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PwC's accounting weekly news: June 07, 2024: Financial statement presentation guide, consolidation, practical challenges in sustainability reporting, and more
Publication date: 07 Jun 2024
us Newsletter
Taylor Swift isn't the only one having an Eras Tour. The SEC announced the launch of its own “Eras Tour” in honor of the 90th anniversary of the Securities Exchange Act of 1934, which led to the formation of the SEC. On June 6, 1934, FDR signed the “34 Act” into law. The SEC celebrated with a panel discussion among some former Commissioners. Learn more about this event on the Commission’s Historical Society page.
We kick off a podcast miniseries on consolidation accounting with an overview of the different models and lay the foundation to go deeper into the variable interest entity model in the next two episodes.
For more information on this topic, read chapter 1 of our Consolidation guide.
This podcast explores the practical challenges companies will face in implementing new mandatory sustainability reporting requirements as well as leading practices on data quality considerations and getting ready for assurance.
"Beyond using reliable data, you also need to consider qualitatively whether you're reporting consistent information with one voice across the company within different reports."
- Marie Hache, PwC Sustainability partner
Updated accounting guides
- We’ve updated the following chapters of our Financial statement presentation guide for new guidance issued as well as other insights:
- We’ve updated our Business combinations guide for the latest perspectives on the subsequent accounting for goodwill as well as other insights.
- Our Bankruptcies and liquidations guide was updated to discuss the views shared by the SEC staff regarding Staff Legal Bulletin No. 2.
PwC provided our views on the effectiveness of the Private Company Council in executing its mission.
Our new research includes moves to decarbonization that help grow revenue and margins as well as lower costs.
Register for PwC webcasts
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. Our keynote speaker, Dan Ives, a prominent investor and managing director at Wedbush Securities, will share his insights for finance teams.
Join our National Office specialists for a discussion of key accounting and reporting reminders as companies close out Q2 2024. Our keynote speaker, Dan Ives, a prominent investor and managing director at Wedbush Securities, will share his insights for finance teams.
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 for a webcast specific to your industry that builds on the content in our core quarterly accounting webcast.
- Energy, utilities and resources webcast (up to 1.5 CPE credits)
- Health industries webcast (up to 1.5 CPE credits)
Join us as we share the responses of over 500 executives and senior professionals across the globe. We took the temperature on CSRD implementation, the associated challenges and opportunities, and how companies are currently addressing the reporting requirements. Our panelists will explore ways to leverage the mandate to bring sustainability into the heart of your business strategy and uncover opportunities for value creation.
Quarterly sustainability webcast replay
If you missed our Q2 Quarterly sustainability webcast, a CPE-eligible replay is now available.
If you missed our Q2 Quarterly sustainability webcast, a CPE-eligible replay is now available.
For more CPE-eligible webcasts from our National Office, visit the Accounting and reporting webcasts page on Viewpoint.
Recent releases
In case you missed it, here is some of our top content issued or updated in May.
- Trends in SEC enforcement actions
- New income tax disclosure requirements – getting ready (podcast)
- Talking ESG: The challenge – and promise – of a circular economy (podcast)
- Updated: Equity method investments and joint ventures guide
- Updated: Property, plant, equipment and other assets guide
Here’s what we’re following
Fifth Circuit Court of Appeals vacates SEC's private fund advisers rulemaking
On June 5, the Fifth Circuit Court of Appeals vacated the SEC’s private fund rulemaking package. The court cited that the SEC exceeded its statutory authority in adopting these rules.
As background, the SEC adopted new rules aimed at enhancing private fund investor protection in August 2023. In September 2023, industry groups filed a joint petition against the SEC claiming that the private fund adviser rules exceeded the Commission’s statutory authority and did not comply with certain requirements for rulemaking. The petition also claimed that the rules would be overly burdensome to implement.
It is unclear at this point whether the SEC will appeal the decision.
While the House and Senate voted to repeal Staff Accounting Bulletin (SAB) 121, which requires custodians of crypto assets to record a safeguarding obligation and related asset, President Biden has vetoed the bill. As a result of the veto, entities that file financial statements with the SEC must still consider whether SAB 121 is applicable to them.
The SEC staff recently issued a statement on XBRL tagging for earnings per share (EPS) data following observations of companies applying differing approaches to tagging the earnings per share information when basic and diluted EPS are the same. When basic and diluted EPS have the same value and are presented only once on the face of the income statement, the staff recommends that companies tag the amount twice using both the GAAP basic EPS and the GAAP diluted EPS tags.
On May 31, EFRAG released implementation guidance on the materiality assessment and the value chain as well as a complete list of the detailed requirements of the European Sustainability Standards (ESRS) in spreadsheet format. The implementation guidance is non-authoritative and intended to support the implementation activities of preparers and other users of ESRS.
The AICPA updated its practice aid (free for AICPA members) on the accounting and auditing of digital assets with new guidance on auditing valuation as well as auditing procedures for existence, rights, and obligations of digital assets.
On June 3, GASB released its Post-Implementation Review Report on GASB Statement 67, Financial Reporting for Pension Plans, and GASB Statement 68, Accounting and Financial Reporting for Pensions. The report found that the standards generally achieved the objective of improving accounting and financial reporting for pensions.
Key dates
|
June 12, 18, or 27
| Q2 2024 Quarterly accounting webcast (CPE eligible)
Register here |
June 19
| Q2 2024 Tax accounting webcast (CPE eligible)
Register here |
June 20
| Q2 2024 Energy, utilities and resources (sector-specific) webcast (CPE eligible)
Register here |
June 20
| Q2 2024 Health industries (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
|
August 8 or 14
| Q3 2024 Quarterly sustainability webcast (CPE eligible)
Register here |
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PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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