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  • IFRS adoption & convergence in the US: CFOdirect: PwC
    the era of convergence is nearing an end as the boards shift attention to their individual agendas Although the era of convergence is almost at an end the impacts of the accounting changes resulting from the boards joint efforts have been significant and the two accounting frameworks have moved closer together during this time e g the new revenue guidance Although the boards are no longer formally working together in most areas differences between the two frameworks continue to be removed A recent example is the US GAAP change relating to the reporting of discontinued operations The new guidance is now substantially aligned with IFRS Why it s important Although a mandatory change to IFRS for US public companies will not occur in the foreseeable future IFRS is increasingly relevant to many US companies big and small public and non public because of i cross border M A activity ii the reporting needs of non US stakeholders and iii the IFRS reporting requirements of non US subsidiaries Being financially bilingual in the US is increasingly important IFRS and US GAAP similarities and differences 2015 edition 9 17 14 This publication provides a broad understanding of the major differences between IFRS and US GAAP as well as insight into the level of change on the horizon Read more IFRS adoption by country 12 17 15 IFRS news November 2015 11 23 15 IFRS news February 2016 02 08 16 This issue of IFRS news looks at 1 IFRS 16 Leases a glance at the new standard 2 Narrow scope amendments to IAS 12 Recognition of deferred tax assets on unrealised losses 3 Current IC rejections 4 Various topics 5 P Q crashes 6 Insurance contracts 7 Revenue from contracts with customers 8 Measurement of interests in associates and joint ventures and 9 IC rejections IAS 12 IFRS in the US 01 29 16 While the near term use of IFRS in the US by domestic public companies will not be required IFRS remains very relevant to many US businesses PwC provides the latest developments and helpful publications on IFRS adoption convergence in the US The lease standard is changing are you ready IFRS 16 Leases Webcast replay 01 20 16 In this recorded webcast we discuss highlights of the new IFRS 16 guidance including the new significant judgements involved nuances that might lead to unexpected financial results and new lessee accounting requirements We also discuss the impact on industries and companies and why management should be attuned to the cross functional impacts of this change In brief It s finally here IASB publishes new standard on lease accounting 01 14 16 The leases standard under IFRS is here Changes are in store particularly for lessees IFRS news December 2015 January 2016 12 22 15 This issue of IFRS news looks at 1 revenue TRG discusses optional purchases licenses and other topics 2 news from the TRG for Impairment 3 FASB exposure draft on definition of a business 4 update on IFRS

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/ifrs-adoption-convergence.html (2016-02-10)
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  • Accounting for Income Taxes (ASC 740)
    2015 6 29 15 The accounting for income taxes ASC 740 continues to pose many challenges for preparers users and auditors This PwC guide is intended to clarify the fundamental requirements involved in the accounting for income taxes Read more Accounting for Income Taxes 2015 Year end Hot Topics 1 05 16 FAQ on applying simplified balance sheet classification of deferred taxes 12 17 15 Global Tax Accounting Services Newsletter Income tax accounting and reporting developments December 2015 01 18 16 Designed to help multinationals stay aware of tax accounting and regulatory developments under US GAAP and IFRS whilst providing technical guidance on challenging tax accounting areas FASB Income tax projects update A PLS perspective 01 07 16 In this alert we provide a pharmaceutical and life sciences perspective to the FASB Income tax projects update ASC 740 implications of accounting method changes 01 07 16 This publication is focused on topics we believe will be widely relevant to the preparation of 2015 year end financial statements 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 The quarter close Directors edition 12 17 15 This quarterly publication is designed to keep directors informed about the latest accounting and financial reporting issues In depth FAQ on applying simplified balance sheet classification of deferred taxes 12 17 15 This In depth includes responses to FAQs related to new FASB guidance on balance sheet classification of deferred taxes Income taxes 2015 SEC comment letter trends 12 16 15 This publication provides representative examples of financial statement comments related to income taxes that have been made public by the SEC from October 1 2014 through September 30 2015 In brief

