This edition of Mergers & acquisitions - a snapshot is the first in a series focused on navigating the waters of a cross-border acquisition. This edition focuses on the pre-acquisition phase, including how GAAP differences can impact valuation and how a company can manage the financial risk exposure that arises from a cross-border acquisition.
This week's PwC update on financial reporting developments includes: Shareholder questions: Management's considerations for 2014 annual meetings... M&A snapshot: Cross-border acquisitions — Due diligence and pre-acquisition risk considerations... PwC comments on International Valuation Standards Council’s credit and debit valuation adjustments exposure draft... and more
PwC appreciates the International Valuation Standards Council (IVSC) Standards Board (board) efforts and welcomes the opportunity to provide comments on the exposure draft (ED) that sets out the board’s proposals aimed at providing information on credit and debit valuation adjustments. Our comment letter outlines our general comments to the proposal and responds to certain specific questions for comment in the appendix.
The 2013 COSO update to its Internal Control-Integrated Framework, authored by PwC, helps you refresh your controls for today's environment. The COSO organization is dedicated to providing thought leadership and guidance on internal control, enterprise risk management and fraud deterrence.
PwC Global valuations leader John Glynn and director Caroline Woodward explain how global valuation standards are worth pursuing, regardless of the obstacles likely to be encountered en route. And with a new chairman in place at the IVSC, the time could be right.
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.
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.
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.
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).
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.
PwC's Risk Assurance Group invites you to attend the How M&A Activity and Organizational Change Impacts Financial Processes and Systems webcast, to learn how to Oracle Advanced Controls can be leveraged in your organizational change efforts.
In this webcast we will discuss the strategic approaches and practical/transformative actions that companies can undertake to embrace shareholder activism and enhance strategic alignment and execution.
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.
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.
This issue of BoardroomDirect® includes an article on the latest developments on cybersecurity, including new standards framework from the US Department of Homeland Security and survey results that show CEOs are extremely concerned about cyber-attacks. The newsletter also reports on new shareholder proposals companies are facing in 2014, the creation of an engagement protocol from a group of independent directors and investors, Institutional Shareholder Services targeting director tenure in its corporate governance rating system, and the PCAOB extending the comment period for its proposed lead audit partner disclosure rule.
This week's PwC update on financial reporting developments includes: In brief: FASB narrows insurance contracts project scope—convergence unlikely... Point of view: Municipal securities market... BoardroomDirect: February 2014... FASB meetings and project updates... SEC re-opens comment period for asset-backed securities releases... and more
What are the latest comparable statistics for mergers and acquisitions and active trades in the financial services industry? Check out PwC's quarterly valuation summaries for the Banking, Insurance and Asset Management sectors. Insights include: trends in market multiples, related transactions, and transaction benchmarking analysis.
Join us on Thursday, March 6 at 2:00 pm EDT, as we reveal the results from the PwC Cash Investment Survey. The survey was designed to identify leading practices in corporate investment management and provide value-added insight that treasury and finance professionals can apply within their own organizations.
Data protection and privacy is an urgent issue for both consumers and businesses. As customers increasingly worry whether their personal information is secure and used appropriately, companies are also concerned about protecting data and their brand. This 10Minutes highlights the importance of viewing consumer privacy from more than just a compliance lens and developing a strategy and action plan that will help businesses lead on data privacy by building customer trust and enhancing their brand.
Promoting healthcare solutions worldwide requires navigation of the complex and constantly changing landscape of US export control laws. How regulatory controls apply to medical devices, pharmaceuticals, and biotechnology products is unique, and understanding where and how to export these products is critical to competing in the global market. This piece discusses the effect of “dual use” controls, defense regulations, and OFAC sanctions on these products, and the risks and opportunities for this booming industry.
News stories, international negotiations, and recent case law continue to demonstrate the importance of securing trade secrets as a means of ensuring prosperity for companies operating in the U.S. and abroad.
Insurers currently use a variety of different and largely inconsistent local approaches to measure the value of insurance contracts within their statutory financial statements. This diversity makes it difficult to compare companies and may fail to reflect the true economic value of insurance business, which can put insurers at a considerable disadvantage when competing for capital.
After a 2012 filled with uncertainties, 2013 witnessed a slow rebuilding of confidence and, perhaps, the charting of a path toward growth. After a first half that saw quarterly technology deal volume drop, optimism took hold with a doubling of activity in the second half. In the end, technology deal activity finished the year 18% lower, amidst IT spending growth of less than 1%. Equity markets and IPO pricings sounded a consistently contrarian note, soaring to long-forgotten highs. These leading indicators of spending and deal growth provide promise for 2014.
