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PwC's accounting weekly news: April 05, 2024: Pillar Two, lease classification, segment reporting, stay of SEC climate disclosure rules, and more
Publication date: 05 Apr 2024
us Newsletter
To kick off April, we bring you two new podcasts, including the first episode in a new miniseries on lease accounting and a discussion on building capacity for sustainability reporting.
And if you find yourself wanting more, browse our extensive podcast library of over 300 episodes. Find them on Apple podcasts, YouTube Podcasts and YouTube Music, Spotify, or wherever you get your podcasts, and of course on Viewpoint.
New sustainability reporting requirements have resulted in the need for companies to assess their capacity to produce high quality sustainability disclosures, as well as the capacity of companies in their value chains who will provide inputs to their reporting. In this podcast, Mardi McBrien, Chief of Strategic Affairs & Capacity Building at the IFRS Foundation, joins us to discuss how the Foundation has been working to build capacity, and how companies can best navigate the overall sustainability reporting environment moving forward.
"The accounting profession, governance, assurance, internal controls – all of this needs to change and to upskill. This is a full-organization sport." - Mardi McBrien, Chief of Strategic Affairs & Capacity Building at the IFRS Foundation, on building sustainability skillsets
Updated segment reporting guidance
We've updated the segment reporting guidance in our Financial statement presentation and IFRS and US GAAP: Similarities and differences guides to reflect the FASB's new guidance in ASU 2023-07, Improvements to Reportable Segment Disclosures.
Pillar Two tax legislation has been implemented in over 35 countries. We answer your frequently asked questions on the impact to interim and annual financial reporting.
Enterprise resilience: Questions for board members to consider
Cybersecurity attacks have elevated the importance of operational and technology resilience to board-level consideration. Read why boards should be informed about management’s resiliency strategy, programs, and investments.
Recent releases
In case you missed it, here is some of our top content issued or updated in March.
- The quarter close: Read or listen
- Statement of cash flows (updated)
- Asset acquisition accounting (podcast)
- Operationalizing sustainability reporting requirements (podcast)
Here’s what we’re following
SEC stays climate disclosure rules
On April 4, the SEC stayed its climate disclosure rules to “facilitate the orderly judicial resolution” of pending legal challenges.
FASB removes references to the Concepts Statements
The FASB issued an ASU to remove references to the Conceptual Framework in the Codification. The Conceptual Framework establishes concepts that the Board considers in developing standards. The FASB noted that references to the Concepts Statements in the Codification could have implied that the Concepts Statements are authoritative. Also, some of the references removed were to Concepts Statements that are superseded.
Although the amendments are not intended to result in significant accounting change, the FASB recognized that changes to guidance may require transition. The ASU is effective for public business entities for fiscal years beginning after December 15, 2024 and for all other entities for fiscal years beginning after December 15, 2025. Early application is permitted.
Key dates
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May 1
| Trust Survey Insights that Boost Your Bottom Line webcast (CPE eligible)
Register here |
May 9 or 15
| Q2 2024 Quarterly sustainability webcast (CPE eligible)
Register here |
June 12, 18, or 27
| Q2 2024 Quarterly accounting webcast (CPE eligible)
Register here |
June 20
| Q2 2024 Energy, utilities and resources (sector-specific) webcast (CPE eligible)
Register here |
July 15
| Deadline to comment on International Accounting Standards Board Exposure Draft, Business Combinations – Disclosures, Goodwill, and Impairment
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