What's new on CFOdirect - Week of July 10, 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 - July 10, 2014
This week's topics include:
- In the loop: EU audit reform - the impact beyond Europe
- Save the date: Revenue recognition industry webcasts
- Save the date: ProxyPulse webcast - July 17
- PwC comments on PCAOB's proposed framework to reorganize audit standards
- FASB meetings and project updates
- SEC staff issues guidance on proxy voting responsibilities of investment advisers
- SEC staff issues updated Compliance and Disclosure Interpretations on Securities Act Rules
- SEC staff issues observations on use of custom XBRL tags
- SEC staff publishes sample letter re: XBRL requirement to include calculation relationships
- PCAOB updates standard-setting agenda
- AICPA releases white paper "Re-imagining Auditing in a Wired World"
- FinREC publishes roadmap to understanding new revenue recognition standards
- IFAC and CIPFA release framework for good governance in the public sector

In the loop: EU audit reform - the impact beyond Europe
Audit reform in the EU doesn't directly apply to US companies - but certain European subsidiaries could be scoped in. The new requirements apply to subsidiaries that meet the definition of an EU public interest entity, including EU banks and insurers. The rules become effective in 2016, except for mandatory firm rotation, which is subject to a transition period. However, US multinationals should take steps now to understand if and how the legislation affects their EU subsidiaries. Complying with the requirements could be challenging and require advance planning, especially if EU statutory audits are performed by the same audit firm performing the US company consolidated audit. 

Revenue recognition 

New Revenue recognition industry webcasts
As part of our webcast series on the new Revenue Recognition standard, we invite you to join us for an expanded discussion on the specific impacts the new standard will have on the following industries:

Webcast replays are also available on the overall aspects of the new standard and for these industries: Communications, Entertainment & media, Construction & engineering, Pharmaceutical & life sciences, and Technology.

Mergers & acquisitions

PwC reports robust IPO market surpasses $21 billion in Q2 proceeds, best quarter volume since 2007
The market for initial public offerings (IPOs) finished on a strong note late in the second quarter of 2014, recording the highest quarterly deal volume since the fourth quarter of 2007.

Risk management

PwC Cash Investment Survey Report
In addition to providing insights into how corporates are currently managing their investment portfolios, the survey results reveal that, despite historically high cash balances and low investment yields, the majority of corporates remain reluctant to take more risk in their investment portfolios.


Webcast: ProxyPulse - Developments in the 2014 proxy season - July 17
PwC's Center for Board Governance invites you to attend a special ProxyPulse webcast, presented in conjunction with Broadridge, looking at developments in the 2014 proxy season.

Webcast: Reducing Pension Cost and Risk Using a Lump Sum Buyout Strategy - July 23
In recent years Plan Sponsors of defined benefit pension plans have been focusing on de-risking pension plans, including a strategy to provide a one-time lump sum buyout offer to former employees. Please join our webcast on July 23, when we will share insights into the strategy Plan Sponsors utilized.

View more upcoming and archived PwC webcasts

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Contact us

For media inquiries: Steven Silber
For our CFOdirect editor: Margie Rizika
For technical inquiries: Email us

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