This week's PwC update on financial reporting includes: The quarter close - A look at this quarter’s financial reporting issues - Q4 2013... Reminder: Q4 current accounting and reporting developments webcast – December 17... AICPA holds 41st Annual National Conference on Current SEC and PCAOB Developments... and more.
Join us for a discussion on transforming the tax function. PwC thought leaders will highlight the key challenges and opportunities of tax transformation, while delivering distinctive and forward-looking insight.
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 Q4 publication and view our new video perspectives.
Businesses depend on service providers to handle confidential data, run essential business processes, and manage critical technology. This can leave businesses vulnerable to service provider breakdowns. The result can be the providers’ clients violating regulations and even losing customer trust. Yet many businesses may know less than they realize about their service providers’ controls. This 10Minutes discusses how SOC 2 and SOC 3 reports can give businesses the picture they need to have solid confidence in their service providers.
Derivative pricing practices have evolved in recent years to reflect the funding benefit of collateral when that collateral can be rehypothecated. In fact, some collateralized derivatives may now need to be valued based on discounting at the Overnight Indexed Swap (“OIS”) rate.
Succession planning done right sets the growth course. It aligns with talent processes, mends gaps and develops future leaders for success. But too often, it doesn’t get the attention it deserves unless a crisis forces it on the agenda. True planning for the workforce of the future, for the success of the future—means addressing succession planning today.
Join a panel of PwC Tax Accounting Services (TAS) specialists for a discussion of relevant tax accounting matters including disclosures under ASC 740 as well as recent regulatory and legislative developments.
This week's PwC update on financial reporting includes: BoardroomDirect: November 2013 edition... FASB responds to post-implementation review of Statement 109 on income taxes... FASB meetings and project updates... IASB proposes amendments to allow equity method accounting... and more.
Financial Accounting Foundation (FAF) completed its post-implementation review of Financial Accounting Standards Board Statement No. 109, Accounting for Income Taxes (FAS 109) (codified in Accounting Standards Codification Topic 740, Income Taxes).
This issue of BoardroomDirect® unveils the Center for Board Governance’s two newest publications: Director Dialogue with shareholders – what you need to consider and What matters in the boardroom? Depends on whose shoes you’re in. The newsletter also reports on an upcoming SEC roundtable on proxy advisory firms, Spencer Stuart’s 2013 US Board Index, PCAOB’s proposal to require disclosure of lead audit partners, and the CAQ’s summary of a roundtable on the financial statement expectation gap.
PwC's latest summary of recent developments at the American Institute of Certified Public Accountants (AICPA) including links to, and abstracts of, items such as news releases, action alerts, proposed rules, PwC comment letters, final rules, and meeting minutes.
Our tax specialists will highlight the past year, review the impact of the Affordable Care Act (ACA) on employers in 2014 and beyond, review developments in information reporting, provide an outlook of potential future initiatives from the Internal Revenue Service, and other issues impacting healthcare providers, universities and other tax-exempt organizations.
The IASB is the independent standard-setting body of the IFRS Foundation responsible for the development and publication of IFRSs and for approving Interpretations of IFRSs as developed by the IFRS Interpretations Committee (formerly called the IFRIC). Get PwC's latest summary of recent developments at the International Accounting Standards Board (IASB).
PwC's latest summary of recent developments at the Financial Accounting Standards Board (FASB) including links to, and abstracts of, items such as news releases, action alerts, proposed rules, PwC comment letters, final rules, and meeting minutes.
These webcasts feature Wayne Carnall, PwC partner and former Chief Accountant in the Division of Corporate Finance of the SEC, from 2007-2011. One webcast discusses trends impacting Product & Services sectors and the other is focused on Financial Services industries.
This week's PwC update on financial reporting includes: In brief: FASB endorses final private company accounting alternatives on goodwill and certain interest rate swaps... FASB meetings... PCAOB approves 2014 budget and 2013-2017 strategic plan... and more.
PwC's latest summary of recent developments at the Public Company Accounting Oversight Board (PCAOB) including links to, and abstracts of, items such as news releases, action alerts, proposed rules, PwC comment letters, final rules, and meeting minutes.
The third quarter of 2013 realized a slight uptick over the prior two quarters in the volume of healthcare services deals with 138 total transactions. However, the value of the dealsannounced in Q3 2013, $15.8 billion, was up 35% over the second quarter. In both volume and value, the year-to-date period for 2013 continues to lag the same period in 2012 with volume down 4.6% and value down 25%.
PwC’s technology industry publication, Preparing for success: 2013 technology IPO SEC comment letter trends, highlights trends in SEC staff comment letters specific to technology companies filing their IPO registration statements.
