The accounting for business combinations (ASC 805), discontinued operations, divestitures, and related topics impairments and segment reporting continue to pose many challenges and remains on the SEC's radar screen. PwC provides the latest developments in these and other business combination accounting topics.
Ever wonder why some companies consistently deliver while others disappoint? Faced with the same market, stocked with similar talent, one organization flourishes, while the other flounders. By understanding what makes your organization tick and where there might be breakdowns to address, you and your employees can truly deliver on your strategic intent.
This week's PwC update on financial reporting developments includes: Private company reporter: PCC makes progress on intangible assets... Global Tax Accounting Services Newsletter (April - July 2014)... SEC seeks comments on PCAOB's auditing standard on related parties... and more
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.
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).
Important megatrends, such as shifting global economic power, technological advances, and demographic changes, are identified as top-of-mind issues for global airline CEOs, according to our latest report, the 2014 Global Airline CEO Survey. As the changing balance of economic power is expected to have a drastic effect on the industry in the next five years, the report highlights three key areas in which CEOs are planning to respond: organizational structure, technology, and talent.
The deliberation is over: On May 28, 2014, the FASB and the IASB released their new standard for revenue recognition, to take effect in 2017 for public companies. The new guidance may constitute the biggest accounting change the world has seen in over a decade, because revenue recognition informs a wide array of business decisions. Technology companies that start preparing for the change now will be in the best position to seize the opportunities that will come with the change—while also surmounting the challenges.
This webcast will cover FASB standard setting developments that have occurred since the April webcast. Among other matters, developments related to the FASB/IASB convergence projects will be addressed, with a concentration on the new revenue recognition standard issued in May, as well as an update on FASB projects impacting not-for-profit entities, including the not-for-profit financial statement project. As always, the emphasis is on not-for-profit organizations that apply FASB standards, with an emphasis on healthcare and higher education institutions.
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.
This week's PwC update on financial reporting developments includes: Point of view: Non-GAAP financial measures - Enhancing their usefulness... In depth: Private company VIE relief for certain common control leasing arrangements... FASB issues proposals to simplify inventory measurement and eliminate requirements for extraordinary items... and more
The FASB and IASB have released their converged revenue recognition standard, ASC 606. PwC provides details on the new revenue accounting standard and the business implications for companies and industries on all revenue transactions as they prepare for implementation of the new standard.
The FASB and IASB have issued their long-awaited converged standard on revenue recognition -- how will you be affected? This industry-specific supplement to our In depth highlights some of the areas that could create the most significant challenges for aerospace and defense entities as they transition to the new standard.
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.
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.
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 week's PwC update on financial reporting developments includes: In the loop: EU audit reform – the impact beyond Europe... Save the date: Revenue recognition industry webcasts... Save the date: ProxyPulse webcast — July 17... PwC comments on PCAOB's proposed framework to reorganize audit standards... and more
Watch or participate in our on-demand CPE-eligible two-part webcast series where we discuss the new Revenue Recognition standard in detail, and help you understand the pervasive business implications, as well as what companies can do to prepare for implementation of the new standard. Additionally, we expand our discussion with a series of industry-specific webcasts that look at the impact the new revenue recognition standard will have on various sectors.
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 Center for Board Governance invites you to attend a special ProxyPulse webcast, presented in conjunction with Broadridge, looking at developments in the 2014 proxy season. Speakers include Leader of the Center for Board Governance, Mary Ann Cloyd, Center for Board Governance director, Paul DeNicola, and Vice President of Business Strategy and Development at Broadridge, Michelle Jackson.
In recent years Plan Sponsors of defined benefit pension plans have been focusing on de-risking pension plans, including a strategy to provide a one-time lump sum buyout offer to former employees. PwC has assisted many clients who have analyzed and/or implemented the lump sum strategy. Please join our webcast on July 23rd, where we will share insights into the strategy Plan Sponsors utilized.
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 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.
