PwC's accounting weekly news: February 14, 2020

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Happy Valentine’s Day! We were going to get you chocolates, but chocolates can’t help you decide on a structure to help prepare for an IPO. See our paper on why an “Up-C” may be the right answer. Maybe CPEs are a better gift? Don’t forget to register for our quarterly accounting and reporting webcast.

Behind the curtain: The road to solving your complex accounting

It’s a different perspective in this week’s episode! Tune in as we hear from PwC’s National office leaders as they share best practices for solving your most complex accounting issues.

Register: Q1 2020 Accounting and reporting developments webcast (March 18, March 24, or April 2)

Join us for one of our three quarterly video webcasts with special guest, Code-E the robot. We will discuss finance transformation, cybersecurity, LIBOR, and CECL. We will also provide a standard setting and regulatory update. Since the content for the sessions is the same, participants are only eligible to receive CPE for one session. Register today.

Resources for private companies crossing the finish line in their ASC 606 adoption

Many private companies will be reporting using the revenue guidance in ASC 606 for the first time this year (the guidance is required for calendar year-end companies beginning with their 2019 annual financial statements). We have two previously released In depths, one on private company contract review considerations and an FAQ on private company transition and disclosure, that may provide insights as private companies wrap up their implementation process. Private companies may also find our podcast The new revenue standard: 5 things private companies need to know and our guide Revenue from contracts with customers to be helpful resources.

Considering an IPO? Here’s why an Up-C might be advantageous

The popularity of umbrella partnership C corporation (Up-C) structures as a means to access capital markets for companies contemplating an IPO has significantly increased. An Up-C structure can be utilized by companies across all industries and sectors, but is particularly common for private equity portfolio companies.

Register: PwC’s 2020 Global Risk Study webcast - February 27

This year’s Global Risk Study surfaced a growing imperative for better collaboration between risk functions (risk management, compliance, internal audit and other risk functions). Register today to hear our panel of industry leaders discuss the steps that risk functions should consider to identify more comprehensive and more predictive risk insights that can help organizations enable and protect value.

Harnessing the power of uncertainty – Tax priorities for 2020

2020 brings US elections, economic instability, and changing global tax policy. The tax function of the future is resilient and agile, prepared to pivot in the face of uncertainty. We cover what should be top of mind as you prepare for what lies ahead in 2020.

Here’s what we’re following

FASB issues proposed guidance for gifts-in-kind

On February 10, the FASB issued an exposure draft proposing new guidance related to the presentation and disclosure of contributed nonfinancial assets (or gifts in kind) in a not-for-profit entity’s financial statements. The FASB is asking for comments by April 10.

GASB issues technical corrections

On February 5, the GASB issued Statement 92, Omnibus 2020, which makes targeted technical corrections to several recent GASB standards. Among other changes, GASB Statement 92 amends the effective date of the interim reporting requirements for the GASB’s leases standard (GASB Statement 87) to provide relief to entities that issue interim financial reports.

Contact us

Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

David Schmid

International Accounting Leader, National Professional Services Group, PwC US