What's new on CFOdirect - Week of June 19, 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 - June 19, 2014
This week's topics include:
- The quarter close - Second quarter 2014
- Revenue recognition standard - New industry-specific supplements and upcoming webcasts
- In brief: PCAOB adopts final standard on related parties and related amendments to other auditing standards
- EITF observer - June 2014
- Regulatory and standard setting developments - June 18
- FASB issues final guidance on accounting for share-based payments with performance targets
- FASB amends accounting for repurchase agreements and enhances disclosures
- FAF President discusses comparability of FASB and GASB standards
- FASB meetings and project updates
- SEC approves 2014 U.S. GAAP Financial Reporting Taxonomy
- PEEC seeks comments on proposed interpretation concerning breach of independence
- PEEC issues final guidance on conflict of interests
- GASB publishes proposals to improve reporting of health insurance and other retiree benefits
- IAASB publishes 2013 annual report

The quarter close - Second quarter 2014: Publication and new video perspectives
This edition updates you on recent FASB, SEC and other regulatory and corporate governance topics. Learn what's new now, and what to look for in the near future. We invite you to download our Q2 publication and view our new video perspectives ... In this quarter's video perspectives, we highlight recent hot topics including the top five considerations for IPOs, the accounting impact of Venezuelan exchange rates, tax function effectiveness, and discontinued operations.

Regulatory and standard-setting developments - June 2014
PwC's summary of recent activities of the PCAOB, SEC, and FASB, and related international developments that are of interest to audit committees and companies.

EITF observer - PwC's synopsis of the June 12th EITF meeting
The EITF met on June 12 to discuss three issues. PwC's EITF observer provides a summary of the decisions reached.

In brief: PCAOB adopts final standard on related parties and related amendments
The new standard and amendments are intended to strengthen auditor performance requirements in three critical areas.

In brief: FASB amends repo accounting and enhances disclosures
FASB amends accounting for repos-to-maturity and repurchase financings. New disclosures required for many transactions.

Revenue recognition

Revenue recognition standard - New industry-specific supplements and upcoming webcasts

Last week we released our inaugural edition of In depth , which summarizes the FASB and IASB's converged final standard on revenue recognition. The initial release of the In depth included industry-specific supplements containing examples and insight on the revenue standard for (1) engineering & construction, (2) industrial products/manufacturing, and (3) pharmaceuticals. This week, we are pleased to share three additional industry-specific supplements, covering (1) automotive, (2) communications, and (3) retail and consumer. These additional supplements provide examples and further insights into ways entities within the industry are likely to be affected by the revenue standard.

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:


Assessing Tax 2014: Tax rate benchmarking study for industrial products and automotive sectors
Assessing Tax 2014 provides a detailed analysis of tax rate metrics for 324 companies and highlights tax trends for aerospace and defense, automotive, chemicals, engineering and construction, industrial manufacturing and metals, and transportation and logistics companies. This issue includes a special report on the surge in international tax controversy.


Health and well-being touchstone survey results webcast - June 24
The webcast will provide PwC insights and survey highlights related to emerging trends and future benefits strategies as well as provide benchmark information. Topics to be covered include: health, welfare and retirement benefits design, costs, contributions and funding, and benefits delivery (e.g. private exchanges) as well as related strategies around health and cost management, fringe benefits and broader well-being.

Acquiring innovation: Strategic dealmaking for a competitive edge webcast - June 25
Technology companies have long relied on M&A to pursue innovation, gain top talent and build competitive advantage. In this webcast, we explore how leaders in other industry sectors can learn from technology company successes in acquiring innovation.

PwC and SAP 2014 Webcast Series - Globalizing Your Business with PLM, Six Lessons from the Field, - June 26
In this webcast discussion we will review the important lessons on how Product Lifecycle Management (PLM) solutions can drive innovations to market, and how it should integrate with your current business model and infrastructure.

View more upcoming and archived PwC webcasts

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