Leasing: Consensus remains elusive. What now?
Original webcast: October 9, 2013
Leases allow companies to use property and equipment with payments made over time rather than a large initial cash outlay. However whether the future payment obligations are debt has been a source of debate. More than three years have passed since the IASB and FASB (the “Boards”) issued their initial proposal.
After extensive outreach and re-deliberation, the Boards issued a new proposal in May 2013 for comments. This proposal requires almost all leases to be on the balance sheet and creates two methods for income statement recognition. Comments were due by Friday September 13, 2013.
This webcast will discuss and analyze the comments received and provide insights to help you think through the nuances that might lead to unexpected financial results.
CPE Credit: This webcast will qualify for 1 Accounting CPE credit.
Leasing webcast series:
Original webcast: June 11, 2013
Part 2: Impacts and Actions Items
We expect that the new leasing proposal will have significant financial statement impacts for many companies. We also expect pervasive impacts well beyond financial reporting. Addressing the proposed changes to lease accounting will be a challenge for most companies.
This webcast will discuss why management should be attuned to these impacts, how management can prepare for the changes in a measured way and some of the actions that companies are taking now to prepare for the changes. This webcast will also highlight steps companies may want to take now to begin identifying data requirements and gaps, technology upgrades, operational and process changes that may be necessary while waiting for a final standard.
CPE Credit: This webcast will qualify for 1.0 Accounting CPE credits.
Leasing webcast series:
Original webcast: May 29, 2013
Part 1: Leasing - Overview of Proposed Guidance
Leases allow companies to use property and equipment with payments made over time rather than a large initial cash outlay. However whether the future payment obligations are debt has been a source of debate. Almost three years have passed since the IASB and FASB (the “Boards”) issued their initial proposal.
After extensive outreach and re-deliberation, the Boards will be issuing a new proposal. This proposal will require almost all leases to be on the balance sheet and creates two methods for income statement recognition.
This webcast will discuss an overview of the proposed guidance and the nuances that might lead to unexpected financial results.
CPE Credit: This webcast will qualify for 1.5 Accounting CPE credits.
Classification and measurement of financial instruments - An overview of the FASB proposal
Original webcast: March 12, 2013
The FASB recently issued its revised proposal on financial instruments classification and measurement for public comment by May 15, 2013. Classification and measurement is one part of the FASB and IASB’s broader financial instruments project, along with impairment and hedge accounting.
This proposal reflects a significant change in course by the FASB from its May 2010 proposal. At a high level, the proposal may not appear to be a significant departure from today's accounting; however, the underlying application is vastly different and in many cases can lead to conclusions that diverge from today.
While certain financial institutions such as retail and commercial banks and insurance companies are likely to be most affected by this proposal, other companies with large investment portfolios may also be significantly impacted.
Revenue Recognition Exposure Draft Update
Original webcast: November 29, 2012
Revenue is a key metric subject to considerable focus by investors and other stakeholders. Proposed changes may impact key financial measures and ratios. Companies may need to change information technology systems to capture different information and develop new processes for estimates that are not required today. Adopting the new guidance may require adjusting prior period financial statements.
Understanding the effect of this change on your business will help you inform your key stakeholders, prepare internally, and limit surprises down the road.
US GAAP & IFRS convergence series:
SEC Work Plan Finalization
Original webcast: July 19, 2012
The Staff of the SEC's Office of the Chief Accountant recently published its final Staff report on the Work Plan for the consideration of incorporating IFRS into the financial reporting system for US issuers.
This final Staff paper represents a summary of what the Staff learned in the areas covered by the Work Plan regarding the potential impact of any incorporation of IFRS in the financial reporting system for US issuers, and it will inform any Commission determination on whether, how and when to incorporate IFRS. It also provides transparency to the public related to the Staff's findings and observations.
Please join us for a summary and analysis of the Work Plan final report.
US GAAP & IFRS convergence series:
Preparing for unprecedented changes to lease accounting: Is your organization ready?
Original webcast: July 17, 2012
The FASB and the IASB ("the Boards") recently made some significant decisions in connection with their joint project to overhaul the current lease accounting standards.
We expect that the proposed leasing changes will have significant financial statement impacts for many companies, as well as pervasive impacts well beyond financial reporting. While waiting for a final standard, companies can take certain steps now to begin assessing the implications around data requirements, technology, and processes.
Addressing the proposed changes to lease accounting will be a challenge for most companies. This panel discussion will focus on the latest direction of the Boards as well as insights, strategies and tactics to address these unprecedented lease accounting changes.
US GAAP & IFRS convergence series: Revenue recognition update
Original webcast: November 17, 2011
Revenue is a key metric subject to considerable focus by investors and other stakeholders. Proposed changes will impact key financial measures and ratios. We invite you to join us on this webcast as we discuss the new proposal and its potential business impacts. We will summarize key aspects of the revised revenue recognition exposure draft, highlight changes from today's accounting, discuss the primary business impacts and recommended next steps, and answer as many of your questions as possible during a Q&A session.
US GAAP & IFRS convergence series: IFRS outlook survey results
Original webcast: November 10, 2011
On this webcast, we reviewed results of the 2011 US IFRS outlook survey and discussed PwC's point of view. We began with a recap of recent developments, and closed with some recommendations regarding next steps, incorporating audience questions throughout. We encourage you to review the replay in order to hear what other companies are currently doing - or thinking - in regard to IFRS.
In addition to our live webcasts, PwC has established the IFRS Video Learning Center. The Center consists of a series of on-demand IFRS technical sessions designed to assist companies in identifying the differences between IFRS and US GAAP, and to help them assess the areas of their business that will be most impacted.