Welcome back to campus! We enjoyed seeing many of you at the AAA meeting in New York City and we hope that your school year is getting off to a great start! Thank you to all who participated in the 2016 Public Accounting Report Survey released this month. We are very pleased that so many of your top accounting students are choosing PwC.
We have several things to share this month - starting with our new collaboration with Coursera featuring a Data Analytics specialization! We highlight our new US Leadership Team along with recent important Firmwide discussions and as well as some recognition for PwC by Glassdoor and U.S. Veterans magazine. We are also updating you on some things impacting your students such as changes to enhance our Talent Acquisition strategy, progress with launching our Student Loan Paydown program and our newly launched Student Debt Quick Guides. Finally, we highlight our PwC Tax Case Studies along with several other resources including The Quarter Close, the upcoming 2016 Current Accounting and Reporting Developments webcast, the recent FASB Invitation to Comment Letter, Tax Function of the Future: Driving Value through Tax Reporting, and the Global Entertainment and Media Outlook 2016-2020.
Empowering people through learning
At PwC, our purpose is to build trust in society and solve important problems. We think there's an opportunity to do this by sharing our experience and expertise with anyone who wants to learn. We’re joining forces with Coursera to create a series of courses designed around topics that address big global issues, drawing on the real-world knowledge and experience of PwC experts from around the globe from multiple disciplines. Our first course is focused on data and analytics, one of the biggest areas of opportunity to help solve problems in an increasingly complex world.
All course materials can be accessed at no charge. (Those who want to take the assessments and get a certification will pay a small charge). As instructors, you may identify portions of the courses which you wish to incorporate into your classes as assignments to help demonstrate concepts you are teaching. We hope you will agree that this will be a valuable resource. To learn more about and access Coursera, click here.
Hear more about this exciting new initiative from our Chief People Officer, Mike Fenlon, here.
In April, we announced Tim Ryan as our new US Chairman and Senior Partner. We would now like to highlight Tim’s new US Leadership Team. To hear more from Tim Ryan about his process for identifying this team and the individuals who comprise it, click here.
While we are committed to PwC being an inclusive, tolerant workplace, what could we possibly do to affect change in the near term? And what was clear is that we can’t know what others are feeling and what their experiences are like unless we have dialogue. Dialogue drives inclusion and tolerance. We needed to talk to each other, listen to each other, demonstrate compassion, and make genuine efforts to understand.
So, all over the country, PwCers gathered together in offices or in smaller teams--however they felt comfortable--to have a difficult, but necessary, conversation. Read more from Tim Ryan here and more about dialogue here.
The interview experience is a two-way street — while employers are sizing up their candidates, candidates are soaking up as much as they can about the company’s management structure, values and culture. This critical “first look” into a company can greatly influence a candidate’s outlook on the company and their desire to further pursue the application process.
So which companies are getting the candidate experience right? Glassdoor reveals the winners of its Candidate’s’ Choice Awards, honoring The Best Places to Interview in 2016. This award recognizes employers with the best interview experience, according to those who know best — the job candidates, and its methodology is based on Glassdoor economic research. Read the results here.
At PwC, our purpose is to build trust in society and solve important problems, and our strategy to attract, hire, mentor and retain veterans and veteran spouses is an important part of fulfilling that purpose. Though our work continues to serve those who have given us so much, it’s an honor to be named on the 2016 list of Top Veteran-Friendly Companies by U.S. Veterans Magazine. Recognitions like this one are an opportunity for me to reflect on how we’ve brought our veterans advocacy strategy to life over the last few years as we aspire to a “world class” professional services, military-friendly employer status. Hear more from Chris Crace, our Veterans Advocacy Leader, here.
The competitive landscape is rapidly changing with even more competition for top talent; talent acquisition functions are innovating with new technology, social media and marketing. PwC’s Talent Acquisition of the Future program was created to align our talent acquisition organization to our firm’s evolving business strategy. Our function must be distinctive, innovative, agile and efficient - focused on data and relationships in order to create a competitive advantage.
Our vision is to create a competitive advantage through an improved talent selection process. During the pilot period, using a web-based platform, we will accurately and scientifically measure how well candidates solve problems, reason and absorb new information, as well as their work-style preferences which align to the PwC Professional Global Framework. Together, these attributes are important at PwC.
This fall, we will pilot the assessment at >50 schools. Applicants will be encouraged to complete the assessment as part of their application process, however, it will be required to be considered for an interview with PwC.