PwC discusses key comment letter trends and considerations based on industry related comment letters published by the SEC staff. We highlight the areas that received the most comments from the SEC and provide relevant examples of recent comments to aid preparers in assessing whether their disclosures are transparent and consistent with relevant accounting and reporting guidance.
Internet, Communications and Publishing sub-sectors saw increased deal activity, contributing to the 9% growth in announced deals for the 3 quarters ended 2013 versus prior year. In addition to deal trends for the year to date, a deeper look at one sub-sector -- telecom operations -- and the deal opportunities abounding as telecom companies look to improve network operations and spectrum efficiency.
This week's PwC update on financial reporting includes: Point of view: Insurance contract accounting—The path forward... EITF observer—November 2013... IASB issues final standard on hedge accounting... and more.
The FASB will host its next semiannual webcast on December 16, 2013, to provide an update on the board’s standard-setting activities pertaining to private companies and not-for-profit (NFP) organizations.
This report compares the responses of PwC’s 2013 Annual Corporate Directors Survey and the 2013 Investor Survey to identify areas where directors and investors hold similar views on certain issues and where they differ in others. It also includes certain CEO perspectives from PwC’s 16th Annual Global CEO Survey.
This publication highlights factors the industry should consider and provides guidance on the most pertinent accounting solutions under US GAAP. The solutions presented are meant to provide a framework for determining the appropriate accounting answer for general solutions.
This publication describes the current public company-shareholder communications environment and provides a framework for boards to use as they consider whether and in what circumstances directors should participate in such discussions. It also addresses how Regulation Fair Disclosure (“Reg FD”) affects communications.
PwC's latest summary of recent developments at the Emerging Issues Task Force (EITF) including links to, and abstracts of, items such as news releases, action alerts, proposed rules, PwC comment letters, final rules, and meeting minutes.
The Center for Audit Quality is dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ has standing committees and task forces that each have a different role in enhancing the quality of public company auditing and financial reporting, including Professional Practice Executive Committee (PPEC); SEC Regulations Committee; International Practices Task Force; and Smaller Firm Task Force.
The Auditing Standards Board (ASB) is the AICPA’s senior committee for auditing, attestation, and quality control applicable to the performance and issuance of audit and attestation reports for nonissuers. The ASB promulgates Statements on Auditing Standards (SAS), Statements on Standards for Attestation Engagements (SSAE) and Statements on Quality Control Standards (SQCS), and, as a part of its due process, releases Exposure Drafts of proposed standards.
To support the demand for shale gas production, oil and gas companies are developing thousands of horizontal drilling and hydraulic fracturing well sites, posing a challenge to existing business models. Engineering and construction and oil and gas companies are reviewing the value chain to find new ways to meet the demand.
As patients exert greater control over their healthcare, drug makers need to master the complexities of consumer behavior to demonstrate value in the new health economy. Consumers are willing to offer feedback that informs who they are, how they behave and how existing biases impact their behavior. Drug makers that tap into this feedback will reach a new level of success.
Transportation and logistics (T&L) companies in the US are being impacted by the shale energy revolution. The T&L industry is essential to the movement of people and equipment to the shale fields, and the transportation of shale oil and gas from the fields to processing plants. This paper highlights the implications of shale energy for different segments of the T&L industry.
PwC's quarterly Private Company Trendsetter Barometer tracks the growth expectations, investment focus, and economic views of privately held US businesses. This quarter's report incorporates the views of 226 chief executive officers (CEOs/CFOs): 130 in the product sector and 96 in the service sector.
PwC's 2014 edition of Managing your wealth offers guidance on strategic tax planning, managing your portfolio, charitable giving, estate and gift planning, business succession planning and other wealth management topics.
The FASB will hold an educational, non-decision-making session on December 11, 2013 to discuss topics that are anticipated to be discussed at a future Board meeting. (No decisions are made at education sessions.)
The FASB will hold an educational, non-decision-making session on December 18, 2013 to discuss topics that are anticipated to be discussed at a future Board meeting. (No decisions are made at education sessions.)
Exchange traded funds (ETFs) have enjoyed two decades of explosive growth. Evolving and proliferating as they attracted new users, ETFs went from a single vehicle providing exposure to large cap US equities to thousands of products representing a dizzying range of asset classes and strategies. As ETFs reshape their environment all over again, asset managers and intermediaries alike will want to have strategies in place to deal with the changes sweeping across the competitive landscape.
Due to their low costs and potentially greater tax efficiency, ETFs offer a very efficient return to investors. ETFs’ tax advantages have contributed to their strong competitive position and growth. But a rapidly changing tax environment will present challenges as governments around the globe seek to bridge budget deficits. By staying on top of these changes, sponsors can mitigate adverse effects while remaining compliant with changing global tax laws.
