Assurance services

    After three years of outreach and deliberation, the IASB and FASB recently issued a revised proposal to overhaul the rules on accounting for leases, a move that could significantly boost US companies' reported debt.

  • PwC comment letter (FASB)
    PwC comments on FASB's proposed Accounting Standards Update, Financial Instruments — Credit Losses

    5/31/13 | Assurance services

    PwC does not support the FASB's proposed standard on credit losses and provides recommendations to the boards for an enhanced model.

  • Accounting changes - Pensions (Insights for the investment community)

    5/30/13 | PwC Investor Resource Institute

    Given the accounting method typically used by companies to report the effects of plan changes, several have made a discretionary change in how they account for their pension plans to increase the transparency of their accounting and improve their financial reporting.

  • PwC comment letter (FASB)
    PwC comments on deferral of the effective date of certain fair value disclosures for employee benefit plans

    5/30/13 | Assurance services

    PwC agrees with the proposal to defer certain of the fair value disclosures for nonpublic employee benefit plans and supports the inclusion of the new glossary term.

  • In brief
    In brief: Boards discuss application of revenue model to credit card reward programs and other sweep issues (No. 2013-29)

    5/29/13 | Assurance services

    The FASB and IASB met in May to discuss sweep issues related to their revenue recognition project, including accounting for credit card reward programs. This In brief article provides a summary of the decisions reached by the boards.

  • In brief
    In brief: FASB suggests a disclosure approach for the repurchase agreement project (No. 2013-28)

    5/28/13 | Assurance services

    The FASB met on May 23, 2013 to discuss feedback received on its repurchase agreement proposal. Based on the feedback received, the FASB tentatively decided to retain the current effective control model and require additional disclosures for transfers of financial assets with contemporaneous agreements that result in the transferor retaining the risks associated with the transferred financial asset.

  • Accounting guides
    Global Guide to Accounting for Business Combinations and Noncontrolling Interests - 2013 edition

    5/23/13 | Assurance services

    This PwC guide explains the fundamental principles of accounting and reporting for business combinations and noncontrolling interests under both U.S. GAAP and IFRS. This guide also includes our perspectives on the application of those principles, as well as our insights on the challenges of accounting for intangible assets and goodwill in the postacquisition period.

  • In brief
    In brief: FASB will issue an exposure draft of an insurance contracts standard (No. 2013-27)

    5/23/13 | Assurance services

    FASB voted on May 23, 2013 to issue an exposure draft on insurance contracts that could fundamentally change earnings and revenue patterns for insurers and some banks.

  • Dataline / In depth
    Dataline: Cumulative translation adjustment – A compromise to achieve consistency (No. 2013-10)

    5/16/13 | Assurance services

    On March 5, 2013 the FASB issued ASU No. 2013-05, which amends ASC 830, Foreign Currency Matters, and ASC 810, Consolidation,to address diversity in practice related to the release of cumulative translation adjustments ("CTA") into earnings upon the occurrence of certain derecognition events. This Dataline provides an overview of the ASU.

  • In brief
    In brief: FASB and IASB publish revised exposure draft on leases (No. 2013-26)

    5/16/13 | Assurance services

    The FASB and IASB issued a revised exposure draft on leases on May 16, 2013 with a comment period ending September 13, 2013. Almost all entities will be impacted. This In brief article provides an overview of the revised proposal.

  • Private company reporter
    Private company reporter (May 7, 2013 meeting)

    5/16/13 | Assurance services

    At its May meeting, the PCC approved alternatives in the areas of business combinations and interest rate swaps which are now subject to endorsement by the FASB.

  • PwC comment letter (FASB)
    PwC comments on FASB's Proposed Accounting Standards Update, Recognition & Measurement of Financial Assets & Liabilities

    5/15/13 | Assurance services

    PwC issued its comment letter on the FASB's Proposed Accounting Standards Update, Recognition & Measurement of Financial Assets & Liabilities.

  • Webcast
    Leasing webcast: Impacts and Action Items – June 11, 2013

    Addressing the proposed changes to lease accounting will be a challenge for most companies. This webcast discusses how management can prepare for the changes in a measured way and some of the actions that companies are taking now to prepare.

  • Webcast
    Leasing webcast: Overview of the Proposed Guidance – May 29, 2013

    Almost three years have passed since the IASB and FASB (the “Boards”) issued their initial proposal. After extensive outreach and re-deliberation, the Boards will be issuing a new proposal. This webcast discusses an overview of the proposed guidance and the nuances that might lead to unexpected financial results.

  • The importance of being financially bilingual

    5/13/13 | US Capital Markets and Accounting Advisory Services

    When conducting cross border deals, it is important to Identify potential financial reporting differences to maximize deal value and for understanding how financial reporting and regulatory requirements interact. Embedding GAAP changes and managing multi-GAAP reporting post-acquisition requires planning.

  • In brief
    In brief: PCAOB reproposes related parties auditing standard and related amendments (No. 2013-25)

    5/9/13 | Assurance services

    The PCAOB reproposed a related parties auditing standard and amendments on significant unusual transactions and financial relationships with executive officers. This In brief article provides an overview of the key aspects of the reproposal.

  • NAIC meeting notes: Spring 2013

    5/8/13 | Insurance

    NAIC Spring National Meeting in Houston April 2013. Newsletter contains information on activities that occurred in some of the committees, task forces and working groups that met at the meeting.

  • In brief
    In brief: FASB proposes amendments to Codification glossary terms (No. 2013-24)

    5/7/13 | Assurance services

    On May 6, 2013, the FASB released an exposure draft proposing technical corrections and improvements to the FASB Accounting Standards Codification (the Codification). The proposal is part of the FASB's ongoing project to improve the Codification. This set of proposed changes is focused on improving the Codification’s master glossary. The proposed amendments are not intended to change U.S. GAAP. Instead, they are aimed at making the glossary easier to understand and reducing the number of glossary terms. This In brief article provides an overview of the proposal.

  • Point of view
    Point of view: Consolidation - A single model would enhance information reported to investors

    5/6/13 | Assurance services

    This Point of view highlights that a single definition of control leading to one consolidation model in the U.S. would benefit all stakeholders.

  • In brief
    In brief: FASB proposes to defer quantitative disclosures for nonpublic employee benefit plans (No. 2013-23)

    5/2/13 | Assurance services

    On April 30, 2013, the FASB issued a proposal that would indefinitely defer for nonpublic employee benefit plans certain quantitative fair value disclosures for investments in their plan sponsors' nonpublic entity equity securities. Comments on the FASB's exposure draft are due May 31, 2013. This In brief article provides an overview the FASB's proposal.

  • Power and Utilities Alert 2013-6: Accounting for rate-regulated activities under IFRS

    4/30/13 | Power & utilities

    The IASB issued a Request for Information related to its project on rate-regulated activities, as well an interim standard exposure draft.

  • Dataline / In depth
    Dataline: How FASB's financial instruments proposals would affect not-for-profit organizations (No. 2013-08)

    4/26/13 | Assurance services

    In February 2013, the FASB issued a revised exposure draft of a proposed standard for the classification and measurement of financial instruments (the "C&M proposal"). A proposed impairment model for debt instruments was described in a separate exposure draft issued in December 2012 (the "impairment proposal"). This Dataline discusses how the classification, measurement, and impairment approaches described in those proposals might be applied by most not-for-profit organizations.

  • Dataline / In depth
    Dataline: A summary of the IASB proposal on impairment of financial assets – Including a comparison to the IAS 39 model and the FASB’s credit loss proposal (No. 2013-07)

    4/25/13 | Assurance services

    In March 2013, the IASB an exposure draft (ED), Financial Instruments: Expected Credit Losses, that proposes an expected loss model to replace the current incurred loss model of IAS 39, Financial Instruments: Recognition and Measurement. In December, 2012, the FASB also released a proposal on impairment of financial assets. This Dataline looks at the IASB's proposal and compares it to the IAS 39 model and the FASB's proposal.

  • In brief
    In brief: FASB finalizes guidance for applying liquidation basis of accounting (No. 2013-22)

    4/23/13 | Assurance services

    On April 22, the FASB issued Accounting Standards Update No. 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The new standard addresses when and how an entity should apply the liquidation basis of accounting. This In brief article provides an overview of the key provisions of the new standard.

  • M&A snapshot
    We’re acquiring a company with significant in-process research and development (IPR&D) activities. What's next? (M&A snapshot)

    4/23/13 | Assurance services

    This edition of Mergers & acquisitions — a snapshot provides an overview of the accounting rules and a glimpse into some of the issues companies face in the accounting and valuation of acquired IPR&D.

  • In brief
    In brief: FASB and Private Company Council propose private company decision-making framework (No. 2013-21)

    4/17/13 | Assurance services

    On April 15, 2013, the Financial Accounting Standards Board (Board) and Private Company Council (Council) jointly issued an invitation to comment on a proposed private company decision-making framework (the "framework").

  • Non-GAAP measures (Insights from the Investment Community)

    4/15/13 | PwC Investor Resource Institute

    Companies in the United States typically follow generally accepted accounting principles (GAAP) when preparing financial statements. A non-GAAP measure is defined as a measure that excludes (or includes) amounts that are included (or excluded) in the most directly comparable measure calculated in accordance with GAAP. Read why members of the investment community find non-GAAP measures useful.

  • The audit (Insights from the Investment Community)

    4/15/13 | PwC Investor Resource Institute

    Accurate and reliable financial statements are essential to the effective functioning of the capital markets. To that end, auditors play an important role by executing independent and objective audits of the financial statements that are prepared by management.

  • PwC comment letter (IASB)
    PwC Comments on Exposure Draft: Clarification of Acceptable Methods of Depreciation and Amortization

    4/15/13 | Global accounting consulting services

    PwC agrees with the principle of the proposed amendments although we are not convinced that the amendments are necessary.

  • In brief
    In brief: FASB exposes consequential amendments for classification and measurement of financial instruments (No. 2013-20)

    4/12/13 | Assurance services

    On April 12, the FASB issued an exposure draft of consequential amendments to the Accounting Standards Codification (ASC) that would result from its financial instruments classification and measurement proposal.

  • In brief
    In brief: Lease accounting proposal expected by mid-May 2013; alternative views expressed (No. 2013-19)

    4/11/13 | Assurance services

    The FASB met on April 10, 2013 to discuss the costs, benefits, and complexity associated with the proposed lease accounting rules. The FASB members expressed their individual points of view and voted 4 to 3 in favor of moving forward with the revised exposure draft. The FASB and IASB expect to issue a joint exposure draft in mid-May 2013. This In brief article provides an overview of the decisions reached at the FASB meeting.

  • Webcast
    FASB and IASB proposals on impairment of financial assets webcast – April 25, 2013

    Assurance services

    The FASB and IASB both recently issued proposals on financial instruments impairment for public comment. On this PwC webcast, we provide an overview of the key elements of both proposals (including the FASB's FAQ) and compare and contrast them.

