Regulations
Keep informed on various regulatory developments not covered by other issues
10Minutes on conflict minerals
5/9/2013 | Assurance services10Minutes on conflict minerals provides insight into the strategic benefits and risks companies will want to focus on as they comply with the SEC's conflict minerals rule. The rule is effective for 2013 calendar year operations, so regardless of whether companies view conflict minerals as a supply chain opportunity, risk to their brand or another regulatory to-do, they should act now to prepare. Read more
- Final regulations on deemed asset sale elections offer taxpayers more flexibility
5/21/13 | Washington national tax services (WNTS)
The IRS published final regulations which permits taxpayers to elect to treat certain dispositions of a target corporation’s stock as a sale of the underlying assets of the target corporation.
Flashline
Flashline - Week ending May 16, 2013 (No. 2013-20)5/17/13 | Assurance services
PwC's weekly update on financial reporting. This week's topics include: Inaugural edition of "Private company reporter — A PCC meeting synopsis"... Dataline: Cumulative translation adjustment — A compromise to achieve consistency... Register for PwC's Leasing Webcast Series — May 29 & June 11... and more.
- US Financial Regulatory Reform: Key Dates
5/15/13 | Financial services regulatory practice
This timeline of US financial regulatory reform summarizes final rules and notices of proposed rules for major regulatory topics including Derivatives, Basel III, Volcker, and more.
Webcast
At the crossroads waiting for a sign - 2012 Securities Litigation Study webcast – May 22, 2013Join us for a discussion on the 2012 Securities Litigation Study. During the webcast, we will explore new directions in litigation, enforcement, and regulation.
10Minutes
10Minutes on conflict minerals5/9/13 | Assurance services
10Minutes on conflict minerals provides insight into the strategic benefits and risks companies will want to focus on as they comply with the SEC's conflict minerals rule. The rule is effective for 2013 calendar year operations, so regardless of whether companies view conflict minerals as a supply chain opportunity, risk to their brand or another regulatory to-do, they should act now to prepare.
Flashline
Flashline - Week ending May 9, 2013 (No. 2013-19)5/9/13 | Assurance services
PwC's weekly update on financial reporting. This week's topics include: 10Minutes on conflict minerals... Point of view: Consolidation—A single model would enhance information reported to investors... FASB proposes amendments to Codification glossary terms... and more.
Webcast
Q2 2013 Current Accounting and Reporting Developments webcast - June 19, 2013Assurance services
Hosted by PwC's National Professional Services Group, these quarterly webcasts are designed to keep you informed about emerging accounting, regulatory, and market developments impacting financial reporting. Please join us on Wednesday, June 19 at 1:00pm ET for this 90 minute webcast featuring insights from a broad range of PwC specialists who will update you on current technical topics and emerging issues that may impact your business.
- Resolution Planning -- New guidance, more time, no specificity
4/26/13 | Financial services regulatory practice
This FS Regulatory Brief (a) analyzes the guidance’s key points, and (b) offers our view that further written regulatory detail is unlikely to be provided in the near term because of the guidance’s link to the Too Big To Fail debate in Washington and because of lack of agreement between the regulators.
Corporate Governance Series
BoardroomDirect: Update on current board issues - April 20134/25/13 | Center for Board Governance
This issue of BoardroomDirect® addresses cybersecurity risk being a board priority, the SEC applying website guidance to company social media use, the US Chamber publishing proxy advisor principles, PwC‘s 2013 State of the Internal Audit Profession Survey, NYC attorneys asking NYSE to reconsider its audit committee risk rule, and COSO issuing an updated framework next month.
Webcast
Were you unable to attend the Q1 2013 Current Accounting and Reporting Developments webcast ? Watch our on-demand version (CPE eligible)Assurance services
Did you miss the Q1 2013 "Current Accounting & Reporting Developments" webcast on March 20? If so, you still have an opportunity to view the webcast and earn CPE credit. Find out how.
- 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.
- Obama Administration FY 2014 budget focuses on tax reform, deficit reduction, and new initiatives
4/10/13 | Washington national tax services (WNTS)
The President's budget asks Congress to "immediately begin the process of reforming the individual and business tax systems."
Setting the standard
Setting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- March 20133/25/13 | Assurance services
Our Q1-2013 edition provides updates on the latest developments in revenue recognition, classification and measurement of financial instruments, impairment of financial assets, leases, insurance contracts, and more.
