Regulations

Keep informed on various regulatory developments not covered by other issues

2014 Conflict minerals survey: Where companies stand on their compliance efforts—this year and beyond

4/9/14 | Assurance services

With the filing deadlines required by Dodd-Frank Section 1502 rapidly approaching, in February 2014 we asked nearly 700 stakeholders about their conflict minerals compliance preparation, progress, and challenges. We found many companies continue to find compliance a challenging journey at every step: scoping, surveying suppliers, performing due diligence, and drafting filings. However, the outlook is not entirely discouraging - many companies are well on their way. Read more

  • 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.

  • US Circuit Court of Appeals Issues Decision on Conflict Minerals

    4/17/14

    On April 14, the US Circuit Court of Appeals for the District of Columbia issued a decision in the conflict minerals case that requires at least one aspect of the rule be revisited.

  • 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.

  • 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

  • 2014 Conflict minerals survey: Where companies stand on their compliance efforts—this year and beyond

    4/9/14 | Assurance services

    With the deadline for conflict minerals reporting and disclosure fast approaching, PwC recently surveyed 700 stakeholders on their preparation, progress, and challenges. We found many will need to rush to comply with the conflict minerals rule mandated by the Dodd-Frank Act.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - March 2014

    3/27/14 | Center for Board Governance

    The inaugural edition of PwC’s Audit Committee Excellence Series covers a company’s forward-looking guidance practices and the potential risks associated with analysts’ consensus estimates. It provides board-level perspectives regarding current trends as well as the advantages and disadvantages of providing guidance.

  • 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.

  • 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.

  • 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.

  • 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.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - February 2014

    2/27/14 | Center for Board Governance

    This issue of BoardroomDirect® includes an article on the latest developments on cybersecurity, including new standards framework from the US Department of Homeland Security and survey results that show CEOs are extremely concerned about cyber-attacks. The newsletter also reports on new shareholder proposals companies are facing in 2014, the creation of an engagement protocol from a group of independent directors and investors, Institutional Shareholder Services targeting director tenure in its corporate governance rating system, and the PCAOB extending the comment period for its proposed lead audit partner disclosure rule.

  • 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.

  • Corporate Governance Series
    BoardroomDirect: Update on current board issues - January 2014

    1/30/14 | Center for Board Governance

    In this issue of BoardroomDirect® Mary Ann Cloyd, leader of PwC’s Center for Board Governance, recently talked with Noreen Doyle, director of Newmont Mining Corp., Credit Suisse, and QinetiQ Group Plc, and Jim Nevels, chair of The Hershey Co, about a variety of issues including shareholder communication, risk oversight, and board diversity.

  • 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.

  • 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.

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

    1/2/14 | Center for Board Governance

    This issue of BoardroomDirect® provides a synopsis of PwC’s Key considerations for board and audit committee members, 2013-2014 edition. That publication offers insight into major issues facing directors, such as strategy, emerging technologies and Big Data, risk oversight, the talent pipeline, corporate ethics, the financials, and stakeholder communications. There are also actions for directors to consider for each issue.

  • 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.

  • 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.

  • 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.

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

    12/3/13 | Center for Board Governance

    This issue of BoardroomDirect® unveils the Center for Board Governance’s two newest publications: Director Dialogue with shareholders – what you need to consider and What matters in the boardroom? Depends on whose shoes you’re in. The newsletter also reports on an upcoming SEC roundtable on proxy advisory firms, Spencer Stuart’s 2013 US Board Index, PCAOB’s proposal to require disclosure of lead audit partners, and the CAQ’s summary of a roundtable on the financial statement expectation gap.

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

    10/30/13 | Center for Board Governance

    This issue of BoardroomDirect® takes a look at how boards address transformational changes, such as M&A’s, new product and technology rollouts; how boards and companies should abide by the new proposed CEO pay ratio disclosure rules; the latest data on political spending disclosure; and why cash flow statements have become the most read by boards.

