Inside this issue
Flashline: A weekly update on financial reporting - January 16, 2014
This week's topics include:
- FASB issues final private company accounting alternatives for goodwill and certain interest
- FASB issues final guidance on accounting for investments in qualified affordable housing
- FASB meetings and project updates
- IFRS Foundation seeks comments on proposed IFRS Taxonomy 2013 interim releases
- AICPA issues new Q&As on conflict minerals reports
In brief: FASB issues final private company accounting alternatives for goodwill and certain interest rate swaps
On January 16, 2014, the FASB issued ASU No. 2014-02, Accounting for Goodwill and ASU No. 2014-03, Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps-Simplified Hedge Accounting Approach. These standards provide nonpublic entities with accounting alternatives which are intended to (1) simply the goodwill impairment model, and (2) make it easier for certain interest rate swaps to qualify for hedge accounting.
Heard at the forum: Five provocative things
In early December, institutional investors and governance specialists got together in New York City at Stanford's Institutional Investors' Forum, co-hosted by PwC's Investor Resource Institute. What are the big issues on investors' minds?
SEC comment letter trends
Retail & Consumer 2013 SEC comment letter trends
Understanding the SEC staff's recent focus areas specific to retail and consumer companies are paramount to industry leaders. We have highlighted the top areas where R&C registrants received the most comments and have provided relevant examples of recent comment letters along with the applicable accounting or reporting guidance.
Banking and consumer markets
Consumer Finance Group Accounting and Finance Considerations - Winter 2014
Consumer Finance Group Accounting and Finance Considerations provides key perspective on the complex accounting, finance and reporting issues that are impacting the consumer finance industry.
Pharmaceutical and Life Sciences Industry GAAP Alert: Distinguishing a Business from an Asset or a Group of Assets
Pharmaceutical, biotech, medical device and other life sciences companies frequently deal with the highly judgmental and complicated area of determining whether an acquisition, investment or license should be accounted for as a business combination or an asset acquisition. This distinction matters as the accounting for a business combination varies significantly from the accounting for an asset acquisition, particularly in the pharmaceutical and life sciences industry. This Alert focuses on the key accounting considerations when making this determination and provides illustrative examples.
Aviation's second golden age: Can the US aircraft industry maintain leadership?
Demand for air travel-and for more smarter, cleaner aircraft-is taking off globally. Can the US sustain its leading edge amidst struggles on talent and new ripples of competition from emerging players?
Power and utilities
Power and Utilities Alert: The IASB continues to advance its rate-regulated activities projects
This Alert provides an update of the latest IASB and Consultative Group discussions on the planned Discussion Paper, as well as an update on the status of the interim standard. Power and Utilities Alert 2013-7 provides additional information on the RFI responses and highlights from the first Consultative Group meeting.
Webcast: Aligning your GRC solution with the revised COSO Internal Control-Integrated Framework webcast - January 28
PwC's Risk Assurance Group invites you to attend this webcast to learn how to improve the alignment of your GRC Solution to the updated COSO Internal Control Framework.
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