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  • SEC comment letters
    letters PwC comments on SEC proposed rule on liquidity risk management for funds 01 13 16 PwC addressed some accounting and financial reporting questions arising from the proposed optional use of swing pricing PwC responds to the SEC s first release on Disclosure Effectiveness project 11 30 15 PwC supports the SEC s focus on the effectiveness of certain financial disclosures and offers additional observations PwC comments on the SEC s Dodd Frank clawback proposal 09 14 15 PwC supports the SEC s proposal but offers recommendations intended to provide additional guidance on certain aspects PwC comments on SEC s audit committee disclosure release 09 08 15 PwC is supportive of audit committees disclosing more about how they oversee auditors under principles based rules PwC comments on SEC s investment company reporting modernization proposal 08 06 15 PwC supports the SEC s proposal to enhance the reporting requirements for investment companies and advisors PwC comments on the SEC s Proposed Rule Amendments for Small and Additional Issues Exemptions Under Section 3 b of the Securities Act 03 27 14 PwC supports the Commission s continuing efforts to facilitate capital raising by smaller businesses while at the same time providing appropriate levels of investor protection PwC Comments on the SEC s Revisions to Auditor Independence Requirements 01 30 12 PwC provides its perspective on the rules to be reviewed in accordance with the requirements of the Regulatory Flexibility Act PwC s comments are focused on auditor independence requirements approved by the SEC in November 2000 highlighting areas where the firm believes those rules may have a detrimental impact on small companies investors and the U S capital markets Publications 10Minutes Accounting guides Corporate governance series EITF observer Flashline IFRS news In brief In depth In the loop In transition M A

    Original URL path: http://www.pwc.com/us/en/cfodirect/publications/comment-letter-sec.html (2016-02-10)
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  • Pat Durbin: Meet PwC's US Standard Setting Leader on CFOdirect
    Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Pat Durbin US Standard Setting Leader National Professional Services Group LinkedIn Twitter Pat Durbin is the US Standard Setting Leader in PwC s Accounting Consulting Group in the National Professional Services Group In this role Pat works closely with the Financial Accounting Standards Board and the firm s technical subject matter experts to provide strategic input on FASB standard setting activities and communicate with PwC s clients on recently issued standards and standards under development Prior to his current role Pat was an audit engagement partner serving global clients in the Industrial Products sectors particularly in the engineering and construction industry Pat also led our Industrial clients practice in the New York Metro market and previously served as a Practice Fellow at the FASB Pat has over 24 years of experience at the firm and holds a Bachelor of Science degree in Accounting with Honors and with Highest Distinction from Penn State He serves as the Chair of the Accounting Advisory

    Original URL path: http://www.pwc.com/us/en/contacts/cfodirect/p/pat-durbin.html (2016-02-10)
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  • Financial Reporting Resources For 2015 Year End: PwC
    period adjustments revolving lines of credit leasing considerations foreign currency and discontinued operations In depth Year end financial reporting considerations 12 21 15 Private company reporter 2015 wrap up What to know for your financial statement close 12 7 15 On demand library of CPE eligible webcasts 04 01 16 Do you need CPE credit Browse our library of on demand CPE programs Earn some CPE and catch up on accounting and financial reporting hot topics at the same time Current Accounting Reporting Developments webcast March 16 2016 03 16 16 Register for our quarterly webcast designed to keep you informed about emerging accounting regulatory and market developments impacting financial reporting Applying pushdown accounting 01 28 16 Hear about pushdown accounting and what to consider when deciding whether or not to apply it Podcast Management s discussion and analysis 01 20 16 Getting ready to sit down and write MD A Hear about comment letter trends on results of operations liquidity and non GAAP measures Accounting for Income Taxes 2015 Year end Hot Topics 01 05 16 This publication is focused on topics we believe will be widely relevant to the preparation of 2015 year end financial statements In depth Year end financial reporting considerations 12 21 15 This publication revisits 2015 financial reporting topics that may impact this year end s reporting cycle SEC comment letter trends 12 17 15 PwC discusses key comment letter trends and considerations based on comment letters published by the SEC staff Trends are organized by selected industries and accounting topics We highlight the areas that received the most comments from the SEC and provide relevant examples of recent comments to aid preparers in assessing whether their disclosures are transparent and consistent with relevant accounting and reporting guidance Regulatory and standard setting developments December