The results are in from the 114 major multi-nationals that responded to our global pension survey. It is time to present the results and understand what this means for the US market. Please join our webcast on July 16, 2014 at 2PM EDT to learn of findings and discuss the trends and implications of the survey as well as share the perspectives on the future state of retirement plans as provided by these global trend setters. We'll cover what companies are saying is next and if 'New Paternalism' is the answer.
This week's PwC update on financial reporting developments includes: In depth: FASB revises consolidation accounting... BoardroomDirect - June 2014... BoardroomDirect Special Edition (ProxyPulse, second edition 2014)... FASB meetings and project updates... and more
This issue of BoardroomDirect® includes an article about the influence of activist shareholders and the role they play today in forcing change. There is also news about a Delaware bill that would prohibit fee-shifting bylaws, environmental groups warning boards of fossil fuel companies about climate-change litigation, the new converged revenue recognition standard, and the first round of conflict minerals disclosures.
This edition of ProxyPulse makes the following observations: there was decreased support for say-on-pay at mid-cap, small-cap, and micro-cap companies while average support at large-cap companies rose to 91%.
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.
PwC is pleased to announce the availability of our 2014 Health and Well-being Touchstone Survey results. The 2014 survey data contains detailed benefits information provided by approximately 1,200 participating companies in 35 different industries across the nation.
This week's PwC update on financial reporting developments includes: Participate in the PwC/FEI revenue recognition survey... New entertainment and media industry supplement to In depth on final revenue recognition standard... The quarter close – Directors edition... Family Business Corporate Governance Series... and more
The IASB will hold educational, non-decision-making sessions on July 17-18, 2014, to discuss topics that are anticipated to be discussed at a future Board meeting. (No decisions are made at education sessions.)
PwC, along with Financial Executives International and their Financial Executives Research Foundation, are conducting a survey to gauge the impact of the new standard on companies’ financials and operations. The survey will also attempt to gauge any concerns companies have with the new standard and / or the transition timeline.
The story of 2015 is a nuanced one. At first glance, the health sector appears to be reverting to historical patterns of bouncing back as the nation recovers from the economic doldrums. Whether spending more freely because of the improved economy or shopping with insurance provided through the Affordable Care Act, consumers triggered the first bump in growth in the first quarter of 2014. We expect that to continue through next year.
Economic obsolescence can become a significant issue when a company has or is acquiring assets – such as store or restaurant locations – that generate separate identifiable streams of cash flows. This publication discusses factors that typically cause economic obsolescence and the potential impact, including illustrative examples and case studies.
The most experienced dealmakers say they know what to do — and are reporting success. Successful integration needs to happen quickly and systematically as the period of time between deal announcement and deal close and the initial period post-close are critical to realizing quick wins and setting the course to deliver deal value over the long-term.
More and more family businesses are interested in corporate governance today. Many want to understand the value a board brings, and how to evolve their board to provide that value. This publication is the first in a series about family business corporate governance.
PwC invites you to join a panel of our Tax Accounting Services (TAS) specialists for a discussion of relevant tax accounting matters including the indefinite reinvestment assertion, the recently issued revenue standard, as well as regulatory and legislative development updates.
This week's PwC update on financial reporting developments includes:The quarter close — Second quarter 2014... Revenue recognition standard – New industry-specific supplements and upcoming webcasts... FASB amends accounting for repurchase agreements and enhances disclosures... FAF President discusses comparability of FASB and GASB standards... and more
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.
The FASB and IASB have issued their long-awaited converged standard on revenue recognition -- how will you be affected? This industry-specific supplement to our In depth highlights some of the areas that could create the most significant challenges for automotive entities as they transition to the new standard.
The FASB and IASB have issued their long-awaited converged standard on revenue recognition -- how will you be affected? This industry-specific supplement to our In depth highlights some of the areas that could create the most significant challenges for retail and consumer entities as they transition to the new standard.
The FASB and IASB have issued their long-awaited converged standard on revenue recognition -- how will you be affected? This industry-specific supplement to our In depth highlights some of the areas that could create the most significant challenges for engineering and construction entities as they transition to the new standard.