  • Decoding key metrics in cross-border acquisitions (Observations from the front lines)

    4/4/13 | US Capital Markets and Accounting Advisory Services

    US companies seeking to acquire acquisition targets headquartered outside of the United States should understand the foreign target’s financial information, including the application of non-US GAAP and the target’s accounting policies, and identify where GAAP and policy are not aligned with the buyer’s basis of preparing its financial information.

  • In brief
    In brief: FASB issues exposure draft on reporting discontinued operations (No. 2013-18)

    4/4/13 | Assurance services

    On April 2, 2013, the FASB issued a proposal that changes the criteria for reporting discontinued operations. The proposal also enhances disclosure requirements for discontinued operations and adds new disclosures for individually material dispositions that do not qualify as discontinued operations.

  • PwC comment letter (IASB)
    PwC Comments on Exposure Draft: Novation of Derivatives and Continuation of Hedge Accounting

    4/2/13 | Global accounting consulting services

    PwC supports the board’s efforts in clarifying whether an entity is required to discontinue hedge accounting when an over-the-counter (OTC) derivative is novated to a central counterparty (CCP) as required by law or regulation. We also appreciate the board’s responsiveness in addressing this urgent issue in a pragmatic way, as requiring entities to treat such novations as a discontinuance of hedge accounting would not provide useful information to investors.

  • Medical device excise tax (updated March 28, 2013)

    3/29/13 | Pharmaceuticals & life science

    This edition of PwC's Pharmaceutical and Life Sciences Industry Alert reports that medical device manufacturers will need to begin accounting for this tax for all sales, other than tax free sales, beginning January 1, 2013 and will need to consider the impact of this tax on their 2013 results.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU: Transfers and Servicing (Topic 860): Effective Control for Transfers with Forward Agreements to Repurchase Assets and Accounting for Repurchase Financings

    3/29/13 | Assurance services

    PwC fully supports the Board’s continuing efforts to respond in a timely manner to stakeholder concerns over elements of the transfers of financial assets accounting model.

  • PwC comment letter (IASB)
    PwC Comments on Exposure draft: Classification and Measurement: Limited Amendments to IFRS 9

    3/28/13 | Global accounting consulting services

    PwC agrees with the board’s objectives to amend IFRS 9 and commend the board on their progress in achieving those objectives. The letter includes key comments that we would like to raise with the board.

  • In brief
    In brief: FASB issues Q&A and extends comment period for credit impairment proposal (No. 2013-16)

    3/28/13 | Assurance services

    On March 25, the FASB issued a document that addresses key questions about its proposed impairment model for financial assets. In addition, the FASB reached a decision at its March 28 meeting to extend the comment period for its impairment proposal to May 31, 2013.

  • Tax accounting insights
    Tax considerations relating to fair value accounting

    3/25/13 | Tax accounting services

    PwC has refreshed our 'Fair Value Accounting: Tax Considerations' publication (originally released in December 2008).

  • Dataline / In depth
    Dataline: Financial instruments classification and measurement – FASB issues its exposure draft (No. 2013-05)

    3/22/13 | Assurance services

    Classification and measurement is an important part of the FASB and IASB’s joint project on financial instruments. The boards have agreed on changes that will broadly converge the accounting for debt investments and financial liabilities, but significant differences in accounting for equity investments will remain. The FASB issued its exposure draft on February, 14 2013 with a comment period ending May 15, 2013. The comment period on the IASB exposure draft, which was issued in November 2012, ends on March 28, 2013. This Dataline looks at FASB’s proposals as outlined in its exposure draft and compares them to the IASB's model.

  • In brief
    In brief: Boards meet separately on revenue – FASB on effective date and non-public entities, IASB on early application (No. 2013-15)

    3/22/13 | Assurance services

    The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) met separately in March to discuss specific U.S. GAAP and IFRS matters related to the proposed revenue recognition standard. The FASB focused on non-public entities and reached decisions on disclosure requirements, transition, and effective date. The FASB also amended its previous decision about effective date for public entities. The IASB decided to permit early application of the revenue standard. The decisions by both boards are tentative and subject to change. Any remaining “sweep” issues will be discussed at future meetings.

  • PwC comment letter (IASB)
    PwC Comments on Tentative agenda decision: IAS 10 Events after the reporting period—Reissuing previously issued financial statements

    3/19/13 | Global accounting consulting services

    Following consultation with members of the PwC network of firms, this response summarizes the views of member firms who commented on the tentative agenda decision, published in the January 2013 edition of IFRIC Update.

  • Quarter close
    The quarter close — First quarter 2013: Publication and new video perspectives

    3/18/13 | Assurance services

    This edition of The quarter close highlights current developments in financial reporting, including key standard-setting developments in revenue, financial instruments, and other hot topics, as well as SEC and PCAOB regulatory updates.

  • Regulatory and standard-setting developments -- March 18, 2013

    3/18/13 | Assurance services

    This document provides a high-level summary of activities of the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), the Public Company Accounting Oversight Board (PCAOB), and others that may be of interest to audit committees, companies, and their stakeholders. It includes some of the relevant regulations, standards, and guidance that were recently issued or are on the horizon, both inside and outside of the U.S.

  • EITF observer
    EITF observer: A meeting synopsis - March 2013

    3/18/13 | Assurance services

    At the EITF's March 14 meeting, the Task Force discussed four Issues, reaching a final consensus on two issues (12-B and 12-G) and consensus-for-exposure on one Issue (13-B). Further discussion is expected on one issue (12-F). This edition of EITF observer provides a synopsis of the meeting.

  • In brief
    In brief: FASB moves forward with final standard on investment companies (No. 2013-14)

    3/14/13 | Assurance services

    On March 13, 2013, the FASB met to discuss investment companies, a joint project with the IASB. The FASB discussed certain proposed disclosures designed to increase transparency into an investment company's interest in an investee fund. These investee fund disclosures have been the final area of focus as the FASB finalizes its standard on investment companies. At its meeting, the FASB decided to remove the proposed disclosures from the current project and re-evaluate them at a later date. The FASB also agreed to move forward with issuing a final standard on investment companies.

  • Webcast
    Conflict minerals - Next steps: An auditor's perspective - April 9, 2013

    Assurance services

    Conflict minerals compliance has quickly become one of the most pressing issues for both SEC and non-SEC registered companies. As we have spoken to a large number of companies regarding their conflict minerals implementation programs, we would like to share with you some observations and key takeaways.

  • Dataline / In depth
    Dataline: Revenue from contracts with customers: Boards finalize redeliberations – A comprehensive look at the new revenue model (No. 2013-04)

    3/8/13 | Assurance services

    The FASB and IASB substantively concluded redeliberations of their joint 2011 exposure draft, Revenue from Contracts with Customers, in February 2013. The boards reached decisions on the remaining key issues including disclosures, transition, and effective date at their most recent meetings. Details of these decisions, as well as a comprehensive look at the model at the end of the key redeliberations, are included in this Dataline. Any remaining “sweep” or new issues identified by the boards will be discussed at future board meetings, as needed.

  • In brief
    In brief: IASB issues exposure draft on impairment of financial instruments (No. 2013-13)

    3/8/13 | Assurance services

    Following several years of discussions and two previously published proposals, the IASB has issued an exposure draft, Financial Instruments: Expected Credit Losses. The proposed guidance introduces an expected loss impairment model that will replace the incurred loss model used today. This In brief article provides an overview the IASB's proposal.

  • In brief
    In brief: IASB issues exposure draft on novation of derivatives (No. 2013-12)

    3/6/13 | Assurance services

    The IASB has issued an exposure draft proposing a limited scope amendment to IAS 39, Financial instruments: Recognition and measurement, and to the forthcoming chapter on hedge accounting in IFRS 9, Financial instruments. The exposure draft proposes some relief from the hedge accounting requirements when a derivative is novated to a central counterparty (CCP), such as a central clearing organization, under certain circumstances.

  • Management’s Discussion and Analysis (Insights from the investment community)

    3/5/13 | PwC Investor Resource Institute

    The MD&A requirements call for a discussion of: the historical financial results for the period covered by the financial statements (typically three years), liquidity, capital expenditures, off-balance sheet arrangements, contractual obligations, and known prospective information. They also encourage management to describe matters that are most significant in the company’s circumstances and to avoid boilerplate discussions.

  • Segment footnote disclosures (Insights from the investment community)

    2/28/13 | PwC Investor Resource Institute

    US accounting standards require public companies to disclose, in their financial statement footnotes, segment data based on the “management approach,” under which investors are provided with a view of the business through the eyes of management. Read more in this edition of Insights from the investment community.

  • Beware of cliffs and waterfalls in renewable perspectives (Observations from the front lines)

    2/27/13 | US Capital Markets and Accounting Advisory Services

    Companies that structure renewable energy investments to allow investors to achieve returns through tax credits should also understand that the income statement impact of renewable energy investments can be particularly complex.

  • Stay informed 2012 Financial Reporting Survey - Energy industry

    2/21/13 | Energy & mining

    Energy sector company audit committee members can use this PwC document to benchmark selected accounting policies with industry practices, identify trends for significant accounting estimates, and facilitate discussion on certain aspects of energy industry practice.

  • Standard setters revisit push down accounting requirements (Observations from the front lines)

    2/21/13 | US Capital Markets and Accounting Advisory Services

    Push down accounting refers to instances in which an acquiring entity (or parent company) pushes its new basis down to the stand-alone financial statements of an acquired entity. The Emerging Issues Task Force (EITF) is in discussions regarding the circumstances that drive a change in accounting basis or an acquired entity's stand-alone financial statements. Potential changes could result in more instances where push down accounting is required.

  • Dataline / In depth
    Dataline: FASB issues guidance on the reporting of amounts reclassified from accumulated other comprehensive income (No. 2013-03)

    2/21/13 | Assurance services

    The FASB issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, on February 5, 2013. The standard is effective for public entities for annual periods, and interim periods within those periods, beginning after December 15, 2012. Non-public companies will adopt the standard one year later, but would be exempt from certain interim disclosure requirements.

  • In brief
    In brief: FASB finalizes new requirements on items reclassified from accumulated other comprehensive income (Revised February 14, 2013*) (No. 2013-05)

    2/6/13 | Assurance services

    On February 5, 2013, the FASB issued Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance is the culmination of the board’s redeliberation on reporting reclassification adjustments from accumulated other comprehensive income. The new requirements will take effect for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012 (the first quarter of 2013 for public, calendar-year companies). This In brief article provides an overview of the key provisions.

