Our first newsletter of the fall and it’s a very busy week. We have guide updates, podcasts, our Audit Quality Report, and information about the SEC’s new Regulation S-K disclosure rules and the FASB’s recent and planned proposals. And as hard as it is to believe, October starts next week. So don’t miss our accounting and tax webcasts as you prepare for third quarter reporting.
As companies look ahead to their Q3 reporting, what lessons can be learned from companies that took impairments in Q2? Heather Horn is joined by PwC partners to share observations on impairments triggered in the second quarter.
Read our summary of the SEC’s amended disclosure requirements relating to the description of business, legal proceedings, and risk factors. For additional detail on the disclosures related to human capital, see our Insights from our Organization & Workforce Transformation team.
In this week’s episode, we summarize how finance operating models are being impacted by process simplification and standardization, technology, workforce changes, and more.
PwC is adapting and continuing to make enhancements to drive the quality of our audits. Our 2020 Audit Quality Report provides an opportunity to share how our culture, values, people, and processes come together to help us achieve our audit quality objectives. Read more.
On September 22, the World Economic Forum released a new environmental, social, and governance (ESG) disclosure framework driven by the efforts of the Big 4 accounting firms. The framework includes a universal set of metrics and recommended disclosures intended to lead to a more comprehensive global corporate reporting system. The framework divides disclosures into four pillars—principles of governance, planet, people, and prosperity—that serve as the foundation to ESG reporting standards. Read PwC Global Chairman Bob Moritz’ perspective on the release.
There’s still one more opportunity to participate. Register for the 9/29, 11:00am ET CPE-eligible webcast for an update on the accounting, regulatory, and market developments you need to know to succeed in the current environment.
Join our Tax Accounting Services specialists on 9/30 at 2:00pm ET for a deep dive into relevant tax accounting matters and recent tax developments.
Recent thought leadership from the Governance Insights Center focuses on helping audit committees during the quarter close and includes special considerations in light of COVID-19. Check out the Q3 2020 agenda topics that may arise at the next meeting.
Read our Q3 summary for the consumer markets sector. It provides an overview of emerging economic, accounting, reporting, and regulatory matters relevant to the sector.
On September 21, the FASB issued an exposure draft of a proposal that would allow private company franchisors an optional expedient to simplify the accounting for certain pre-opening activities in a franchise agreement under the revenue standard. Comments on the proposal are due by November 5, 2020.
At its September 23 meeting, the FASB voted to add a project to its technical agenda to address the recognition and measurement of revenue contracts with customers acquired in a business combination. The decisions made in connection with the project include:
An exposure draft is expected to be issued in the fourth quarter with a 90-day comment period.