The accounting and reporting guidance around benefits and compensation continues to evolve. In an effort to keep you apprised of the on-going changes and updates, we are pleased to invite you to join us for our quarterly webcast series, designed for corporate financial reporting and HR executives. PwC specialists will provide their perspectives on emerging accounting, regulatory and market developments within the incentive compensation and employee benefits arena.
Today the landscape is changing, as the operational controllership function is less about technical accounting and financial reporting support (handled by specialist technical teams) and more about creating value for the company while managing risk. The operational controller roles across the companies have evolved into new focus areas, such as reducing legal entities or improving shared services or working proactively with deal and commercial teams—all designed to drive more simplification, standardization, cost savings or revenue growth.
This week's PwC update on financial reporting developments includes: FASB endorses variable interest entity alternative for private companies... FASB meetings and project updates... ASB proposes amendments to clarified auditing standard on letters for underwriters... and IAASB releases new Framework for Audit Quality.
How will the asset management industry’s operating landscape change by 2020, and how can asset managers prepare for the challenges ahead and turn them into competitive advantages? PwC's Asset Management 2020 poses these questions and offers a perspective on how they might be answered.
PwC’s Global Insights 2014: Drivers of growth for Cash and Carry retailers in emerging markets reviews the evolution of the Cash & Carry (C&C) retail model in emerging markets and provides key insights/platforms that can be leveraged for C&C evolution and growth.
Despite a lull in deal activity during Q2, total transaction value for 2013 surpassed the $100 billion mark for the first time since 2008, anchored by one of the largest consumer products deals in history with the $28 billion Heinz deal. There were several factors which challenged consumer sentiment throughout 2013, however consumer sentiment was up year-over-year driven by labor and economic improvements. We expect R&C deal activity will continue its positive momentum, but will remain challenging as supply and demand of quality assets for sale may remain divergent.
Digital Disruptor: Bitcoin is a peer-to-peer currency and has gained traction recently. PwC's report discussing the evolution and impact of Bitcoin, and its adoption in sectors such as entertainment, media video games, casino gaming, travel & tourism, telecom and internet.
The entertainment, media and communications (EMC) deal market is gaining momentum once again and companies face greater competition for attractive acquisitions. We look at deal drivers and the deal outlook for 2014 in the most active sectors, including: Broadcasting, Communications, Advertising & Marketing, Publishing, Recreation & Leisure and Film/Content.
Economic, cultural, social, and scientific changes like demographic shifts, urbanization, climate change, technology advances are impacting all businesses. What should aerospace & defense companies be thinking about to be successful in light of these megatrends?
The IESBA is hosting on July 10, 2014, global roundtables to gain additional feedback on its project to address professional accountants' responsibilities regarding the disclosure to an appropriate authority of suspected non-compliance with laws and regulations by a client or employer
The IESBA is hosting on June 3, 2014, global roundtables to gain additional feedback on its project to address professional accountants' responsibilities regarding the disclosure to an appropriate authority of suspected non-compliance with laws and regulations by a client or employer
The IESBA is hosting on May 20, 2014, global roundtables to gain additional feedback on its project to address professional accountants' responsibilities regarding the disclosure to an appropriate authority of suspected non-compliance with laws and regulations by a client or employer
2/13/14 | US Capital Markets and Accounting Advisory Services
The broadening of private company securities sales has helped drive the development of two new offerings from the NYSE and NASDAQ OMX. Both solutions, although different in approach and focus, are designed to provide a platform and market structure for private companies to manage and conduct the sale of private company securities.
On this Entertainment, media and communications sector webcast, we will explore the characteristics and best practices in monitoring and managing key risks, and link these practices to the strategic, operational and financial business imperatives.
This week's PwC update on financial reporting developments includes: Save the date: Q1-2014 Current Accounting and Reporting Developments webcast—Tuesday, March 18... SEC staff release updated Financial Reporting Manual... IFRIC Update — January 2014... and more.
Welcome to PwC’s inaugural 2013 US Capital Markets Watch. Reflecting the integrated nature of capital markets, we have broadened the discussion beyond Initial Public Offerings (IPOs) to include the equity follow-on market, the convertible market, debt markets, and spin-offs.
Reconciling the need to trim with the need to grow entails working through a much more complex set of considerations than in the past. In short, many companies will have to do things differently if they're to boost their profitability.
The International Accounting Standards Board (IASB) issued International Financial Reporting Standard 14, Regulatory Deferral Accounts (IFRS 14), an interim standard on the accounting for certain balances that arise from rate-regulated activities.