  • PwC comment letter (AICPA)
    PwC Comments on Proposed AICPA Financial Reporting Framework for Small- and Medium-Sized Entities

    1/29/13 | Assurance services

    PwC fully supports efforts to enhance financial reporting for private companies, and believes that the most appropriate way to achieve meaningful change for private company stakeholders is through the collaborative efforts of the recently established Private Company Council (PCC) and the FASB. However, should the AICPA decide to issue this new non-GAAP framework, our comment letter provides observations and recommendations on changes the AIPCA should make to minimize confusion and enhance clarity. ...

  • Dataline / In depth
    Dataline: Revenue from contracts with customers -- Boards conclude redeliberations on key revenue measurement and recognition issues (No. 2013-02)

    1/23/13 | Assurance services

    The FASB and IASB (the "boards") met in November and December 2012 to continue redeliberating their joint revenue recognition project. The boards reached tentative decisions on key remaining measurement and recognition issues, including the constraint for recognizing revenue from variable consideration, collectibility, licenses, allocation of transaction price, and contract acquisition costs.

  • Webcast
    Self study course: Revenue Recognition Exposure Draft Update

    US GAAP & IFRS Convergence

    Revenue is a key metric subject to considerable focus by investors and other stakeholders. Participants in this 90 minute self study course will gain a heightened understanding of recent developments on the revenue recognition proposal, along with potential impacts to their business.

  • EITF observer
    EITF observer: A meeting synopsis - January 2013

    1/21/13 | Assurance services

    At the EITF's January 17 meeting, the Task Force discussed seven Issues, reaching a final consensus on two issues (11-A and 12-D) and consensus-for-exposure on two Issues (13-A and 13-C). Further discussion is expected on three issues (12-B, 12-F and 12-H). This edition of EITF observer provides a synopsis of the meeting.

  • Dataline / In depth
    Dataline: Credit losses on financial assets -- An overview of the FASB's current expected credit loss model (No. 2013-01)

    1/16/13 | Assurance services

    Impairment is a major component of the FASB and IASB's (the boards’) joint project to revisit most aspects of financial instruments accounting. In the aftermath of the recent financial crisis, the current incurred loss approach has been criticized for delaying the recognition of credit losses. The FASB has issued a new exposure draft on financial asset impairment. Our Dataline explains their "current expected credit loss" model and how it differs from the IASB's model.

  • Accounting guides
    Guide to Accounting for Utilities and Power Companies - 2013 edition

    1/12/13 | Assurance services

    PwC's newly developed Guide to Accounting for Utilities and Power Companies provides accounting guidance for reporting entities in the utility and power industry to consider when preparing financial statements in accordance with accounting principles generally accepted in the United States of America. It addresses a variety of areas such as commodity contracts, power-related investments, inventory, plant, asset retirement obligations, regulated operations, and more.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities

    1/7/13 | Assurance services

    PwC agrees with the proposed change to limit the disclosures to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to a master netting arrangement or similar agreement.

  • PwC comment letter (IASB)
    PwC Comments on IASB Request for Information: IFRS for SMEs

    1/3/13 | Global accounting consulting services

    PwC global network of firms submitted comments on the IASB's request for information on IFRS for SMEs. The comments provided have been grouped into six broad categories to simplify our response and to avoid repetition. The Firm comments specifically on the scope of the SME standard, convergence with IFRSs, income taxes, options, convergence with the EU directives and the use of additional IASB guidance for SMEs.

  • PwC video perspectives on IFRS

    12/17/12 | US GAAP & IFRS Convergence

    In these videos, PwC partners discuss several key issues related to the adoption of IFRS in the US.

  • Point of view
    Point of view: Assessing going concern -- Stakeholders would benefit from clarity in U.S. disclosure requirements

    12/17/12 | Assurance services

    During the recent economic downturn, some stakeholders were surprised to learn that companies faced liquidity issues. As a result, the FASB and PCAOB are currently revisiting the accounting and auditing guidance around going concern assessments. Our Point of view on assessing going concern highlights that a standard that will require a company to provide earlier and more frequent, scalable disclosures that increase if conditions deteriorate will benefit stakeholders. However, we recognize that the auditor's role under the existing auditing standards is important to stakeholders. We believe improvements in the reporting model will be achieved most effectively by accounting and auditing standard setters working together to develop complementary standards.

  • Dataline / In depth
    Dataline: Highlights of the 2012 AICPA National Conference on Current SEC and PCAOB Developments (No. 2012-22)

    12/13/12 | Assurance services

    The 2012 AICPA National Conference on Current SEC and PCAOB Developments (the Conference) was held on December 3, 4, and 5, 2012. Conference presenters included representatives from regulatory and standard-setting bodies, auditors, users, preparers, industry experts, and an investor panel. Remarks centered mainly on the status of potential incorporation of IFRS into the U.S. financial reporting system, updates on regulatory and financial reporting matters, capital formation, and the auditing profession’s impact on the reliability and usefulness of financial statements.

  • M&A snapshot
    Financial risk management considerations in an acquisition (M&A snapshot)

    12/13/12 | Assurance services

    The acquisition of a business can have a significant impact on both the risk exposures and risk management strategies of the combined entity. In many cases, an acquirer’s financial risk exposure will increase as a result of the acquisition. However, there may be situations in which the acquiree’s operations reduce the acquirer’s current risk exposure. In any event, identifying potential changes in enterprise risks, creating an action plan to address them, and managing changes to risk management strategies post-acquisition are critical to developing short- and long-term solutions for integrating financial risk management considerations in an acquisition.

  • Quarter close
    The quarter close — Fourth quarter 2012: Publication and new video perspectives

    12/12/12 | Assurance services

    This edition of The quarter close has the latest updates and timely reminders to help you navigate your year-end reporting process with a number of hot topics, including fair value, asset impairments, pensions, valuation allowances, and more.

  • Regulatory and standard setting developments - December 12, 2012

    12/12/12 | Assurance services

    The regulatory and standard-setting environment continues to be fluid with new regulations and standards emerging from the Securities and Exchange Commission, the Financial Accounting Standards Board, the Public Company Accounting Oversight Board, and others. This issue of Regulatory and Standard-Setting Developments provides a high-level summary of some of the relevant regulations, standards, and guidance that were recently issued or are on the horizon, both in and outside of the U.S., and other information that may be of interest to audit committees, companies, and others.

  • Avoiding hits to earnings when swapping fixed debt to floating (Observations from the front lines)

    12/10/12 | US Capital Markets and Accounting Advisory Services

    Companies pursuing fair value hedge accounting treatment for transacting interest rate swaps to exchange higher fixed rates on existing debt to lower floating rates are sometimes unaware of the quantitative effort needed because the "shortcut" method is often not available.

  • 10Minutes
    10Minutes on derivatives reform for non-financial services companies

    12/7/12 | Assurance services

    For non-financial services companies, regulations introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III will result in significant changes to the derivatives market. Every aspect of a corporation using derivative to manage risk will ultimately be affected—from risk strategies and corporate funding to operations and accounting. This 10Minutes provides insight on the impacts of new regulation on corporate entities and what those entities need to do now in order to meet impending reform deadlines and ensure they're well equipped to manage increased costs and compliance responsibilities.

  • Dataline / In depth
    Dataline: Financial instruments classification and measurement - An update on the FASB's tentative approach to be exposed in Q1 2013 (No. 2012-21)

    12/7/12 | Assurance services

    Classification and measurement is an important part of the FASB and IASB’s joint project on financial instruments. This Dataline provides a summary of the boards' decisions that is based on the project summaries posted on their websites, our observations of their meetings, and our understanding of their intent.

  • Dataline / In depth
    Dataline: 2012 year-end accounting and reporting considerations - Leading practices and lessons learned on key topics (No. 2012-20)

    12/3/12 | Assurance services

    This year end, entities continue to face many complex financial reporting issues such as providing new fair value disclosures, accounting for debt modifications, and evaluating revenue recognition guidance. Economic challenges around the world continue to have broad financial reporting implications. While not an all-inclusive list, this Dataline is intended to serve as a timely reminder of leading practices and lessons learned on key issues that companies should consider as they navigate the year-end financial reporting process.

  • Dataline / In depth
    Dataline: Eurozone uncertainties - Financial reporting considerations of a country's exit from the Eurozone (No. 2012-19)

    11/30/12 | Assurance services

    The Eurozone debt crisis continues to persist, leading some to believe that the crisis might result in a country exiting the Euro and adopting a new local currency. Many companies that could be affected by a country's exit from the Euro have started to consider how that might affect their operations, financing, and business strategies. Companies should also consider the financial reporting implications of the creation of a new currency.

  • PwC comment letter (FASB)
    PwC Comments on Invitation to Comment: Disclosure Framework

    11/29/12 | Assurance services

    PwC encourages the Board to continue its outreach to investors and other stakeholders as it decides which alternatives to proceed with and develops them into a proposal. PwC generally supports the Board's effort to improve the relevance and comparability of financial reporting by developing a framework for setting disclosure requirements.

  • Dataline / In depth
    Dataline: Accounting and disclosure implications of Hurricane Sandy (No. 2012-17)

    11/12/12 | Assurance services

    Hurricane Sandy is expected to be the second-costliest Atlantic hurricane in history, only surpassed by Hurricane Katrina in 2005. Many businesses were disrupted by Hurricane Sandy and its aftermath including the New York Stock Exchange, which was closed for two days. While not all-inclusive, this Dataline discusses several accounting and disclosure-related matters companies may encounter in dealing with the financial reporting implications of Hurricane Sandy.

  • Dataline / In depth
    Dataline: Implications to hedge accounting of changes to derivative counterparties or hedging relationships (No. 2012-16)

    11/6/12 | Assurance services

    Market protocols for derivatives may be changing in the near future. Financial reform legislation could make novations (in this case, substitution of counterparties to a contract) more common as over-the-counter (OTC) transactions are migrated to central exchanges. In anticipation of these changes, the International Swaps and Derivative Association (ISDA) asked the SEC’s Office of the Chief Accountant if the novation of a bilateral OTC derivative contract to a central counterparty "on the same financial terms" would require the designation of a new hedging relationship.

  • PwC comment letter (FASB)
    PwC Comments on Invitation to Comment: Private Company Decision-Making Framework - A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies

    10/30/12 | Assurance services

    PwC generally believes that the draft framework identifies the appropriate matters to consider when determining whether a modification is appropriate. It identifies the significant differentiating factors that could support financial reporting differences between public and private companies.

  • Dataline / In depth
    Dataline: Revenue from contracts with customers -- The redeliberations continue (No. 2012-15)

    10/25/12 | Assurance services

    The FASB and IASB (the “boards”) met in September and October 2012 to continue redeliberating their joint revenue recognition project. They reached tentative decisions on the constraint for recognizing variable consideration, certain issues related to collectibility, time value of money, distributor and reseller arrangements, contract modifications, and measuring progress toward satisfying a performance obligation. This Dataline summarizes the boards’ redeliberations and tentative decisions made at the September and October joint meetings and the potential implications for certain industries.