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/year-end-financial-reporting-resources.html (2016-02-10)
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  • Accounting for business combinations (ASC 805) and related FASB topics: PwC
    20 Other Income Gains and Losses from the Derecognition of Nonfinancial Assets Finally the third phase is focused on aligning current accounting differences in the acquisitions and disposals of businesses and assets Phase I The FASB proposed the following key changes in an exposure draft When substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets the assets acquired would not represent a business To be considered a business an acquisition would have to include at a minimum an input and a substantive process that together contribute to the ability to create outputs The proposal provides a framework to evaluate when an input and substantive process is present and removes the current requirement to assess if a market participant could replace any missing elements Narrower definition of outputs so that the term is consistent with how outputs are described in Topic 606 Revenue from Contracts with Customers Under the proposed definition an output is the result of inputs and processes that provide goods or services to customers other revenue or investment income such as dividends and interest Phase II The FASB has made a number of tentative decisions including Any transaction where a seller either retains an equity interest in an entity or receives an equity interest in an entity would be in the scope of ASC 610 20 Transactions involving business are outside of the scope of ASC 610 20 even if they are also considered in substance nonfinancial assets Any retained or received equity interests would be measured at fair value in partial sale transactions that result in a loss of control Partial sale transactions that do not result in a loss of control would generally follow the existing guidance for such transactions in ASC 810 Consolidation Phase III The Board has not begun deliberations on the project s third phase Goodwill Intangible assets Following the issuance of Accounting Standards Update No 2014 02 Accounting for Goodwill which significantly changes the way that private companies can account for goodwill the FASB has undertaken a project to consider changes to the accounting for goodwill for all companies including public private and nonprofit entities The Board decided to simplify the impairment test by removing the requirement to perform a hypothetical purchase price allocation when the carrying value of a reporting unit exceeds its fair value i e eliminating step 2 of the impairment model in current GAAP The board also decided to add a separate project to its agenda for public business entities and not for profits on a potential simplification to the accounting for identifiable intangible assets in a business combination The Board is considering several potential alternatives related to both of these projects and is closely monitoring the IASB s agenda Business combinations and noncontrolling interests 2014 global accounting and financial reporting guide 9 16 14 This PwC guide explains the principles of accounting and financial reporting for business combinations and noncontrolling interests ASC

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/business-combinations.html (2016-02-10)
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  • Insight on FASB Consolidation Standard (Topic 810) and Variable Interest Entity (VIE): PwC
    rights of all the equity holders at risk If the equity holders have substantive rights that are deemed to give them the power to direct the entity s most significant activities then the entity would not be a VIE under this characteristic This amendment may reduce the number of entities that are VIEs Determination of whether the decision maker s fee arrangement is a variable interest Fewer fee arrangements will be variable interests under the new standard as such this will reduce the number of entities that are considered variable interest entities How to evaluate economics and related parties when determining who consolidates a variable interest entity The criteria for determining which party should consolidate would remain broadly consistent i e based on who has both power over the most significant activities and exposure to potentially significant economics with a few notable exceptions First fees paid to a decision maker that are at market and commensurate with services provided would be excluded in determining whether the decision maker s economics are potentially significant In addition how related parties and de facto agents of a decision maker impact the consolidation assessment would change These changes individually and in the aggregate could change who consolidates an entity The consolidation decision is fundamental in financial reporting and has a pervasive impact on the financial statements Establishing sound application guidance in this area has been challenging for standard setters for a very long time The standard may have a significant impact on many companies across different industries Financial institutions that serve as asset managers will likely be most impacted However the changes apply to all companies and may lead to a change in consolidation conclusions and new disclosures Companies will need to reevaluate all variable interests they have in legal entities under the revised model This process may be time consuming particularly for those companies that have large numbers of variable interest entities and those that need to apply an entirely new consolidation model to the assessment for example many limited partnerships and investment companies Changes may be required to systems processes and controls to analyze and continuously monitor these relationships for accounting and disclosure purposes In addition as companies enter into new transactions prior to their adoption of the standard they should consider the consolidation conclusions under the new guidance Consolidation and equity method of accounting 2015 edition 9 28 15 The inaugural edition of our consolidation and equity method accounting guide addresses the accounting for consolidation matters under U S GAAP reflecting the latest standards The guide discusses the consolidation framework and equity method of accounting providing specific guidance and examples related to various topics Read more New consolidation standard updated insights Revised January 19 2016 Podcast Consolidation standard overview 7 15 15 The quarter close Fourth quarter 2015 Publication and video perspectives 12 07 15 This edition features recent FASB and SEC developments as well as accounting and governance hot topics Consolidation financial services 12 07 15 Learn key aspects of