The Private Company Council (PCC) has recently finalized three proposed accounting alternatives (subject to endorsement by the FASB). This is an unprecedented shift in the standard setting process aimed at reducing the complexity of financial reporting for private companies. What’s the impact on you and your company’s financial reporting?
It’s an opportunity hidden in plain sight. In 10Minutes on transforming the tax function, we discuss how the tax function is often overlooked as an area for improvement, unlike more obvious choices such as supply chain or business services. However, shining a light on the tax group can reveal untapped opportunities where changes in technology, process, people, and data can lead to benefits for the broader business.
PwC's latest summary of recent developments at the Securities and Exchange Commission (SEC) including links to, and abstracts of, items such as news releases, action alerts, proposed rules, PwC comment letters, final rules, and meeting minutes.
Rapidly accessing and processing increasingly large volumes of data derived from various sources is a major challenge for financial institutions. What makes Big Data different from traditional data management?
This week's PwC update on financial reporting includes: FASB votes to move forward with final standard on revenue recognition... PCAOB announces 'Center for Economic Analysis' ... PwC comments on ASB's attestation clarification and recodification proposal... and more.
Deal activity rebounded from Q2 as Q3 included six of the top ten corporate deals year-to-date and several large private equity deals. Consumer sentiment and retail sales trends weakened and suggest R&C companies will face an increasingly challenged environment through year-end. The deal environment remains challenging, given the lack of availability of quality assets for sale and a mismatch in buyer and seller expectations around price.
In the entertainment and media industry, the business necessity is that talent must be flexible and mobile, crossing borders seamlessly to get the job done. This article is intended to provide a non-exhaustive, broad summary of only some of the many tax and related policy challenges that may arise.
11/5/13 | US Capital Markets and Accounting Advisory Services
The economic business environment continues to improve and interest rates in the most recent year remain low, although there is concern that they may rise in the near term. Companies who have seen their credit outlook recover, and/or want to take advantage of the current lower interest rate environment, may consider refinancing their existing debt. Companies have found that the financial reporting outcomes of such negotiations may not reflect the entire expected economic benefit.
Many companies have experienced the downsides of an extended offshore supply chain, including political ramifications and supply chain shocks. This, along with ongoing structural shifts in low-cost regions, is prompting organizations to rethink their past sourcing decisions. Reshoring has recently become a hot topic in both the C-suite and in the operations organization. While reshoring has its challenges, the trend is very real. This paper addresses the strategic approach to reshoring some organizations are taking in order to improve margins.
The IASB will hold educational, non-decision-making sessions on November 14 to discuss topics that are anticipated to be discussed at a future Board meeting. (No decisions are made at education sessions.)
This week's PwC update on financial reporting includes: In brief: Most money market funds to be scoped out of consolidation... PwC comments on FASB's proposal on insurance contracts... SEC staff release updated Financial Reporting Manual... and more.
This issue of BoardroomDirect® takes a look at how boards address transformational changes, such as M&A’s, new product and technology rollouts; how boards and companies should abide by the new proposed CEO pay ratio disclosure rules; the latest data on political spending disclosure; and why cash flow statements have become the most read by boards.
Faced with new requirements, financial sector companies have increased their investment in anti-money laundering (AML) compliance efforts. Avoiding the inadvertent process of noncompliance, “AML drift”, is the key to a successful surveillance program. This whitepaper provides methods and techniques to help companies optimize their AML compliance program and protect themselves from regulatory impact.
Consumer finance companies should consider re-examining their internal processes and align vendor assessment and monitoring activities to the risk of the type of service being provided to derive greater business value from their investments.
The PwC Annual Global Power & Utilities Survey goes to the heart of boardroom thinking in utility companies across the globe. In this, our 13th edition, we look at the pressures building up on the traditional power utility business model and the industry’s viewpoint on the transformative changes that lie ahead.
Professionals from PwC’s Asset Management practice and directors from the boards of some of the nation’s leading mutual fund groups gathered for informal discussions of the industry’s key issues and significant challenges. These talks generated important insights into what directors are thinking about in today’s evolving marketplace regarding valuation, risk management, board effectiveness, and other key issues.
PwC's Technology Industry leader discusses technological, economic, and political trends that are important to CEOs and C-Suite executives while exploring the trends and challenges that businesses must consider to remain competitive.
As Exchange Traded Funds (ETFs) enter their next phase of growth, much rests on the actions of the regulators. Innovation created ETFs and equipped them to achieve success through flexible, inexpensive and tax-efficient tracking of broad-based market indices. While growth in ETFs is set to continue, the pace of expansion likely will be impacted by regulations.