  • IFRS pocket guide

    10/23/12 | Global accounting consulting services

    PwC's IFRS Pocket guide 2012 provides a summary of the recognition and measurement requirements in International Financial Reporting Standards.

  • IFRS and US GAAP: similarities and differences - 2012 update

    10/18/12 | Assurance services

    While the near-term use of IFRS in the US by public companies will not be required, IFRS remains and is becoming increasingly relevant to many US businesses. Companies will be affected by IFRS at different times and to a different degree, depending on factors such as size, industry, geography, M&A activity, and global expansion plans. To assist companies in understanding the current IFRS and US GAAP differences and the potential implications thereof, PwC has issued an updated edition of our popular guide, IFRS and US GAAP: similarities and differences.

  • Dataline / In depth
    Dataline: Highlights of the 2012 AICPA National Conference on Banks and Savings Institutions (No. 2012-14)

    10/18/12 | Assurance services

    The 2012 AICPA National Conference on Banks and Savings Institutions was held September 10 through 12, 2012 in Washington, DC. Representatives from the banking regulators, SEC, and standard setters presented at the Conference along with auditors, users, preparers, and industry experts. Presenters expressed views on a wide range of important accounting, auditing, and financial reporting topics. This Dataline provides highlights of topics discussed at the Conference.

  • Foreign currency tax accounting

    10/18/12 | Tax accounting services

    This publication addresses key considerations in applying U.S. GAAP with respect to foreign currency income tax reporting. It is designed to be a reference guide to explore tax accounting for foreign currency. It begins with the “basics” and relevant areas of focus when applying Accounting Standards Codification (ASC) 830, Foreign Currency Matters, and also discusses the application of ASC 740, Accounting for Income Taxes, to foreign currency.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU, Presentation of Items Reclassified Out of Accumulated Other Comprehensive Income

    10/16/12 | Assurance services

    PwC supports the proposal to provide information about the impact of reclassifications from accumulated other comprehensive income to net income in a single footnote. Most of the information to be disclosed is already included elsewhere in the financial statements. Consolidating it and providing a roadmap to the related disclosures will provide users with improved information without the operational challenges and costs that would have resulted from requiring separate presentation on the face of the income statement of the effects of the reclassifications on individual line items, particularly when such information is not readily available.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU: The Liquidation Basis of Accounting

    10/8/12 | Assurance services

    PwC suggests enhancements to the proposed guidance in the event that others believe it will be helpful to preparers and financial statement users and will improve consistency as to when and how to prepare financial statements using the liquidation basis of accounting.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU: Disclosures about Liquidity Risk and Interest Rate Risk - Financial Instruments (Topic 825)

    9/25/12 | Assurance services

    PwC agrees that improved disclosures about liquidity and interest rate risks could provide a deeper understanding of an entity's risk profile. While the Firm encourages the Board to continue its outreach to analysts and preparers as it further develops the proposed disclosures, it offers a number of recommendations for the Board's consideration.

  • Dataline / In depth
    Dataline: Disclosure of items reclassified from accumulated other comprehensive income -- FASB proposes new disclosures (No. 2012-13)

    9/20/12 | Assurance services

    In August 2012, the FASB issued an exposure draft of a proposal requiring new footnote disclosures for reclassifications from accumulated other comprehensive income to net income. Among other things, an entity would be required to disclose, using a tabular format, the amount reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification. An entity would not need to show the income statement line item affected for certain components such as net periodic pension cost. This Dataline looks at the key provisions of the proposal and offers our observations.

  • Dataline / In depth
    Dataline: Disclosures about liquidity risk and interest rate risk -- A closer look at the proposed standard (No. 2012-12)

    9/18/12 | Assurance services

    In June 2012, the FASB issued a proposal that would require companies to provide new disclosures about liquidity and interest rate risks. The proposal calls for quantitative exhibits and qualitative disclosures about risks arising from an entity's recorded and unrecorded financial instruments and cash flow obligations. Additionally, it provides separate disclosure requirements for any entity or segment defined as a "financial institution." This Dataline looks at the proposed disclosures and offers our observations.

  • Quarter close
    The quarter close — Third quarter 2012: Publication and new video perspectives now available

    9/17/12 | Assurance services

    This edition of The quarter close highlights the SEC report on IFRS, the latest on conflict minerals, health care reform, and several FASB releases that are sure to keep you busy this fall. Video perspectives are also now available.

  • Dataline / In depth
    Dataline: Leases -- One size does not fit all: A summary of the boards' redeliberations (No. 2012-11)

    9/17/12 | Assurance services

    The FASB and IASB jointly issued the initial leases exposure draft in August 2010 (the "initial ED"). A majority of the over 800 comment letters received raised significant concerns about the proposals. Redeliberations began in January 2011 and were substantially completed in July 2012. A "revised ED" is planned for the end of November 2012 (although this may slip into early 2013), with a 120-day comment period. This Dataline looks at both the lessee and lessor proposed accounting models that will be included in the revised ED.

  • EITF observer
    EITF observer: A meeting synopsis - September 2012

    9/13/12 | Assurance services

    At the EITF's September 11 meeting, the Task Force discussed five Issues, reaching a final consensus on three issues (12-A, 12-C and 12-E) and consensus-for-exposure on two Issues (11-A and 12-G). This edition of EITF observer provides a synopsis of the meeting.

  • PwC comment letter (IASB)
    PwC Comments on Draft Interpretation DI/2012/1: Levies charged by public authorities on entities that operate in a specific market

    9/12/12 | Global accounting consulting services

    The PwC network global network of firms believes that the application of the conclusions in the draft interpretation will result in accounting that does not reflect the economic substance of many levies.

  • Dataline / In depth
    Dataline: SEC adopts conflict minerals rule -- Public and nonpublic companies in many industries are affected (revised June 6, 2013) (No. 2012-10)

    9/11/12 | Assurance services

    On August 22, 2012, the SEC approved a final rule requiring certain issuers to publicly disclose their use of conflict minerals [tantalum, tin, tungsten, and gold] and whether those minerals originated in the Democratic Republic of the Congo ("DRC") or adjoining countries (“covered countries”). This Dataline looks at the key provisions of the final rule. Also included is a supplement on frequently asked questions on conflict minerals.

  • Tax accounting insights
    Deferred taxes on foreign earnings: A road map

    9/6/12 | Tax accounting services

    Asserting indefinite reinvestment traditionally has been a widespread practice among multinational businesses. A majority of large companies make the assertion with respect to much, if not all, of their foreign earnings. To assist organizations in making this assertion, PwC has refreshed this publication (originally released in December of 2010).

  • Dataline / In depth
    Dataline: FASB solicits feedback on its framework for improving financial statement disclosures (No. 2012-09)

    8/27/12 | Assurance services

    On July 12, 2012, the FASB issued a Discussion Paper — Invitation to Comment on Disclosure Framework. In the Discussion Paper, the Board is seeking stakeholder feedback on twenty-two questions designed to identify information that should be disclosed in notes to the financial statements to make them more relevant, flexible, and better organized. Comments on the DP are due November 16, 2012. This Dataline takes a look at the topics on which the FASB is requesting comments and offers our observations.

  • Point of view
    Point of view: Other comprehensive income -- A consistent approach would improve information for investors

    8/23/12 | Assurance services

    The FASB and IASB have a number of projects underway that could further expand or otherwise change what is reported within net income, and outside of net income within other comprehensive income. Existing accounting standards do not provide clear principles for when items should be excluded from net income and recognized in other comprehensive income. In this Point of view, we observe that we have heard many diverse views from investors, preparers, standard setters, and auditors on this topic. We believe that more consistency regarding the attributes of items initially excluded from net income would be beneficial for investors...

  • Dataline / In depth
    Dataline: Indefinite-lived intangible asset impairment -- FASB issues guidance that simplifies impairment test and allows early adoption (No. 2012-08)

    8/17/12 | Assurance services

    The FASB issued ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment (the revised standard), on July 27, 2012. The revised standard is intended to reduce the cost and complexity of testing indefinite-lived intangible assets other than goodwill for impairment by providing entities with an option to perform a "qualitative" assessment to determine whether further impairment testing is necessary. The approach is similar to the guidance finalized last year for goodwill impairment testing. This Dataline looks at the key provisions of the revised standard and offers our observations.

  • How revised M&A accounting standards are impacting deals

    8/10/12 | Transaction services

    Accounting for mergers and acquisitions has always been complex—and since a new standard changed the way companies account for and report deals, that endeavor has become even more involved. PwC comments.

  • Dataline / In depth
    Dataline: Revenue from contracts with customers -- 'Ready, set, redeliberate' (No. 2012-07)

    8/9/12 | Assurance services

    The FASB and IASB met in July to begin redeliberating their joint revenue recognition project. This PwC Dataline summarizes the boards’ redeliberations and tentative decisions made during the July board meeting, and the potential effects on certain industries. It also includes audio links to additional information on selected topics.

  • Dataline / In depth
    Dataline: SEC Staff releases its final report on its IFRS Work Plan (No. 2012-06)

    8/8/12 | Assurance services

    The SEC Staff recently published its final Staff Report regarding the potential impact of incorporation of IFRS into the US financial reporting system. This Dataline looks at the six key areas covered in the Staff Report and offers our observations.

  • Podcast
    Podcast: Balance sheet offsetting disclosures

    Asset management

    In this podcast, a PwC Assurance senior manager summarizes the disclosure requirements under Accounting Standards Update 2011-11, Disclosures about Offsetting Assets and Liabilities (ASU 2011-11).

  • PwC comment letter (IASB)
    PwC Comments to the IASB on Tentative Agenda Decision: IAS 19 , Employee benefits - Accounting for contribution-based promises

    7/30/12 | Global accounting consulting services

    PwC global network of firms supports the Interpretations Committee's decision that the accounting for employee benefit plans with a promised return on contributions or notional contributions explored in the Draft IFRIC should be further considered.

  • Podcast
    Podcast: New Presentation Requirements for Comprehensive Income

    Asset management

    PwC's Craig Cooke, director in the National Professional Services Group, discuss the new presentation requirements for comprehensive income. Part of the Professional Development Program series, this podcast includes an overview of Accounting Standards Update (ASU) 2011-05, which was issued in 2011, and also addresses the indefinite deferral of one of the new requirements contained in ASU 2011-05.

  • Power and Utilities Alert 2012-7: Beware of cliffs and waterfalls - Accounting for renewable investments

    7/20/12 | Power & utilities

    This Power and Utilities alert highlights accounting considerations for investors in renewable energy projects with tiered capital structures when applying the equity accounting method.

  • Update on power and utilities accounting for rate-regulated activities under IFRS (Power and Utilities Alert 2012-6)

    7/18/12 | Power & utilities

    This Power and Utilities Alert describes recent developments regarding accounting for rate-regulated activities under International Financial Reporting Standards (IFRS). It includes observations related to discussions on rate-regulated activities held during an IFRS Interpretations Committee (the Committee) meeting on July 10, 2012. This Alert supplements and updates Alert 2012-5.