In this webcast discussion we will review the important lessons on how Product Lifecyle Management (PLM) solutions can drive innovations to market, and how it should integrate with your current business model and infrastructure.
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 Q2 publication and view our new video perspectives.
Join us for an expanded discussion on the specific impacts the new revenue recognition standard will have on the Technology industry. While the new standard will impact companies broadly, there are particular implications to Technology companies that deserve focus as companies plan for implementation.
Assessing Tax 2014 provides a detailed analysis of tax rate metrics for 324 companies and highlights tax trends for aerospace and defense, automotive, chemicals, engineering and construction, industrial manufacturing and metals, and transportation and logistics companies. This issue includes a special report on the surge in international tax controversy.
This week's PwC update on financial reporting developments includes: Introducing “In depth” (formerly Dataline): A look at financial reporting issues... In depth: The standard is final–A comprehensive look at the new revenue model... Upcoming webcasts on the new revenue standard... and more
Manufacturers are observing how 3D printing (3DP) could disrupt manufacturing processes, impact the traditional supply chain, and increase the demand for the talent needed to apply the technology to their operations.
What customers want in tomorrow’s grocer isn’t all that different from what they want today. Based on the more than 1,000 customers we surveyed, the grocery industry’s future is centered around a simple yet targeted shopping experience that’s tailored to their needs. And while technology will play a more important role than it has historically, it will be just one component of connecting with clients. The grocery shoppers of tomorrow will want a shopping experience that’s tailored to their needs with custom coupons, convenience, and a selection of organic and ethnic foods, according to our new survey.
The webcast will provide PwC insights and survey highlights related to emerging trends and future benefits strategies as well as provide benchmark information. Topics to be covered include: health, welfare and retirement benefits design, costs, contributions and funding, and benefits delivery (e.g. private exchanges) as well as related strategies around health and cost management, fringe benefits and broader well-being.
Technology companies have long relied on M&A to pursue innovation, gain top talent and build competitive advantage. In this webcast, we explore how leaders in other industry sectors can learn from technology company successes in acquiring innovation.
The FASB and IASB have issued their long-awaited converged standard on revenue recognition -- how will you be affected? Accompanying this comprehensive In depth are the following industry-specific supplements with examples and further insights into ways entities within the industry are likely to be affected by the revenue standard: (1) aerospace & defense, (2) automotive, (3) communications, (4) engineering & construction, (5) entertainment & media, (6) industrial products/manufacturing, (7) pharmaceuticals, and (8) retail & consumer. Additional supplements will be released over the coming weeks.
A lot has changed since our Dataline publication series was first introduced many years ago. We’ve recently reevaluated its overall purpose, content, and name. We’ve renamed our Dataline publication series to In depth going forward.
Join us for an expanded discussion on the specific impacts the new revenue recognition standard will have on the Communications industry. While the new standard will impact companies broadly, there are particular implications to Communications companies that deserve focus as companies plan for implementation.
As part of our webcast series on the new Revenue Recognition standard, we invite you to join us for an expanded discussion on the specific impacts the new standard will have on the Entertainment & Media sector. While the new standard will impact companies broadly, there are particular implications to Entertainment & Media companies that deserve focus as companies plan for implementation.
Our benchmarking of some of the largest companies' conflict minerals filings provides insight into industry trends. We looked at 10 filings for each of the following industries: Aerospace & defense, Automotive, Industrial products, Retail, and Technology.
Sustainability issues are a priority for today’s investors and will continue to become increasingly relevant as institutions seek to integrate environmental, social and governance (ESG) concerns in both current and future investment decisions. How prepared is your company to present a clear narrative to investors supported by good data?
