PwC's accounting weekly news: April 9, 2021

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As April unfolds, we look back on 2020 reporting. We’ve updated our SEC comment letter tool through 12/31 - check out what the SEC staff focused on by sector. And 2020 10-Ks were among the first to include the new human capital disclosures. Listen to our podcast to hear what trends we identified in our analysis of over 2,000 filings. Looking forward, we have a particularly engaging discussion on the geopolitical landscape in China and what that means for your business.

Forecast 2021: The impacts of China's global macrotrends

This week, host Heather Horn sat down with Craig Stronberg, who leads PwC’s Intelligence team advising global and firm leadership on macroeconomic and geopolitical events, to get some insight on the geopolitical landscape in China, clear-up common misconceptions, and discuss what the future might hold. You won’t want to miss this episode!

Human capital disclosure trends in recent 10-K filings

With the SEC’s new human capital disclosure rules now effective, PwC looked at more than 2,000 Form 10-K filings to understand what companies disclosed. In this episode, Heather Horn sits down with PwC partners Sheri Wyatt and Brandon Yerre to look at the human capital disclosure trends we saw in this year’s reporting season.

Want to learn more about the new rules? Read our In the loop, New human capital disclosure rules: Getting your company ready.

Spotlight on: SEC comment letter trends tool

Our recently updated SEC comment letter trends series identifies the frequency of topical areas addressed by the SEC staff and how their focus areas changed over time. In addition to providing our insights on the nature of the SEC staff comments, we provide sample text from actual letters and links to where you can learn more about the related accounting and disclosure requirements. Our SEC comment letter trends series has been updated for comments released through December 31. See what the SEC staff may be focused on in your filings.

Business combinations guide

We’ve updated portions of our Business combinations and noncontrolling interests guide to include the latest insights related to the accounting for acquisitions. Read it today.

Reminder: Register for our April 21 webcast: Lease accounting - Springing forward

Register for our lease accounting webcast for an in-depth discussion on lease accounting issues in the current environment, where many are rethinking their real estate footprint. Participants will be eligible for 1 CPE credit.

Life after an Up-C IPO

In this edition of Observations from the front lines, we explore how to navigate the financial reporting complexities of operating as an umbrella partnership C corporation.

Here’s what we’re following

FASB discusses intangible assets and subsequent accounting for goodwill

On April 7, the FASB met to continue its deliberations on possible changes to the accounting for intangible assets and the subsequent accounting for goodwill. In addition to discussing whether certain intangible assets should be subsumed into goodwill, the Board also discussed the factors companies could consider in determining the useful life of goodwill and the cap on the amortization period.

SPACs, IPOs and Liability Risk under the Securities Laws

On April 8, John Coates, Acting Director of the SEC’s Division of Corporation Finance, issued a public statement detailing his views on the applicability of securities law liability provisions to forward-looking statements made in connection with SPAC transactions. In the statement, Coates notes that “[a]ny simple claim about reduced liability exposure for SPAC participants is overstated at best, and potentially seriously misleading at worst.”

Recent releases

Reminders and key dates

April 14        The Sustainability Framework: Deciphering the ABC’s of ESG Reporting (CPE eligible). Register here
April 20 Five risks for your board’s agenda - what directors need to know (CPE eligible). Register here
April 21 Lease accounting - Springing forward webcast (CPE eligible). Register here
May 19 Revenue webcast (CPE eligible). Register here

Contact us

Heather Horn

Heather Horn

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

David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US