  • Practical tip
    Practical tip: Changes in percentage-of-completion contract estimates -- disclosure requirements and considerations (No. 2012-04)

    7/18/12 | Assurance services

    This Practical tip highlights the U.S. GAAP disclosure requirements and considerations relating to changes in contract estimates when using the percentage-of-completion method of accounting.

  • Podcast
    Podcast: An update on the JOBS Act

    Assurance services

    The second quarter 2012 'Current Accounting and Reporting Developments' webcast held on June 20, 2012 included a discussion on the JOBS Act by PwC's John May and Bill Burke. This segment of the webcast is now available for podcast download.

  • EITF observer
    EITF observer: A meeting synopsis - June 2012

    6/22/12 | Assurance services

    At the EITF's June 21 meeting, the Task Force discussed the three Issues reaching a consensus-for-exposure on two Issues (12-B and 12-D). Further discussion is expected for one Issue (11-A). This edition of EITF observer provides a synopsis of the meeting.

  • Practical tip
    Practical tip: Undistributed foreign earnings: disclosure requirements and considerations (No. 2012-03)

    6/19/12 | Assurance services

    Undistributed foreign earnings that are indefinitely reinvested outside the United States result in a significant unrecorded tax liability for many U.S.-based multinationals. The amount of undistributed foreign earnings has grown substantially in recent years. As a result, expectations for transparency have increased along with concerns about a lack of comparability or consistency in disclosures. This Practical tip focuses on the U.S. GAAP disclosure requirements and considerations relating to undistributed foreign earnings.

  • XBRL reporting risk and the role of internal audit

    6/15/12 | Internal audit services

    This paper reviews the risks when implementing XBRL and suggests how internal audit functions can help their organizations address reporting risks and improve supporting processes.

  • Dataline / In depth
    Dataline: New fair value measurement standard -- Adoption of the new guidance: First quarter 2012 measurement and disclosure observations (No. 2012-05)

    6/14/12 | Assurance services

    This PwC Dataline provides observations on how new fair value guidance was implemented in the first quarter by a sample of 37 companies from a variety of industries. It identifies leading practices and points of interest to assist reporting entities as they develop their future fair value disclosures. The companies we sampled are from a variety of industries, including (1) financial services - banking and capital markets, asset management, and insurance, and (2) other industries - utilities, energy, manufacturing, and real estate.

  • Power and Utilities Alert 2012-5: Accounting for rate-regulated activities under IFRS

    6/4/12 | Power & utilities

    The January 2012 meeting of the International Financial Reporting Standards (IFRS) Interpretations Committee (the Committee) raised questions whether under IFRS customers within a regulatory jurisdiction can be combined into a single unit of account and how to recognize assets and liabilities.

  • Potential Accounting Implications of Supreme Court Decision on the Affordable Care Act

    5/31/12 | Pharmaceuticals & life science

    The Supreme Court heard arguments concerning the Affordable Care Act in March 2012 and expects to issue its decision on the constitutionality of the Affordable Care Act by the end of June 2012. If the law should be invalidated by the Supreme Court, either in whole or in part, there could be significant accounting and financial reporting implications. This PwC Pharmaceutical and Life Sciences Industry Alert focuses on the potential accounting implications of the Supreme Court decision on the Affordable Care Act.

  • Dataline / In depth
    Dataline: Responses are in on the re-exposed proposed revenue standard -- Constituents voice their support...and concerns (No. 2012-04)

    5/31/12 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contracts with Customers, on November 14, 2011. The boards received approximately 360 comment letters in response to the updated exposure draft, down significantly from the nearly 1,000 comment letters received on the exposure draft released in June 2010. Since issuing the updated exposure draft, the boards have continued extensive outreach efforts, including four public and numerous private, industry-focused roundtables. This PwC Dataline addresses the areas of focus in roundtables and in comment letters received by the boards on the updated exposure draft.

  • Podcast
    Podcast: Build to suit lease

    Assurance services

    The first quarter 2012 'Current Accounting and Reporting Developments' webcast on March 21, 2012 included a discussion on build to suit leases, led by Chad Soares. This segment of the webcast is now available for podcast download.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU: Testing Indefinite-Lived Intangible Assets

    4/30/12 | Assurance services

    PwC generally supports the use of a qualitative assessment that could result in an entity not having to measure the fair value of an indefinite-lived intangible asset in certain circumstances, such as when the asset's recently calculated fair value substantially exceeded its carrying amount and no significant adverse changes have since occurred.

  • M&A snapshot
    Don't let push-down accounting push you around (M&A snapshot)

    4/25/12 | Assurance services

    Companies preparing to go public often face a number of issues related to their financial statements. A common issue is whether push-down accounting should be applied. Push-down accounting is the practice of adjusting the standalone financial statements of an acquired company to reflect the basis of accounting of the buyer. This edition of Mergers & acquisitions - a snapshot, provides an overview of the SEC's rules on push-down accounting and a high-level summary of the complexities and opportunities that can arise in applying the rules to common deal structures.

  • PwC comment letter (IASB)
    PwC Comments on Exposure Draft: Transition Guidance - Proposed amendments to IFRS 10

    4/12/12 | Global accounting consulting services

    PwC global network of firms agrees with the relief provided in the exposure draft with regards to the transition guidance in IFRS 10. However, the firm believes that the effect of the BoardÆs proposed relief is complicated to implement in practice. ...

  • Greece Debt Restructuring

    4/9/12 | Pharmaceuticals & life science

    In February 2012, the Greek government announced a debt restructuring which required holders to exchange their two-year and three-year bonds, currently scheduled to mature in December 2012 and 2013, for new non-interest bearing government bonds with longer maturities and a reduced redemption value. This edition of PwC's Pharmaceutical and Life Sciences Industry Alert discusses why pharmaceutical companies will need to evaluate the debt restructuring in order to properly assess the accounting impact of this event.

  • Practical tip
    Practical tip: Disclosing total comprehensive income in condensed consolidating financial information and parent company-only financial information (Revised May 3, 2012*) (No. 2012-01)

    4/4/12 | Assurance services

    Upon adoption of the FASB's new comprehensive income presentation requirements (ASUs 2011-05 and 2011-12), an entity should report a total for comprehensive income in condensed consolidating financial information and parent company-only financial information in a single continuous statement or in two separate, but consecutive, statements. This Practical tip further explains this guidance and includes examples to help you apply it in practice.

  • Disclosure management: Streamlining the Last Mile

    3/21/12 | Assurance services

    Current manual report assembly and review processes can be enhanced through effective implementation of Disclosure Management applications. Disclosure Management applications enable streamlining of current "Last Mile" manual report assembly and review processes. Companies can increase net benefits by gaining a clear understanding of common reporting process enhancements.

  • Tax accounting insights
    Key areas of focus when accounting for income taxes during interim periods

    3/21/12 | Tax accounting services

    At the close of every quarter, companies recognize income tax expense or benefit in their respective quarterly financial statements in accordance with interim reporting guidance under FASB Accounting Standards Codification 740, Income Taxes (ASC 740). When applied, this accounting model can present formidable challenges to many companies and can sometimes produce unexpected results. This edition of Tax accounting insights highlights the "basics" as well as key areas of focus when accounting for income taxes during interim periods.

  • EITF observer
    EITF observer: A meeting synopsis - March 2012

    3/18/12 | Assurance services

    At the EITF's March 15 meeting, the EITF discussed six Issues, reaching a consensus-for-exposure on three Issues. The remaining three Issues will be discussed further at a future meeting.

  • PwC comment letter (FASB)
    PwC Comments on FASB and IASB Exposure Draft - Revenue from Contracts with Customers

    3/14/12 | Assurance services

    PwC agrees with the boards' objectives and supports a single revenue recognition model that provides clearer and more consistent guidance. PwC supports the overall project. There are, however, areas where the concepts could be more clearly articulated, might be challenging to apply, or do not appear cost-beneficial. In the letter, these areas are explained in the firm's responses to the boards' questions, including responses to the FASB's questions on the US GAAP consequential amendments.

  • Power and Utilities Alert: 2012- 3

    3/2/12 | Power & utilities

    Fair value measurements have come under discussion and review by the Public Company Accounting Oversight Board (PCAOB) due to accounting guidance, changes in economic environments, financial instruments and valuation models. Recent SEC remarks have focused on management's responsibilities on using information from third party pricing services in fair value measurements and disclosures.

  • Podcast
    Engineering & construction industry podcast series: Part three

    Industrial products

    Current lease accounting is considered to be broken, most significantly for lessees. The method is complex and the dividing line between operating and finance leases is a "bright line" rule rather than being principles-based. The new proposed lease accounting rules aim to eliminate off-balance sheet accounting. In addressing these proposed rules, PwC's Engineering & Construction practice has released a new podcast to outline recent updates relating to the FASB/IASB joint lease project as well as the business and systems implications it has on engineering and construction companies.

  • Podcast
    Engineering & Construction industry podcast series: Parts one & two

    Industrial products

    The model for revenue recognition is changing and this may have a significant impact on the Engineering and Construction industry. In addressing these new standards, PwC's Engineering & Construction practice has developed a podcast series to outline the proposed changes in standards and help companies in the industry understand how these proposals may impact them.

  • Podcast
    PwC's Professional Development Program podcast series - Loan Loss Reserves

    Asset management

    In this podcast, PwC Advisory managing director Mike Shearer discusses an overview of the allowance for loan losses. The podcast provides background on some of the common industry methods used to estimate the allowance, including the approaches used by practitioners to address challenges experienced in the most recent economic cycle.

  • Dataline / In depth
    Dataline: New fair value measurement standard -- Implementation guidance for new disclosure requirements (No. 2012-02)

    2/27/12 | Assurance services

    In May 2011, the FASB issued Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (the ASU). The ASU resulted from a joint project with the International Accounting Standards Board (IASB). The IASB also issued IFRS 13, Fair Value Measurement, in May 2011. Many of the changes to existing fair value measurement guidance represent clarifications and are intended to align U.S. GAAP and IFRS. However, certain of the amendments to U.S. GAAP are substantive and several new disclosures are required. This Dataline includes a series of questions and answers providing implementation guidance on selected new disclosure...