We spoke to over 200 private-company leaders about what they envision for the year ahead. They told us they're more optimistic about the economy, have ambitious revenue goals, and plan to hire new workers in 2014. Read our report to hear what else they're planning for the year ahead.
In this comment letter, we do not object to the board’s proposal to restore the use of the equity method as one of the options to account for investments in subsidiaries, joint ventures and associates in an entity’s separate financial statements. However, we do not support the requirement for retrospective application of the exposure draft nor the proposed consequential amendment to IAS 28, Investments in Associates and Joint Ventures.
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.
This issue of IFRS news looks at (1) needs of capital providers: EFRAG and ICAS report, (2) IFRIC 21 - just ‘levies’ or much more?, (3) how should business models affect accounting?, (4) interim standard on regulatory deferral accounts , (5) IFRS 9 redeliberations, (6) IFRS 3 post implementation review, (7) lease redeliberations, (8) IAS 1 narrow scope amendments, and (9) Q&As: money market funds.
In the past year, oil and gas companies focused on maximizing shareholder value. This webcast will focus on key themes found in the PwC quarterly M&A analysis along with our insights on deals done in the past year and what the deal market for 2014 may hold.
In this comment letter, we respond to the boards tentative agenda decision: IFRS 2, Share-based payment – price difference between the institutional offer price and the retail offer price for shares in an initial public offering. We support the committee’s decision not to take this question onto the agenda but not for the reasons given. We are concerned that the reasons given for the agenda decision will increase diversity in practice regarding the application of IFRS 2 paragraph 13A and may also lead to diversity in the application of IFRS 13.
This week's PwC update on financial reporting includes: Private company reporter: PCC revises, re-approves final VIE alternative for common control leasing arrangements... PwC comments on PCAOB's reproposal to disclose name of engagement partner and certain other participants in the audit... IFRS news – February 2014... and more.
There continues to be systematic security issues with retailers in the United States. A number of recent high-profile data breaches demonstrate that cyberattacks on retail and consumer organizations are increasing in number. This piece discusses what boards and management can do to better position their companies to handle cybersecurity events. It also covers threat actors who exploit retailers via cyberspace, and provides questions to consider in the early weeks of 2014.
This document highlights technical accounting and financial reporting topics that are central to the industry and should be on the minds of chief accounting officers and controllers as they establish their plans for 2014.
We have prepared this report to assist management teams in their understanding of the area’s most frequently commented on by SEC staff. The information summarized in this report is based on comment letters issued to companies in the automotive sector and closed by the SEC from October 1, 2012, to October 31, 2013.
In the current economic and regulatory climate, transfer pricing implementation requires more attention than ever before, within both finance and tax teams as well as across a range of other stakeholders. It is no surprise that transfer pricing has become the top priority for any global company. You're invited to a webcast series with PwC and SAP discussing the main questions companies are asking about as it relates to their transfer pricing compliance strategy.
US CEOs in our 17th Annual Global CEO Survey are finding reasons to be more confident in many places. At home, the outlook for the US economy is improving. For example, we saw momentum increase in the US deals market over 2013, and business investment is picking up.
In this issue of BoardroomDirect® Mary Ann Cloyd, leader of PwC’s Center for Board Governance, recently talked with Noreen Doyle, director of Newmont Mining Corp., Credit Suisse, and QinetiQ Group Plc, and Jim Nevels, chair of The Hershey Co, about a variety of issues including shareholder communication, risk oversight, and board diversity.
This week's PwC update on financial reporting includes: Dataline: Implications of recent events in Venezuela—Modifications to SICAD... Dataline: Assets acquired to be used in research and development activities - AICPA’s Accounting & Valuation Guide... Dataline: Accounting for investments in qualified affordable housing projects... BoardroomDirect: January 2014... and more.
Did you miss the Q4 2013 "Current Accounting & Reporting Developments" webcast on December 17? If so, you still have an opportunity to view the webcast and earn CPE credit! PwC is offering the Q4 2013 webcast in an on-demand format for your convenience.
This issue of the Technology Forecast examines the future of enterprise applications. Emerging technologies, including mobility, cloud, application programming interfaces (APIs), analytics and others are giving rise to the "mindful app".
As part of our continued effort to help organizations navigate through the complexity of today’s tax accounting issues, we’ve assembled a compilation of our Tax Accounting Services’ publications released between July 2013 and December 2013.
PwC provides the latest on the FASB and IASB's redeliberations and tentative decisions made to date on the joint revenue recognition project and the potential implications for companies. Regardless of industry, it is likely that every company will be affected to some extent.
PwC offers the latest developments, summaries of board decisions, and publications on the FASB and IASB's financial instruments project which includes classification and measurement of financial instruments, impairment of financial assets, and hedging.