This week's PwC update on financial reporting developments includes: In the loop: Reporting revenue — new model, new strategy?... Dataline: Revised standard significantly changes criteria for discontinued operations and disclosures for disposals... Webcast reminders: Revenue, EPS and IPOs webcasts next week... and more
GRC Technology has become an increasingly critical factor for driving value (i.e., recovering profitability, increasing efficiency, detecting fraud, etc.) and automating manual compliance and risk management activity in the enterprise. Organizations have increased their adoption of Oracle Advanced Control (“AC”) to improve the oversight of corporate governance, including financial reporting compliance, enterprise risk management (ERM), and related audits. To better understand organizations’ awareness and how organizations are using (or considering using) Advanced Controls technology to drive value in an enterprise, PwC conducted an Oracle Advanced Controls study.
This issue of BoardroomDirect® includes an article about the meaning of risk appetite and the role the board and management play. There is also news about a Delaware court decision on fee-shifting bylaws, the new Venezuelan foreign currency exchange regime and an update on the 2014 shareholder proposals, the proposals for Audit Quality Indicators and the conflict minerals disclosure rule.
Risk oversight continues to be top-of-mind for directors. One area that’s particularly important for boards to better understand is the company’s risk appetite. This publication defines risk appetite as it pertains to the board's oversight of risk management.
This week's PwC update on financial reporting developments includes: FASB and IASB issue final standard on revenue recognition... Register for PwC's upcoming Revenue Recognition webcast series... Venezuelan exchange rates... Five megatrends and possible implications: Directors edition... Audit Committee Excellence Series... and more
Companies often begin their preparations for going public well before they launch the IPO process. There are a number of common accounting and reporting issues that a company will face as part of the IPO process and related areas that are often the focus of SEC reviews. Watch a replay or participate in the on demand (CPE-eligible) version of this webcast.
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
On May 9, 2014, the IRS released proposed regulations (“Proposed Regulations”) which are intended to clarify the definition of “real property” for purposes of the asset tests applicable to real estate investment trusts (“REITs”). The IRS’s expectation is that taxpayers will be able to utilize the additional guidance in the proposed regulations to analyze whether their assets qualify as real property in lieu of seeking private letter rulings.
Oil and gas company land departments must manage increasing volumes of land data from which they must derive intelligence. Leading companies streamline the integration of land assets, have efficient land services functions, and generate business insight from land data.
In the new norm, leak survey is no longer viewed simply as a compliance activity—it is integrated with risk assessment, work identification, and investment planning to transform integrity management and enhance pipeline safety.
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.
This edition discusses the importance of press releases covering preliminary results, considerations for audit committees before releasing results, and tips for reviewing actual filings. It also includes audit committee considerations regarding financial reporting oversight.
This week's PwC update on financial reporting developments includes: In the loop: How new accounting elections could affect your deal or IPO strategy... Webcast: Hot topics in earnings per share... FASB meetings and project updates... IFRS Foundation publishes 2013 annual report... IFRIC Update — May 2014... and more
The reporting implications of three legal exchange mechanisms in Venezuela, each with a different exchange rate, are discussed by PwC's Stephanie Stewart, John Bishop and John Horan in a Special Edition of The quarter close.
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.
Technology deals for the first quarter of 2014 started strong, continuing the momentum of the second-half surge of 2013. Equity markets remained near record highs and IPO activity remained robust in an improving economy. Software and Internet deals continue to dominate as cloud, mobile and data drive much of the industry focus today.
The FASB and IASB have been jointly deliberating insurance contract accounting with a goal of issuing a single, high-quality global standard on insurance contract accounting. CFOdirect offers a roundup of PwC’s reports and insights on the insurance contracts project.
In the loop is an executive-level series addressing important financial reporting and regulatory issues. Our first edition discusses how changes in private company accounting could affect future deal or financing strategies.
PwC's National Professional Services Group invites you to attend a webcast on Earnings Per Share where we will highlight several current and recurring hot topics related to the calculation of earnings per share (EPS).
The FASB's framework for Accounting for Fair Value Measurement (ASC 820) continues to challenge preparers, particularly with regards to the latest disclosure requirements from the 2011 amendment. PwC provides helpful publications and guides to assist users in this challenging area.
