Our miniseries on lease accounting continues with “day 2” lease accounting, focusing on lease remeasurements, subleasing, and lease impairments.

For more information on modifications and remeasurements of leases, read chapter 5 of our Leases guide.

While the changing global sustainability reporting landscape may pose challenges for preparers, there continue to be opportunities for companies to take a holistic approach to disclosure – whether mandatory or voluntary. We share resources to assist.

Talking ESG: Role of the C-suite in sustainability reporting (podcast)
In this episode, we discuss key focus areas and action steps for C-suite executives as they ready their companies for the future of global sustainability reporting.

"The market has spoken on the topic of ESG reporting; it's going to be out there, not necessarily just because regulators demand it, but because the market has said it needs to be done."
- Marc Siegel, National Office partner, on the future of sustainability reporting

Q2 Quarterly sustainability webcast – May 9 or May 15
Register for our CPE-eligible webcast on May 9 or May 15 for a discussion of the latest developments in sustainability accounting and reporting.

Navigating the SEC climate disclosure rules
For a deep dive on the SEC climate-related disclosure rules issued last month, read our updated publication, which now includes additional interpretive questions and other insights.

If you prefer to listen, our podcast provides an overview of the SEC’s new rules.

Join our National Office specialists for a discussion of key accounting and reporting reminders as companies close out Q2 2024. Register for 1.5 CPE credits.

And if you missed our Q1 Quarterly accounting webcast, a CPE-eligible replay is available. Browse our National Office webcasts page on Viewpoint for the full library.

We share industry-specific accounting and regulatory updates.

We are also offering industry-specific webcasts. Register for 1.5 CPE credits.

This week the International Accounting Standards Board (IASB) issued IFRS 18, a new standard on presentation and disclosure in financial statements, which replaces IAS 1. The key concepts in IFRS 18 relate to:

IFRS 18 will apply for annual reporting periods beginning on or after January 1, 2027. For additional details, read PwC’s summary, IFRS 18 is here: redefining financial performance reporting.

On April 9, the PCAOB issued for public comment proposals on (1) public reporting of standardized firm and engagement metrics and (2) collecting information from audit firms.

The metrics proposal sets out standardized firm- and engagement-level metrics that PCAOB staff believes will be useful for investors and other stakeholders. The proposed metrics cover (1) partner and manager involvement, (2) workload, (3) audit resources, (4) experience of audit personnel, (5) industry experience of audit personnel, (6) retention and tenure, (7) audit hours and risk areas (engagement-level only), (8) allocation of audit hours, (9) quality performance ratings and compensation (firm-level only), (10) audit firms’ internal monitoring, and (11) restatement history (firm-level only).

The second proposal would require a combination of public reporting and reporting only to the PCAOB on the firm’s financial information, audit firm governance information, network information, and cybersecurity as well as special reporting.

Comments on both proposals are due by June 7, 2024.

The Sustainability Standards Board of Japan (SSBJ) released proposed sustainability disclosure standards based on the sustainability disclosure standards issued by the International Sustainability Standards Board. Comments are due by July 31.