Our revenue podcast miniseries continues with a discussion of identifying the contract, the first step in the five-step model for recognizing revenue from contracts with customers.

For more information, read chapter 2 of our Revenue from contracts with customers guide.

For more content on preparing financial statements in accordance with IFRS, watch our Q2 2024 IFRS technical update video.

PwC’s annual Not-For-Profit Organization Insights summarizes key insights and resources applicable to fiscal year 2024 financial reporting and beyond, including new accounting standards now effective or eligible for early adoption.

This quarter, PwC is again offering several informative, CPE-eligible webcasts.

Q3 2024 Quarterly sustainability webcast (up to 1.5 CPE credits) – August 8 or 14
Join our sustainability specialists for the next quarterly discussion of the latest developments in sustainability accounting and reporting in the US and abroad.

Q3 2024 Quarterly accounting webcast (up to 1.5 CPE credits) – September 18, 24, or 26
Join our National Office specialists for a discussion of key accounting and reporting reminders as companies close out Q3 2024.

Q3 2024 Energy, utilities and resources webcast (up to 1.5 CPE credits) – September 25

Join us for a webcast specific to energy, utilities and resources companies that builds on the content in our core quarterly accounting webcast.

For more CPE-eligible webcasts, visit our National Office Accounting and reporting webcasts page on Viewpoint.

As remote and hybrid work reshapes corporate culture, it’s vital for boards to stay proactive in their oversight. Read our Governance Insights Center’s latest article for insightful questions directors should be asking to comprehensively evaluate their companies’ cultures.

The FASB issued a new chapter of its Conceptual Framework on the measurement of items recognized in financial statements. This nonauthoritative framework – it does not establish or change GAAP – provides the Board with measurement concepts to consider when developing standards and describes entry and exit prices as the most relevant and representationally faithful measurement systems. This new chapter completes the FASB’s Conceptual Framework by amending the existing Concepts Statement 8 and replacing Concepts Statements 5 and 7.

On July 18, the International Accounting Standards Board (IASB) issued narrow-scope amendments to IFRS Accounting Standards that include clarifications, simplifications, corrections, and changes intended to improve consistency in:

The amendments are effective for annual periods beginning on or after January 1, 2026. Early adoption is permitted.

This week the IFRS Foundation issued a Feedback Statement on its agenda consultation on IFRS Sustainability Disclosure Standards as issued by the International Sustainability Standards Board (ISSB). The statement explains how feedback on the agenda consultation shaped the 2024-2026 work plan. Key focus areas include implementation of the first two sustainability standards (IFRS S1 and IFRS S2), industry-based disclosures, interoperability, connectivity, proportionality, and an investor focus.

The ISSB’s agenda consultation ran from May to September 2023 and received over 400 responses from a broad range of stakeholders across various regions. Investors and investor groups submitted 70 of the responses.