What's new on CFOdirect - Week of February 6, 2014

Welcome to this week's edition of What's new on CFOdirect, PwC's periodic guide to developments in financial reporting, business news, and management issues.

Inside this issue

Accounting and reporting 

Flashline: A weekly update on financial reporting - February 6, 2014
This week's topics include:
- Private company reporter: PCC revises, re-approves final VIE alternative for common control leasing arrangements
- PwC comments on PCAOB's reproposal to disclose name of engagement partner and certain other participants in the audit
- PwC comments on IASB's proposed amendments to allow equity method accounting in separate financial statements
- PwC comments on IFRS Interpretation Committee's tentative agenda decision on share-based payment
- IFRS news - February 2014
- On demand version: Q4-2013 Current Accounting and Reporting Developments webcast
- FASB meetings
- SEC publishes Draft Strategic Plan for public comment
- PCAOB extends comment period for reproposed amendments to improve audit transparency
- GASB issues guidance for implementing pension standards
- IFRS for SMEs Update - January 2014
- IFAC and ICAS discuss key issues in developing IASB's conceptual framework
 

IFRS news - February 2014
This issue of IFRS news looks at (1) needs of capital providers: EFRAG and ICAS report, (2)  IFRIC 21 - just 'levies' or much more?, (3) how should  business models affect accounting?, (4) interim standard on regulatory deferral accounts , (5) IFRS 9 redeliberations, (6) IFRS 3 post implementation review, (7) lease redeliberations, (8) IAS 1 narrow scope amendments, and (9) Q&As: money market funds.

Private company reporter - PCC amends, re-approves final VIE alternative for common control leasing arrangements
In January, the Private Company Council (PCC) revised, then re-approved an accounting alternative that would offer private companies an exemption from applying the variable interest entity (VIE) consolidation model to certain common control leasing arrangements. The VIE consolidation model can be costly and complex to apply, and the approved alternative provides a form of relief to private companies by providing an exemption from applying the model to qualifying arrangements.

Auditing 

Empowering business agility: Strengthening Internal Audit's impact and value
In this year's survey of power and utilities chief audit executives, PwC delved into the challenges internal audit groups are grappling with and how they are charting a path to more vital corporate relevance: specifically, focusing on critical risks, stakeholder expectations, and new technology demands. To surmount these challenges, internal audit groups are embarking on fundamental changes to how they conduct their business.

Cyber security

Answering your cybersecurity questions
There continues to be systematic security issues with retailers in the United States. A number of recent high-profile data breaches demonstrate that cyberattacks on retail and consumer organizations are increasing in number. This piece discusses what boards and management can do to better position their companies to handle cybersecurity events. It also covers threat actors who exploit retailers via cyberspace, and provides questions to consider in the early weeks of 2014.

SEC comment letter trends 

Automotive: 2013 SEC comment letter trends
We have prepared this report to assist management teams in their understanding of the area's most frequently commented on by SEC staff. The information summarized in this report is based on comment letters issued to companies in the automotive sector and closed by the SEC from October 1, 2012, to October 31, 2013.

Retail and consumer

Retail & Consumer 2013 Financial Reporting Trends
Financial statement users, audit committees and other stakeholders continue to focus on the appropriateness and transparency of financial reporting disclosures made by management. With this in mind, the purpose of this publication is to benchmark selected accounting policies with industry practices, identify reporting trends within the industry (covering both financial statement and non-financial statement presentation and disclosures) and facilitate discussions on certain aspects of industry practice. Also, we encourage you to read this report in conjunction with our recently released publication, Stay informed: Retail & Consumer 2013 SEC comment letter trends.

Power and utilities

Spotlight on accounting for power and utilities companies for 2014
This document highlights technical accounting and financial reporting topics that are central to the industry and should be on the minds of chief accounting officers and controllers as they establish their plans for 2014.

Power and Utilities Alert 2014-2: Nuclear waste disposal fees
A recent Court of Appeals ruling, and a request by the US Department of Justice, have raised questions about the collection of nuclear waste disposal fees.

Webcasts

Webcast: A focus on value creation: The year that was in oil and gas deals - February 13
In the past year, oil and gas companies focused on maximizing shareholder value. It was a year where the identification and sale of non-core assets became priority along with a focus on asset productivity versus asset diversity. 2013 was a year of spinning off businesses to unlock inherent value trapped in diverse companies. As companies continue concentrating on sustaining growth and maximizing shareholder value, we expect continued interest in M&A activity in the sector throughout 2014. This webcast will focus on key themes found in the PwC quarterly M&A analysis along with our insights on deals done in the past year and what the deal market for 2014 may hold.

PwC and SAP Webcast Series - Discussing the top issues companies are asking about Transfer Pricing - February 25, March 19, and April 23
In the current economic and regulatory climate, transfer pricing implementation requires more attention than ever before, within both finance and tax teams as well as across a range of other stakeholders. It is no surprise that transfer pricing has become the top priority for any global company. You're invited to a webcast series with PwC and SAP discussing the main questions companies are asking about as it relates to their transfer pricing compliance strategy.

View our upcoming and archived PwC webcasts 

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