  • Preparing carve-out financial statements - Navigating the financial reporting challenges

    2/16/12 | Transaction services

    Preparing carve-out financial statements can be a challenge. The need for data and numerous judgments can be a struggle, especially given scant guidance. Substantial care must be taken to confirm that all of the assets and liabilities of the separate business have been properly identified and that all relevant costs of doing business have been reflected in the carve-out financial statements. With the limited specific guidance covering carve-out financial statements, being aware of current practice will help sellers navigate the divestiture process.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU, Consolidation (Topic 810) - Principal versus Agent Analysis

    2/16/12 | Assurance services

    PwC supports the FASB and IASB's efforts to develop an approach for assessing whether a decision maker is using its decision-making authority in a principal or an agent capacity. However, consolidation is only one of two important elements needed to achieve convergence in the recognition of financial assets and liabilities by financial entities. PwC's preference is for the Boards to work together to reach a converged solution for all aspects of recognition, including considering their respective guidance for derecognition of financial instruments.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU: Financial Services - Investment Companies (Topic 946)

    2/16/12 | Assurance services

    PwC is concerned about the significant differences between the Boards' respective proposals. For example, the Boards' differ in their proposed treatment of a controlling financial interest in an investment company held by a non-investment company parent. PwC believes that such significant differences should be eliminated in order to achieve a truly converged standard.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU, Real Estate - Investment Property Entities (Topic 973)

    2/16/12 | Assurance services

    PwC does not believe that measuring all real estate investments at fair value will necessarily yield better reporting for all types of investors. However, we do believe that fair value for entities that are fundamentally investing entities, as opposed to operating entities, would provide more relevant information to users of financial statements. Further, even among investing entities that account for their real estate investments at fair value, significant diversity in application exists with respect to presentation, measurement, consolidation and disclosure.

  • Dataline / In depth
    Dataline: Presentation of comprehensive income -- Applying the FASB's final standard on presenting comprehensive income after deferral of the reclassifications requirement (No. 2012-01)

    1/19/12 | Assurance services

    The FASB issued a final standard in June 2011 requiring entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. In response to concerns from some preparers, the FASB issued an amendment in December 2011 to indefinitely defer one of the requirements contained in its June 2011 final standard. That requirement called for reclassification adjustments from accumulated other comprehensive income to be measured and presented by income statement line item in net income and also in other comprehensive income. In Dataline 2011-24 we discussed the final standard as originally issued. Now that the FASB has...

  • Power and Utilities Alert 2012-01: 2011 SEC comment letter trends for the power and utilities industry

    1/15/12 | Power & utilities

    A key consideration in financial reporting delivering transparent financial information to investors. 2011 SEC comment letter trends for the power and utilities industry is based on a review of industry related comment letters on Form 10-Ks and Form 10-Qs published in 2011.

  • Power and Utilities Alert 2012-2: 2011 technical update for the power and utilities industry

    1/15/12 | Power & utilities

    This 2011 technical update addresses accounting issues impacting power generators and utilities to support senior accounting and financial reporting staff for 2011 year-end financial reporting It includes a discussion of anticipated future financial reporting issues that power and utility companies should consider.

  • Tax accounting insights
    Income Tax Accounting, A comparative look between US GAAP and IFRS

    1/5/12 | Tax accounting services

    Significant differences continue to exist between the IASB's anf the FASB's income tax accounting models, notwithstanding ongoing convergence efforts. This PwC publication provides a comparative summary between standards and a closer look at seven significant differences -- tax basis, initial recognition, intercompany transactions, accounting for uncertain tax positions, allocating income taxes, share-based compensation, and investment in subsidiaries.

  • PwC comment letter (FASB)
    PwC Comments on FAF's Plan to Establish the Private Company Standards Improvement Council

    12/21/11 | Assurance services

    PwC strongly supports FAF's plan to create the Private Company Standards Improvement Council and to maintain FASB as the sole authoritative standard-setting board for public and private companies. The Foundation's plan is the appropriate response to the private company financial reporting community's concerns about the relevance, growing complexity, and costs of compliance associated with U.S. GAAP.

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Automotive industry (No. 2011-35)

    12/19/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the automotive industry.

  • Dataline / In depth
    Dataline: Highlights of the 2011 AICPA National Conference on Current SEC and PCAOB Developments (No. 2011-37)

    12/15/11 | Assurance services

    The 2011 AICPA National Conference on Current SEC and PCAOB Developments was held on December 5, 6, and 7, 2011. Similar to prior years, the Conference hosted representatives from regulators and standard setters, along with auditors, users, preparers, and industry experts who expressed views on a wide range of important accounting, auditing, and financial reporting topics. We provide you highlights of the topics discussed at the Conference in this Dataline.

  • M&A snapshot
    Did I buy a group of assets or a business? Why should I care? (M&A snapshot)

    12/14/11 | Assurance services

    Determining whether an acquired group of assets is a business has proven to be one of the more challenging aspects of applying the current M&A accounting guidance. For many transactions, the determination will be straightforward. However, the current guidance will cause many transactions that are "on the edge," and previously would have been accounted for as asset acquisitions, to be accounted for as business combinations. This edition identifies relevant considerations in determining whether a business has been acquired and why it matters not only upon acquisition but also for disposals and public company reporting.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU: Technical Corrections

    12/13/11 | Assurance services

    PwC supports the Board's efforts to clarify the Codification, correct unintended application of guidance, and conform the use of the term fair value throughout the Codification. PwC generally agrees with the proposed changes and believes they meet the project's objective to improve the Codification. PwC provides some observations on several amendments that it believes require further consideration or clarification.

  • 2011 US IFRS outlook survey: Companies' thoughts on the best timing and methods for incorporating IFRS into the US financial reporting system

    12/8/11 | US GAAP & IFRS Convergence

    2011 US IFRS outlook survey: Companies' thoughts on the best timing and methods for incorporating IFRS into the US financial reporting system

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Entertainment and media industry (No. 2011-35)

    12/7/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the entertainment and media industry.

  • Dataline / In depth
    Dataline: SEC Staff continue progress on IFRS work plan -- Comparison between IFRS and US GAAP frameworks and analysis of IFRS in practice (No. 2011-36)

    12/6/11 | Assurance services

    On November 16, 2011, the SEC's Office of the Chief Accountant (the SEC Staff) published two staff papers. The first summarizes differences between the US GAAP and IFRS frameworks, and the second analyzes how IFRS is applied in practice. The papers were published pursuant to the SEC StaffÆs work plan to analyze considerations relevant to the Commission's decision on whether, when, and how IFRS might be incorporated into the US financial reporting system. This Dataline provides a summary of selected differences between US GAAP and IFRS noted in the first paper. It also summarizes the Staff's key observations included in the second paper on how IFRS is applied in practice. ...

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Pharmaceutical and life sciences industry (No. 2011-35)

    12/1/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the pharmaceutical and life sciences industry.

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Retail and consumer industry (No. 2011-35)

    12/1/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the retail and consumer industry.

  • Dataline / In depth
    Dataline: Revenue from contracts with customers -- The proposed revenue standard is re-exposed (revised January 3, 2012) (No. 2011-35)

    11/22/11 | Assurance services

    The FASB and IASB (the "boards") released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011 and are requesting comments by March 13, 2012. The boards have asked whether the proposed guidance is clear, and requested feedback specifically on: performance obligations satisfied over time; presentation of the effects of credit risk; recognition of variable consideration; the scope of the onerous performance obligation test; interim disclosures; and transfer of nonfinancial assets that are outside an entity's ordinary activities (for example, sale of PP&E). It is unclear when a final standard will be issued; however, the boards have indicated that the final standard will have an effective date no...

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Aerospace and defense industry (No. 2011-35)

    11/22/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the aerospace and defense industry.

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Asset management industry (No. 2011-35)

    11/22/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the asset management industry.

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Technology industry (No. 2011-35)

    11/22/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the technology industry.

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Transportation and logistics industry (No. 2011-35)

    11/22/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the transportation and logistics industry.

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Telecommunications industry (No. 2011-35)

    11/22/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the telecommunications industry.

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Industrial products and manufacturing industry (No. 2011-35)

    11/22/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the industrial products and manufacturing industry.

  • Dataline / In depth
    Dataline (Supplement): Revenue from contracts with customers - Engineering and construction industry (No. 2011-35)

    11/22/11 | Assurance services

    The FASB and IASB released an updated exposure draft, Revenue from Contract with Customers, on November 14, 2011, and are requesting comments by March 13, 2012. In Dataline 2011-35, we share our analysis of and insight on the overall proposal. This industry supplement to Dataline 2011-35 provides specific examples and assessments of the potential affect of the updated proposal on the engineering and construction industry.

  • PwC comment letter (FASB)
    PwC Comments on Proposed ASU: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05

    11/21/11 | Assurance services

    PwC supports the FASB's decision to indefinitely defer the requirement in ASU 2011-05 to measure and present reclassifications from accumulated other comprehensive income to net income by income statement line item in net income and also in other comprehensive income.

  • Dataline / In depth
    Dataline: Consolidation of VIEs and partnerships--more changes under consideration -- FASB proposes to require principal versus agent analysis (No. 2011-33)

    11/17/11 | Assurance services

    On November 3, 2011, the FASB issued an exposure draft proposing changes to the consolidation accounting guidance for variable interest entities (VIEs) and partnerships that are not VIEs. A reporting entity that has a variable interest in a VIE and decision-making authority would need to assess whether it uses its decision-making authority to act in a principal or an agent capacity. A decision maker determined to be an agent would not consolidate the entity. In addition, the presumption that a general partner controls a partnership that is a voting interest entity (VOE) can be overcome by applying the same principal versus agent assessment and determining that the general partner is using its power in an agent capacity. This Dataline...

  • Dataline / In depth
    Dataline: Investment property entities -- The good, the bad and the ugly (No. 2011-34)

    11/17/11 | Assurance services

    On October 21, 2011, the FASB issued an exposure draft related to investment property entities ("IPEs"). The proposal could impact financial reporting not only for traditional real estate investors, but also non-traditional real estate/integral equipment owners, such as power plants, cell towers, and pipelines. In this Dataline, we share our insight and analysis of the proposal.

  • Dataline / In depth
    Dataline: Investing in a new investment company definition -- FASB proposes to align investment company definition with IFRS proposal (No. 2011-32)

    11/8/11 | Assurance services

    On October 21, 2011, the FASB issued a proposal to (1) amend the criteria for determining whether an entity is an investment company and (2) address when an investment company should apply consolidation accounting. The proposal would apply to an entity's interim and annual reporting periods in fiscal years that begin after the effective date, which has not been determined. Comments on the FASB's proposal (and a related proposal issued by the IASB) are due January 5, 2012. This Dataline takes a look at the key provisions of the proposal and shares our observations on it.

  • EITF observer
    EITF observer: A meeting synopsis - November 2011

    11/4/11 | Assurance services

    At the November 3, 2011 EITF meeting, the Task Force discussed two Issues, reaching a final consensus on one Issue (10-E) and consensus-for-exposure on one Issue (11-A). If the final consensus is ratified by the Financial Accounting Standards Board (FASB) at its November 16, 2011 meeting, the related Accounting Standards Update (ASU) will amend the FASB Accounting Standards Codification (ASC) and become final authoritative accounting guidance.