The 2013 COSO update to its Internal Control Integrated Framework, authored by PwC, helps refresh your internal controls for today's environment. Visit our COSO page for PwC's recent developments and videos, and links to key documents from the COSO (Committee of Sponsoring Organizations of the Treadway Commission) organization which is dedicated to providing thought leadership and guidance on internal control, enterprise risk management and fraud deterrence.
This publication provides perspectives on the latest market and economic trends, regulatory activities and legislative changes affecting the real estate industry as well as informed views of the most current developments in operations, business strategy, taxation, compliance and financing.
The planned 2015 FCC auction of spectrum currently used for television broadcast across the United States presents a potential opportunity for broadcasters to monetize a valuable asset – their wireless spectrum – in a new way. Despite this opportunity, multiple concerns surrounding the auction exist including the costs, potential for business disruption, efficiency and effectiveness of such a broad initiative, and the potential impact to channel brand recognition.
This week's PwC update on financial reporting developments includes: In brief: Consolidation — changes may affect all industries... M&A snapshot... Save the date: Q2-2014 Current Accounting and Reporting Developments webcast - June 18... Reminder: Mergers & Acquisitions webcast - May 20... and more
The entertainment, media and communications (EMC) deal market is off to a strong start with a few high dollar deals announced in the first quarter. We cover the landscape of deals including private equity and cross-border deals, and dive deep into the emergence of Multi-Channel Networks (MCN) as the new hot property in the digital video space. We recap recent deal activity in the most active sectors, including: Broadcasting, Communications, Internet Related/Information Services, Recreation & Leisure and Film/Content.
Deal activity is off to a good start led by numerous large deals, and confirms our positive outlook for 2014. Core retail trade sales improved in March which may give some rise in optimism for the remainder of the year after a slow start. IPO activity moderates in the first quarter after coming off a strong performance in 2013. However, the R&C pipeline is the strongest the sector has seen in recent years.
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.
5/12/14 | US Capital Markets and Accounting Advisory Services
Unexpected expenditures and accounting adjustments – like those arising from environmental obligations – can dramatically impact capital budgeting and future earnings. Companies have found that practices vary widely across sectors and both engineering and accounting expertise are critical in assessing environmental obligations.
Sustainability has been on the executive agenda for years and it’s now one of the fastest-growing supply chain management trends. More than two-thirds of 500 supply chain executives say it will play an important role in how they manage their supply chains through 2015. When PwC and APICS Foundation decided to explore what the people responsible for executing on these strategies would say about the topic, an interesting picture emerged. Thirty-nine percent of APICS members, the leading association for supply chain and operations, say company leadership is not providing the mandate, incentives, and resources to turn supply chain sustainability into action. Read this report to find out more.
Did you miss our Mergers & Acquisitions webcast on Tuesday, May 20th? If so, you still have an opportunity to view the webcast and earn CPE credit through our on-demand version. This webcast features Beth Paul, PwC Strategic Thought Leader, Ravi Rao, National Office SEC Services Partner, and Dimitri Drone and Matt Sabatini, both Partners in our Transaction Services group. It covers accounting, financial reporting and valuation considerations in connection with the acquisition of a business.
This issue of IFRS news looks at (1) IASB’s discussion paper on accounting for macro hedging, (2) integrated reporting, (3) IFRS in the US, (4) foreign exchange - a moving target, (5) revenue standard expected in second half of May, (6) IASB’s research programme, (7) leasing deliberations, and (8) Q&As: perpetual debt.
The first 2014 edition of ProxyPulse, a special publication from PwC’s Center for Board Governance and Broadridge Financial Solutions, covers 1,066 shareholder meetings held during the “mini-season” between July 1 and December 31, 2013. It looks at several areas including public company ownership composition, director elections, say-on-pay, proxy material distribution, the mechanics of shareholder voting, and the 2014 proxy season currently underway.
