What's new on CFOdirect - Week of August 14, 2014

Welcome to this week's edition of What's new on CFOdirect, PwC's periodic guide to developments in financial reporting, business news, and management issues.

Inside this issue

Accounting & reporting 

Flashline: A weekly update on financial reporting - August 14, 2014
This week's topics include:
- PwC guide: Revenue from contracts with customers - 2014 global edition
- In depth: IFRS 9, Financial Instruments - Classification and measurement and Expected 
  credit losses
- Save the date: Q3 2014 Current Accounting and Reporting Developments webcast - Wednesday, 
  September 17
- Save the date: Corporate divestitures webcast - Monday, September 15
- IFRS news - July/August 2014
- FASB issues final guidance on classification of certain government-guaranteed mortgage loans 
  upon foreclosure
- FASB issues UGT implementation guides
- FASB meetings and project updates
- SEC proposes to extend exemption from conflict-of-interest rules for investment advisers
- IASB publishes narrow-scope amendments to IAS 27, Separate Financial Statements
- IESBA eNews - August 2014

IFRS news - July/August 2014
This issue of IFRS news looks at (1) IFRS 9 - the IASB's new standard on financial instruments, (2) Revenue Transition Resource Group (TRG) starts discussion on IFRS 15, (3) ESMA reports on accounting for business combinations under IFRS 3, (4) IAS 41 and IAS 16 amendments on bearer plants, (5) EU endorses IFRIC 21, (6) leasing redeliberations, (7) disclosure initiative, (8) conceptual framework discussions, and (9) Q&As: related parties.

Financial instruments

On July 24, 2014 the IASB published the complete version of IFRS 9 Financial Instruments, which replaces most of the guidance in IAS 39. This includes amended guidance for the classification and measurement of financial assets by introducing a fair value through other comprehensive income category for certain debt instruments. It also contains a new impairment model which will result in earlier recognition of losses. IFRS 9 will be effective for annual periods beginning on or after January 1, 2018, subject to endorsement in certain territories.

PwC has released the below In depth publications addressing different aspects of the new guidance:

In depth: IFRS 9 - Classification and measurement
This In depth considers the changes to classification and measurement of financial assets in IFRS 9.

In depth: IFRS 9 - Expected credit losses
This In depth considers the new impairment model in IFRS 9.

Revenue recognition

Revenue from contracts with customers - 2014 global accounting and financial reporting guide
Our global accounting and financial reporting guide describes the accounting for revenue from contracts with customers under the converged U.S GAAP and IFRS revenue standard (ASC 606) issued in May 2014. It has been prepared to support entities as they identify the implications of the new revenue recognition standard, evaluate its impact (on business strategies, processes, systems, controls, financial statement recognition and required disclosures) and prepare for implementation.

Webcasts

Webcast: Corporate divestitures - September 15
Join us for part 3 of PwC's National Professional Services Group's Accessing the capital markets webcast series featuring Beth Paul, U.S. Strategic Thought Leader, Ravi Rao, National Office SEC Services Partner, and Neil Dhar, National Capital Markets Leader. The panel will focus on carve-out transactions and will discuss trends in the divestiture market as well as how to manage the divestiture process. The panel will also outline key issues and accounting considerations, explore SEC reporting requirements, and provide key takeaways for participants.

Webcast: Q3 Current Accounting and Reporting Developments - September 17
PwC's National Professional Services Group's 'Current accounting and reporting developments' webcast series is designed to keep you informed about emerging accounting, regulatory, and market developments impacting financial reporting. Join us on Wednesday, September 17 for our 90 minute webcast.

View more upcoming and archived PwC webcasts

Industrial products

Mission control: Second-quarter 2014 aerospace and defense industry mergers and acquisitions analysis
An uptick in mega deals and the ongoing interest in divested assets and private equity backed businesses, propelled aerospace & defense M&A second quarter value to the highest quarterly total in three years.

Retail & consumer

Fighting a growing threat: Retail and consumer goods sector analysis of PwC's 2014 Global Economic Crime Survey
Retail and consumer goods companies are experiencing greater levels of economic crime. Nearly half of respondents say their company has experienced this type of event in the last two years. By far the most commonly reported type of economic crime for the sector is asset misappropriation, while other common types of fraud included bribery and corruption, accounting fraud and cybercrime.

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