(c) 2000-2012 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. en-us Tue, 10 Jun 2003 04:00:00 GMT Fri, 24 May 2013 03:47:47 EDT http://www.pwc.com/ http://www.pwc.com//en_GX/webadmin/assets/image/pwclogo.gif http://cyber.law.harvard.edu/rss/rss.html PricewaterhouseCoopers WCPS FASB voted on May 23, 2013 to issue an exposure draft on insurance contracts that could fundamentally change earnings and revenue patterns for insurers and some banks.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) integrated reporting - IIRC publishes consultation draft, (2) levies - IC to issue interpretation on accounting for levies, (3) insurers face change - update on the insurance contract, (4) recent activity at the IASB on ED on interim standard for regulatory deferral accounts, new Chairman of FASB, EU endorsement of amendments to IFRS 10, 11 and 12, and (5) know your IFRS 'ABC': ‘F’ for fair value.

]]> The FASB met on April 10, 2013 to discuss the costs, benefits, and complexity associated with the proposed lease accounting rules. The FASB members expressed their individual points of view and voted 4 to 3 in favor of moving forward with the revised exposure draft. The FASB and IASB expect to issue a joint exposure draft in mid-May 2013. This In brief article provides an overview of the decisions reached at the FASB meeting.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) Impairment of financial instruments - IASB publishes exposure draft, (2) Discount rates and IAS 19 - IC debates the meaning of 'high quality' and 'deep market', (3) IFRS for SMEs - post implementation feedback, (4) recent activity at the IASB on IAS 19R employee contributions exposure draft, conceptual framework discussions, early adoption of revenue standard, request for information on rate regulation, IASB work plan update, ASAF membership; and (5) know your IFRS 'ABC': ‘E’ for equity accounting.

]]> On March 25, the FASB issued a document that addresses key questions about its proposed impairment model for financial assets. In addition, the FASB reached a decision at its March 28 meeting to extend the comment period for its impairment proposal to May 31, 2013.

]]> This edition of The quarter close highlights current developments in financial reporting, including key standard-setting developments in revenue, financial instruments, and other hot topics, as well as SEC and PCAOB regulatory updates.

]]> This PwC publication is intended to help management and the board of directors of public companies prepare for the annual meeting of shareholders. It contains example questions on topics that may be top-of-mind for shareholders, along with background information and suggested actions for management’s consideration.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) the disclosure problem – IASB takes on the challenge, (2) improving IFRS – a point of view, (3) Profile: Mary Tokar – new IASB board member, (4) IAS 10 and 11 – key issues to consider on transition, and more.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) Back to basics – the IASB goes to work on the Conceptual Framework, (2) IAS 19R: Are you ready?, (3) Cannon Street press, and (4) Questions and answers.

]]> The FASB and IASB (the “boards”) decided at their January meeting to clarify the scope of the revenue standard, and they confirmed the accounting for repurchase agreements and performance fees by asset managers. They also confirmed that the accounting for transfers of non-financial assets that are not an output of an entity's ordinary activities should follow the guidance in the revenue recognition standard. This In brief article provides an overview of the boards' decisions and what's next.

]]> Revenue is a key metric subject to considerable focus by investors and other stakeholders. Participants in this 90 minute self study course will gain a heightened understanding of recent developments on the revenue recognition proposal, along with potential impacts to their business.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) Making headway on financial instruments, (2) Boards make progress on revenue, (3) IAS 19 and discount rates, (4) Impairment of non-financial assets, and (5) Cannon Street press.

]]> The FASB and IASB reached decisions at their December meeting on allocating the transaction price to separate performance obligations, applying the proposed model to bundled arrangements, constraining the cumulative amount of revenue recognized on licenses, and accounting for contract acquisition costs. The boards’ decisions are tentative and subject to change. This In brief article provides an overview of the boards' decisions and what's next.

]]> In these videos, PwC partners discuss several key issues related to the adoption of IFRS in the US.

]]> This edition of The quarter close has the latest updates and timely reminders to help you navigate your year-end reporting process with a number of hot topics, including fair value, asset impairments, pensions, valuation allowances, and more.

]]> This week, the IASB issued its exposure draft proposing limited amendments to IFRS 9 (2010), Financial instruments. The proposed amendments are intended to: (1) Address application issues that have arisen since the original issuance of IFRS 9 with regard to financial assets measured at amortized cost, (2) Consider the interaction with the IASB’s insurance project, and (3) Reduce differences between IFRS 9 and the FASB’s proposed classification and measurement approach. This In brief article provides an overview of the IASB's proposed amendments and what's next.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) IASB exemption from consolidating investment entities, (2) PwC partner Peter Holgate's personal view of criticisms of IFRS, (3) revenue update, (4) Insurance contracts – proposal re-exposed, (5) IFRS Foundation response to SEC 'work plan', and (6) know your IFRS 'ABC' with our new questions-and-answers series. This month: A is for 'associates'.

]]> On October 23, 2012, the IFRS Foundation (the organization that oversees the IASB) published a response (the "Foundation Staff response") to the SEC’s final report on its IFRS Work Plan (the "SEC Staff report") issued in July 2012. The Foundation Staff response is an assessment of the matters discussed in the SEC Staff report, including the operations of the IFRS Foundation and the IASB, the use of IFRS as global accounting standards, and issues related to incorporating IFRS into the US financial reporting system. This In brief article provides an overview of the Foundation Staff response.

