PwC's accounting weekly news: November 20, 2020

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On this date in 1998, the first section of the International Space Station was launched. As we reflect on the past, we also look forward to our own exciting launch of Viewpoint, PwC’s new site for all of the informative content you've come to expect from CFOdirect, in an intuitive and dynamic new platform. Come back next week for more information on the launch and how to register. During the countdown, we have two new podcasts, updated guides, and more.

What you missed at the 2020 FEI Conference

Did you miss this year’s FEI Corporate Financial Reporting Insights Conference? We have you covered. In this episode, Valerie Wieman and Kyle Moffatt, partners in PwC’s National Office, join host Heather Horn to provide their perspectives on what we heard at the FASB and SEC sessions.

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 capital projects, asset retirement obligations, and software costs. 

Reference rate reform

The sunset date for LIBOR is quickly approaching. Learn about the accounting impact and how to apply the FASB’s relief standard in our updated Reference rate reform guide.

Also, read our comment letter in support of the FASB's recent exposure draft related to the scope of reference rate reform.

What’s next in tech for finance: Investing in the cloud

In this episode, host Heather Horn sits down with Paul Gaynor, leader of PwC’s Technology Consulting and Alliances businesses, and Scott Behrens, a PwC partner and information technology leader, to better understand the ways cloud-based business solutions are modernizing the workday.

ESG oversight: The corporate director’s guide

Your company's board plays an integral role in ESG oversight. But what exactly are they overseeing? And how can they do so effectively? As a member of the management team, you can expect questions are likely headed your way. Check out our new guide to learn how the board is thinking about building a compelling ESG story and bringing it to life.

Here’s what we’re following

New FASB board member appointed

Frederick Cannon has been appointed for a five-year term as a FASB board member beginning in July 2021. Cannon will replace Hal Schroeder upon the expiration of his term. Cannon is an economist with a background in research, equity strategy, investor relations, and corporate communications who will also provide a user perspective.

SEC adopts amendments to MD&A and other financial disclosures

On November 19, the SEC voted to adopt amendments designed to modernize and simplify certain disclosures required by Regulation S-K. The amendments are intended to reduce the cost and effort required by registrants while retaining the information material to investors. Among the amendments are:

  • the elimination of Item 301 (Selected Financial Data);

  • the replacement of the current requirement for quarterly tabular disclosure with a principles-based requirement for material retrospective changes;

  • codification of SEC guidance on critical accounting estimates;

  • enhancements and clarification of the disclosure requirements for liquidity and capital resources; and

  • the elimination of the tabular disclosure of contractual obligations.

Registrants are required to comply with the new rules beginning with the first fiscal year ending on or after the date that is 210 days after publication in the Federal Register.

FASB adds goodwill impairment project to agenda for private companies and NFP entities 

On November 18, the FASB added a project to its technical agenda to address cost and complexity for certain private companies and not-for-profit entities when performing an interim goodwill triggering event evaluation. The project is focused on a possible accounting alternative that would allow an evaluation of goodwill triggering events on the annual reporting date only.

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