The quarter close

A look at this quarter's financial reporting issues

First quarter 2021

2021 began with President Biden stepping into office and the Democratic Party effectively taking control of Congress, paving the way for expected changes to tax, trade, and regulatory policy. This quarter, we will share some of the changes that we foresee as a result of the new administration, and discuss some recent trends that seem to be continuing unabated. For example, the pace of corporate transactions continues to rise since the depth of the pandemic, and special purpose acquisition companies (SPACs) are continuing to generate a lot of traction both in their initial public offerings (IPO) and subsequent mergers with non-public entities.

In addition, the start of a new reporting cycle usually means adopting various amendments from the FASB and this year is no different. Income tax simplification and equity investments are top of mind. Amendments to the SEC’s disclosure rules for business acquisitions and dispositions and changes to Regulation S-K disclosure requirements are effective this year as well, and companies are continuing to prepare for the impacts of reference rate reform.

In this edition of The quarter close, we highlight these and other relevant accounting and reporting topics you should consider as we close out the first quarter of the year.

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Contact us

Heather Horn

Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

Cody Smith

Cody Smith

Partner, National Professional Services Group, PwC US

Victoria Miretti

Victoria Miretti

Director, National Professional Services Group, PwC US

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