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/income-tax.html (2016-02-10)
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  • Accounting for insurance contracts - PwC
    light of recent discussions the board is expected to revisit this conclusion Additionally the FASB has discussed that the discount rate used to reflect the time value of money in the calculation of the liability for future policy benefits would be the rate of return on a reference portfolio of high quality fixed income investments Most recently the board also voted to require fair value accounting for all types of guarantees embedded in variable contracts that expose the insurance entity to other than nominal capital market risks The staff is still discussing whether the change in fair value relating to a company s own credit risk should go through net income or OCI Another targeted improvement relates to simplifying the deferred acquisition costs DAC amortization method The board voted unanimously that DAC would be amortized over the expected life of a book of contracts in proportion to the amount of insurance in force or on a straight line basis if the amount of insurance in force is variable and cannot be reliably predicted or is otherwise not readily determinable In computing amortization no interest would accrue to the undiscounted balance of capitalized acquisition costs Although the FASB has decided to pursue targeted improvements to US GAAP rather than write a new comprehensive standard the resulting differences from existing GAAP could still be significant for long duration contracts The enhanced disclosures for short duration contracts will include information that has not previously been disclosed such as ten years of disaggregated claims data The new disclosures may require the accumulation and reporting of new and different groupings of claims data by insurers from what is currently captured for US statutory and other reporting purposes Processes and systems will likely need to be updated to capture the data at a new level of detail and categorization Video Insurance NAV and CFEs 12 07 2015 Hear PwC s Anna Kajirian discuss some new FASB guidance affecting financial services companies specifically short duration insurance contracts the NAV practical expedient and collateralized financing entities Point of view Insurance contract accounting The path forward 11 21 13 Meeting summaries from the IASB FASB Insurance Contracts Project 11 20 15 Insurance NAV and CFEs 12 07 15 Learn how new FASB guidance is affecting financial services companies IASB FASB Insurance Contracts Project Meeting summaries 11 20 15 Insurers currently use a variety of different and largely inconsistent local approaches to measure the value of insurance contracts within their statutory financial statements This diversity makes it difficult to compare companies and may fail to reflect the true economic value of insurance business which can put insurers at a considerable disadvantage when competing for capital In depth FASB issues enhanced disclosure guidance for insurer claim liabilities 06 18 15 Enhanced insurance contract disclosures may create new and different reporting of claim data for insurers In brief FASB issues enhancements to disclosure requirements for insurers 05 21 15 The short duration insurance contract disclosures may create new and different reporting of

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/insurance-contracts.html (2016-02-10)
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  • Lease Accounting - PwC
    of the asset which is similar to the model in the new revenue standard The boards are largely aligned on the definition of a lease determining the lease term identifying short term leases reassessment of lease term lease modifications application of the standard to a group of assets rather than individual assets and separation of lease and non lease components while diverging on how often a lessee should reassess index based variable lease payments The FASB in its standalone meetings has made decisions on related party leases elements of accounting for sale leasebacks and the prospective elimination of leveraged leases existing leveraged leases should be grandfathered during transition The current lease accounting guidance has been criticized for allowing leased assets and perhaps more importantly the obligations for future lease payments to be excluded from the balance sheet and for using bright line thresholds that can lead to significantly different accounting for similar transactions The project was originally expected to result in a standard that provided generally consistent accounting for leases on a global basis however based on the redeliberations this will not be fully achieved The approaches under consideration would significantly change the accounting for leases and impact financial statement presentation and financial metrics including many that relate directly to debt covenants and compensation arrangements Management should begin thinking about how the new rules may affect existing leases as well as considering those potential implications for contemplated new agreements In addition they need to communicate with banks rating agencies and financial analysts about how the company s financial picture may be affected What s next for Lease accounting A final FASB standard is expected to be issued in the first quarter of 2016 The standard will be effective for public companies for interim and annual reporting periods beginning after December 15 2018 private companies will have an additional year Entities will be required to adopt the standard using a modified retrospective transition approach and early adoption will be permitted The IASB standard will be effective for annual reporting periods beginning on or after January 1 2019 for all companies The IASB will permit retrospective or a simplified retrospective transition and allow early adoption only concurrent with adoption of the new revenue standard In brief It s finally here IASB publishes new standard on lease accounting 1 14 16 The leases standard under IFRS is here Changes are in store particularly for lessees Read more Podcast Build to suit lease arrangements 9 14 15 In brief FASB finalizes effective date for the proposed leasing standard 11 12 15 The lease standard is changing are you ready IFRS 16 Leases Webcast replay 01 20 16 In this recorded webcast we discuss highlights of the new IFRS 16 guidance including the new significant judgements involved nuances that might lead to unexpected financial results and new lessee accounting requirements We also discuss the impact on industries and companies and why management should be attuned to the cross functional impacts of this change In brief