This week's PwC update on financial reporting developments includes: Webcast: Mergers & Acquisition — May 20... BoardroomDirect: Special Edition (ProxyPulse, first edition 2014)... IFRS news – May 2014... Market trends in retiree healthcare and financial reporting implications... and more
Did you miss the Q2 2014 "Current Accounting & Reporting Developments" webcast on June 18? If so, you still have an opportunity to view the webcast and earn CPE credit! PwC is offering the Q2 2014b webcast in an on-demand format for your convenience.
Our US benchmarking service recently published hundreds of metrics that reinforce the business improvement opportunity available to HR departments today - if they can align workforce performance to business strategy, supported by effective data.
On this webcast we will share the results of PwC’s Business Continuity Management Insights Survey, "Business Continuity Beyond Company Walls". A PwC panel of business continuity and vendor risk management leaders will discuss the survey results and provide insight into how companies can gain, manage and integrate vendor resiliency as part of their resiliency and recovery program.
The use of cloud is strategic – it drives business agility and employee productivity. At the same time, organizations are concerned about the risks arising from utilizing cloud based services, but the drive to the cloud is accelerating. Please join PwC’s Cloud Assurance team along with CEO and Co-Founder of Skyhigh Networks, Rajiv Gupta, for this webcast.
This week's PwC update on financial reporting developments includes: 10Minutes on integrated reporting... Private company reporter: PCC continues discussions on intangible assets... BoardroomDirect: April 2014... SEC issues guidance on conflict minerals disclosures... and more
This issue of BoardroomDirect® includes an article on coverage of the PCAOB’s public meeting on its proposed changes to the auditor’s reporting model. The newsletter also contains an analysis of the federal government’s cybersecurity framework, a call by some to raise the shareholder proposal threshold, and the possibility that the SEC may weigh actions on proxy advisory firms. There is some news for audit committees: comments by the CAQ on the EU audit market changes, PwC’s 2014 State of the Internal Audit Profession Study, and a federal court decision on the SEC’s conflict minerals disclosure rule.
The National Association of Insurance Commissioners held its Spring National Meeting in Orlando, FL from March 27 to April 1. This newsletter contains information on activities that occurred in some of the committees, task forces and working groups that met there.
Investors have been showing increased interest in the correlations between financial performance and sustainability factors like resource scarcity, environmental performance and corporate governance when assessing a company’s future risk and growth opportunities. Is your company ready to respond? This 10Minutes highlights insights and benefits companies can glean into these issues by integrating their thinking to develop a better understanding of impacts to their businesses, allowing them to tell a more holistic value creation story.
Deal activity in the aerospace and defense (A&D) industry was off to a slow start in 2014. While aerospace-focused deals are expected to continue at high valuations, the defense mergers & acquisitions (M&A) market remains sluggish. Unless long-term defense priorities become clearer, a sustained increase in the overall pace of A&D M&A is unlikely.
Chemical industry mergers and acquisitions increased in advanced economies, with shale gas opportunities playing a major factor in the United States. Chemicals industry companies are pursuing a variety of deal strategies, including joint ventures, spin-offs, and complete divestitures.
Large deals continue to drive engineering and construction industry mergers and acquisitions, especially in the oil, gas, and petrochemical sectors. Risk aversion is impacting deal activity in emerging markets.
Industrial manufacturing mergers and acquisitions activity rose in the second half of the year, with oil and gas end-markets driving deals in the industrial machinery sector. Deal strategies are expected to shift to growth-oriented transactions in 2014.
This week's PwC update on financial reporting developments includes: In brief: IASB issues discussion paper on macro hedging... FASB meetings... SEC staff issues updated compliance and disclosure interpretations on Securities Act Rules... Key dates in May... and more
HRIS systems are moving from on-premise to the cloud, allowing executives to develop new business models to enhance time to market, create operational efficiencies and engage customers in new ways. Within the cloud workspace three HR Technologies solutions have emerged as the primary players - Workday, SuccessFactors and Oracle Fusion. Learn what each one offers, how to best prepare your employees for such a change, and how to make it a part of a holistic cloud plan so that executives can manage risk as well as opportunity.