Technology deals accelerated in the third quarter returning to historically high levels with deal volume doubling from the previous quarter, according to PwC’s US Q3 technology M&A Insights report released today. Private equity (PE) buyers continued to take an active role in technology M&A with increased deal closures and numerous new deals announced.
Taxes increased on January 1, are you prepared? Register for PwC's annual webcast and learn how you and your business may be affected by tax increases, what other changes are in effect for 2013, what planning opportunities are available that can help minimize the tax impact and efficiently manage your wealth, and what changes may result from potential tax reform.
This week's PwC update on financial reporting includes: Now available: IFRS and US GAAP: similarities and differences - 2013 edition... Investor Exchange 2013 highlights... On-demand version: Q3-2013 Current Accounting and Reporting Developments webcast... and more.
Did you miss the Q3 2013 "Current Accounting & Reporting Developments" webcast on September 23? If so, you still have an opportunity to view the webcast and earn CPE credit! PwC is offering the Q3 2013 webcast in an on-demand format for your convenience.
Pharmaceutical and Life Sciences - 2013 SEC comment letter trend compiles and analyzes the SEC staff’s comment letters issued over the past few years to registrants across different sectors within the Pharmaceutical and Life Sciences industry and provides highlights surrounding current hot topics and sample comments.
PwC's publication will help you develop a broad understanding of the major differences between IFRS and US GAAP. It also contains insight on recent and proposed guidance, including developments pertaining to the overall convergence agenda.
The FASB will hold an educational, non-decision-making session on November 26, 2013 to discuss topics that are anticipated to be discussed at a future Board meeting. (No decisions are made at education sessions.)
The FASB will hold an educational, non-decision-making session on November 13, 2013 to discuss topics that are anticipated to be discussed at a future Board meeting. (No decisions are made at education sessions.)
US and international accounting standards setters are getting closer to completing their overhaul of lease accounting. They are taking this action in response to long-standing criticism that today’s financial statements do not adequately portray the economic substance of lease arrangements. This issue of PwC’s The Bit summarizes the proposed guidance and explains how it is likely to change key financial reporting metrics.
The FASB will hold an educational, non-decision-making session on November 20, 2013 to discuss topics that are anticipated to be discussed at a future Board meeting. (No decisions are made at education sessions.)
IFAC’s mission is to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards in auditing and assurance, public sector accounting, ethics, and education for professional accountants.
While organizations have made significant security improvements, they have not kept pace with today’s determined adversaries. As a result, many rely on yesterday’s security practices to combat today’s threats. The results of this survey show that executives are heeding the need to fund enhanced security activities and have substantially improved technology safeguards, processes, and strategies.
In this webcast focused on companies in moments of distress, we’ll provide an overview of the typical cycle of a distressed company, including the leading indicators, actions management can take to turn the business around and prevent a bankruptcy filing and how a turnaround advisor can help. We will also focus on thoughts and ideas that may maximize a business’ opportunity while in bankruptcy.
HR Innovation offers advanced thinking about the challenges that should be uppermost on the minds and agendas of organizations and their Human Resources (HR) leaders. In this issue of HR Innovation, we focus on the continually changing HR landscape and what organizations need to do to take control of today’s opportunities and tomorrow’s decisions.
This week's PwC update on financial reporting includes: PwC comments on FASB proposal on applying VIE guidance to common control leasing arrangements... FASB publishes frequently asked questions about disclosure framework project... IFAC issues discussion paper on role and expectations of a CFO... and more.
This installment of PwC's Healthcare, Higher Education and Not-for-Profit quarterly webcast series covers FASB standard setting developments that have occurred since our July webcast. As always, the focus is on not-for-profit organizations that apply FASB standards, with an emphasis on healthcare and higher education institutions.
Providing more for less, streamlining and reducing transactional costs, providing an effective control framework, and helping the business make the right decisions to improve business performance — we know all this. The challenge is in execution. PwC’s fifth annual benchmark report, which outlines the latest findings of our analysis of more than 200 companies, confirms that the leading finance teams are achieving results that are very different from the norm.
For strategic transactions, managing the risks typically associated with Corporate Treasury can be paramount to a deal’s success. This article explores how to navigate those risks and seize the inherent opportunities that effectively position Corporate Treasury and strategically transform the new organization.
PwC's Risk Assurance Group invites you to attend this webcast to learn how to maximize the efficiency and effectiveness of your journal entry process using the right combination of controls and GRC technology.
Watch this complimentary webcast where we present the findings from PwC's Health Research Institute's (HRI) new report: Medtech companies prepare for an innovation makeover. This webcast discusses leading industry practices that result in high impact innovation strategies designed to drive business models, management processes and product development efforts.
