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PwC's accounting weekly news: October 13, 2023
Publication date: 13 Oct 2023
us Newsletter
Sustainability reporting took a step forward this week when the governor of California signed into law the proposed climate disclosure requirements we shared last month. These new requirements will impact over 10,000 US public and private companies and precede the SEC rules on climate disclosures for US public companies. Check out our updated resources on these laws that may be companies’ first foray into mandatory sustainability reporting.
Updates on sustainability and what it means for you
- Climate disclosure bills signed into California law
This week the California Governor signed into law two new climate disclosure bills—the first finalized requirements of their kind in the United States. We updated our publication, California's not waiting for the SEC's climate disclosure rules, to keep you in the loop on how these new laws impact your company and how you can prepare. - US companies and the EU sustainability reporting requirements
US companies also may be in scope of global sustainability reporting requirements, including in the European Union under the Corporate Sustainability Reporting Directive, or CSRD. We’ve updated our publication, Worldwide Impact of CSRD – are you ready?, for the latest developments.
Want more information on all the upcoming sustainability disclosures in both the US and globally? Read or listen to our updated summary, Navigating the ESG landscape, to get all the information you need. And for more sustainability content, head over to our ESG/sustainability reporting page.
Host Heather Horn was joined by Tom Barbieri, PwC’s US Chief Accountant, and Nick Milone, a PwC partner with experience advising clients on hedging strategies, to discuss effective hedging strategies and related hedge accounting considerations for various types of macroeconomic and business risks.
Host Heather Horn welcomes back Matt Haskins, PwC principal, to discuss the latest IRS guidance for IRA initiatives, marketplace transactions, and further considerations for companies looking to take advantage of the IRA.
“While we were getting our arms around the IRA in year one, now we need to connect the dots. The US is in a game of decarbonization and energy transition. But it's a global game, not a domestic game.” - Matt Haskins, PwC principal
PwC’s 2023 Annual Corporate Directors Survey
The 2023 Annual Corporate Directors Survey sheds light on how corporate directors are confronting challenges while striving for effective governance.
PwC’s CPE-eligible webcasts
Mark your calendars for our Q4 webcasts:
- Q4 2023 Quarterly sustainability webcast—11/9 or 11/15
Sustainability reporting is mandatory in a growing number of countries; we help you stay current. Join our sustainability specialists for discussion of the latest ESG accounting and reporting developments in the US and abroad. Register to earn up to 1.5 CPE credits. - Q4 2023 Quarterly accounting webcast—12/13, 12/15, or 12/19 [Updated dates]
Join our quarterly webcast to hear key accounting and reporting reminders as companies close out the year. Register to earn up to 1.5 CPE credits.
Check out our full list of CPE-eligible webcasts on our Accounting and reporting webcast page.
Here’s what we’re following
FASB codifies certain SEC disclosure guidance
On October 9, the FASB issued ASU 2023-06, which incorporates updates to the Codification to align with certain SEC disclosure requirements. The amendments impact a variety of topics but are relatively narrow in nature. For entities required to comply with the SEC’s existing disclosure requirements, the effective date for each amendment will be the effective date of the removal of the disclosure requirement from Regulation S-X or Regulation S-K, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The amendments should be applied prospectively.
SEC adopts amendments to beneficial ownership reporting
The SEC adopted amendments to beneficial ownership reporting requirements for investors that own more than 5% of a covered class of equity securities. The amendments:
- shorten reporting timelines for investors required to file on Schedule 13D such that initial reporting of the acquisition of a beneficial ownership will now be required in 5 business days (shortened from the current requirement of 10 calendar days), with any material changes to that ownership to be reported through an amendment within 2 business days of the material change, and
- change the filing timelines for qualified institutional investors and other exempt investors eligible to use Schedule 13G.
The new requirements for Schedule 13D will become effective 90 days after the final rules are published in the Federal Register. Compliance with the new Schedule 13G timelines will be required beginning on September 30, 2024.
Reminders and key dates
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October 18 or November 7
| 2023 Current Developments for Insurance Companies webcast (CPE eligible)
Register here |
October 25
| The C-Suite playbook: Putting security at the epicenter of innovation webcast (CPE eligible)
Register here |
October 30
| Deadline to comment on the FASB’s Proposed Accounting Standards Update, Disaggregation of Income Statement Expenses
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November 1
| Harnessing AI for Trusted Business Results webcast (CPE eligible)
Register here |
November 3
| Deadline to comment on the PCAOB’s proposal, Responsibility Not to Knowingly or Recklessly Contribute to Violations
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November 9 or 15
| Q4 2023 Quarterly sustainability webcast (CPE eligible)
Register here |
November 10
| Public Roundtable on FASB’s Post-Implementation Review of Topic 606, Revenue from Contracts with Customers.
Register here |
December 13, 15, or 19 [Updated]
| Q4 2023 Quarterly accounting webcast (CPE eligible)
Register here |
December 13
| Public Roundtable on FASB’s proposed Accounting Standards Update, Disaggregation of Income Statement Expenses
Register here |
January 5, 2024
| Deadline to comment on GASB’s Proposed Statement, Disclosure and Classification of Certain Capital Assets
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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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