- The insurance industry and FATCA – Moving from assessment to implementation: Top 13 in ’13
3/20/13 | Financial services
The final FATCA regulations released in January brought clarity on some issues the insurance industry had identified in the proposed regulations. While some provisions in the final regulations attempt to simplify the impact on the insurance industry, other provisions have ultimately complicated FATCA's impact.
Quarter close
The quarter close — First quarter 2013: Publication and new video perspectives3/18/13 | 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.
Corporate Governance Series
Shareholder questions: considerations for 2013 annual meetings3/18/13 | 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.
- 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.
Webcast
Conflict minerals - Next steps: An auditor's perspective - April 9, 2013Assurance 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.
- Volcker Rule: Are banks keeping the [good] faith?
3/7/13 | Financial services regulatory practice
This FS Regulatory Brief provides our view of (a) where banks stand right now in preparing for Volcker, (b) the timing of the final rule and what it may look like, (c) the response of foreign regulators, and most important (d) what banks should be doing now.
- Dodd-Frank stress testing requirements for mid-sized financial firms: Highlights and insights
2/13/13 | Financial services regulatory practice
PwC analyzes the business implications, for mid to large-size financial firms, of meeting Dodd-Frank expectations for stress testing and capital planning.
- How do the final FATCA regulations affect asset managers?
2/7/13 | Financial services
The US Treasury Department and the Internal Revenue Service (IRS) released their guidance on FATCA for the asset management industry, with a compliance deadline of January 2014. Key issues in implementation and other areas remain to be resolved.
- FEI President and CEO’s 2013 Top Challenges For Financial Executives
2/7/13
Financial Executives International (FEI) presents the top challenges for financial executives for 2013. Among key challenges are financial reform, ICEFR, cybersecurity, U.S. deficit and debt, taxes, private company accounting, IFRS, FASB/SEC appointments, health care, etc.
- Challenges ahead for tax policy - 2013 Tax Legislative Outlook
1/31/13 | Washington national tax services (WNTS)
PwC's Washington National Tax Services (WNTS) offers a preview of the key tax policy issues facing the Obama Administration and Congress in 2013, including the outlook for comprehensive tax reform, deficit reduction, business tax provisions that expire at the end of 2013, and other tax policy matters of importance to today's business leaders.
- PwC 2012 SEC Comment Letter Trends for Industry Sectors
1/29/13 | Assurance services
PwC discusses key comment letter trends and considerations for the drafting of 2012 year-end financial reporting based on industry related comment letters published by the SEC staff on Form 10-Ks and Form 10-Qs. Reports are available for the following industries: Automotive, Energy companies, Industrial products, Power & utilities, and Retail & consumer.
- How do the final FATCA regulations impact insurers?
1/28/13 | Financial services
PwC released an earlier newsbrief on January 18, 2013 highlighting many of the distinctions between the proposed and final FATCA regulations, which potentially apply to all industries. To supplement the earlier newsbrief, this newsbrief describes the most notable differences between the proposed and final regulations that will impact insurers.
PwC comment letter (SEC)
SEC comment letter and reporting trends for the power and utilities industry1/28/13 | Power & utilities
To assist power and utility company reporting entities preparing their year-end financial statements, PwC's US Power and Utilities practice have published the 2012 SEC comment letter trends for the power and utilities industry, which is based on our review of industry related comment letters on Form 10-Ks and Form 10-Qs published in 2012.
Corporate Governance Series
To the point: Current issues for boards of directors - Winter 20131/28/13 | Center for Board Governance
The Winter 2013 focuses on what directors should know about (1) new guidance from the SEC and DOJ about the Foreign Corrupt Practices Act and (2) policy updates from the ISS on executive compensation, board response to proposals with majority shareholder support, and hedging of company stock. It also includes an article on what directors should understand about data security and the likelihood of a cyberattack on their company.
PwC comment letter (SEC)
Automotive sector 2012 SEC comment letter trends1/24/13 | Automotive
PwC has prepared this report to assist management teams identify and understand the areas most frequently commented on by the SEC. The information summarized in this report is based on comment letters issued to companies in the automotive sector and closed by the SEC from October 1, 2011, to October 31, 2012.
- The text of the final Foreign Account Tax Compliance Act (FATCA) regulations in an easy to read format
1/24/13 | Financial services
The final FATCA regulations document from PwC's Global Information Reporting (GIR) practice is formatted with references in an easy to read format. The GIR team has developed this version of the regulations to give tax and compliance professionals an easier option to study and know the rules surrounding FATCA.
