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PwC's accounting weekly news: December 15, 2023
Publication date: 15 Dec 2023
us Newsletter
‘Tis the season for giving! The FASB gifted us two new ASUs this week, one on crypto assets and the other on income tax disclosures. We summarize the new guidance for you. And, as we continue to approach year end, we share our fourth quarter edition of The quarter close and our summary of last week’s annual AICPA/SEC conference.
The quarter close - fourth quarter 2023
This quarter we cover key year-end reporting reminders, sustainability reporting updates, and the FASB's standard setting activities, along with other key reminders for your quarterly reporting. Read our publication or listen to the audio version.
Representatives from the SEC, PCAOB, FASB, and IASB, along with other distinguished speakers, discussed various accounting, reporting, auditing, and regulatory hot topics. Read our summary for the highlights.
New FASB accounting standards
This week the FASB released two new ASUs: one on crypto assets and one on income tax disclosures.
ASU 2023-08, Accounting for and Disclosure of Crypto Assets:
- The ASU requires all entities holding crypto assets that meet certain requirements to subsequently measure those in-scope crypto assets at fair value, with the remeasurement recorded in net income. Our publication summarizes what you need to know.
ASU 2023-09, Improvements to Income Tax Disclosures
- The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. It is intended to provide investors more detailed income tax disclosures that would be useful in making capital allocation decisions. Read our publication for more information.
Also, we have updated our comprehensive FASB effective date pages for public and nonpublic companies on Viewpoint to include these ASUs. Bookmark these pages — they’re your one-stop shop for what is effective and early adoptable in 2023, 2024, and beyond.
In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance. This week, host Heather Horn was joined by PwC National Office partner Ryan Spencer to discuss the continued focus in SEC comment letters on Management’s Discussion and Analysis (MD&A) and share insights for preparers on how to avoid the common pitfalls.
Resources on the SEC’s cyber disclosure rules
With the effective dates of cybersecurity disclosures under the SEC’s rules imminent, we have resources to help. The requirement to disclose material cybersecurity incidents on Form 8-K and Form 6-K within four business days of the determination that an incident is material begins on December 18. (Smaller Reporting Companies will have until June 15, 2024.) And all registrants are required to comply with the annual disclosure requirements beginning with annual reports for fiscal years ending on or after December 15, 2023.
We updated our summary of the rules this week to add recently-released resources: DOJ and FBI guidance on requesting delays in incident reporting as well as related SEC staff interpretations on incident disclosures. Also visit our dedicated webpage that offers comprehensive content for everyone on the multifunctional team responsible for cybersecurity.
Host Heather Horn was joined by Claire Berthier, CEO of French asset management firm Trusteam Finance, to share her viewpoint on how companies can align their sustainability reporting and corporate strategy to meet investor needs.
Stay current on trends, new SEC requirements, asset assessment, share purchases and more affecting technology, media, and telecommunications (TMT) companies.
US Deals 2024 outlook
Explore the US Deals 2024 outlook to learn more about the key deal drivers PwC is seeing in the market and what trends you should keep in mind. The report also includes specific insights relevant to each industry. For more discussion of the deals outlook, register for the companion webcast on January 25, 2024, Executive perspectives: How transactions and transformation together achieve value creation webcast.
For controllers, 2024 will likely increase layered complexities at the intersection of finance and risk. Having access to the latest digital tools and skilled finance talent will be pivotal to finding control gaps, communicating swiftly, and staying ahead. Find out what controllers need to know.
PwC’s CPE-eligible National Office webcasts
There's still two more opportunities to join our Q4 2023 Quarterly accounting webcast as well as our IFRS year-end accounting webcast.
- Q4 2023 Quarterly accounting webcast — 12/15 or 12/19
Join our quarterly webcast to hear key accounting and reporting reminders, including those discussed at the AICPA & CIMA Conference on Current SEC and PCAOB Developments, as companies close out the year. Register to earn up to 1.5 CPE credits. - IFRS year-end accounting webcast — 1/18/24
Join us as our IFRS® Accounting Standards specialists address year-end accounting and reporting reminders and recent activities at the International Accounting Standards Board. We’ll also let you know what to expect in IFRS reporting in 2024. Register to earn up to 1 CPE credit.
Need additional CPE credits? Visit our National Office Accounting and reporting webcasts page on Viewpoint to view our full library.
Here’s what we’re following
ISSB releases educational material on IFRS® Sustainability Disclosure Standards
The International Sustainability Standards Board (ISSB) published educational material to assist preparers in considering nature and social impacts that intersect with climate-related risks and opportunities as they provide climate-related disclosures. The material explains and illustrates how an entity might apply the requirements but is not intended to provide interpretative guidance.
For more on the ISSB Sustainability Disclosure Standards, read our summary: IFRS Sustainability Disclosure Standards ‒ Guidance, insights and where to begin.
Key dates
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December 15 or 19
| Q4 2023 Quarterly accounting webcast (CPE eligible)
Register here |
January 17
| Tax Readiness: 2024 Tax Policy Outlook webcast (CPE eligible)
Register here |
January 18
| IFRS year-end accounting webcast (CPE eligible)
Register here |
January 25
| Executive perspectives: How transactions and transformation together achieve value creation webcast
Register here |
January 29
| Deadline to comment on AICPA exposure draft, Proposed criteria for the presentation of the sufficiency of assets for redemption
|
February 15 or March 5
| Q1 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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