The number of logistic transactions is on the rise and private equity and industry players continue to look for strategic purchases, particularly of specialty 3PL providers. Third-party logistics providers are becoming increasingly indispensable due to their high level of customization, service quality, or service accuracy. Because of the number of well-capitalized players and the need for this operational intelligence and sophisticated capabilities, we expect this momentum of deals to continue.
The IASB will hold educational, non-decision-making sessions on May 15-16, 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 developments includes: Point of view: Financial statement disclosures... Dataline: Implications of recent events in Venezuela... PwC comments on proposed amendments to ASB's comfort letter standard... and more
This PwC publication presents our analysis of 2009 through 2012 year-end proxy disclosures for 100 large public companies relative to their compensation recoupment or “clawback” policies. When providing employees with bonuses, stock options, or other incentive awards, companies often establish provisions that allow them to recoup all or a portion of the award under certain circumstances. These provisions, referred to as clawbacks, are detailed by most public companies in their annual proxy statement.
This Pharmaceutical and Life Sciences Alert focuses on the key accounting considerations when assessing whether an entity is an investment company under the new accounting definition and provides illustrative examples.
With the deadline for conflict minerals reporting and disclosure fast approaching, PwC recently surveyed 700 stakeholders on their preparation, progress, and challenges. We found many will need to rush to comply with the conflict minerals rule mandated by the Dodd-Frank Act.
This installment of PwC's Healthcare, Higher Education, and Not-for-Profit quarterly webcast series covers (1) recent developments related to the FASB/IASB convergence projects, (2) an update on FASB projects impacting not-for-profit entities, and (3) as a refresher we will talk about standards that will be effective this year.
In this webcast we will discuss business leaders recognize that talent is a critical enabler to achieving their business strategies, and recognize that better information about their workforce is mandatory for decision making. Improving workforce analytics capabilities enables HR organizations to address leadership's need for robust information. Saratoga benchmark results for 2014 suggest, however, that real improvement opportunities still need to be made for most organizations.
PwC's Risk Assurance Data Protection & Privacy practice invites you to attend our upcoming webcast. Data privacy is an urgent issue for both consumers and businesses. This webcast will focus on the following topics to help companies enhance their processes and build customer trust: (1) Elevating privacy to the board level, (2) Establishing privacy as a business differentiator, (3) Developing strategies for an effective privacy program, and (4) Responding to incidents and leveraging the lessons learned.
This issue of IFRS news looks at (1) leases – convergence is no longer a priority, (2) IFRS 10 practice issues, (3) OCI - feedback from the Conceptual Framework Discussion Paper, (4) EU backs IFRS Foundation, (5) exposure draft on IAS 1 narrow scope amendments, (6) joint arrangement implementation issues, (7) equity method in separate financial statements, and (8) Q&As: Onerous contracts.
This is the second in our series focused on navigating the waters of a cross-border acquisition. The series looks at various aspects along the deal continuum, including pre-acquisition due diligence and strategies, financial reporting requirements, tax implications, and post-acquisition considerations. This edition provides insights on SEC and other financial reporting requirements that may apply in a cross-border acquisition.
This week's PwC update on financial reporting developments includes: Dataline: Simplified hedge accounting approach... FASB meetings and project updates... SEC extends comment period for asset-backed securities releases... and more
The robust market for initial public offerings (IPOs) continued in the first quarter of 2014, and momentum is expected to remain strong into the second quarter, according to IPO Watch, a quarterly survey of IPOs listed on U.S. stock exchanges by PwC US.
Our annual State of the Internal Audit Profession, which includes responses from more than 1,900 chief audit executives (CAEs), internal audit managers, members of senior management, and board members, representing 24 industries and 37 countries, provided substantial insight into how internal audit is performing and the steps individual functions are taking to increase their contribution to their respective organizations.
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.