  • Dataline / In depth
    Dataline: A look at the new IFRS consolidation standard and how it compares to US GAAP -- Many aspects of the IASB's consolidation guidance are now converged with US GAAP (revised November 15, 2011*) (No. 2011-29)

    10/27/11 | Assurance services

    The IASB released IFRS 10, Consolidated Financial Statements, in May 2011, introducing new guidance on when investors will have to consolidate investees. Many aspects of the new guidance are now converged with U.S. GAAP. The new approach combines the concepts of power to control and exposure to variable returns in the determination of whether control exists, and whether consolidation is required. This Dataline takes an in-depth look at the new guidance in IFRS 10. It includes numerous examples and illustrations to help you get up to speed quickly on the new approach.

  • Dataline / In depth
    Dataline: Accounting for derivative instruments -- Treasury and financial reporting implications of using an OIS (not LIBOR) curve in the valuation of certain derivatives (No. 2011-30)

    10/27/11 | Assurance services

    Methodologies utilized to value derivative instruments continue to evolve, even for "plain vanilla" products. Some derivatives dealers have begun exploring valuing certain derivatives using an overnight index swap ("OIS") curve to discount the cash flows, rather than the LIBOR swap curve that has been used in the past. Derivatives to be valued using the OIS curve include collateralized derivatives and derivatives cleared through a central clearing house. This new method of valuation is the latest in a series of changes in recent years, which if implemented will result in changes for derivatives dealers across all aspects of their organizations and also for the counterparties to these trades. This Dataline addresses...

  • Dataline / In depth
    Dataline: New fair value measurement standard -- Implementation guidance for key changes to the measurement of financial instruments at fair value (revised March 1, 2012*) (No. 2011-31)

    10/27/11 | Assurance services

    In May 2011, the FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. Many of the changes to existing fair value measurement guidance represent clarifications and are intended to align U.S. GAAP and IFRS. However, certain of the amendments to U.S. GAAP are substantive and require analysis of current practice. This Dataline provides implementation guidance on certain aspects of the ASU, specifically regarding the fair value measurement of financial instruments, including (1) the application of premiums and discounts, (2) measuring the fair value of financial instruments with offsetting market and credit risks, and (3) the...

  • Dataline / In depth
    Dataline: Goodwill impairment -- FASB issues guidance that simplifies goodwill impairment test and allows early adoption (No. 2011-28)

    9/29/11 | Assurance services

    The FASB issued ASU 2011-08, Testing Goodwill for Impairment (the revised standard) on September 15, 2011. The revised standard is intended to reduce the cost and complexity of the annual goodwill impairment test by providing both public and nonpublic entities with the option of performing a "qualitative" assessment to determine whether further impairment testing is necessary. The revised standard is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011, with early adoption permitted for certain companies. This Dataline provides details and insights on the revised standard.

  • M&A snapshot
    Market participants: how their views impact your values (M&A snapshot)

    9/26/11 | Assurance services

    In a business combination, buyers are required to record the acquired assets and assumed liabilities of a business at their fair values. Fair value reflects the price that market participants would receive to sell an asset or pay to transfer a liability. Assets and liabilities may be used differently by different market participants, resulting in variations in values. Therefore, a market participant's view is an important aspect of the valuation process as a buyer cannot look only to its own intended use of an asset or its ability to transfer a liability at a certain price. This publication provides insight on the identification of market participants, as well as how entities can develop market participant assumptions.

  • Dataline / In depth
    Dataline: Financial reporting considerations stemming from an uncertain global economy -- Accounting and reporting observations (No. 2011-27)

    9/15/11 | Assurance services

    In recent months, capital markets and currency exchanges have experienced significant volatility. The downgrade of long-term U.S. Treasuries, the European debt crisis, and slowing gross domestic product (GDP) growth in the world's leading economies have contributed to an uncertain global economy. Companies should consider the impact of the changing economic environment on their accounting and financial reporting and monitor areas of their business that might be affected by an economic slowdown. This Dataline discusses the key areas of financial reporting that could be impacted by a broader economic slowdown.

  • Practical tip
    Practical tip -- Interim period determination of tax expense or benefit when a company reports discontinued operations (No. 2011-04)

    9/15/11 | Assurance services

    In a company's annual financial statements, a three-step incremental approach -- commonly referred to as a "with and without" approach -- is used to allocate the annual period's tax provision (benefit) to continuing operations and other components of comprehensive income and shareholders' equity. This Practical tip summarizes the considerations and provides an example of applying the "with and without" model in interim periods.

  • Dataline / In depth
    Dataline: Accounting for certain equity-linked financing transactions (No. 2011-25)

    7/7/11 | Assurance services

    Many companies, public and private, issue equity-linked securities for a variety of reasons, including obtaining capital to fund current liquidity needs and expand future operations. Including equity-linked features in a financing transaction frequently enables companies to lower cash interest costs due to the value of the equity-linked feature. This Dataline is intended to assist companies in evaluating the accounting for equity-linked financing transactions at issuance and on an ongoing basis.

  • Dataline / In depth
    Dataline: Financial instruments -- An update on the FASB's financial instruments project redeliberations as of June 30, 2011 (No. 2011-26)

    7/7/11 | Assurance services

    The accounting for financial instruments is a priority joint project of the FASB and IASB; however, the FASB and IASB have reached different conclusions on many aspects of the project to date. This PwC Dataline provides an update on the FASB's rediberations as of June 30, 2011.

  • Dataline / In depth
    Dataline: Presentation of comprehensive income -- The FASB issues final standard on presenting other comprehensive income (Superseded by Dataline 2012-01 on 01/19/2012) (No. 2011-24)

    6/28/11 | Assurance services

    The FASB has issued a final standard (ASU 2011-05) requiring entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present items of other comprehensive income in the statement of changes in equity is eliminated. This Dataline takes a look at the new guidance.

  • Practical tip
    Practical tip: Deferred tax accounting implications of holding gains from obtaining control of a foreign investee (No. 2011-03)

    6/16/11 | Assurance services

    When a company obtains control of a foreign investee, it remeasures its previously held equity interest to fair value and recognizes a holding gain in income. This holding gain will generally not result in a current tax event. This Practical tip explains the requirement to freeze any previously recorded deferred tax liability and an accounting policy election that may be available in relation to recording deferred taxes on such holding gains.

  • Dataline / In depth
    Dataline: Fair value measurement -- FASB and IASB complete joint project (No. 2011-23)

    6/9/11 | Assurance services

    In May 2011, the FASB and IASB completed their joint project on fair value measurement and issued their respective final standards. The joint project was part of the Memorandum of Understanding between the FASB and IASB. The objective of the project was to bring together as closely as possible the fair value measurement and disclosure guidance issued by the two boards. The issuance of the final standards results in global fair value measurement and disclosure guidance and minimizes differences between U.S. GAAP and IFRS. This PwC Dataline describes the key changes to U.S. GAAP as well as other notable clarifying guidance included in the FASB's final standard. It also highlights key differences that will remain between U.S. GAAP and IFRS.

  • Dataline / In depth
    Dataline: Hedge accounting -- Applying the shortcut method to "late" hedges (No. 2011-22)

    6/2/11 | Assurance services

    This Dataline discusses certain considerations in the application of the shortcut method of hedge accounting to a late hedge.

  • Corporate Governance Series
    Frequently asked questions - A followup to PwC's XBRL webcast

    5/19/11 | Assurance services

    On May 11, 2011 PwC gave a public webcast, How to make the best out of the XBRL situation. During that webcast, over 100 questions were posted to the group. We provide here a response to those questions we felt had broad and general value.

  • Tax accounting insights
    Seven principles to consider when preparing a tax provision for subsidiary or carve-out financial statements

    5/16/11 | Tax accounting services

    Income tax provision preparation for stand-alone subsidiary or carve-out financial statements is a challenging and complex area of practice. In completing these calculations, we believe it is important to have a consistent, thoughtful framework for addressing the many judgments involved in the process. To assist you with the preparation of separate company financial statements, PwC's Tax accounting insights presents "Seven principles to consider when preparing a tax provision for subsidiary or carve-out financial statements" publication.

  • Dataline / In depth
    Dataline: Leasing -- Redeliberations of the leasing project -- Some new twists (No. 2011-21)

    5/6/11 | Assurance services

    This Dataline discusses the redeliberation decisions reached on the FASB and IASB's joint leasing project during the board meetings in January 2011 through April 2011. We also include PwC observations on the potential implications as well as examples on the application of the boards' tentative decisions.

  • Dataline / In depth
    Dataline: Goodwill impairment - FASB proposes changes to impairment test (No. 2011-20)

    5/5/11 | Assurance services

    On April 22, 2011, the FASB issued an exposure draft of a proposed ASU that would change the goodwill impairment test. The proposal would allow an entity first to assess "qualitatively" whether it is necessary to perform the current two-step goodwill impairment test under US GAAP. Further testing would be required only if an entity determines it is more-likely-than-not that a reporting unit's fair value is less than its carrying amount. Comments on the proposal are due on June 6, 2011. This Dataline takes a closer look at the proposal and includes our observations on certain key areas.

  • Dataline / In depth
    Dataline: Revenue from contracts with customers -- Key decisions propel the project forward (No. 2011-19)

    4/21/11 | Assurance services

    The FASB and IASB began redeliberations on their proposed revenue standard in January 2011 and have continued those redeliberations through April. The boards have focused their discussions on common themes in the comment letters, and have reached several tentative decisions. Some decisions confirm conclusions in the exposure draft and others significantly change direction from what was proposed previously. This Dataline summarizes key aspects of the proposed standard, certain themes identified in the comment letters, and tentative decisions made during recent board meetings.

  • Dataline / In depth
    Dataline: Troubled Debt Restructurings -- FASB issues clarifying guidance for creditors' evaluations of whether a restructuring is a troubled debt restructuring (No. 2011-18)

    4/20/11 | Assurance services

    On April 4, 2011 the FASB issued Accounting Standard Update No. 2011-02, Receivables (Topic 310): A CreditorÆs Determination of Whether a Restructuring Is a Troubled Debt Restructuring (the ASU). The ASU provides additional guidance to creditors for evaluating whether a modification or restructuring of a receivable constitutes a troubled debt restructuring. This PwC Dataline discusses the key provisions of the new guidance and offers our observations. ...

  • How companies are preparing for US GAAP and IFRS convergence: 2011 survey: PwC

    4/19/11 | US GAAP & IFRS Convergence

    PwC surveyed 1,400 executives to get their views about convergence, its likely impact, and how they are preparing for changes to come. This report gives you key insights so you can see how your company's progress on convergence compares to others in the marketplace.