  • Avoiding the drift: Optimizing and maintaining AML surveillance programs

    10/28/13 | Risk Assurance

    Faced with new requirements, financial sector companies have increased their investment in anti-money laundering (AML) compliance efforts. Avoiding the inadvertent process of noncompliance, “AML drift”, is the key to a successful surveillance program. This whitepaper provides methods and techniques to help companies optimize their AML compliance program and protect themselves from regulatory impact.

  • 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.

  • 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.

  • Power and Utilities Alert 2013-8: Alternative financing options for the renewable power industry

    10/1/13 | Power & utilities

    What regulatory changes would be required for renewable power companies to access financing alternatives such as REITs and MLPs? What are the benefits and the regulatory challenges of each alternative?

  • 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.

  • Webcast
    Making the SEC's New CEO Pay Ratio Disclosure Work for You Webcast - October 3, 2013

    Human resource services

    Watch this webcast where we provide a summary of the new rules; discuss issues such as the effect of the inclusion of a global workforce and valuation of retirement and incentive compensation plans; and provide some suggestions for how the SEC's proposed flexibility can be made to work for your company through the use of statistical sampling.

  • 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.

  • SEC releases guidance on pay ratio disclosure rules

    9/19/13 | Human resource services

    The 2010 Dodd-Frank Act included a provision requiring public companies to disclose the pay gap between chief executives and rank-and-file employees.

  • 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.

  • Broker-dealers: New FOCUS on financial responsibility

    9/12/13 | Financial services regulatory practice

    The SEC finalized two new rules for tightening controls over broker-dealers holding customer funds and securities.

  • Identity Theft Regulation: Are you under the SEC/CFTC microscope?

    9/12/13 | Financial services regulatory practice

    Impacted organizations are beginning to finalize their approach to a joint SEC/CFTC rule for preventing identity theft.

  • 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.

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

    9/4/13 | Center for Board Governance

    This issue of BoardroomDirect® takes a look at board composition as critics speak out about current board renewal deficiencies, the Council of Institutional Investors campaign for majority voting, the expected CEO pay ratio rule, and PCAOB’s proposed auditor reporting model standard.

  • Let’s make a difference: Managing compliance and operational risk in the new environment

    8/30/13 | Financial Services Institute

    How can banks manage compliance and operational risk in a changing regulatory landscape?

  • Stress testing: Getting to credibility - Firms between $10 and $50 billion

    8/30/13 | Financial services regulatory practice

    Analysis of the banking regulators' guidance on the Dodd Frank Act's stress testing requirements for firms between $10 and $50 billion.

  • 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.

  • Webcast
    Preparing today for risks on the horizon: How Internal Audit can help manage banking industry risks – September 24, 2013

    Risk Assurance

    Regulatory expectations for strong compliance governance in the banking sector continue to evolve. Sovereign debt levels and monetary policy threaten confidence and growth and historic low rates continue to put pressure on margins. PwC's Internal Audit practice hosted this webcast to discuss the current risks facing the banking industry and how internal audit can help facilitate preparedness for future risks.

  • Basel & prudential standards: US moving faster than world

    8/12/13 | Financial services regulatory practice

    US regulators are eager to complete rulemakings implementing Basel III and Dodd-Frank’s Enhanced Prudential Standards. This desire is compounded by public and congressional criticism of the delay in establishing a post-crisis supervisory framework – criticism that has been getting louder every year since Dodd-Frank’s passage.

  • 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.

  • Systemically important insurers: Global follows US lead

    8/6/13 | Financial services regulatory practice

    On July 18, 2013, the International Association of Insurance Supervisors published a methodology for identifying global systemically important insurers.

  • Money market funds: The SEC’s long awaited proposal

    8/6/13 | Financial services regulatory practice

    The SEC recently issued a proposed rule that would fundamentally alter money market fund regulation and disclosure.

  • 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.

  • Asset managers: SEC and European regulators agree to share information and cooperate on oversight

    7/24/13 | Financial services regulatory practice

    The SEC and the European Securities and Markets Authority finalized a supervisory cooperation agreement on July 18th to allow regulators to share supervisory information about investment advisers doing business internationally.

  • Derivatives: CFTC finalizes cross border guidance and extends timeframe for conformance – July 12th deadline met

    7/24/13 | Financial services regulatory practice

    The Commodity Futures Trading Commission continued its progress this week toward a scheme for regulating global swap transactions.

