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.)
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.
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.
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.
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 edition includes: Flashline, Implications of Recent Events in Venezuela, Clawbacks 2013 proxy disclosure study, On demand version of Q1 2014 Current Accounting and Reporting Developments webcast, and more
PwC's latest summary of recent developments at the Public Company Accounting Oversight Board (PCAOB) including links to, and abstracts of, items such as news releases, action alerts, proposed rules, PwC comment letters, final rules, and meeting minutes.
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.
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 edition of Mergers & acquisitions — a snapshot 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.
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.
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.
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.
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.
The accounting for business combinations, discontinued operations, divestitures, and related topics impairments and segment reporting continues to pose many challenges and remains on the SEC's radar screen. PwC provides the latest developments and continued areas of focus in these and other business combination topics.
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.
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.
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.
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.
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.
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.
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.
PwC's Risk Assurance Group invites you to attend the Entity Close: How to Achieve Speed, Control and Compliance using GRC webcast, to understand how GRC solutions can be leveraged to improve your closing process.
Join us for an in-depth look at the latest trends and themes presented in our 2014 State of the Internal Audit Profession Study. The findings have expanded significantly upon last year's focus on the alignment of expectations for the function and include: Understanding stakeholder perceptions related to the value of Internal Audit; Further enhancing alignment of Internal Audit's mandate or core responsibilities; Improving performance of Internal Audit through alignment of expectations; and more.
This week's PwC update on financial reporting developments includes: The quarter close—A look at this quarter’s financial reporting issues—Q1 2014 ... 10Minutes on revenue recognition ... COSO 2013: ICFR Transition (video)... FASB meetings and project updates... and more
After much deliberation, the FASB and IASB are set to release a final global revenue recognition standard in the coming months that will do away with current industry-specific accounting and instead apply a single set of principles to all revenue transactions. Changes to practices, processes and systems could ripple through your business. 10Minutes on revenue recognition provides information about the standard as well as insight into ways in which some companies are preparing for the broader impact.
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 Q1 publication and view our new video perspectives.
This Conference Board event will explore the evolving role and complexities of corporate development teams and how these individuals are playing a more crucial role in shaping the business agenda that ever before.
In our discussions with members of the investment community, they noted that income tax issues are very important to their analyses and they desire more transparency into the impact of income tax related decisions on companies’ financial reporting.
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 edition includes: Flashline, Dataline: Goodwill accounting alternative - FASB and PCC issue final standard for private companies, Reminder: Q1 Current Accounting and Reporting Developments Webcast on March 18, and more
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. Visit our COSO page for PwC's latest summary of recent developments, videos, and links to key COSO documents.
PwC recently convened several roundtables of employers in New York, Chicago, and Atlanta to discuss health coverage at this pivotal moment. This thought leadership article highlights the conversations and results of the related survey.
This week's PwC update on financial reporting developments includes: Reminder: Q1 2014 Current Accounting and Reporting Developments webcast — Tuesday, March 18 ... Dataline: Goodwill accounting alternative — FASB and PCC issue final standard for private companies ... IFRS in the US: The importance of being financially bilingual... and more
PwC's Center for Board Governance invites you to join the next session in 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, will discuss the increasing demands of cybersecurity with The Honorable Tom Ridge and PwC's Charles Beard.
This PwC publication includes an analysis of comments made by the SEC staff to registrants published on the SEC’s website between January 1, 2013 and September 15, 2013 related to pensions and postretirement benefits other than pensions (OPEB). There were 37 companies that received one or more comments related to pensions and OPEB during that period, for a total of 78 comments.
This issue of IFRS news looks at (1) Change on the horizon - Peter Hogarth looks at recent developments, (2) Olivier Schérer gives his perspective on the post implementation review, (3) Debt versus equity - regulatory reform adds fuel to the age old debate, (4) Convergence out of sight as IASB and FASB diverge, (5) IFRS 9 effective date, (6) New revenue standard delayed, (7) IFRS Workplan, (8) IC stops debate on ‘higher of’ plans (9) Q&As: ‘N’ is for Non-controlling interests.
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.
President Obama has submitted to Congress a $3.09 trillion federal budget for Fiscal Year 2015. Like last year's budget, revenue proposals in the President's FY 2015 budget are separated into three categories - business tax reform, deficit reduction, and offsets for certain tax relief proposals and new programs.
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 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.
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
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.
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.
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.
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 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
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
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.
Our quarterly webcast is designed to keep you informed about emerging accounting, regulatory, and market developments impacting financial reporting. Did you miss the Q1 2014 webcast on March 18? If so, you still have an opportunity to view the webcast and earn CPE credit! PwC is offering the Q1 2014 webcast in an on-demand format for your convenience.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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?
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.
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 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.
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.
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.