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.
1/23/14 | US Capital Markets and Accounting Advisory Services
Strong demand for IPOs continued in the fourth quarter of 2013, capping a robust year for the capital markets and setting the stage for continued growth in 2014. The window for raising capital in a robust IPO market tends to open with bursts of popularity then close quickly. This requires a constant state of readiness for the required IPO document that is filed with the Securities and Exchange Commission “SEC”. Don’t let unforeseen financial reporting items be the road block to accessing the IPO markets.
This week's PwC update on financial reporting includes: Tax accounting insights: How will recently expired US tax provisions affect your financial statements?... Webcast: Key considerations for board and audit committee members – January 29... FASB issues exposure draft on classification of government-guaranteed mortgage loans upon foreclosure... Final minutes of the November 14 EITF meeting... and more.
PwC’s Sports Outlook focuses on recent results and potential opportunities and challenges to future industry growth. This special edition for North America provides revenue projections over five years through 2017 within four key segments of the sports market.
With digital content projected to account for 87 percent of growth in spending in the entertainment and media (E&M) industry over the next five years, efficiently producing and managing such content is top of mind for industry players.
Keeping track of tax law changes around the world has increasingly become a challenge for businesses. Companies are rapidly expanding their geographic footprint at a time when the evolution and developments in jurisdictional tax laws are undergoing nearly constant change.
Business development during recent decades has involved extensive use of technology designed to drive business competitiveness and expand new business horizons. Integrating data analytics into your Internal Audit approach can help you achieve your audit objectives in a more reliable and cost-effective way. This white paper highlights what Internal Audit can be doing to help utilize analytics across their audit plan.
On January 29, Mary Ann Cloyd, leader of PwC's Center for Board Governance, and Tim Ryan, PwC vice chair and leader of Markets, Strategy, and Stakeholders, lead the Center for Board Governance Key considerations for board and audit committee members webcast. which focused on what issues are top of mind for board and audit committee members.
PwC's Investor Resource Institute invites you to join us for a webcast on Thursday, February 6 from 3:00 - 4:00pm ET. During this webcast we will be discussing five megatrends that we see shaping the global business environment, and the implications of these macroeconomic forces may have on corporate strategies.
This week's PwC update on financial reporting includes: FASB issues final private company accounting alternatives for goodwill and certain interest rate swaps... IFRS Foundation seeks comments on proposed IFRS Taxonomy 2013 interim releases... AICPA issues new Q&As on conflict minerals reports... FASB meetings and project updates... and more.
PwC discusses key comment letter trends and considerations based on comment letters published by the SEC staff. Trends are organized by selected industries and accounting topics. 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.
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...
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?
PwC has produced this document to assist management teams in identifying and understanding the SEC staff's current focus areas for stock compensation. We have highlighted the areas where registrants received the most comments from the SEC staff and have provided relevant examples of recent comment letters to aid preparers in ensuring their disclosures are robust and consistent with the relevant accounting or reporting guidance for stock compensation.
The consolidation in the healthcare industry is creating new and bigger HR related challenges. As health systems redefine their brands and clarify their strategies in this time of convergence, hospital executives have new struggles to conquer, from evaluating merger candidates to integrating them (including the nuances of integrating physician practices), to delivering meaningful benefits in cost effective ways.
This week's PwC update on financial reporting includes: Accounting for income taxes: Year-end considerations... Setting the standard — What you need to know about the FASB's and IASB's standard setting activities — January 2014... SEC seeks comments on the PCAOB's proposed Dodd-Frank amendments for broker-dealer audit... FASB meetings and project updates... and more.
This PwC podcast series focuses on the latest technical developments in the financial services industry and what those developments mean for you. Topics for podcasts range from broad financial services industry specific issues such as actuarial or banking to technical issues related to financial statement presentation resulting from new accounting standards/pronouncements, recently issued tax regulations, and IRS practice and procedure issues.
Calendar year 2013 has seen considerable activity across the global legislative and regulatory landscapes. We have seen changes to tax laws in several key territories, and certain legislative trends having a significant impact on income tax accounting. These developments, combined with an environment of economic uncertainty, have added to the challenges in accounting for income taxes.
The automotive industry is amidst an era of marketing disruption. Traditional advertising models and budgets are withering and people are working to find the right mix of marketing among multiple social and digital platforms inside and outside of their control. This always-on and unlimited sharing of experiences, combined with digital communications tools embedded into the car ownership experience itself, has created a new playing field for automakers. This is the third online era. How all of it combined influences the transaction experience is what we refer to as social selling.