  • Heightened leverage ratio: US regulators unveil next act for regulating large banks – a long way until the end

    7/24/13 | Financial services regulatory practice

    US regulators issued a Notice of Proposed Rule-making calling for a Revised Supplementary Leverage Ratio for the eight most systemically significant US banking organizations.

  • Foreign banks: Hope is not a strategy – Time to act

    7/18/13 | Financial services regulatory practice

    In December 2012, the Federal Reserve published a NPR describing how the Enhanced Prudential Standards under Dodd-Frank would be applied to foreign banking organizations.

  • Conflict minerals survey: How companies are preparing

    7/11/13 | Assurance services

    PwC surveyed companies to determine their level of understanding of and progress toward conflict minerals rule compliance. The results of the survey across several industries is included in this report.

  • US regulatory outlook – second half of 2013: Final enhanced prudential standards and Basel III rules

    7/10/13 | Financial services regulatory practice

    This Regulatory Brief provides (a) the “regulatory scorecard” for 2013 and (b) our view of the Basel III and enhanced prudential standards rulemakings that will occur over the rest of 2013.

  • 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.

  • Corporate Governance Series
    The quarter close - Directors edition: A look at this quarter's financial reporting issues - Q2 2013

    6/27/13 | Center for Board Governance

    The Q2 2013 edition focuses on leadership changes at the SEC and FASB, the FASB’s latest proposals on the revised leases model, and accounting hot topics.

  • 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.

  • Money market funds: SEC proposes new rules

    6/12/13 | Financial services regulatory practice

    The SEC voted unanimously to propose new rules intended to reform money market funds.

  • Swaps Pushout: FBOs get needed relief - Level playing field for foreign banks

    6/10/13 | Financial services regulatory practice

    On June 5, 2013, the Federal Reserve Board approved an interim final rule (with request for comment by August 4, 2013) on the treatment of uninsured US branches and agencies of foreign banks under section 716 of the Dodd-Frank Act - the so-called Swaps Pushout rule.

  • 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.

  • Nonbank SIFIs: FSOC proposes initial designations - more names to follow

    6/6/13 | Financial services regulatory practice

    On June 3rd, the Financial Stability Oversight Council met in a closed session and voted to provide written notice to three major US nonbank financial companies of the Council’s proposal to deem them as systemically important.

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

    6/5/13 | Center for Board Governance

    This issue of BoardroomDirect® focuses on what directors should do regarding risks related to illegal insider trading and two new PwC publications on IPO governance. It also addresses how vital it is for multinationals to correctly gauge China’s economic growth and the PCAOB’s reproposed Related Parties standard and Unusual Transactions amendments.

  • The widespread reach of FATCA: How will it affect your business?

    5/30/13 | Financial services

    Understanding its impact and the path forward for nonfinancial multinational businesses.

  • SEC’s Take on Cross-Border Derivatives Rules – Catalyst for global moderation or unwelcome complication?

    5/23/13 | Financial services regulatory practice

    This FS Regulatory Brief focuses on (a) the broad principles underlying the SEC and CFTC releases, with a focus on the obligations of dealers; (b) the primary discrepancies between the two regulators' approaches to cross-border transactions and substituted compliance; (c) whether (and the extent to which) the SEC proposal may shape final CFTC cross-border rules and guidance or simply complicate the picture; and (d) operational implications of the dueling proposals and what institutions should be doing now.

  • 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.

  • 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.

  • 10Minutes
    10Minutes on conflict minerals

    5/9/13 | 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.

  • 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.

  • 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.

  • 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."

  • 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.

  • 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.

  • 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.

  • 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: 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: 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.

  • 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: 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.

  • 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.

  • Point of view
    PCAOB Proposed Auditor Reporting Model Changes: Evaluating auditor assurance on information outside of the financial statements

    5/9/12 | 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 analysis

    5/8/12 | 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 paragraphs

    5/8/12 | 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 / In depth
    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.

  • 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.

  • 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.

  • 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. ...

  • 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.