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Earth Day is April 22, but why limit a good thing to one day? At PwC, we're celebrating Earth Month with a month-long focus on ESG, starting with disclosures related to climate change. Various stakeholders, including the SEC, are focused on this area, so we break down what you need to know. Read our In the loop, Don't wait until the SEC staff asks you about climate change, for details.
As the first quarter of 2021 comes to a close, listen as host Heather Horn and a panel of PwC partners highlight what companies should be thinking about for their interim reporting.
According to our latest Pulse Survey, 39% of senior executives plan to consider ESG-related opportunities (e.g., investments, deals) in the next 12 months. Whether enhancing the E, S, or G, that kind of focus will likely generate press releases and other disclosures.
In response to an ongoing trend of enhanced ESG disclosures, the SEC has increased its focus on climate-related disclosures. Read our In the loop to understand the SEC’s disclosure requirements and considerations related to the impact of climate change.
On March 30, the FASB issued guidance introducing an accounting alternative allowing private companies and not-for-profit entities to forgo the evaluation of goodwill impairment triggering events occurring throughout a reporting period. The alternative, if adopted, allows these entities to evaluate goodwill impairment triggering events only as of the end of the reporting period and, if necessary, to recognize and measure any resulting goodwill impairment as of that date. The alternative does not change the impairment guidance for other assets, such as long-lived assets and indefinite lived intangibles.
The guidance is effective prospectively for fiscal years beginning after December 15, 2019. Early adoption is allowed for any financial statements that have not been issued or made available for issuance as of March 30. For further insights on applying the new guidance, including considerations for private companies prior to adoption, read our In brief and listen to our podcast.
Among our most popular content in March are:
Watch the video replay of our March 2021 IFRS Technical Update webcast. Our global specialists address Phase 2 amendments of IBOR reform, the interaction between leases and non financial assets, supplier finance arrangements, and special purpose acquisition entities (SPACs).
In this edition of Pharmaceutical and Life Sciences Quarterly (formerly Rx Marketplace), we discuss industry-specific insights into the top issues of 2021, SEC comment letter trends, first quarter adoption of FASB guidance, tax policy changes, ESG, and more.
In separate public statements on March 31, the SEC’s Acting Chief Accountant and the staff of the Division of Corporation Finance expressed their views on several issues that private companies should consider in advance of a business combination with a special purpose acquisition company (SPAC). Topics included considerations relating to accounting, auditing, financial reporting, internal controls, timing, initial listing standards, and governance.
For details on specific accounting implications, read our In depth, Domestic SPAC mergers - financial reporting and accounting considerations.