This week's PwC update on financial reporting includes: IASB announces new staff group to focus on disclosure initiative... PCAOB adopts standards for broker-dealer audits and supplemental information... IESBA eNews — September 2013... and more.
The mere concept of innovation needs redefining in a health ecosystem that demands and rewards new models for delivering better care across a broader patient population at lower costs. Medtech companies must get ready to compete in this new environment or risk being displaced by ones that can show evidence their innovations achieve the same high clinical standards but are faster, better, cheaper, and more integrated into the care delivery continuum.
PwC's monthly report shedding light on the IASB's activities. This edition looks at looks at (1) IFRS IC progress report, (2) joint standard setting, (3) an academic view of 'conceptual framework', (4) IASB revenue and financial instruments project, (5) proposed IAS 1 amendments, (6) proposed IAS 19 amendments, (7) joint protocols with IOSCO, and (8) know your IFRS 'ABC': ‘J’ for joint arrangements.
The presenters discuss perspectives on the current regulatory and global investment landscape as it relates to performance reporting, as well as insight on practical implementation of the most recent and proposed changes to the Global Investment Performance Standards (GIPS).
While overall we agree with ASEC’s proposed restructuring and revised TSP and Criteria exposure draft, within our response we specifically highlighted and provided examples where some criteria could be further enhanced.
In the context of FCPA, despite a company's earnest compliance efforts, it is possible that a rogue employee or business partner operating in an emerging market offers a bribe to a foreign government official. Join us for an engaging discussion on what companies should consider doing when things go unexpectedly wrong and they find themselves in such a predicament and potentially before US regulators.
Results of this year’s survey – including responses from more than 9,600 executives across 115 countries, and virtually every industry – show that executives are heeding the need to fund enhanced security activities and have substantially improved technology safeguards, processes, and strategies. Budgets are rising and confidence continues to climb. But while many organizations have raised the bar on security, their adversaries have done better.
This issue of BoardroomDirect® breaks down the results of PwC’s 2013 Annual Corporate Directors Survey in the backdrop of an evolving landscape, reports on the SEC’s newly proposed CEO pay ratio rules, describes the decision by ISS to include director tenure in its 2013-2014 investor survey, and gives the latest on the FASB/IASB lease accounting proposal.
This week's PwC update on financial reporting includes: Reminder: Leases webcast — October 9, 2013... The quarter close — Directors edition... PCC finalizes two private company standards; sends to FASB for endorsement... and more.
The Q3 2013 edition focuses on accounting and reporting issues for private companies that could impact public companies, statement of cash flows, entities under common control, contingencies, new vice-chairman at the FASB, PCAOB proposal on improving auditor reporting, and international developments on auditor rotation and retendering.
There is plenty of evidence that investors value the auditor’s opinion on the financial statements. They don’t want to lose it. But in the wake of the financial crises, investors and other stakeholders began to call for auditor’s reports to be more informative. Auditors have unique and relevant insight based on their audits and investors and other stakeholders are asking auditors to share some of that insight.
The capital markets continued to demonstrate strong momentum in the third quarter of 2013 as the volume of new public listings matched the previous quarter, and exceeded the third quarter of 2012, according to IPO Watch, a quarterly survey of IPOs listed on U.S. stock exchanges by PwC US.
New research shows that high-performing supply chains can achieve sales and revenue growth while managing costs. That sounds like a tall order, but there are things you can do now to manage your supply chain as a strategic asset to boost performance and profitability. This 10Minutes highlights how the supply chain can move your business strategy forward and set you apart from the competition.
What regulatory changes would be required for renewable power companies to access financing alternatives such as REITs and MLPs? What are the benefits and the regulatory challenges of each alternative?
What are the technical and reporting issues impacting retail and consumer products companies? PwC's Retail & Consumer KnowledgeBrief provides insights and summaries on restructuring comment letter trends and disclosure reminders, data protection, conflict minerals, the Patient Protection and Affordable Care Act, and more.
The proposal by US and international accounting standard setters to overhaul lease accounting likely will have far-reaching impacts for most companies. Watch this installment of the Energy executive webcast series to learn about how the new proposal will impact the energy industry.
Investors are increasingly taking environmental, social and governance (ESG) factors into consideration when assessing the value of a company. However, most executives are unsure how to truly unlock this value and the impact it can have on essential reporting and IPO sale prices.
Why do consumers prefer certain video package features over others? How are they discovering new shows, and consuming it, and on what devices? This edition of the Consumer Intelligence Series reveals that while traditional subscriptions still dominate, content discovery happens mostly online.
This week's PwC update on financial reporting includes: Setting the standard — September 2013... Points of view: Global valuation standards and the valuation profession... IASB Update — September 2013... and more.