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/lease-accounting.html (2016-02-10)
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  • Not-for-profit reporting: PwC
    depth The FASB s not for profit financial reporting proposal A closer look 8 24 15 PwC s summary of the FASB s proposed ASU that would significantly change not for profit financial reporting Read more The financial reporting framework Could changes to the not for profit standard impact for profit entities 4 27 15 Watch a replay of PwC s quarterly webcast focusing on emerging accounting developments affecting not for profit organizations Healthcare Higher Education and Nonprofit Series Hot topics and technical updates impacting accounting and financial reporting Webcast replay 01 21 16 In this recorded webcast focusing on emerging accounting developments affecting not for profit organizations we will cover recent FASB standard setting developments that have occurred since our October webcast As always the focus is on not for profit organizations that apply FASB standards with an emphasis on healthcare and higher education institutions In depth The FASB s not for profit financial reporting proposal A closer look 08 24 15 PwC s summary of the FASB s proposed ASU that would significantly change not for profit financial reporting PwC comments on FASB s proposed changes to NFP financial reporting 08 24 15 PwC supports the FASB s proposals to make certain targeted changes to NFP specific reporting now Point of view The financial reporting framework Could changes to the not for profit standard impact for profit entities 04 26 15 Could proposed reporting changes for not for profits impact business entities Read our Point of view for highlights on the NFP proposal In brief FASB exposure draft proposes dramatic changes for not for profit NFP entities 04 23 15 FASB exposure draft proposes significant changes to the not for profit NFP financial reporting model Issues Accounting reporting 2015 Y E financial reporting Business combinations Consolidation Fair value

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/not-for-profit-reporting.html (2016-02-10)
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  • Private company reporting and Private Company Council (PCC): PwC
    electing a private company alternative for the first time after its effective date The FASB s proposal removes the effective dates from the PCC alternatives and includes transition provisions that would result in private companies being able to forgo a preferability assessment the first time they elect one of the PCC alternatives The FASB s proposal also extends the transition guidance indefinitely for adoption of the alternatives related to goodwill and interest rate swaps The goodwill alternative would be accounted for prospectively The interest rate swap alternative would allow for either a modified or full retrospective application of the simplified hedge accounting approach to existing swaps the first time the election is made and then by election to subsequent new swaps Under the proposal once elected the accounting alternative must be maintained and any subsequent changes other than due to meeting the definition of a public business entity would be considered a change in accounting policy and subject to a preferability assessment The comment period for the proposal ended November 16 2015 Why it s important The final standards provide relief to nonpublic entities by offering simplified accounting models For example Under the new goodwill alternative the previously required annual impairment assessment is now a trigger based impairment assessment In addition companies have an opportunity to make an accounting policy election to perform the impairment test at an entity wide level as opposed to the previously required reporting unit level Finally any goodwill impairment loss is measured in a one step test so the hypothetical purchase price allocation i e step 2 is no longer required The new simplified hedge accounting alternative provides relief from existing hedge accounting guidance by making it easier for a company to qualify its receive variable pay fixed interest rate swaps for hedge accounting as long as certain conditions are met and also provides a simplified measurement model The new alternative for common control leasing arrangements simplifies the consolidation model for private companies by providing them with an exemption from applying VIE guidance for certain common control leasing arrangements Any accounting alternative approved by the PCC and endorsed by the FASB is optional for private companies to adopt A private company always has the option to continue to follow existing GAAP Companies generally can make an election on a standard by standard basis That is when a private company elects to adopt a PCC approved accounting alternative it is not required to adopt other PCC approved accounting alternatives unless specifically required to do so In other words this is not an all or nothing adoption requirement Before adopting the private company alternatives an eligible private company should carefully weigh the impact of applying the standard on its key financial metrics and debt covenant compliance Additionally if an eligible private company becomes a public business entity in the future the company will need to retrospectively adjust its historical financial statements to remove the effect of applying the PCC alternatives for all prior periods presented This could