To help registrants gain insight into the SEC’s current areas of interest, PwC analyzed comments released by the SEC staff to domestic large accelerated, accelerated and non-accelerated registrants within the healthcare provider industry during the three year period ended September 30, 2013.
This publication provides an analysis of SEC comment letters issued to registrants across the energy and mining value chain, including exploration and production, midstream, downstream, drillers, oilfield services, and integrated energy companies.
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?
As year-end rapidly approaches, it is time to plan for your annual filing. PwC's technology industry publication, Stay informed: 2013 technology SEC comment letter trends, provides a comprehensive analysis of recent SEC staff comments to assist you with the understanding of the key trends that are relevant to companies in the technology sector.
This issue of BoardroomDirect® provides a synopsis of PwC’s Key considerations for board and audit committee members, 2013-2014 edition. That publication offers insight into major issues facing directors, such as strategy, emerging technologies and Big Data, risk oversight, the talent pipeline, corporate ethics, the financials, and stakeholder communications. There are also actions for directors to consider for each issue.
This week's PwC update on financial reporting includes: Dataline: FASB proposes to eliminate development stage entity reporting and amend the consolidation guidance... BoardroomDirect: December 2013... SEC issues staff report on public company disclosure... FASB meetings and project updates... and more.
PwC’s Power and Utilities Industry Group has developed this publication to assist management teams in understanding some of the SEC’s current focus areas as well as other financial reporting hot topics.
In this release we discuss a variety of accounting and regulatory updates. We also draw your attention to some significant tax law and tax rate changes during the quarter ended 30 September 2013 and some important tax accounting considerations for mergers and acquisition transactions.
Strong demand for initial public offerings (IPOs) continued in the fourth quarter of 2013, capping a robust year for the capital markets and setting the stage for continued growth in the new year, according to IPO Watch, a quarterly survey of IPOs listed on U.S. stock exchanges by PwC US. Total IPO volume for 2013, as of December 17, reached 237 public company debuts, easily surpassing overall volume of 146 IPOs in 2012 and representing the most active environment for newly listed companies since 2007.
This week's PwC update on financial reporting includes: Dataline: 2013 year-end financial reporting considerations—Leading practices, lessons learned, and reminders... Tax accounting insights: Income tax disclosure... 2014 U.S. GAAP Financial Reporting Taxonomy now available... FASB meetings and project updates... and more.
This Dataline provides timely reminders for companies as they navigate the year-end financial reporting process. Topics include: cash flows, other comprehensive income, revenue recognition, income taxes, segments, impairment of long-lived assets, goodwill – qualitative impairment test, variable interest entities, equity method investments, asset acquisition versus business, accounting changes and error corrections, use of overnight index swap rate in derivatives valuation, fair value hierarchy, equity-linked financing instruments, extinguishment gain when debt holder owns equity, contingencies, and stock-based compensation.
12/17/13 | US Capital Markets and Accounting Advisory Services
The re-emergence of a Mergers & Acquisitions (“M&A”) technique known as a “Reverse Morris Trust” (“RMT”) has proven to provide some unique advantages over other strategic alternatives as a vehicle for divesting divisions or a separate business. Companies considering a divestiture should become knowledgeable on the recent comeback of this strategic alternative so they can actively engage in conversations with their advisors.
Numerous income tax accounting matters require the use of estimates, judgments, and other subjective information that can obscure the presentation in the financial statement accounts. Clarifying disclosures can enable users to gain a better understanding of the reporting entity’s income tax environment.
SEC comment letter trends for Industrial Products companies is an analysis of SEC staff comments to help executives understand key trends that are relevant to companies in the following Industrial Products sectors: Aerospace & Defense; Business & Professional Services; Chemicals; Engineering & Construction; Forestry, Paper & Packaging; Industrial Manufacturing; Metals; and Transportation & Logistics.
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.
Although most auto dealers are exempt from the Consumer Financial Protection Bureau’s (CFPB’s) supervisory authority, CFPB’s oversight of automobile finance transactions is expanding. In the upcoming months, auto lenders and dealers are likely to see increased regulatory scrutiny around consumer protection matters, and this could mean significant changes for the industry.
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.
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.
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.
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.
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.
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 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 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.
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.
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.
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.
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.
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.
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.
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.
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 March 14, 2014, 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.
The IASB will hold educational, non-decision-making sessions on January 20-21, 2014, to discuss topics that are anticipated to be discussed at a future Board meeting. (No decisions are made at education sessions.)
The IASB will hold educational, non-decision-making sessions on February 13-14, 2014, to discuss topics that are anticipated to be discussed at a future Board meeting. (No decisions are made at education sessions.)