This publication highlights factors the medical technology industry should consider and provides guidance on the most pertinent accounting solutions under US GAAP. The solutions presented are meant to provide a framework for determining the appropriate accounting answer for general solutions.
For 2013, the Carbon Disclosure Project (CDP) S&P 500 report shows that the number of leaders on the Climate Disclosure Leadership Index (CDLI) doubled, indicating that a growing number of companies are addressing the risks, and embracing the opportunities that come with climate change.
What most concerns investors? What do investors expect of corporate directors? How do investors view the current quality of corporate disclosures? We asked investors about these issues, and the message received is clear: Investors want to know more about the risks that companies have identified, and how they are managing them. And investors are looking for more information.
Security incidents at financial institutions attributed to partners and vendors rose to 18% in 2012. Although improvements to strengthen third-party risk management (TPRM) have been made, PwC has found that most institutions still need to apply a risk-based approach to their vendor reviews.
Watch this webcast where we provide a summary of the new rules; discuss issues such as the effect of the inclusion of a global workforce and valuation of retirement and incentive compensation plans; and provide some suggestions for how the SEC's proposed flexibility can be made to work for your company through the use of statistical sampling.
What is the state of compliance for retail and consumer companies in terms of formal compliance infrastructure, resources, and processes? How is the compliance environment for retailers and consumer goods companies different from other industries?
On July 31, 2013, the Securities and Exchange Commission ("SEC") adopted two new sets of rules that, taken together, tighten the controls required for broker-dealers holding customer funds and securities. In this installment of the PDP Live Webcast Series participants will gain an understanding of the amendments to the financial reporting rule for broker-dealers.
This week's PwC update on financial reporting includes: The quarter close: A look at this quarter’s financial reporting issues — Q3 2013... Regulatory and standard setting developments — September 2013... PwC comments on FASB and IASB lease proposal... FASB meetings and project updates... and more.
On September 18, 2013, the SEC voted 3 to 2 to propose a rule that would require public companies to calculate and disclose its CEO compensation as a multiple of the median employee’s pay. This In brief article provides an overview of the key provisions of the proposed rule.
9/19/13 | US Capital Markets and Accounting Advisory Services
Many companies are seeking to improve their working capital by reviewing the terms of their trade payables. To aid companies in streamlining their payables process, financial institutions built IT solutions to act as an intermediary between purchaser and supplier. As an intermediary, financial institutions can offer a liquidity solution to the supplier by way of factoring their receivables.
PwC's Power and Utilities Executive Webcast Series provides practical guidance on recent regulatory and financial reporting developments. Our quarterly webcasts, designed for corporate accounting executives, keep you informed of new and emerging issues impacting the power and utilities industry, and provide insight into the recent activities of accounting related regulatory bodies.
How do manufacturing companies use technology in their tax functions? PwC and the Manufacturers Alliance for Productivity and Innovation (MAPI) surveyed more than 100 companies to uncover leading practices and challenges in applying technology to the tax function.
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 Q3 publication and view our new video perspectives.
As the era of joint standard-setting with the IASB comes to a close, this Point of view sets out why the FASB should continue to focus on improving the quality of US GAAP in key areas while preventing further divergence between US GAAP and IFRS when feasible.
This webcast analyzes the comment letter responses to the FASB and IASB's revised exposure draft on the new leasing proposal, and provides insights to help you think through the nuances that might lead to unexpected financial results.
The current global economic environment has posed various challenges for US investors, including private equity firms, domestic corporations, and multi-nationals. However, we expect deal activity to intensify as companies look for new ways to grow and meet their strategic objectives. In particular, the pace of US deal activity may increase as companies seek to find value and expand through mergers and acquisitions with international targets.
Deal closings can be lengthy and difficult processes with many facets to consider. The Locked Box mechanism negates the need for preparing and reviewing the final price adjustments post closing. Pricing deals this way allows the buyer/seller to put resources into other aspects of the deal.
Managing an R&D organization is both an art and a science with many unique considerations required for integration planning. While the R&D organization is an important source of value, broader transformational opportunities for new product development should also be evaluated to maximize value.
How have airlines reduced maintenance costs while delivering higher levels of service? Where do the gaps exist in their MRO supply chains? PwC's global MRO supply chain benchmarking study provides insights into these questions and more.
Watch an engaging discussion on innovation and how organizations are seeking innovative ways to make their business newly relevant. Every leader is planning for growth, but not all will achieve it. How do you translate strategy into innovation, action, and results?
This installment of the Center for Board Governance Quarterly Webcast Series provides insight and analysis on the results of PwC's 2013 Annual Corporate Directors Survey. Highlights include directors' views on board composition, stakeholder communications, executive compensation, the regulatory environment, strategy and risk and IT oversight.
