January 2016

Dear Educator,

Happy New Year! Welcome back to campus. We hope you had the opportunity to relax and recharge over the winter break.

In this month’s newsletter, we feature a new study presented by our Corporate Responsibility team on the growing financial challenges that Millennials face and emphasize our SLP benefit program. We have included details regarding our Aspire to Lead event on February 17 as well as information on our commitment to military veterans. We also highlight some recent Strategy& publications. In addition, we recently released publications on our 2016 CEO Survey, Tax Policy for 2016, transformation in the audit experience, Health Industry trends, and more. Finally, we encourage you to follow us on Twitter and to hear the latest for our leaders and professionals.

Millennials and Financial Literacy

Millennials are exceptional in many ways. They are better educated than their predecessors, more ethnically diverse, and more economically active. Yet they confront greater difficulties— including economic uncertainty and student debt—than those who came before them. As a generation carrying new personal financial responsibility, it is critically important for Millennials to be on a path leading toward financial security. This report analyzes the financial characteristics of more than 5,500 Millennials and examines the factors that threaten their economic aspirations and security. The Global Financial Literacy Excellence Center at the George Washington University conducted this research with the support of PwC. Read the report here. To hear what our US Talent Leader, Mike Fenlon, has to say, click here.

To learn more about our Student Loan Paydown benefit program, click here. Or, view the informational PDF below. To read more about our SLP benefit in the news, click here or here.

Download PDF on PwC SLP Benefit here

You are invited to join Aspire to Lead: PwC's Series on Leadership and Gender Equality

We’re excited to announce the third global event in our Aspire to Lead series, which will take place live from the Academy of Motion Picture Arts and Sciences in Los Angeles on Wednesday, February 17 at 11:30 a.m. ET (8:30 a.m. PT).

Throughout the years, our Aspire to lead webcast and programs have provided insights and learning on topics such as the transition from school to work and the confidence to lead. Our next webcast, “Take your career to center stage. Lessons from the business of Hollywood” will shine the spotlight on landing your next role and include insights and tips on how to best differentiate yourself and advance your career. We will include men in this dialogue as a part of our global sponsorship of the UN HeForShe initiative.

This webcast is open to anyone! Register at pwc.to/aspireus.

Live from Hollywood

Panel members will include Dawn Hudson, CEO of the Academy, and Geena Davis, Award-winning actor, co-founder of the Bentonville Film Festival, and founder of the Geena Davis Institute on Gender in Media. Known as the Institute, is the only research-based organization working within the media and entertainment industry to dramatically improve gender balance, reduce stereotyping and create diverse female characters in entertainment.

Peter Yobo, PwC Advisory Senior Associate in our Dallas office, will join Dawn, Geena and other prominent figures in a discussion moderated by Mike Fenlon, US Talent Leader.

Transferring Military Experience into a Cybersecurity Career at PwC

A unique opportunity for service members to join PwC’s Cybersecurity and Privacy team.

Late last year, we announced PwC’s commitment to the military and veteran communities as well as brought you videos from our very own PwC veterans. In December, Recruiting Daily sat down with our US Veterans Advocacy and Recruiting leader, Chris Crace, to discuss the current state of veterans recruiting. To read more about the interview, click here.

Career transitions can be challenging. Especially when moving from the military to the private sector. PwC understands the challenges that current and former military personnel and their families face. That’s why we’ve established programs that support our veterans, support active duty military personnel and their families. As a firm, we’re proud to share the same values and commitment to leadership that our veterans bring to PwC because in today’s marketplace we know it’s experience that counts. Hear what our Global Cybersecurity Leader has to say about our firm’s commitment to hiring military veterans here, and check out Fortune’s article regarding the Tech Talent Shortage here.

To learn more about the Cybersecurity and Privacy team, click here. For the latest in Cybersecurity and Privacy news, click here.

2016 CEO Survey

Our 2016 US CEO Survey shows concerns over volatility and over-regulation are rising. Running a global business is poised to become even more complex. US CEOs plan for moderate expansion in the US in a global marketplace that’s upending plenty of assumptions about business growth, innovation and risk.

Expect more M&A in 2016, and a deeper focus on the hard work to fortify the technology backbone of the business. Customers and partners are looking for companies who’ve got their act together on technology and people.

With few CEOs expecting a burst of global economic growth in 2016, becoming a hub that grows and adapts to an expanding network of activity is how you win. This year, our top findings show how US CEOs are taking stock of 2016 for their business. The US CEO interview series, our biggest ever, explore the trends in detail. How are CEOs driving growth?