PwC comment letter (SEC)
Retail & Consumer sector 2012 SEC comment letter trends1/24/13 | Retail & consumer
PwC has issued a summary document of comment letter trends and considerations for 2012 year-end financial reporting for retail and consumer companies.The information summarized within this publication is based on comment letters published by the SEC staff between October 1, 2011 and October 1, 2012 related to R&C registrants. Areas reviewed include management discussion and analysis, controls and procedures, revenue recognition, and much more
- Final FATCA regulations issued: Let the compliance begin
1/21/13 | Washington national tax services (WNTS)
Final regulations for Foreign Account Tax Compliance Act (FATCA) were issued on January 17, 2013. FATCA was enacted as part of the Hiring Incentives to Restore Employment Act (HIRE Act) on March 18, 2010 to serve as an administrative tool to prevent and detect US tax evasion and improve taxpayer compliance. The final regulations contain over 500 pages of guidance.
- Taking control of FATCA: Building effective internal controls and certifying compliance
1/4/13 | Financial services
Foreign Account Tax Compliance Act (“FATCA”) was enacted as part of the Hiring to Restore Incentives (“HIRE”) Act. FATCA was enacted with a primary goal of providing the Internal Revenue Service (“IRS”) with an increased ability to detect US tax evaders concealing their assets in foreign accounts and investments.
Webcast
Statutory Accounting Update webcast – January 16, 2013Insurance
In this installment of the PDP Live Webcast Series, Jean Connolly will summarize the recent developments of NAIC projects with a focus on decisions reached at the 2012 NAIC Fall National Meeting.
Setting the standard
Setting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- December 201212/19/12 | Assurance services
There is no shortage of activity to report this quarter as the boards forged ahead on their major convergence projects. The FASB and IASB made several key decisions as they move closer toward issuing exposure drafts and final standards. In the Q4-2012 edition of Setting the standard, we update you on the latest developments of the joint standard setting projects of the FASB and IASB, as well as the latest on FASB-only projects.
Quarter close
The quarter close — Fourth quarter 2012: Publication and new video perspectives12/12/12 | 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.
- Using qualitative impairment testing for FCC licenses
12/11/12 | Assurance services
Accounting Standards Update 2012-02 would enable broadcasters to streamline goodwill impairment testing on FCC licenses maintained as indefinite-lived assets. This PwC whitepaper discusses variables for a qualitative analysis, sometimes referred to as “Step 0,” may be feasible for FCC licenses.
PwC comment letter (SEC)
Review of 2012 SEC comment letter trends for energy companies12/10/12 | Energy & mining
This publication provides an analysis of SEC comment letters issued to registrants across the energy value chain, including exploration and production, midstream, downstream, drillers, oilfield services, and integrated energy companies.
10Minutes
10Minutes on derivatives reform for non-financial services companies12/7/12 | 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.
PwC comment letter (SEC)
Industrial Products sector 2012 SEC comment letter trends12/3/12 | Industrial products
PwC has issued a summary document of comment letter trends and considerations for year-end financial reporting for industrial products and services companies. Areas reviewed include management discussion and analysis, goodwill impairment, revenue recognition, and much more.
Dataline
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.
Webcast
SEC Rule 1502 - Conflict Minerals: Industry-specific interpretation for the communications industry webcast - December 5, 2012Communications
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 or 3TG] and whether those minerals originated in the Democratic Republic of the Congo ("DRC") or adjoining countries. Join PwC for a webcast for communications services providers to discuss the new SEC rule pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- Health reform re-elected: ACA implementation in tough fiscal times
11/10/12 | Health Research Institute
What will the impact of the US presidential election be on the cost of providing healthcare for your business? In our latest report, PwC's Health Research Institute provides a roadmap of the many changes headed your way, and offers a roadmap on how to sidestep any obstacles implementation may toss your way
Dataline
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.
Corporate Governance Series
The quarter close - Directors edition: A look at this quarter's financial reporting issues - Q3 20129/27/12 | Center for Board Governance
The Q3 2012 edition focuses on the SEC's IFRS Work Plan, an update on Dodd-Frank rulemaking, and progress on FASB projects.
Corporate Governance Series
To the point: Current issues for boards of directors - Fall 20129/20/12 | Center for Board Governance
The Fall 2012 edition focuses on (1) the SEC's new conflict minerals disclosure rule, (2) the results of the PwC’s 2012 Annual Corporate Directors Survey, and (3) the PCAOB's new standard to foster communications between auditors and audit committees.