]]> PwC's IFRS Pocket guide 2012 provides a summary of the recognition and measurement requirements in International Financial Reporting Standards.

]]> While the near-term use of IFRS in the US by public companies will not be required, IFRS remains and is becoming increasingly relevant to many US businesses. Companies will be affected by IFRS at different times and to a different degree, depending on factors such as size, industry, geography, M&A activity, and global expansion plans. To assist companies in understanding the current IFRS and US GAAP differences and the potential implications thereof, PwC has issued an updated edition of our popular guide, IFRS and US GAAP: similarities and differences.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) revenue recognition project redeliberations, and (2) an update by PwC UK Partner Peter Hogarth on the leasing project. It also includes an IFRS quiz on deferred tax.

]]> This edition of The quarter close highlights the SEC report on IFRS, the latest on conflict minerals, health care reform, and several FASB releases that are sure to keep you busy this fall. Video perspectives are also now available.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) the IASB's review draft (RD) that details the new hedge accounting requirements, (2) joint venture or joint operation - classification of joint arrangements, and (3) IFRS quiz on operating segments.

]]> The SEC Staff recently published its final Staff Report regarding the potential impact of incorporation of IFRS into the US financial reporting system. This Dataline looks at the six key areas covered in the Staff Report and offers our observations.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) the IASB and FASB's update regarding a "three-bucket" impairment model for financial assets, (2) five standards to have different effective date in the EU vs rest of the world, (3) updates on leasing and revenue projects, (4) SEC's final report on IFRS "work plan,"(5) amendments to transition guidance for IFRSs 10, 11, and 12, and (6) IFRS IC discusses accounting for rate-regulated activities. Also included is an IFRS quiz on cash flow statement and a look at recent developments in Russia’s adoption of IFRS.

]]> Read this update on the SEC staff's July 2013 final report on its IFRS Work Plan, from PwC's CFOdirect Network

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) the latest discussions about the financial instruments project, (2) Cannon Street Press: (i) progress with the various improvement projects and (ii) draft IFRIC on levies and on put options, (3) new appointments at the IASB and IFRS IC, and (4) IFRS quiz: impairment of assets.

]]> This report discusses accounting topics common to retail and consumer companies. Issues covered range from those related to R&D all the way through to sales to the end customer. Each discussion provides background, accounting guidance, a solution and a comparison between US GAAP and IFRS.

]]> PwC's monthly report shedding light on the IASB's activities. This edition looks at (1) Overview of responses to the second exposure draft on revenue recognition, (2) outline of the new IFRS standards and interpretations that come into effect for 2012 year ends, and (3) IFRS quiz: embedded derivatives and hedge accounting.

]]> 2011 US IFRS outlook survey: Companies' thoughts on the best timing and methods for incorporating IFRS into the US financial reporting system

]]> On November 16, 2011, the SEC's Office of the Chief Accountant (the SEC Staff) published two staff papers. The first summarizes differences between the US GAAP and IFRS frameworks, and the second analyzes how IFRS is applied in practice. The papers were published pursuant to the SEC StaffÆs work plan to analyze considerations relevant to the Commission's decision on whether, when, and how IFRS might be incorporated into the US financial reporting system. This Dataline provides a summary of selected differences between US GAAP and IFRS noted in the first paper. It also summarizes the Staff's key observations included in the second paper on how IFRS is applied in practice. ...

]]> The SEC announced plans for the future use of international financial reporting standards (IFRS) by US public companies. Completion of the current convergence agenda, enhanced cooperation among capital market securities regulators, and a refocused international interpretations body will provide a basis for a single set of high-quality global accounting standards.

]]> PwC commends the SEC staff for their continued, thorough evaluation of whether, when and how IFRS should be incorporated into the US financial reporting system. PwC continues to support a vision of a single set of high-quality, global accounting standards that are consistently applied, and the Firm believes that IFRS provides the best basis for achieving this vision. In PwC's opinion, further improvements are still required in the quality of accounting standards and more work is required by standard setters, preparers, auditors, and key capital market securities regulators to improve the consistency of IFRS application. PwC also believes that the endorsement approach described in the staff paper is a fair starting point from which to...

]]> PwC surveyed 1,400 executives to get their views about convergence, its likely impact, and how they are preparing for changes to come. This report gives you key insights so you can see how your company's progress on convergence compares to others in the marketplace.

]]> PwC offers a complete resource of information related to the joint convergence projects as you manage the potential impact of the proposed standards on your company.

]]> The potential transition to IFRS in the United States has been an ongoing focus of the SEC over the past several years. As part of their current workplan, the SEC is analyzing the impact of IFRS on US issuers and whether, when, and how to incorporate IFRS into the US financial reporting system. In this Tax accounting insights, we inform US tax executives on the current landscape of IFRS, including the key tax considerations that may arise in the near-term

]]> PwC analysis of the potential impact of IFRS on shared-payment stock plans. An IFRS conversion may affect cash taxes and affect financial reporting systems and processes.

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