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PwC recently received International Accounting Bulletin’s Audit Innovation of the Year for GL.ai, a revolutionary bot that uses advanced AI technology to detect anomalies in a company’s general ledger (currently in prototype phase).
AC Insights provides audit committee members with a summary of financial reporting developments for public companies using US GAAP, how those developments might affect their companies and things they may want to think about when reviewing financial reports.
This Newsletter contains the Fall 2018 issue of US GAAP Today. Topics covered in this edition include disclosure effectiveness not all about eliminations; implementation issues result in updates for leases; and significant changes for life insurers.
AC Insights provides audit committee members with a summary of financial reporting developments for public companies using IFRS, how those developments might affect their companies and things they may want to think about when reviewing financial reports.
This Newsletter presents a summary of new Public Sector Accounting Standards relevant to financial statements prepared in accordance with the CPA Canada Public Sector Accounting Handbook (includes developments to September 30, 2018).
This Newsletter presents a summary of new US GAAP pronouncements relevant to financial statements prepared in accordance with US GAAP (includes developments to September 30, 2018).
This newsletter presents a summary of new Canadian GAAP pronouncements in Parts II, III, and IV of the CPA Canada Handbook relevant to financial statements prepared in accordance with Canadian GAAP (includes developments to September 30, 2018).
This newsletter presents a summary of new IFRS pronouncements relevant to financial statements prepared in accordance with IFRS (includes developments to September 30, 2018).
The last decade or more may have been dominated by Canada’s conversion to IFRS, efforts to improve accounting standards in the wake of financial scandals, and an illfated attempt at global GAAP harmonization, but these are rapidly becoming fading memories of a distant era. The main themes controlling the conversation now are about improving the quality of financial reporting more generally, including the 80% of it that lies outside the financial statements, whether the information needs of investors are being properly balanced against the cost to public companies, and the emergence of non-financial reporting issues, such as climate change. In this edition of the Financial Reporting Release, you’ll see these themes popping up again and again.
The IASB has two major projects in progress. One project is considering how to revise and update the IFRS Practice Statement 1: Management Commentary. IPS 1 is a guideline for preparing management’s discussion and analysis and is not used by public companies in Canada, which are subject to requirements for MD&A under securities regulations. The other project is the development of an accounting model for rate-regulated activities. Finalization for these projects is not expected for a couple of years.
The FASB completed its maintenance projects related to nonemployee share-based payments and the elimination of the special guidance on deferred income taxes for depository and lending institutions. These changes are outlined in this edition of AC Insights.
Learn how PwC is “simplifying the audit through innovation,” ushering in an enhanced way of auditing that’s delivering high quality and unique insights to our clients.