  • Practical tip
    Practical tip: Companies may need to include separate equity method investee financial information in their interim financial statements (No. 2011-02)

    4/12/11 | Assurance services

    Rule 10-01(b)(1) of Regulation S-X requires companies to include separate summarized income statement information in their interim financial statements for each equity investee if (i) separate financial statements of the investee would be required for annual periods and (ii) the investee would be required to file Part I of Form 10-Q if the investee were a registrant.

  • US GAAP convergence and IFRS: What you need to know about the FASB and IASB’s joint projects

    3/18/11 | US GAAP & IFRS Convergence

    PwC offers a complete resource of information related to the joint convergence projects as you manage the potential impact of the proposed standards on your company.

  • Are you ready for the proposed changes to revenue recognition?

    2/17/11 | Assurance services

    PwC's article summarizes the key provisions of the "Revenue recognition" exposure draft, including specifics for the most-impacted industries and impacts to existing IT infrastructure.

  • Tax accounting insights
    IFRS, the current landscape for US tax executives

    1/9/11 | Tax accounting services

    The potential transition to IFRS in the United States has been an ongoing focus of the SEC over the past several years. As part of their current workplan, the SEC is analyzing the impact of IFRS on US issuers and whether, when, and how to incorporate IFRS into the US financial reporting system. In this Tax accounting insights, we inform US tax executives on the current landscape of IFRS, including the key tax considerations that may arise in the near-term

  • M&A snapshot
    Noncontrolling interests -- why minority shareholder rights matter (M&A snapshot)

    12/16/10 | Assurance services

    The M&A Standards changed how a parent reports the minority shareholder interests in a partially owned subsidiary in its consolidated financial statements. The minority shareholder interests, or noncontrolling interests (''NCI''), are generally presented within equity as if the parent and the minority shareholders have similar economic interests. Previously, NCI were generally presented between liabilities and equity (''mezzanine equity''). This edition focuses on the classification of redeemable NCI and how different minority shareholder rights may lead to different financial reporting by the parent.

  • Tax accounting insights
    Tax indemnification arrangements: Navigating the financial reporting

    11/16/10 | Tax accounting services

    Income tax indemnifications are established in a variety of transactions, including business acquisitions, corporate spin-offs and initial public offerings (IPOs). Accounting for an income tax indemnification arrangement depends upon whether the company is obligated to the taxing authority, the relationship between the parties and the type of transaction.

  • Accounting guides
    Guide to Accounting for Bankruptcies and Liquidations - 2010 edition

    11/11/10 | Assurance services

    PwC is pleased to offer this comprehensive guide to accounting for bankruptcies and liquidations. While the guidance for bankruptcy accounting has not been updated for a number of years and is unique, its relevance has increased given the recent downturn in the economy and the number of bankruptcy filings. This guide explains the fundamental principles of bankruptcy and liquidation-basis accounting, as well as considerations prior to entering bankruptcy, for companies that prepare financial statements under U.S. GAAP, and provides our perspectives on the application of those principles.

  • M&A snapshot
    Carve-out Financial Statements--A challenging process (M&A snapshot)

    9/30/10 | Assurance services

    In many M&A transactions, companies looking to dispose of non-core businesses or to generate cash may sell only a portion of their operations (e.g., a subsidiary or a business unit). As part of these transactions, a seller may need, or want, to prepare separate financial statements of the operations being sold, commonly referred to as carve-out financial statements. The preparation of these financial statements can be challenging as there is limited guidance covering their composition. This volume of Mergers & Acquisitions - A snapshot, focuses on some of the issues companies may face when preparing carve-out financial statements, how those statements may differ from their own financial statements, and how the M&A Standards may impact...

  • M&A snapshot
    The Consolidation Standard--determining who consolidates is just the beginning (M&A snapshot)

    3/11/10 | Assurance services

    FASB Accounting Standard Codification Topic 810 incorporates FAS 167, Amendments to FASB Interpretation No. 46(R)), which is the U.S. standard on consolidation (the Consolidation Standard). The Consolidation Standard is effective as of January 1, 2010 for calendar year end companies and the impact will soon be reported in the first quarter reporting cycle. As a result of applying the new guidance, certain entities may need to be consolidated while other entities may need to be deconsolidated. Determining who consolidates is just the beginning.

  • M&A snapshot
    Accounting for contingent consideration - Don't let earnouts lead to earnings surprises (M&A snapshot)

    2/25/10 | Assurance services

    In many M&A transactions, when the buyer and seller cannot agree on the total purchase price in an acquisition, the two parties agree to an additional payment, or contingent consideration, based on the outcome of future events. These payments are commonly referred to as earnouts and are typically based on revenue or earnings targets that the acquired company must meet after the acquisition date. The accounting for these arrangements under the M&A Standards represents a significant change from past practice.

  • Tax accounting insights
    Goodwill impairment testing: Tax considerations

    12/21/09 | Tax accounting services

    Goodwill impairment testing continues to be a challenging and complex area of practice. As companies perform goodwill assessments, tax considerations can play a critical role in the final conclusions. To assist you with your goodwill impairment testing, PwC has refreshed our Goodwill Impairment Testing: Tax Considerations publication (originally released in December 2009).

  • M&A snapshot
    Acquired assets not intended to be used: You may need to record them, even if you don't use them! (M&A snapshot)

    11/30/09 | Assurance services

    In many M&A transactions, a buyer may acquire assets it does not intend to use. Prior to the M&A Standards, buyers generally would assign little or no value to assets that are not intended to be used when accounting for an M&A transaction. Now, such assets are required to be recognized at fair value from a market participant perspective, even if that perspective differs from that of the actual buyer. One common type of asset that a buyer does not intend to actively use that is receiving considerable attention is called a "defensive asset."

  • Accounting guides
    FASB Accounting Standards Codification Quick Reference Guide and Financial Instruments Supplement

    10/29/09 | Assurance services

    To help you make the transition to the FASB Accounting Standards Codification, PwC has developed a Financial Instruments Supplement to be used along with its FASB Accounting Standards Codification Quick Reference Guide. The Financial Instruments Supplemen

  • M&A snapshot
    Accounting for partial acquisitions and disposals - it's not so simple! (M&A snapshot)

    7/1/09 | Assurance services

    Accounting for partial acquisitions and disposals - it's not so simple! In an economic environment where many companies are buying and selling portions of businesses, the M&A Standards will have an impact on how companies account for these types of transactions. At first glance, the fundamental concept of "control" that drives the accounting seems easy to understand. If a company gains control, the acquisition is a business combination. If a company loses control, it deconsolidates the subsidiary. If a company maintains control, the transaction is recorded in equity. Simple, right? Not so fast!

  • Tax accounting insights
    Debt restructurings and bankruptcy: Accounting, tax and FAS 109 considerations

    6/4/09 | Tax accounting services

    Current market conditions have precipitated efforts by companies, across industries and markets, to reduce or restructure their debt obligations.The transactions and events occurring in these settings can have significant and sometimes unique financial reporting consequences.This PwC publication provides an overview of these transactions and events from both a financial reporting and income tax perspective.

  • FASB Codification on Comperio

    5/12/09 | Assurance services

    On July 1, the FASB launched the FASB Accounting Standards Codification as the single source of authoritative nongovernmental U.S. GAAP, combining and replacing the jumbled mix of accounting standards that have evolved over the last 50+ years. The FASB's

  • M&A snapshot
    Doing a deal? Be careful about employee compensation decisions (M&A snapshot)

    4/1/09 | Assurance services

    Doing a deal? How will you compensate employees of the target? The new M&A Standards may impact your decision. Determining whether employee arrangements represent compensation for service prior to and/or after the acquisition will have a direct impact on the amount included as purchase price versus the amount expensed in the future. This installment of Mergers & Acquisitions - A snapshot explores some of the more common issues related to employee compensation arrangements typically seen in business combinations... contingent consideration, golden parachutes and stay bonuses, and exchanges of stock compensation awards. Employee compensation decisions agreed upon during deal negotiations could impact the acquirer's future financial results.

  • M&A snapshot
    Even your tax rate will change (M&A snapshot)

    3/1/09 | Assurance services

    Are you ready for volatility in your effective tax rate? The new M&A standards will likely impact a company's effective tax rate. This impact will be felt by acquisitive companies in all industries, public and private, and as early as the first quarter of 2009 because parts of the new M&A standards apply to prior acquisitions. This installment of Mergers & Acquisitions—A snapshot focuses on how the accounting for merger and acquisition transactions will create volatility in an acquirer's effective tax rate in periods before and after an acquisition.

  • M&A snapshot
    Deal or no deal: Why you should care about the new M&A standards (M&A snapshot)

    2/1/09 | Assurance services

    Did you know that the new M&A standards could impact your company regardless of whether you plan to close a deal? Given the current economic environment, understanding the new M&A standards may not be a priority for many companies, particularly if M&A activity is not on the horizon in the foreseeable future. However, companies should be careful not to overlook the new M&A standards, as they may have a significant impact, even without a deal. This installment of Mergers & Acquisitions - A snapshot will help you avoid last-minute surprises by understanding how the new accounting and reporting standards for M&A may affect your financial reporting even though you haven’t closed a deal.

  • M&A snapshot
    Goodwill impairment testing: What's old is new again (M&A snapshot)

    12/1/08 | Assurance services

    Since the adoption of FAS 142, the goodwill impairment standard, the equity markets have generally trended upward. Accordingly, impairments may not have been as frequent as we expect to see them today. This edition of Mergers & Acquisitions - A snapshot, focuses on some of the issues companies may face in preparing goodwill impairment tests in the current environment. It also serves as a refresher on certain aspects of the framework for conducting those tests.

  • M&A snapshot
    How timing your transactions in light of the new standards will impact your business and communication with stakeholders (M&A snapshot)

    10/1/08 | Assurance services

    Recognizing that the new standards affecting mergers and acquisitions — FAS 141(R) and FAS 160 — will dramatically change the way companies negotiate and account for M&A, PwC has launched the first in a series of publications that will help companies keep abreast of emerging issues resulting from the new standards, as well as provide them with ideas on modifying current strategies and employing new ones for future deals. This first installment of Mergers & Acquisitions - A snapshot focuses on how the accounting treatment for M&A transactions will depend considerably on whether the deal closes before or after the effective date of the new standards.

  • Tax accounting insights
    Stock option awards under IFRS: Tax accounting impacts earnings

    7/7/08 | Tax accounting services

    PwC analysis of the potential impact of IFRS on shared-payment stock plans. An IFRS conversion may affect cash taxes and affect financial reporting systems and processes.

  • Tax accounting insights
    More likely than not: A comparison of FIN 48 and the tax penalty standard

    6/2/08 | Tax accounting services

    Efforts intended to strengthen objectivity and transparency with respect to tax planning, compliance and conflict resolution have converged around the use of a MLTN (more likely than not) standard. This PwC publication explores the FIN 48's more likely than not (MTLN) standard on whether a position taken, or expected to be taken, in a tax return is more likely than not to be sustained.