PwC's accounting weekly news: November 6, 2020

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I’m sure you’re all counting the days until International Accountants Day (November 10). That’s the day in the 15th century when mathematician Luca Pacioli, the Father of Accounting, introduced double-entry bookkeeping to the world. To celebrate, we’re offering help for figuring out your own double entries. We demystify earnouts and beneficial interests and share what’s trending. And don’t miss our podcast on the ways finance professionals are embracing robotic process automation.  

Understanding earnouts in the current environment

Earnouts and other forms of contingent consideration provisions are becoming more common, which adds a level of accounting complexity. To shed light on the fundamentals, we discuss the different types of structures and the related accounting considerations from the perspective of both the buyer and seller.

Loans and investments guide

We’ve added a new chapter in our Loans and investments guide to address accounting for beneficial interests post adoption of ASU 2016-13. Download our updated guide.

What’s next in tech for finance? The RPA revolution

What’s next in tech? PwC's Michael Engel joins Heather Horn on this week's podcast to discuss Robotic Process Automation (RPA) and the ways finance professionals are embracing the RPA movement.

Also, catch up on the other episodes from our second season discussing the benefits of technology through the lens of the finance function:

Trending content in October

Among our most popular content in October are resources for preparing for year-end reporting.

Global Digital Trust Insights Survey: What business leaders are saying about cyber security

Our survey of over 3,200 business and technology executives around the world tells us what’s changing and what’s next in cybersecurity. With more ambitious digital initiatives, businesses are changing cyber strategy and investing more. More than half of respondents (55%) say they plan to increase their cyber budget in the next few months. Read the full report.

Here’s what we’re following

FASB defers effective date of long-duration insurance standard

On November 5, the FASB issued ASU 2020-11 that defers the effective date of the long-duration insurance contracts standard by one year and allows a choice of transition dates if early adoption is elected. The final guidance is consistent with the summary we issued in our In brief when the FASB affirmed its plan to issue a deferral.

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