Flashline - Week ending November 14, 2013 (No. 2013-46)

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Flashline 11/14/2013 by Assurance services
Flashline - Week ending November 14, 2013 (No. 2013-46)

At a glance

This week's PwC update on financial reporting includes: Webcast: SEC comment letter trends—November 21 and December 4... IFRS news—November 2013... FASB meetings and project updates... and more.

PwC's weekly alert highlighting current financial reporting developments (including accounting, auditing and regulatory matters).

This week's topics include:

  • Webcast: SEC comment letter trends—November 21 and December 4
  • Webcast: Year-end financial reporting developments for private companies—December 10
  • Webcast: Q4-2013 Current accounting and reporting developments—December 17
  • IFRS news—November 2013
  • FASB meetings and project updates
  • SEC seeks comments on PCAOB standards for broker-dealer engagements
  • SEC issues compliance and disclosure interpretation re: "Securities Act”

PwC

Webcast: SEC comment letter trends—November 21 and December 4

Join us for our upcoming SEC comment letter trends webcasts. The webcasts will feature Wayne Carnall, PwC partner and former Chief Accountant in the Division of Corporate Finance of the SEC, from 2007-2011. Wayne will highlight best practices for interacting with the SEC in response to comment letters and requests for preclearance and other matters. Beth Paul, PwC Strategic Thought Leader, and partners Karen Keelty and Euclid Zurbaran will join Wayne in the discussion to provide their insights and analysis of recent SEC comment letter trends at an industry level.

We will be hosting two separate webcasts. The November 21 webcast will discuss trends impacting Product & Services sectors, and the December 4 webcast will be focused on Financial Services industries. Both 60-minute webcasts will begin at 1:00 pm ET. Participants will be eligible to receive 1.0 CPE credit.

We invite you to pre-register for the webcast through the CFOdirect Network.

Webcast: Year-end financial reporting developments for private companies—December 10

Please join PwC’s Private Company Services (PCS) practice for our webcast on year-end financial reporting developments for private companies on December 10, 2013 from 1:00 pm to 2:00 pm ET. On the webcast, we will discuss the proposed standards that the Private Company Council (PCC) has approved, what the changes may mean to your company’s year-end financial reporting, and the likely implementation timeline for the changes. This webcast will provide 1.0 CPE credit to participants.

We invite you to pre-register for the webcast through the CFOdirect Network.

Webcast: Q4-2013 Current accounting and reporting developments—December 17

Please plan to attend our fourth quarter 2013 'Current Accounting and Reporting Developments' webcast at 1:00 pm ET on December 17. This 90-minute webcast provides insights and information about key emerging accounting, regulatory, and market developments impacting financial reporting. On the webcast, you’ll hear from a broad range of PwC specialists who will update you on matters that may impact your business. The webcast will provide 1.5 CPE credits to participants.

We invite you to pre-register for the webcast through the CFOdirect Network.

IFRS news—November 2013

This issue of IFRS news looks at (1) IASB’s leases and revenue projects, (2) proposed IAS 1 amendments, (3) joint arrangements narrow scope amendments, (4) impairment of financial assets, (5) rate regulated activities, and (6) IASB’s work plan.

Financial Accounting Standards Board (FASB)

FASB meetings and project updates

Meeting summaries: The following meetings were held this week:

  • November 13 FASB meeting: The board discussed its projects on (1) discontinued operations and (2) technical corrections and improvements. See the FASB’s website for a summary of the decisions reached at the meeting.
  • November 12 Private Company Council (PCC) meeting: The PCC voted to finalize an alternative standard that would offer private companies an exemption from applying the variable interest entity (VIE) consolidation model to certain common control leasing arrangements. The approved alternative is now subject to a final endorsement vote by the FASB. The PCC also discussed several other projects at the meeting. See the FASB’s website for a summary of the items addressed.

Next open board meeting: The FASB and IASB will meet on November 20 to discuss their projects on (1) financial instruments: classification & measurement, and (2) leases.  See the FASB’s website for more information on the meeting.

Project updates: The FASB has updated the summaries of its projects on:

Securities and Exchange Commission (SEC)

SEC seeks comments on PCAOB standards for broker-dealer engagements

The SEC is seeking comments on the PCAOB's (1) proposed attestation standards pertaining to broker dealer engagements and (2) proposed auditing standard applicable when auditors are engaged to perform audit procedures and report on supplemental information that broker-dealers and others file with the SEC.

If approved by the SEC, the standards will be effective for fiscal years ending on or after June 1, 2014. Comments are due 21 days from publication of the SEC comment notice in the Federal Register. The notices can be accessed on the SEC’s website by following the links below.

SEC issues compliance and disclosure interpretation re: "Securities Act”

The SEC's Division of Corporation Finance (Corp Fin) released an update to its Compliance and Disclosure Interpretations (C&DIs) on the Securities Act. New questions 138.03 and 138.04 were added under Section 138, “Rule 144A – Private Resales of Securities to Institutions,” and new questions 260-05 through 260-13 were added under Section 260, “Rule 506 – Exemption for Limited Offers and Sales without Regard to Dollar Amount of Offering.”

Edited by:

Brad Mescher
Director
Phone: 1-973-236-7261
Email: brad.mescher@us.pwc.com

Saira Gilani
Senior Manager
Phone: 1-973-236-5811
Email: saira.s.gilani@us.pwc.com


Flashline is a weekly alert highlighting current financial-reporting developments (including accounting, auditing and regulatory matters) and is produced by the National Professional Services Group of PwC. It is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. To access additional content on financial reporting issues, visit CFOdirect Network (www.cfodirect.pwc.com), PwC’s online resource for financial executives.