Inside this issue
Flashline: A weekly update on financial reporting - January 9, 2014
This week's topics include:
- Setting the standard: What you need to know about the FASB's and IASB's standard setting
activities - January 2014
- Accounting for income taxes: Year-end considerations
- Practical tip: An emerging growth company should continually evaluate its status and related
implications on its SEC filings
- Practical tip: Determining financial statement presentation for the acquisition of selected parts
of an entity
- The quarter close - Directors edition
- FASB meetings and project updates
- SEC seeks comments on PCAOB's proposed Dodd-Frank amendments for broker-dealer
- SEC staff publishes new compliance and disclosure interpretations
- PCAOB updates standard-setting agenda
- IFAC calls for renewed focus on global regulatory convergence to advance sustainable
Setting the standard - January 2014
Welcome to the latest edition of Setting the standard, our quarterly publication designed to keep you informed about the standard setting activities of the FASB and IASB. Here, we provide you with the most up-to-date information on the joint convergence projects, as well as updates on other current projects of the FASB.
Practical tip: An emerging growth company should continually evaluate its status and related implications on its SEC filings
This Practical tip focuses on the timing of the loss of "emerging growth company" (EGC) status and the implication of losing that status on SEC filings.
Practical tip: Determining financial statement presentation for the acquisition of selected parts of an entity
This Practical tip highlights the guidance related to the determination of the financial statement presentation for the acquisition of selected parts of an entity.
Accounting for Income Taxes: 2013 Year-end Hot Topics
Calendar year 2013 has seen considerable activity across the global legislative and regulatory landscapes. We have seen changes to tax laws in several key territories, and certain legislative trends having a significant impact on income tax accounting. These developments, combined with an environment of economic uncertainty, have added to the challenges in accounting for income taxes.
Tax accounting considerations of the 2014 Mexican tax reform package
In December, Mexico enacted the 2014 tax reform package, which will have immediate and ongoing income tax accounting consequences for many organizations. Companies with operations in Mexico should determine the impact of the new legislation on their financial statements under either U.S. Generally Accepted Accounting Principles (U.S. GAAP) or International Financial Reporting Standards (IFRS). This publication looks at the tax accounting considerations stemming from the reforms.
SEC comment letter trends
PwC has released new editions to the 2013 SEC comment letter trends series: Employee stock compensation; Entertainment, media & communications; Healthcare provider; and Energy & mining
Employee stock compensation
PwC has produced this document to assist management teams in identifying and understanding the SEC staff's current focus areas for stock compensation. We have highlighted the areas where registrants received the most comments from the SEC staff and have provided relevant examples of recent comment letters to aid preparers in ensuring their disclosures are robust and consistent with the relevant accounting or reporting guidance for stock compensation.
Entertainment, Media & Communications
PwC discusses key comment letter trends and considerations for the drafting of 2013 year-end financial reporting based on comment letters published by the SEC from January 1, 2012 to October 31, 2013, as they pertain to companies in entertainment, media, & communications industry.
To help registrants gain insight into the SEC's current areas of interest, PwC analyzed comments released by the SEC staff to domestic large accelerated, accelerated and non-accelerated registrants within the healthcare provider industry during the three year period ended September 30, 2013. It also provides a discussion of the related guidance as well as sample comment letters on each area. Included for your information are some best practices on how to effectively respond to comments received and a summary of the SEC's filing review process.
Energy & mining
This publication provides an analysis of SEC comment letters issued to registrants across the energy and mining value chain, including exploration and production, midstream, downstream, drillers, oilfield services, and integrated energy companies.
The quarter close - Directors edition: Q4 2013
This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues that impact board decisions and company policies. The Q4 2013 edition focuses on the upcoming revenue recognition standard, structured payables programs, implications of government tax incentives, retiree health plans, implications of stock repurchases, the PCAOB's revised proposal on disclosing information about the auditors, corporate governance issues and SEC rule making.
Webcast: Addressing the compensation and benefits challenges in a consolidating healthcare industry - January 22
The consolidation in the healthcare industry is creating new and bigger HR related challenges. As health systems redefine their brands and clarify their strategies in this time of convergence, hospital executives have new struggles to conquer, from evaluating merger candidates to integrating them (including the nuances of integrating physician practices), to delivering meaningful benefits in cost effective ways.
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