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/consolidation.html (2016-02-10)
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  • Accounting for Fair Value Measurement - ASC 820 - PwC
    is effective for fiscal years beginning after December 15 2015 for public business entities For all other entities the guidance is effective for fiscal years beginning after December 15 2016 Early adoption is permitted Reporting entities must apply the new guidance retrospectively to all periods presented Additionally a reporting entity should disclose the nature of and reason for the change in accounting Removing investments measured using the practical expedient from the fair value hierarchy is intended to eliminate the diversity in practice that currently exists with respect to the categorization of these investments Following the implementation of this guidance the only criterion for categorizing investments in the fair value hierarchy will be the observability of the inputs Because a reporting entity s investments measured at NAV as a practical expedient for fair value will no longer be categorized in the fair value hierarchy the total of the fair value hierarchy disclosure will not agree to the total investments at fair value on the balance sheet Therefore the new guidance requires reporting entities to reconcile the fair value hierarchy disclosure to the balance sheet by disclosing the amount of investments measured using the practical expedient Although the underlying investments have been removed from the fair value hierarchy the new guidance still requires reporting entities that elect the practical expedient to make certain disclosures about the nature and risks of the investments However the previous standard required companies to include certain disclosures for items that were eligible to use the NAV whether or not NAV was elected The amendments remove these disclosure requirements Fair value The audit committee s role 6 10 15 PwC discusses audit committee oversight of fair value measurement a subjective estimate that may increase financial reporting risk Read more In brief Fair value disclosures FASB proposes enhancements 12 07 15 Fair value measurements 2015 global edition 8 10 15 In brief Classification and measurement FASB issues final standard 01 07 16 FASB issues classification and measurement standard which will significantly impact accounting for equity investments In brief Fair value disclosures FASB proposes enhancements 12 07 15 PwC describes the FASB proposal to improve fair value disclosures Proposed changes would affect all industries In brief Classification and measurement of financial instruments effective date set 11 18 15 The FASB has decided upon the effective dates for the Financial Instruments Classification and Measurement standard Fair value measurements 2015 global edition 08 09 15 PwC s popular global guide to fair value measurements helps entites apply U S GAAP and IFRS related to fair value ASC 820 and IFRS 13 Financial statement presentation guide 2014 second edition July 2015 07 22 15 PwC s popular Financial statement presentation guide addresses U S GAAP presentation and disclosure requirements of common balance sheet and income statement accounts In depth Investments using NAV practical expedient removed from fair value hierarchy 06 29 15 Entities no longer need to include investments valued using NAV as a practical expedient in the fair value hierarchy Point of