PwC invites you to watch a panel of our Tax Accounting Services (TAS) specialists for a discussion of relevant tax accounting matters including intraperiod tax expense allocation under ASC 740 as well as recent regulatory and legislative developments.
On this webcast, we explore the results of the EMC sector State of the Internal Audit Profession Study and discuss specific challenges of internal audit departments within this industry. The results of this study coupled with the recent updates to COSO’s Internal Control-Integrated Framework provide companies an opportunity to take a fresh look at their internal control systems.
This week's PwC update on financial reporting includes: PwC comments on the IASB's exposure draft on regulatory deferral accounts... FASB and SEC issue proposed 2014 Taxonomies for review and comment... Materials for September 13 EITF meeting... and more.
The PwC global network of firms expresses support of the proposed interim standard on regulatory deferral balances. The interim standard will help resolve practice problems in some jurisdictions and reduce the barriers to adopting IFRS, but will not increase diversity in practice among entities that already apply IFRS. Our letter also provides responses to the board's specific questions.
PwC's monthly report shedding light on the IASB's activities. This edition looks at looks at (1) IFRS foundation reports on global adoption of IFRS, (2) deliberations on FASB and IASB proposals on proposed changes to financial instruments accounting, (3) IASB revenue project, (4) revenue joint transition resource group, (5) rate regulation consultative group, (6) post-implementation reviews, (7) conceptual framework roundtables, and (8) know your IFRS 'ABC': ‘I’ for income statements.
This issue of BoardroomDirect® takes a look at board composition as critics speak out about current board renewal deficiencies, the Council of Institutional Investors campaign for majority voting, the expected CEO pay ratio rule, and PCAOB’s proposed auditor reporting model standard.
PwC's Risk Assurance Group invites you to watch this webcast to find out whether integrating GRC and IdM is the right decision for your organization and to how to leverage the strengths and functionality of GRC and IdM to meet and exceed stakeholder requirements.
This paper examines the four forces of change that are shaping wealth management - shifting demographics, changing client behaviors and expectations, rising technological innovations and emerging disruptive competition.
This week's PwC update on financial reporting includes: Now available: 2013 editions of three PwC Guides to Accounting... PwC comments on three Private Company Council proposals... IFRS for SMEs Update — July/August 2013... and more.
Almost 9 months into the first year of compliance, where does your company stand? Do you have a clear path forward to your first conflict minerals filing deadline? Watch this webcast where we share our perspective on the latest developments (including the legal challenge), considerations as you close out your first year of compliance, what to expect in the independent private sector audit – and how to prepare, and examples of how leading companies are addressing their compliance efforts.
This webcast, hosted by the Financial Instruments, Structured Finance, and Real Estate (FSR) group, focuses on the emerging trends, latest news, and market data updates related to today's financial markets and their participants.
Regulatory expectations for strong compliance governance in the banking sector continue to evolve. Sovereign debt levels and monetary policy threaten confidence and growth and historic low rates continue to put pressure on margins. PwC's Internal Audit practice hosted this webcast to discuss the current risks facing the banking industry and how internal audit can help facilitate preparedness for future risks.
This quarter's webcast features discussions on the following technical accounting issues impacting technology companies: revenue recognition, discontinued operations, COSO's internal control-integrated framework, and more.
The Digital IQ survey shows that within top performing companies, the CIO and other C-suite executives consistently talk about how technology can power strategic business goals. Ongoing “digital conversations” among the C-suite should also focus on the talent strategies needed to harness those technologies—and include the CHRO, who is often missing from these C-suite conversations.
This week's PwC update on financial reporting includes: PwC’s 2013 stock compensation and pension/OPEB assumption and disclosure surveys... FAF review concludes GASB standards on risk financing and insurance-related activity achieve their purpose... IFAC News—August 2013... and more.
8/22/13 | US Capital Markets and Accounting Advisory Services
A new, comprehensive accounting standard is set to change the way many companies recognize revenue in their financial statements, and that could reverberate through myriad systems and processes in significant ways. Many companies do not yet realize the degree of change the new standard will usher in, nor how it could affect many industries in unexpected ways, according to PwC and Wharton.
Q2 2013 continues the trends started in late 2012 and in Q1 2013 with both financial and strategic buyers exhibiting cautious behaviors across all sectors. Through Q2 2013, health services deal volume has increased 3.9% from 127 deals in Q1 2013 to 132 deals in Q2 2013. The value of these transactions has also increased 151% across the same periods.
Watch our quarterly webcast designed for corporate financial reporting and HR executives. PwC specialists provide their perspectives on emerging accounting, regulatory and market developments within the incentive compensation and employee benefits arena.
This edition of PwC's Current Developments for Mutual Fund Audit Committees covers insider trading and the risks to registered funds, SEC scrutiny of mutual fund distribution and marketing fees, and valuation.