What is in it for your students? For job seekers, our hypothesis is that incorporating assessments in our process will:
Please learn more about our Assessment journey here.
We know that student loan debt is a major societal issue and can create a significant financial burden for students as they launch their careers. PwC’s Student Loan Pay-down (SLP) program can make a difference and helps address this challenge. Under SLP, participating associates and senior associates will receive $1,200 a year towards their student loans for up to six years or until their promotion to manager (whichever comes first). It has the potential to reduce their student loan principal and interest obligation by as much as $10,000 and shorten their loan payoff period by up to three years. Student loan debt is an issue at the heart of PwC’s Purpose: to build trust in society and solve important problems. We’re proud to be one of the first in the industry to offer assistance with this type of benefit, which went into effect for eligible PwC staff summer 2016. To learn more about the benefit, click here.
Also, thanks to Forbes and Financial Advisor Magazine for recognizing PwC as a company stepping in to help employees pay down their student debt. 6,300 employees and counting have enrolled in PwC’s student loan paydown benefit since its launch on July 1st. Read from Forbes here and read from Financial Advisor here.
How to pay for college and managing finances after college
PwC’s 2 Minute Video Series is aimed at educating aspiring college students and recent graduates on paying for college and managing finances after college. Moreover, students will improve their understanding of undertaking and managing student loan debt in order to adequately plan for immediate and long term implications of having and paying down student loans. To watch the most recent 2 Minute Video, click here. To download the student debt guides, click here.
We are pleased to highlight our PwC Tax Case Studies which include over 50 cases on a variety of topics. The cases provide students with realistic fact situations in which a number of tax problems and opportunities can be identified. The cases include prospective as well as completed business transactions, so that students can incorporate a certain amount of tax planning into their solutions. The case studies cover various topical areas, summarized in the index, typically encountered in a second university tax course, or in a business-school graduate tax program. To access more information, click here.
This edition of The quarter close focuses on timely accounting and reporting information that can help you prepare for second quarter reporting. We start by spotlighting a video on the current volatility in our capital markets and the potential impact on accounting.
The quarter close is just one way we help keep you up to speed on what you need to know each quarter. Whether you prefer the written word, audio webcasts and podcasts, or video clips, our offerings have you covered—all accessible from this page. Read more here and download the report here.
Date: September 21, 2016
Time: 01:00 PM EDT
PwC's National Professional Services Group invites you to attend our webcast on Wednesday, September 21 at 1:00 pm ET. The webcast is designed to keep you informed about emerging accounting, regulatory, and market developments impacting financial reporting.
Please join us for this 90-minute webcast featuring insights from a broad range of PwC specialists who will update you on current technical topics and emerging issues that may impact your business. Register for the webcast here.
On August 4, 2016, the FASB issued an Invitation to Comment (ITC) to solicit feedback from stakeholders about potential financial accounting and reporting topics that the FASB should consider adding to its agenda. Read more here.
Areas in which feedback is being solicited
With the completion of several major projects over the last couple of years (e.g., revenue, leases), the FASB has begun to consider other major areas of financial reporting for which improvement might be warranted. Over the last year, the FASB has received feedback from its various advisory groups and other stakeholders and has identified the following topics for potential future standard setting:
Tax functions continue to be challenged to produce accurate reporting in more compressed timeframes, while confronting rising pressure to add value to the overall organization. In this paper, we examine why these core processes must improve, the benefits of these improvements, and recommendations for developing and executing a comprehensive strategy for enhancing tax reporting. To learn more, click here.
The Tax Function of the Future will deliver better quality reporting in less time and contribute more strategically to organizational decision-making through:
Capturing attention and value in today's global multi-speed media landscape has never been more challenging.
The past 20 years have brought a wave of disruption in technologies, distribution, and formats. All this, plus the resulting shifts in user behavior, are eroding the once-solid borders defining industries and pushing the boundary of what it means to be a “media company.” Entertainment & media companies are fighting to navigate today's landscape and answer questions like:
PwC's Global entertainment & media outlook is the most comprehensive five-year economic forecast for industry revenue, ad spending and internet access. The Outlook provides a roadmap for future industry growth.
During the forecast period, five industries will demonstrate changes with the most impact - film, TV/video, music, internet advertising, video games. Below we highlight outlook results for these sectors. Learn more here.
Julie Peters, US University Relations Leader
Have #StudentDebt? PwC can help! Learn more about PwC's new employee benefit.