PwC's accounting weekly news: April 22, 2021

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“The Earth is a fine place and worth fighting for.” - Ernest Hemingway

It’s Earth Day! Along with our podcasts and technical content, we’re highlighting PwC’s ESG resources. ESG: A bridge to action provides resources to help companies understand related risks and opportunities and includes information about PwC’s sustainability story. And the new ESG “Hot topics” page on Viewpoint gathers our podcasts and publications to help you learn about ESG from several angles.

Identifying embedded leases: What you need to know

Finding embedded leases in your contracts is important to avoid misstating the balance sheet, and a lot of judgment is involved. Host Heather Horn was joined by Chad Soares and Marc Jerusalem to walk through the steps to identify embedded leases.

Property, plant, equipment and other assets guide

We’ve updated portions of our Property, plant, equipment and other assets guide to include new insights and examples on long-lived asset impairment and abandonment, depreciation and amortization, and R&D funding arrangements. Read it today.

“We’re going to see a big boost to economic growth this year… we may be entering into what turns out to be the longest period of above-trend GDP growth in four decades.” 

- Chris Benko

Tune in to this week’s episode, Forecast 2021: Top US economic trends to watch, to hear PwC's US Senior Economist, Chris Benko, discuss macroeconomic trends in the US and how the economy ranks in global competitiveness. 

Updated: FASB issues private company goodwill impairment alternative

This In brief was updated to reflect revised views regarding the definition of a reporting period based on a discussion at the April 20 meeting of the FASB’s Private Company Council.

Sharing the spotlight: ESG: A bridge to action

In celebration of Earth Day, we are sharing the spotlight with PwC's new ESG page, which brings together our thought leadership on how companies can step forward on their ESG journey and our own story of action and sustainability. It offers insights to help understand ESG risks and opportunities.

Register for our May 19 webcast: Rebuilding revenue - Accounting and reporting trends in revenue

As companies are “rebuilding revenue” and adopting new go-to-market strategies, they may update their existing contractual terms or enter into new kinds of contracts with existing or new customers. Host Heather Horn will be joined by National Office revenue specialists to discuss some of the accounting issues that may be encountered in these situations and “operational levers” to achieve revenue growth. Participants will be eligible for 1 CPE credit. Register today.

President Biden’s climate agenda is taking shape with $2 trillion infrastructure proposal

As expectations continue to increase about business’ environmental and social stewardship, rules and enforcement will revolve around not only compliance, but seek to cement change in the way companies operate and create stakeholder value.

Here’s what we’re following

FASB hosting public roundtable meeting on CECL

The FASB will host a virtual public roundtable at 9:00am ET on May 20 on the implementation of the current expected credit losses (CECL) standard. Participants will include representatives of financial institutions, regulators, and other stakeholders. The discussions will focus on topics that companies found challenging in implementing the standard, including technical issues related to purchased financial assets with credit deterioration (PCD) and troubled debt restructurings (TDRs). The roundtable meeting will be live streamed on the FASB's website.

Key Actions for Establishing Effective Governance Over ESG Reporting

The American Institute of CPAs and Center for Audit Quality have issued a report on key actions for companies to establish effective governance over ESG reporting. With increased investor demand for ESG information, it is important to ensure it is high quality, accurate, and reliable. Effective governance practices are key to meeting that objective.

ESG-related content:

Reminders and key dates

April 28         PwC webcast: Tax Readiness: Are Digital Services Taxes here to stay?  (CPE eligible). Register here
May 5 PwC webcast: Tax Readiness: The intersection of ESG and Tax  (CPE eligible). Register here
May 19 PwC webcast: Rebuilding revenue - Accounting and reporting trends in revenue (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