    Original URL path: http://www.pwc.com/us/en/cfodirect/issues/private-company-reporting.html (2016-02-10)
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  • What's new on CFOdirect - Week of February 4, 2016
    acquisitions analysis Webcast Building trust and transparency through SOC 2 reporting What every organization should know February 9 Accounting reporting Flashline A weekly update on financial reporting February 4 2016 PwC s weekly alert highlighting current financial reporting developments including accounting auditing and regulatory matters This week s topics include FASB s new guidance on recognition and measurement of financial instruments Governance insights A focus on audit committee disclosures Highlights of PwC communications issued in January and more In depth New guidance on recognition and measurement to impact financial instruments This edition of In depth discusses the FASB s new recognition and measurement guidance The changes to the current US GAAP financial instruments model primarily affect the accounting for equity investments financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments Governance Proxy season is upon us Is it time to enhance audit committee disclosures As the 2016 proxy season approaches many audit committees are evaluating whether to enhance their public disclosures Following on the transparency theme which continues to be important to stakeholders there is an increasing call for audit committees to voluntarily provide more relevant and useful information to investors and other stakeholders relating to how they perform their oversight duties and responsibilities Asset management 2015 Mutual Fund Developments Look back to see what s ahead This report casts a very broad net and explores the array of historic changes confronting the industry over the past year including changes in investor preferences regulation financial reporting auditing and taxation Mergers acquisitions 2015 Annual US Capital Mar kets Watch The US capital markets as a whole raised more funds in 2015 than in 2014 led by increases in proceeds raised in follow on issuances and investment grade debt The number of total capital markets deals however slowed down from the brisk pace set in 2014 This publication identifies and assesses activity and trends in both the US equity and debt capital markets in 2015 US Banking deals insights 2015 update and outlook for 2016 In 2015 deal values greater than 1 billion made up 76 of all deal value marking the return of large deals to pre Financial Crisis levels Deals in 2015 raised approximately 1 billion from 12 IPOs down 93 in value from 2014 Energy Deals Fourth quarter 2015 oil and gas industry mergers and acquisitions analysis This quarterly analysis of merger and acquisition activity in the US oil and gas industry provides an overview of the most recent M A results and our expectations for future deal activity Read our analysis to review all the key trends from 4Q15 Webcasts Webcast Building trust and transparency through SOC 2 reporting What every organization should know February 9 The global outsourcing market is constantly evolving Are you up to date on the latest SOC 2 and vendor controls reporting trends Join our upcoming webcast in which we ll discuss SOC 2 reporting trends reducing costs and increasing efficiencies through SOC 2 Vendor Controls

    Original URL path: http://www.pwc.com/us/en/cfodirect/publications/weekly-newsletter/february-4-2016.html (2016-02-10)
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  • Directors and IT: PwC
    Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Directors and IT 02 05 2016 Download Directors and IT Overseeing a company s information technology activities remains a significant concern for today s boards of directors Abridged version Order a free hard copy of the full report Cybersecurity risks the rapid pace of change complicated subject matter and the technical jargon used to describe emerging technology and associated risks make this a challenging area Directors and IT is a guide to help directors bridge the IT confidence gap This updated oversight guide provides a resource specifically for directors to focus on IT risks and strategy and help them sleep better at night Publications 10Minutes Accounting guides Corporate governance series EITF observer Flashline IFRS news In brief In depth In the loop In transition M A snapshot Point of view Practical tip Private company reporter PwC comment letters AICPA ASB FASB GASB IFAC IASB IVSC PCAOB SEC Regulatory and standard setting developments SEC comment letter trends Tax accounting insights The quarter close Weekly newsletter Center for Board Governance and Investor Resource Institute PwC Paula Loop announced as new leader Find

    Original URL path: http://www.pwc.com/us/en/cfodirect/publications/corporate-governance/directors-and-information-technology.html (2016-02-10)
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