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/fair-value.html (2016-02-10)
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  • FASB Financial Instruments Project: PwC
    the FASB model feedback was mixed Users generally supported the FASB model as they preferred a model that would require recognition of all credit losses as opposed to only some expected credit losses Preparers on the other hand did not support the FASB s proposed model struggling to reconcile the recognition of credit losses at the inception of a lending arrangement with the credit assessment inherent in the pricing of the transaction Instead preparers preferred a model that would recognize those losses expected to occur in the foreseeable future or some other truncated period Throughout the fall of 2013 the FASB conducted outreach with both preparers and users and conducted joint discussions with the IASB Ultimately after considering several alternatives the FASB decided in December 2013 to move forward with the CECL model and refine various aspects where necessary That decision eliminates the possibility of convergence between the FASB and IASB in the recognition and measurement of credit losses Following its decision to move forward with the CECL approach the FASB has continued to refine that model The board subsequently decided that the CECL model should generally apply to all financial assets measured at amortized cost For debt securities measured at fair value with qualifying changes in fair value recognized in other comprehensive income the board decided that use of an impairment model similar to that in current guidance would be appropriate with the following proposed changes An allowance approach would be used to recognize credit related impairment losses which would allow an entity to recognize reversals of credit losses to the extent improvements occur Removal of the requirement to consider the length of time that the fair value of an available for sale debt security has been less than its amortized cost when estimating whether a credit loss exists Removal of the requirement to consider recoveries or additional declines in fair value of an available for sale debt security A fair value floor will be incorporated into the credit loss fair value model for AFS debt securities Specifically credit losses on AFS debt securities will be limited to the difference between the security s amortized cost basis and its fair value The FASB concluded that contractual cash flows as defined in the proposed standard would not include forecasts of extension renewals or modifications unless the entity expects that such forecasts would be related to a troubled debt restructuring Estimation of prepayments would be allowable under the standard It was reaffirmed that expected credit losses for unfunded loan commitments should reflect the full contractual period over which the entity is exposed to credit risk unless unconditionally cancellable by the issuer The FASB has concluded that disclosure requirements will include a rollforward schedule of the allowance for credit losses for all in scope financial assets including available for sale debt securities This disclosure requirement is similar to what is required in current GAAP for receivables The board has also tentatively concluded that companies will not be required to disclose a rollforward

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/financial-instruments.html (2016-02-10)
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  • Foreign currency reporting and cumulative translation adjustments (CTA): PwC
    s functional currency financial statements in the reporting currency Translation adjustments are included in the cumulative translation adjustment CTA account which is a component of other comprehensive income In the loop Foreign currency risk management in today s volatile currency environment 11 23 15 PwC describes strategies and the associated accounting implications for hedging foreign currency risks Read more Doing an acquisition overseas Listen to our podcast on cross border acquisitions Foreign currency 2014 accounting and financial reporting guide 12 8 14 In the loop Foreign currency risk management in today s volatile currency environment 11 23 15 PwC describes strategies and the associated accounting implications for hedging foreign currency risks Podcast Cross Border Acquisitions 08 26 15 Doing an acquisition overseas In this episode PwC s Jim Gazley Beth Paul and Anthony Greco discuss some unique points to consider in a cross border acquisition In the loop Greece s bailout Financial reporting considerations 07 23 15 PwC examines the financial reporting implications of Greece s bailout package Financial statement presentation guide 2014 second edition July 2015 07 22 15 PwC s popular Financial statement presentation guide addresses U S GAAP presentation and disclosure requirements of common balance sheet and income statement accounts Foreign currency volatility 06 15 15 Foreign currency volatility is impacting companies across all industries PwC s Valerie Wieman and John Horan discuss the driving forces risk management hedging strategies and disclosure considerations Foreign Currency Considerations in Acquisitions and Dispositions webcast On demand CPE eligible 04 26 15 In this recorded webcast foreign currency professionals from PwC s National Office and the Capital Markets Accounting Advisory Services practice discuss key considerations for multinational companies with foreign operations regarding the impact that acquisitions and dispositions can have on functional currency determination recording of goodwill release of CTA and

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/foreign-currency.html (2016-02-10)
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