What's new on CFOdirect - Week of July 17, 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 and reporting 

Flashline: A weekly update on financial reporting - July 17, 2014
This week's topics include:
- Point of view: Non-GAAP financial measures - Enhancing their usefulness
- In depth: Private company VIE relief for certain common control leasing arrangements
- Reminder: Participate in the PwC/FEI revenue recognition survey
- PwC guide: Bankruptcies and liquidations - 2014 Edition
- New aerospace and defense industry supplement to In depth on final revenue recognition standard
- Practical tip 2014-04: Presenting less than 12 month financial statements of an acquired business
- CPE eligible webcasts available now - Current accounting and reporting developments, Revenue recognition, and IPOs
- PwC comments on FASB's "Conceptual Framework" exposure draft on notes to financial statements
- FASB issues proposals to simplify inventory measurement and eliminate requirements for extraordinary items
- FASB meetings
- AICPA issues further information on Attest clarity project
- IAASB meeting highlights and decisions - March 2014

Point of view: Non-GAAP financial measures: Enhancing their usefulness
Enhancing the transparency of non-GAAP financial measures can help users better understand past performance, read our Point of view to find out more.

In depth: Private company variable interest entity relief
The FASB issued a new standard in March 2014 to provide private companies relief from the variable interest entity (VIE) model. The new guidance is likely to result in reduced consolidation of lessor entities by lessees. The purpose of the standard was to reverse these consolidations since users indicated the resulting financial statements were not useful. Adoption of the new standard is optional.

Accounting and financial reporting guide for Bankruptcies and liquidations - 2014 edition

PwC's comprehensive accounting and financial reporting guide for bankruptcy and liquidation focuses on Chapter 7 and 11 bankruptcy. This guide explains the fundamental principles of bankruptcy and liquidation-basis accounting, as well as considerations prior to entering bankruptcy, for companies that prepare financial statements under U.S. GAAP, and provides our perspectives on the application of those principles.

Practical tip: Presenting less than 12 month financial statements of an acquired business
This Practical tip provides guidance regarding using less than 12 month financial statements in lieu of a full year for an acquired business.

Revenue recognition

In depth: Revenue standard is final - A comprehensive look at the new model (Aerospace & defense industry supplement)
The FASB and IASB have issued their long-awaited converged standard on revenue recognition -- how will you be affected? This industry-specific supplement to our comprehensive In depth publication highlights some of the areas that could create the most significant challenges for aerospace and defense entities as they transition to the new standard.

Reminder: Participate in the 2014 Revenue Recognition Survey
The Revenue Recognition standard will affect nearly all companies on some level. What level of impact do you expect from the new standard? PwC, along with Financial Executives International and their Financial Executives Research Foundation, are conducting a survey to gauge the impact of the new standard on companies' financials and operations. The survey will also attempt to gauge any concerns companies have with the new standard and / or the transition timeline. Click here to participate in the survey.

Incentive compensation - impact of new revenue accounting rules
As employee compensation arrangements tied to revenue generation, especially for salespeople, have become increasingly common and complex, it is likely that the changes in revenue recognition will impact many of these arrangements. This Insight focuses on the potential impact on performance-based compensation programs, and what companies can begin doing to prepare.

Webcasts

On demand CPE-eligible versions of select webcasts are now available
Did you miss any of the below recent webcasts? If so, you still have an opportunity to view the webcast and earn CPE credit! PwC is offering these webcasts in an on-demand format for your convenience. You can access the on-demand versions whenever it works best for you. A post-event questionnaire, when completed, qualifies participants for the same amount of CPE credits as the live version.

View more upcoming and archived PwC webcasts
 

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