PwC is pleased to share with you our Stock Compensation 2013 Assumption and Disclosure Survey. This survey presents our analysis of the 2012 year-end assumptions and disclosures for Mature and High Tech/Emerging companies.
Please watch a complimentary webcast featuring Virginia Herold from California Board of Pharmacy and Siobhan O'Bara from GS1 US as featured speakers who provide their perspectives on serialization and ePedigree regulations, and the industry's current state of readiness. PwC provides a brief overview on its approach for helping manufacturers, distributors, and pharmacies.
This week's PwC update on financial reporting includes: Now available - 2013 editions of PwC Guides to Accounting... Dataline: FASB and IASB exposure drafts would significantly change accounting for insurance contracts... PCAOB publishes 2012 annual report... and more.
PwC is pleased to share with you our Pension/OPEB 2013 Assumption and Disclosure Survey which presents our analysis of the 2012 year-end assumptions and disclosures under ASC 715-20, ASC 715-30, and ASC 715-60.
This Point of view highlights how companies may benefit from integrated reporting in response to stakeholders’ calls for enhanced disclosure of environmental, social, governance and other nonfinancial information. It also outlines the benefits some companies are realizing as they explore integrated reporting.
US regulators are eager to complete rulemakings implementing Basel III and Dodd-Frank’s Enhanced Prudential Standards. This desire is compounded by public and congressional criticism of the delay in establishing a post-crisis supervisory framework – criticism that has been getting louder every year since Dodd-Frank’s passage.
This week's PwC update on financial reporting includes: PwC comments on proposed amendments to FASB Codification glossary terms... FASB meetings and project updates... PEEC issues new and revised ethics interpretations... and more.
Despite a lull in deal activity during Q2, M&A fundamentals remain strong with corporate cash availability, a favorable debt environment and continued private equity sponsor interest. Retail remains attractive for investment, particularly as businesses seek greater effi ciencies with scale as well as international expansion. Private equity activity in retail remained strong, comprising two of the top deals during the quarter.
The overall accounting model for income taxes has been in place for many years, yet the accounting for income taxes (ASC 740) continues to pose many challenges for preparers, users, and auditors. This PwC guide is intended to clarify the fundamental requirements involved in the accounting for income taxes and to highlight key points that should be considered before and after transactions are undertaken.
The accounting guidance for the issuance, modification, conversion and repurchase of debt and equity securities has developed over many years into a complex set of rules. Although the guidance is now codified within the FASB’s Accounting Standards Codification, the analysis continues to involve detailed and sequential consideration of the relevant provisions of the guidance. Our Guide provides a roadmap to the applicable accounting literature to help you determine which steps are necessary for a particular transaction.
Our guide brings together all of the relevant PwC guidance on the accounting for variable interest entities under US GAAP; provides an overall framework for the application of the VIE model; highlights key questions and answers; and offers our perspectives, based on our analysis of the guidance and experience in applying it.
Nearly nine years after being issued, the application of the guidance contained in ASC 718, Compensation—Stock Compensation, continues to be a complex undertaking. The guidance's many nuances impact not only the accounting for employee stock-based compensation, but also the related corporate income tax accounting, the calculation of earnings per share, and the presentation of the cash flow statement. The 2013 edition of our stock-based compensation guide explains those and many other issues.
Given the significant expansion of oil and gas companies globally, the need for industry players to align and coordinate local operations with corporate strategy has never been greater. PwC's energy practice invites you to watch a webcast that discusses strategies and approaches for charging intragroup management fees, leading practices for managing double taxation risk in both treaty and non-treaty countries, and more.
M&A activity in the metals sector during the second quarter of 2013 continued to decline in both value and volume for deals valued at $50 million or more. Average deal value for the period increased to $402.6 million.
The people aspects of integration cannot be managed in a silo apart from the rest of the effort. Aligning human capital with the integration strategy is a critical success factor for delivering deal value.
The need for effective communication is often overlooked or underestimated in the flurry of activity surrounding a deal. Executing a strong and clear communication strategy is critical to successful integration. Dealmakers have a choice; they can communicate honestly and transparently to manage speculation surrounding the transaction, or they can ignore the speculation and watch it turn into fear and confusion.
Filing a federal income tax return can cause a taxpayer to adopt a method of accounting, both in general and with respect to a specific item. Accordingly, a taxpayer needs consider what accounting methods it intends to adopt prior to filing its return.
As healthcare systems face increasing challenges related to implementation of the Affordable Care Act, talent will be a large focus to keep expenditures low and productivity high. HR will need to work to engage and retain their key employees – high performers and those within pivotal roles – to help brace for these changes.