Quarter close
The quarter close — Third quarter 2012: Publication and new video perspectives now available9/17/12 | 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.
- Regulatory and standard-setting developments -- September 17, 2012
9/17/12 | Assurance services
As potentially significant regulations and standards emerge from the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), the Public Company Accounting Oversight Board (PCAOB) and others, companies will want to stay ahead of the changes impacting their businesses. This publication provides a high-level summary of some of the relevant guidance, regulations, and standards that were recently issued or are being considered, both in and outside of the U.S.
Dataline
Dataline: SEC adopts conflict minerals rule -- Public and nonpublic companies in many industries are affected (revised January 29, 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.
- The SEC proposes new rules to allow issuers making private offerings to advertise
9/10/12 | Financial services regulatory practice
On August 29, 2012, the SEC proposed new rules to implement the JOBS Act. The SEC’s proposed rule would permit the use of general solicitation when offering or selling private securities under Rule 506 of Regulation D, provided that certain conditions are satisfied.
In brief
In brief: SEC adopts rule requiring payment disclosures by resource extraction issuers (No. 2012-39)8/24/12 | Assurance services
On August 22, 2012, the SEC commissioners voted (by a 2 to 1 margin with recusals from Chairman Schapiro and Commissioner Paredes) to approve the final rule mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act requiring resource extraction issuers to disclose certain payments made to governments. It is expected that the final rule will impact approximately 1,100 issuers. The final rule represents the culmination of a process that began in December 2010 when the SEC exposed a proposed rule for public comment, generating over 150 unique comment letters.This In brief article provides an overview of the new rule.
In brief
In brief: SEC adopts rule for disclosing use of conflict minerals (No. 2012-38)8/23/12 | Assurance services
On August 22, 2012, the SEC commissioners voted 3-2 to approve the final rule requiring companies to publicly disclose their use of conflict minerals and whether those minerals originated in the Democratic Republic of the Congo (DRC) or adjoining countries (“covered countries”). This In brief article provides an overview of the final rule.
In brief
In brief: PCAOB adopts Auditing Standard related to audit committee communications (No. 2012-35)8/17/12 | Assurance services
On August 15, the PCAOB adopted Auditing Standard No. 16, Communications with Audit Committees (AS 16). The standard establishes requirements that enhance the relevance and quality of the communications between the auditor and the audit committee, and is intended to foster constructive dialogue between the two on significant audit and financial statement matters. The enhanced communications may benefit audit committees in their oversight responsibilities and auditors in conducting effective audits. The standard and related amendments, if approved by the SEC, will be effective for public company audits of fiscal periods beginning after December 15, 2012...
- CFPB Issues New Mortgage Proposals: Analysis and Next Steps
8/14/12 | Financial services regulatory practice
August 2012 - On July 9, 2012, the Consumer Financial Protection Bureau issued two Notices of Proposed Rulemaking to implement key residential mortgage reforms of the Dodd-Frank Act. We briefly describe these proposals – which total almost 1400 pages combined.
Dataline
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.
- A new D-day: Dodd-Frank swaps and swap dealer registration begins October 12, 2012 - or does it?
8/5/12 | Financial services regulatory practice
This FS Regulatory Brief discusses the registration deadline issue in broad terms. It explores the ramifications that different dealer registration deadlines will have on sell- and buy-side firms, including on the start of swap data reporting. Additionally, there are updated timelines showing the key compliance dates for US swap dealers and foreign swap dealers.
- From black box to open book: Hedge fund trust and transparency
7/20/12 | Asset management
US hedge funds have enhanced transparency, controls and infrastructure, gaining the trust of institutional investors. Across the hedge fund value chain, a new framework is emerging that is improving investor protection that is still in process.
In brief
In brief: SEC Staff releases final report on its IFRS Work Plan (No. 2012-25)7/16/12 | Assurance services
Read this update on the SEC staff's July 2013 final report on its IFRS Work Plan, from PwC's CFOdirect Network
- Cutting through the regulatory knot
7/10/12 | Insurance
This PwC briefing is designed to help insurers look at the underlying trends that are shaping the latest regulatory developments, the thinking behind them and the implications for their strategy and operations.
- Issues for employers following Supreme Court ACA decision
7/2/12 | Human resource services
A divided Supreme Court has ruled that the requirement under the Affordable Care Act (ACA) that all Americans have health insurance is a constitutional exercise of the Congress's power to tax.
