PwC's accounting weekly news: October 23, 2020

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The FASB hits our newsletter twice this week. First, they released a much anticipated exposure draft to amend the leases standard on Tuesday. We describe the proposals in our In brief. Second, they added two projects to their agenda at Wednesday’s meeting that you may find of interest. See the FASB’s tentative decisions linked below for the projects they added and the ones that didn’t make the cut.

Buying or developing new software? Know which guidance to use

With companies increasing their expenditures on technology, including software and related services, questions about how to account for these costs are becoming more common. To help navigate the accounting and reporting guidance in this area, PwC partners discuss the different accounting models and financial statement presentation for software costs.

FASB issues proposal to resolve certain lease accounting issues

On October 20, the FASB issued an exposure draft of three proposed amendments to the leases standard to address preparer concerns with how the underlying economics for certain transactions was reflected and the implementation cost and complexity. Read our In brief for details.

Accounting guide updates

  • Insurance contracts: We’ve updated our accounting guide to provide even more insights to help insurance and reinsurance entities navigate the accounting required by the new long duration insurance contracts standard.

What’s next in tech for finance? The agile mindset

In this episode, host Heather Horn sits down with PwC’s Bob Woods to discuss how the agile methodology is modernizing the finance function

Register: It’s game time: LIBOR transition enters critical next phase — 10/29

The LIBOR transition enters a new phase this quarter amid significant recent and upcoming market catalysts. To learn more, join us for a discussion with leading LIBOR transition practitioners as we explore operational readiness for a risk-free world, strategic perspectives around new alternative reference rate products, and self-assurance and monitoring. Register here.

Here’s what we’re following

FASB votes on potential projects for its agenda

At its October 21 meeting, the FASB voted to add projects to its technical agenda related to (1) the disclosure of supplier finance programs involving trade payables and (2) consolidation of a not-for-profit entity by its for-profit sponsor.

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