M&A in pursuit of innovation is a high-potential source of growth. That's what we learned in a survey of tech companies, where 76 percent of innovation-focused acquisitions met or exceeded expectations. Led by the right inorganic growth strategy and accompanied by a holistic approach to deal execution, business leaders in all industry sectors can apply key lessons learned from innovation-intensive industry sectors to their own business and accelerate growth. Read to explore the key success factors in acquiring innovation.
Over the past several years, interest in Africa as a destination for investment has been growing at a steady clip. Private equity was the first to make serious inroads into this heterogeneous continent of 54 countries. More recently, multinational corporations and a variety of other investors have entered the fray.
PwC's Risk Assurance Group invites you to attend the Eliminate Cash Leakage with Oracle Advanced Financial Controls for Healthcare Providers webcast to learn how Oracle Advanced Financial Controls can provide a thorough financial controls solution for your organization.
In this webcast, Jean Connolly will summarize the recent developments of the short and long-term projects of the NAIC with a focus on decisions reached at the 2014 NAIC Spring National Meeting (March 29- April 1). The webcast will also highlight the activities of some of the committees, task forces and working groups of the NAIC.
In 2008 and 2011, our tri-annual M&A Integration survey reports underscored the need for early planning and an accelerated transition as critical factors for successful integration. This 2014 survey report confirms these factors remain in today’s deals, and offers additional insights – showing that while early planning and rapid transition remain important, the commitment to integration completion over the long-term can be the deciding factor for deal success.
This week's PwC update on financial reporting developments includes: BoardroomDirect: March 2014 edition... The quarter close – Directors edition... PwC comments on proposed SEC rule to increase access to capital for smaller companies... and more
The inaugural edition of PwC’s Audit Committee Excellence Series covers a company’s forward-looking guidance practices and the potential risks associated with analysts’ consensus estimates. It provides board-level perspectives regarding current trends as well as the advantages and disadvantages of providing guidance.
The PwC Rx Marketplace Quarterly features a wide range of financial reporting developments, accounting and tax developments, regulatory updates and general industry trends impacting the pharmaceutical and life sciences industry. Each quarterly also shares strategies that companies can use to unlock divestiture value, as well as links to publications and online resources. In the spotlight in this issue is our summary of the IPO market, which has seen its most robust year since 2007. We cover key metrics for the past year, assess the industry’s top registrants, and offer a snapshot of IPO activity during the first two months of 2014.
PwC's Center for Board Governance invites you to join their Quarterly Webcast Series, designed to help board and audit committee members more effectively meet the challenges of their critical roles. On March 27, Mary Ann Cloyd, Leader of PwC's Center for Board Governance, discussed the increasing demands of cybersecurity with The Honorable Tom Ridge and PwC's Charles Beard.
Joel Walters, inbound tax leader for PwC US, explores how in-house teams can successfully navigate the new corporate tax landscape in light of increased scrutiny on tax planning processes, reporting requirements, and compliance initiatives.
PwC and the Organization for International Investment (OFII) kickoff the release of the 2014 Insourcing Survey with events in Seattle and Detroit this week. Drawing attention to the critical role foreign direct investment plays in states across the country, the release will feature Governor Inslee of Washington state and Governor Snyder of Michigan. This survey provides valuable insight on the current business environment for foreign companies to create jobs in the United States, as well as policy priorities that impact US competitiveness for cross-border investment.
3/25/14 | US Capital Markets and Accounting Advisory Services
Recently the FASB issued an Accounting Standards Update to permit private companies to amortize goodwill acquired in a business combination, and to apply a simplified goodwill impairment model. This change is intended to help reduce reporting complexity for private companies; however, private companies should carefully consider this alternative, especially for those considering an initial public offering.
How does an audit committee “raise the bar” on its performance? The PwC Center for Board Governance is publishing the Audit Committee Excellence Series (ACES) to help address this question. The series provides practical and actionable insights, perspectives and ideas to help audit committees maximize committee performance. While targeted to directors serving on audit committees, it is also beneficial to others working with audit committees including CFOs, CAOs, general counsels, and internal auditors.