Corporate Governance Series
The quarter close - Directors edition: A look at this quarter's financial reporting issues - Q2 20126/21/12 | Center for Board Governance
This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues developments. The Q2-2012 edition discusses items including the JOBS Act, the latest on lease accounting, how the fate of health care reform could impact your company this quarter, more on uncertainly in the Eurozone, a proposed new disclosure on liquidity and interest rate risk, an update on Dodd-Frank implementation, SEC push back on non-GAAP measures, IFRS, possible alternatives to mandatory audit firm rotation, PCAOB standard setting, recent FASB activity, corporate governance and more.
Point of view
PCAOB Proposed Auditor Reporting Model Changes: Evaluating auditor assurance on information outside of the financial statements5/9/12 | Assurance services
PwC examines, and shares our views on, the PCAOB's concept release on the auditor's reporting model including auditor assurance on information outside of the financial statements.
Point of view
Point of view: PCAOB Proposed Auditor Reporting Model Changes: Evaluating auditor's discussion and analysis5/8/12 | Assurance services
PwC examines, and shares our views on, the PCAOB's concept release on the auditor's reporting model including evaluating auditor's discussion and analysis
Point of view
Point of view: PCAOB Proposed Auditor Reporting Model Changes: Evaluating expanded use of emphasis paragraphs5/8/12 | Assurance services
PwC examines, and shares our views on, the PCAOB's concept release on the auditor's reporting model including the expanded use of emphasis paragraphs
Dataline
Dataline: Emerging growth companies -- Frequently asked questions about Title I of the JOBS Act (Revised June 13, 2012*) (No. 2012-03)4/30/12 | Assurance services
The JOBS Act of 2012 created a number of special accommodations under the U.S. securities laws for a newly designated group of companies known as "emerging growth companies" (EGCs). A principal goal of the JOBS Act (which is short for the Jumpstart Our Business Startups Act) is to encourage job creation and economic growth by making it easier for private companies to access the public capital markets. This Dataline provides responses to frequently asked questions about the EGC provisions of Title I of the JOBS Act.
- SEC Issues Exemptions from the Large Trader Reporting Rule
4/29/12 | Financial services regulatory practice
April 2012 - On April 20, 2012, the SEC issued an order temporarily exempting broker-dealers from the recordkeeping, reporting and monitoring requirements of new Rule 13h-1 under the Securities Exchange Act of 1934 and granting a permanent exemption for certain securities transactions.
Practical tip
Practical tip: An emerging growth company should evaluate whether it needs to make disclosures relating to transition to new or revised accounting standards in its next SEC filing (No. 2012-02)4/24/12 | Assurance services
Ordinarily, a company preparing an SEC filing must apply all accounting standards (including transition provisions) as if it had always been a public company. The JOBS Act of 2012, however, provides an exception to this general rule. Under Section 102(b) of the JOBS Act, an emerging growth company (EGC) may apply any new or revised financial accounting standard on the same date a company that is not an issuer (as defined in the Sarbanes-Oxley Act) is required to apply the new or revised accounting standard, if the standard applies to a non-issuer. This Practical tip highlights that an EGC should evaluate whether it needs to make disclosures relating to transition to new or revised accounting standards in its next SEC filing.
- FS Regulatory Brief: Final Swap Dealer and MSP Definitions: To Register or Not to Register - Closer to an Answer
4/23/12 | Financial services regulatory practice
The CFTC and SEC approved a final rule that defines the terms 'swap dealer,' 'major swap participant' and 'eligible contract participant' under the Dodd-Frank Act. The CFTC has provided compliance deadlines for swap dealer/MSP registrants in October that will hold firm absent significant regulatory delay.
- Volcker, For Now, Just Good Faith
4/20/12 | Financial services regulatory practice
April 2012 - The Federal Reserve Board issued a formal Policy Statement on its interpretation of the conformance period provided in the Dodd-Frank Act for the Volcker Rule in which they 'confirmed' that covered entities 'by statute' have two years from July 21, 2012, to conform all of their activities and investments to the Volcker Rule.
- FSOC finalizes rules for designating nonbank financial companies as SIFIs
4/18/12 | Financial services regulatory practice
April 2012 - In this FS Regulatory Brief, we review and analyze the Financial Stability Oversight Council's final rules for designating nonbank financial companies as SIFIs, the designation process and how companies can prepare.
- A fast take on the impact of the Dodd-Frank Act on asset management firms
4/13/12 | Financial services regulatory practice
April 2012 - Several provisions of the Dodd-Frank Act impact the asset management industry, either directly as regulated investment advisers, or indirectly as participants in the markets. Here is a summary of how Dodd-Frank impacts asset managers.
