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PwC's accounting weekly news: July 12, 2024: Quarterly resources – including CPE-eligible webcast replay, revenue podcast miniseries, valuation related to business combinations and long-lived assets, and more
Publication date: 12 Jul 2024
us Newsletter
This week we’re highlighting resources for your quarter-end reporting, including quarterly industry insights and a CPE-eligible replay of our Q2 accounting webcast. We also kick off a new podcast miniseries on revenue with an episode on principal versus agent considerations.
We kick off a podcast miniseries on revenue with a discussion of principal versus agent or “gross versus net” considerations.
For more information, read chapter 10 of our Revenue guide.
This podcast discusses the relationship between nature positive business strategy and reporting, which is part of the Corporate Sustainability Reporting Directive as well as other reporting frameworks, and provides an update on the work of PwC’s Centre for Nature Positive Business.
Interested in more background on measuring and reporting on nature and biodiversity? Listen to our previous podcasts in the “Becoming nature positive” series (Committing, measuring, and reporting and Strategizing and implementing).
"CSRD is the biggest thing to happen in the history of corporate sustainability. It is a transformative agenda; not, as many people see it, a reporting agenda."
- Will Evison, PwC director
- Will Evison, PwC director
This podcast episode dives into valuation relating to goodwill impairments, long-lived asset impairments, and business combinations.
For more information, read:
- chapter 7 of PwC’s Fair value guide,
- chapters 2 and 9 of PwC’s Business combinations guide, and
- chapter 5 of PwC’s Property, plant, equipment and other assets guide.
Updated: SEC volume
We updated our SEC volume to reflect new and amended rules and guidance related to Special Purpose Acquisition Companies, shell companies, and projections.
We do not support SEC approval of the PCAOB’s quality control standard due to concerns with the requirement for firms to have an external quality control function.
Quarterly insights
In addition to The quarter close – second quarter 2024 (read or listen), we share industry-specific accounting and regulatory updates as companies in each sector close their books on Q2.
And, if you missed our Q2 2024 Quarterly accounting webcast, check out our CPE-eligible replay. For more CPE-eligible webcasts, visit our National Office Accounting and reporting webcasts page on Viewpoint.
Effective director onboarding is crucial for companies to quickly leverage the skills and experience of new board members. Our latest guide provides key considerations for management teams, boards, and new directors to establish a robust onboarding process.
Recent releases
In case you missed it, here is some of our top content issued or updated in June.
- Making crypto assets less cryptic – Recent accounting developments (podcast)
- Talking ESG: Is your CSRD implementation on track? (podcast)
- Updated: Financial statement presentation guide
- Updated: Inventory guide
- Updated: Pensions and employee benefits guide
Here’s what we’re following
ESMA publishes guidance to support sustainability reporting
Last week the European Securities and Markets Authority (ESMA), financial markets regulator and supervisor of the European Union, published a report and a public statement on the first application of the European Sustainability Reporting Standards (ESRS). These documents are intended to support consistent application and supervision of the EU’s Corporate Sustainability Reporting Directive (CSRD).
The documents highlight the key areas of relevance for companies preparing to issue their first CSRD reports, including the establishment of governance arrangements and internal controls, designing and conducting materiality assessments, and creating connectivity between financial and sustainability information. ESMA also stressed the importance of preparing data collection and management systems to meet the requirements of the CSRD.
Also in support of companies implementing CSRD, EFRAG recently released implementation guidance and updated Q&As. See our publication for additional details.
Key dates
|
July 15
| Deadline to comment on International Accounting Standards Board Exposure Draft, Business Combinations – Disclosures, Goodwill, and Impairment
|
July 16
| Tax Readiness: How Pillar Two and the EU FSR impact multinational entities webcast (CPE eligible)
Register here |
July 25
| Tax Readiness: Bringing state tax opportunities to business transformation webcast (CPE eligible)
Register here |
August 8 or 14
| Q3 2024 Quarterly sustainability webcast (CPE eligible)
Register here |
September 18, 24, or 26
| Q3 2024 Quarterly accounting 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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