April showers have brought us May flowers — and an informative podcast on the new FASB income tax disclosure guidance. While the expanded disclosure requirements are not yet effective, gathering the data may take time, so listen in to get a jump start.
We provide an overview of new requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as income taxes paid.
While the SEC has stayed its climate disclosure rules for now, our team is still fielding many questions as preparers work toward complying with global sustainability reporting regulations. In this episode, our sustainability specialists break down some
frequently asked questions on the rules.
"The SEC's previous guidance related to climate disclosures is still applicable, even pending new rules becoming effective. Companies need to think holistically about their business operations, what risks they face, and how they're impacted by climate-related events."
- Diana Stoltzfus, PwC National Office partner
Register for PwC’s Q2 sustainability and accounting webcasts
Join us beginning next week for several informative, CPE-eligible webcasts.
Q2 2024 Quarterly sustainability webcast (up to 1.5 CPE credits)
– May 9 or May 15 Learn how companies can holistically prepare for mandatory sustainability reporting requirements. We'll discuss materiality, greenhouse gas emissions, targets and transition plans, and more. Also hear from our featured guest,
Chris Sharp, Chief Technology Officer at Digital Realty, on the importance of AI and data centers in driving sustainability objectives.
Q2 2024 Quarterly accounting webcast (up to 1.5 CPE credits)
– June 12, June 18, or June 27 Join our National Office specialists for a discussion of key accounting and reporting reminders as companies close out Q2 2024.
Q2 2024 Industry-specific webcasts – June 20
Join us for a webcast specific to your industry that builds on the content in our core quarterly accounting webcast.
Join us to gain insights on how to proactively address IT risks, climate rules compliance, and value capture opportunities.
Recent releases
In case you missed it, here is some of our top content issued or updated in April.
Here’s what we’re following
It was a busy week of global sustainability reporting developments with new guidance on interoperability of the EU standards (the European Sustainability Reporting Standards) and global baseline standards issued by the International Sustainability Standards Board (ISSB) (the IFRS® Sustainability Disclosure Standards); a delay in the issuance of EU sector and non-EU standards, and issuance of the ISSB’s digital sustainability taxonomy.
On May 2, the IFRS Foundation and EFRAG
published guidance to illustrate the alignment between the IFRS Sustainability Disclosure Standards and the EU standards. The guidance:
- provides information on the alignment of climate disclosures and how to comply with both sets of standards
- describes the alignment of general requirements of the two frameworks (e.g., materiality, presentation and disclosure of non-climate sustainability topics)
On April 29, the European Council
approved a delay of the deadline for adoption of certain sector-specific and non-EU European Sustainability Reporting Standards by two years until June 2026.
The directive only delays when the additional standards will be issued. It does not impact the timing of when companies are required to file their initial Corporate Sustainability Reporting Directive (CSRD) reporting using the sector agnostic standards that became law in December 2023. The first filers will still be required to report in 2025 on 2024 information.
On April 30, the ISSB
published its IFRS® Sustainability Disclosure Taxonomy. Use of the taxonomy will enable stakeholders to search, extract, and compare sustainability-related financial disclosures (similar to XBRL). It neither introduces new requirements nor affects a company’s compliance with the IFRS Sustainability Disclosure Standards. This taxonomy is different from the EU’s green taxonomy, which is a list of economic activities that can be considered environmentally sustainable to help direct investments.
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PwC and Center for Audit Quality: Tech, talent and the Audit Committee’s evolving role webcast (CPE eligible) Register here
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Q2 2024 Quarterly sustainability webcast (CPE eligible) Register here
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Internal audit at the forefront webcast (CPE eligible) Register here
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Q2 2024 Energy, utilities and resources (sector-specific) webcast (CPE eligible) Register here
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Q2 2024 Health industries (sector-specific) webcast (CPE eligible) Register here
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Deadline to comment on International Accounting Standards Board Exposure Draft, Business Combinations– Disclosures, Goodwill, and Impairment
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