What's new on CFOdirect - Week of July 31, 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 31, 2014
This week's topics include:
- Point of view: Accounting for income taxes - A case for simplification
- In brief: SEC issues final rules to reform money market funds
- In brief: IASB issues IFRS 9, "Financial instruments"
- New technology industry supplement to In depth on final revenue recognition standard
- Audit Committee Excellence Series-Achieving excellence: Overseeing internal audit
- Revenue Transition Resource Group held first meeting July 18
- FASB meetings and project updates
- Final minutes of the June 2014 EITF meeting
- IASB Update - July 2014
- IFRIC Update - July 2014
- IESBA publishes "2014 Handbook of the Code of Ethics for Professional Accountants"
- ASB issues SAS No. 129 to amend comfort letter guidance
- Appendix: Key dates in August

In brief: SEC issues final rules to reform money market funds
New SEC rules mandate floating net asset value (NAV) for institutional prime money market funds.

In brief: IASB issues IFRS 9 - Financial instruments
The IASB has published the complete version of IFRS 9, Financial instruments, which replaces the guidance in IAS 39. This final version includes requirements on the classification and measurement of financial assets and liabilities; it also includes an expected credit losses model that replaces the incurred loss impairment model used today. The final hedging part of IFRS 9 was issued in November 2013.

Income tax

Point of view: Accounting for income taxes - A case for simplification
It's time to hit the "reset" button and adopt targeted changes to simplify the income tax accounting standard, read our Point of view to find out more.

Revenue recognition

In depth: Revenue standard is final - A comprehensive look at the new model (Technology 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.

Auditing

Achieving excellence: Overseeing internal audit
This edition of Audit Committee Excellence Series (ACES) discusses the directors' role in maximizing internal audit's value proposition, agreeing on internal audit's mission, assessing leadership and resources, and other areas.

Cybersecurity

What investors need to know about cybersecurity: How to evaluate the investment risks
Cybersecurity is more than just a technology issue in the back office; it's a critical business issue that can dramatically impact a company's competitive position. Learn what leading practices are available to investors to determine if a company is reasonably prepared to weather the storm of a cyberattack.

Investor Resource Institute Quarterly Webcast: Cybersecurity - August 20
PwC's Investor Resource Institute invites you to join us for a webcast on Wednesday, August 20 from 2:00pm - 3:00pm ET. During this webcast we will be discussing enterprise security and how the new cybersecurity landscape impacts company performance as well as the challenges investors may want to consider.

View more upcoming and archived PwC webcasts

Risk management

EU Data Protection Reform: The challenges and benefits of compliance for businesses
The passage of the General Data Protection Regulation that is proceeding through the European legislature is likely to raise significant challenges in regard to data protection compliance for all businesses that operate or provide goods and services within the European Union. With passage likely, proactive companies are taking steps today that will help them prepare to comply with future requirements.

Financial services

Playing for keeps: How insurers can win customers, one at a time
Carriers have long focused on products, not customers. How can they create brand-defining customer experiences?
 

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