- Regulatory reform and the role of internal audit
3/8/12 | Third party assurance
The near collapse of the world economy triggered regulatory reforms with the power to fundamentally change how financial services organizations do business. As the financial services industry responds to an unprecedented level of evolving regulatory reform, internal audit functions must adapt to meet the challenge. This PwC publication will help companies better understand the risks associated with the new regulations and provide internal audit professionals with practical areas of focus and best practices related to these changes.
- Accelerating FATCA compliance
1/19/12 | Financial services
This white paper explores PwC's unique approach to FATCA compliance and how its methodology has helped financial services institutions develop strategic and comprehensive assessment and implementation blueprints to achieve compliance.
Dataline
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.
Dataline
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. ...
Point of view
Point of view: The path forward for international standards in the United States: Considering possible alternatives10/6/11 | Assurance services
The SEC announced plans for the future use of international financial reporting standards (IFRS) by US public companies. Completion of the current convergence agenda, enhanced cooperation among capital market securities regulators, and a refocused international interpretations body will provide a basis for a single set of high-quality global accounting standards.
PwC comment letter (SEC)
PwC Comments on SEC Staff Paper: Exploring a Possible Method of Incorporation of IFRS8/4/11 | Assurance services
PwC commends the SEC staff for their continued, thorough evaluation of whether, when and how IFRS should be incorporated into the US financial reporting system. PwC continues to support a vision of a single set of high-quality, global accounting standards that are consistently applied, and the Firm believes that IFRS provides the best basis for achieving this vision. In PwC's opinion, further improvements are still required in the quality of accounting standards and more work is required by standard setters, preparers, auditors, and key capital market securities regulators to improve the consistency of IFRS application. PwC also believes that the endorsement approach described in the staff paper is a fair starting point from which to...
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.
Dataline
Dataline: Accounting and disclosure implications of the earthquake in Japan and related events (No. 2011-17)3/28/11 | Assurance services
On March 11, 2011, an earthquake struck off the northeast coast of Japan, triggering a tsunami. The power supply in certain parts of Japan has been cut-off with rolling blackouts scheduled in other areas. Further compounding the situation, nuclear power plants were damaged causing worries about the possible meltdown of nuclear reactors and the release of harmful radioactive materials. While not all-inclusive of the types of issues that may be created by these events, this Dataline discusses several accounting and disclosure-related matters companies may encounter in dealing with the financial reporting implications of these tragic events.
PwC comment letter (SEC)
PwC Comments on Proposed Rules for Implementing Whistleblower Provisions of Section 21F of the Securities Exchange Act of 193412/30/10 | Assurance services
PwC recommends that the final rules require, as a condition of eligibility for an award, that the whistleblower report the information through its entity's internal reporting mechanism at least concurrently with reporting the information to the SEC. In addition, PwC believes that accounting firm employees should be excluded from eligibility for whistleblower awards, not just pursuant to the limited exclusions identified in the proposed rules. PwC believes the proposed broader scope of the exclusion is consistent with the functions of accounting firms and that whistleblower reports by accounting firm personnel are appropriately channeled through existing legal and professional requirements, as well as through internal accounting firm...
Dataline
Dataline: Highlights of the 2010 AICPA National Conference on Current SEC and PCAOB Developments (No. 2010-44)12/16/10 | Assurance services
Last week's annual AICPA National Conference on Current SEC and PCAOB Developments focused on restoring public trust and investor confidence in the U.S. capital markets. Presenters called for all members of the financial reporting supply chain, including boards, management and auditors, to play a role in these efforts. This Dataline takes a closer look at the topics discussed at the conference.
Dataline
Dataline: XBRL: SEC Compliance Updates and Consideration of Upcoming Phase-In Requirements (No. 2010-24)5/27/10 | Assurance services
The second year of the SEC's XBRL mandate provides compliance challenges that impact nearly 2,000 of the world's largest public companies.áIn addition, many public companies are entering into their initial year of the mandate and can benefit from lessons learned by the first wave of companies. The SEC staff held a public seminar on March 23, 2010 and continues to update their compliance and disclosure interpretations and frequently asked questions to provide additional guidance about compliance with the final rules. Preparers will want to take advantage of the lessons learned to date as they plan to meet the upcoming requirements. This PwC Dataline describes recent guidance provided by the SEC staff and offers other helpful information...