We note ten findings for 2016 here. Read more about the survey here.

A Strategist’s Guide to Blockchain

The distributed ledger technology that started with bitcoin is rapidly becoming a crowdsourced system for verifying transactions of all types. Could it replace central banks, notary publics, and manual vote recounts? Read more here. To read the current issue of Strategy + Business, click here.

Strategy that Works

Based on new research, the book Strategy That Works reveals five practices for closing the strategy-to-execution gap used by today’s winning companies. Packed with tools executives can use for building these five practices into their organization, it is a powerful guide to connecting where enterprises aim to go and what they can accomplish. Read more here.

Paying Taxes 2016

Paying Taxes is a joint report by PwC and the World Bank Group. Now in its tenth edition it continues to be a unique study which investigates and compares tax regimes across 189 economies, ranking them according to the relative ease of paying taxes.

This year we have also conducted a pilot project into post filing compliance which covers the processes that take place once a tax return has been filed, including the paying of tax refunds, tax audits and tax appeals. Some initial qualitative findings are included in this publication.

The objectives of the study are to compare tax systems on a like-for-like basis, facilitate the benchmarking of tax systems within relevant economic and geographical groupings, which provides an opportunity to learn from peer group economies, analyse data and identify good tax practises and reforms, & generate robust tax data on 189 economies around the world, including how they have changed over time, which can be used to inform tax policy decisions. To learn more, click here.

2016 Tax Policy Outlook Webcast

Election-year politics are likely to dominate legislative action in 2016 as both parties seek to lay out policy agendas for 2017 and beyond, which would seem to dim prospects for legislation in 2016. However, Congress enacted several key pieces of legislation during 2015, despite divided government. Will the legislative successes of 2015, including the signing of a major December 'tax extender' bill and Paul Ryan's elevation to Speaker of the House, create momentum that can be carried over into enactment of additional meaningful legislation during 2016? Will the House or the Senate introduce further tax reform legislation setting the stage for 2017? To register for the Webcast, click here. To download the full Tax Policy Outlook, click here.

10 Minutes on Transforming the Audit Experience

Companies across the business spectrum are undergoing transformation. Like innovators in other industries, auditors are investing in technology to redefine how work is done. But that’s only part of the story at PwC. Learn more in this 10Minutes. Read more here. Or, download the app here.

Top Health Industry Trends 2016

In 2016, millions or American consumers will have their first video consults; be prescribed their first health apps and use their smartphones as diagnostic tools for the first time. 2016 also will be the year that many Americans, faced with higher deductibles, manage medical expenses with new tools and services rolled out by their insurance companies, healthcare providers, banks and other new entrants.

This will be the year that, shift by shift, visit by visit, nurses doctors and other clinicians learn to work in new ways, incorporation insights gleaned from data analysis into their treatment plan.

PwC’s Health Research Institute’s annual Top health industry issues report highlights the forces that are expected to have the most impact on the industry in the coming year, with a glance back at key trends from the past decade. Read more here.

Spinoff Transactions

Spin-off transactions continue to be popular because they can be financially rewarding for investors, and can improve the focus on individual businesses. Some management teams and corporate boards are finding that spinning a business into a stand-alone public entity can be a desirable move to capture shareholder value, as certain businesses may command higher valuations if owned and managed separately. Having a clear understanding of the many governance issues associated with a spin-off and starting early will smooth the transaction process. To read more, click here.

In brief: Classification and measurement – FASB issues final standard

On January 5, 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (the ASU). Changes to the current GAAP model primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities is largely unchanged. The more significant amendments are summarized below. To read more, click here. To download the publication, click here.

State Financial Position Index (SFPI) and competitiveness posture report

While the subject of federal debt and deficits has been well-analyzed and debated, fiscal integrity and competitive posture at the state level has been largely overlooked. A study of state position and posture, however, reveals a number of success stories and in some cases, causes for serious concern. Many states are facing increasing challenges regarding how to reduce waste, constrain spending, improve performance, and maintain reasonable and competitive levels of taxation. In addition, some governments are experiencing serious competitiveness and financial challenges that are driven by a number of factors including: changes in the nature of the economy; outdated and inefficient organizational models and operating practices; unfunded retirement obligations; expanded welfare systems; excessive regulation; deteriorating infrastructure; and outdated tax systems. This paper presents a State Financial Position Index (SFPI) to help understand the nature and scope of the related challenges and to analyze commensurate responses. To read more, click here.

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We hope you find this information useful. Please contact us if we can be of assistance to you.

Best Regards,

Julie Peters
US University Relations Leader