What's new on CFOdirect - Week of June 5, 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 5, 2014
This week's topics include:
- In the loop: Reporting revenue - new model, new strategy?
- Dataline: Revised standard significantly changes criteria for discontinued operations and disclosures for disposals
- Practical tip: Parent company financial information when the registrant has a consolidated shareholders' deficit
- Webcast reminders: Revenue, EPS and IPOs webcasts next week
- BoardroomDirect: May 2014 edition
- PwC comments on clarified subject-matter specific attestation standards
- FASB and IASB announce the formation of Joint Transition Resource Group for revenue recognition
- FASB issues two final UGT implementation guides
- FASB meetings and project updates
- Materials for the June 12 EITF meeting
- PCAOB to consider adopting Auditing Standard on related parties, amendments regarding significant unusual transactions, and other amendments
- IFRS for SMEs Update - May 2014
- IESBA eNews - April 2014

Dataline: Discontinued operations - Revised standard significantly changes criteria for discontinued operations and disclosures for disposals
The FASB recently changed the threshold for reporting discontinued operations and added new disclosures about disposals. This Dataline summarizes the main provisions, provides insights into key aspects of the standard, and highlights areas to consider when applying the new guidance.

Practical tip: Parent company financial information when the registrant has a consolidated shareholders' deficit
This Practical tip provides guidance on how to calculate the threshold for parent company financial information when the registrant has a consolidated shareholders' deficit.

Revenue recognition

In the loop: Reporting revenue - new model, new strategy?
Revenue is a critical performance metric - and revenue accounting rules affect how you do business. They can influence key business decisions, including how companies draft contracts and negotiate with customers. Now that the new revenue guidance is final, a first step is assessing its impact on existing contracts and transactions. It also means taking a close look at your business practices and go-to-market strategies, and considering whether to make changes in light of the new rules.

New FASB, IASB revenue recognition rules could have significant US tax implications
The FASB and IASB have published their long-awaited joint revenue recognition standard. Although the US tax law contains specific rules with respect to the recognition of revenue for tax purposes, there are certain instances in which revenue recognition for tax purposes depends on revenue recognition for financial accounting purposes (e.g., for advance payments). In these instances, the new standard could have a significant impact on a company's cash tax position. In other instances, financial accounting changes as a result of the new standard could affect book-tax differences and deferred taxes related to revenue recognition.

Governance 

BoardroomDirect: Update on current board issues -May 2014
This issue of BoardroomDirect® includes an article about the meaning of risk appetite and the role the board and management play. There is also news about a Delaware court decision on fee-shifting bylaws, the new Venezuelan foreign currency exchange regime, an update on the 2014 shareholder proposals, the proposals for Audit Quality Indicators, and the conflict minerals disclosure rule.

Sustainability

Investors are focused on sustainability issues. Are you giving them the info they want to understand your company?
Sustainability issues are a priority for today's investors and will continue to become increasingly relevant as institutions seek to integrate environmental, social and governance (ESG) concerns in both current and future investment decisions. How prepared is your company to present a clear narrative to investors supported by good data?

Webcasts

Webcast reminders: Revenue, EPS and IPOs webcasts next week

Join us for these upcoming PwC webcasts. There is still time to register.

  • Hot topics in earnings per share - Monday, June 9 from 1:00-2:00 EDT. The webcast will include a discussion on several current and recurring hot topics related to the calculation of earnings per share. Webcast will qualify for 1.0 CPE credit. June 9 from 1:00-2:00 EDT. The webcast will include a discussion on several current and recurring hot topics related to the calculation of earnings per share. Webcast will qualify for 1.0 CPE credit.
  • Initial public offerings process - Wednesday, June 11 from 1:00-2:00pm EDT. The webcast will a number of common accounting and reporting issues that a company will face as part of the IPO process and related areas that are often the focus of SEC reviews. Webcast will quality for 1.0 CPE credit.
  • Revenue recognition - Thursday, June 12 from 1:00-2:30pm EDT. The webcast will discuss the revenue recognition standard in detail - focusing on how the new guidance may affect how and when a company recognizes revenue. Webcast will quality for 1.5 CPE credits.

View more upcoming and archived PwC webcasts 

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