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PwC's accounting weekly news: June 21, 2024: The quarter close, SEC filer status, EITF discusses the accounting acquirer, PCAOB standards, and more
Publication date: 21 Jun 2024
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Quarterly resources
We provide a summary of the latest accounting, financial reporting, sustainability reporting, and regulatory updates to support your quarterly reporting. Read our publication or listen to the audio version.
Quarterly accounting webcast (up to 1.5 CPE credits) – June 27
There is one more chance to join our National Office specialists for a discussion of key accounting and reporting reminders as companies close out Q2 2024. Our keynote speaker, Dan Ives, a prominent investor and managing director at Wedbush Securities, shares his insights for finance teams.
For more CPE-eligible webcasts from our National Office, visit the Accounting and reporting webcasts page on Viewpoint.
The PCAOB recently adopted amendments to standards for tech-assisted analysis and proposed a new standard on substantive analytics. These standards are likely to impact how auditors perform audit procedures. Read our summary for additional details.
We’ve updated our Transfers and servicing of financial assets guide with additional insights, which include clarifying (1) the guidance on beneficial interest considerations and (2) the interaction between the guidance on derecognition of nonfinancial assets and transfers. Access it digitally on Viewpoint or download the full guide PDF.
The role of the board in an activist environment is an important one. Directors can help the company anticipate and respond to shareholder concerns and other types of activism. Our latest guide helps get your board ready — now and in the future.
The ability to earn an acceptable return while providing solutions to a pressing social issue – the need for affordable housing – presents an opportunity for truly sustainable investing. The global head of PwC’s Geopolitical Investing practice shares solutions from around the globe that can be applied in the US.
We conclude our podcast miniseries on consolidation with an episode on identifying the primary beneficiary of a VIE, the reporting entity required to consolidate the VIE.
For more information on this topic, read chapter 5 of our Consolidation guide.
Here’s what we’re following
In other VIE news, on June 14, the newly-reconstituted Emerging Issues Task Force (EITF) deliberated Issue 24-A, Determining the Accounting Acquirer. The EITF recommended that the FASB add a project to its technical agenda on how to determine the accounting acquirer when a variable interest entity is acquired in a business combination effected primarily by exchanging equity interests. The FASB will determine whether to add the project to its agenda at a public meeting in July.
SEC filer status assessment for calendar year-end public companies is as of June 30
A US public company is required to calculate its public float as part of the annual assessment of its accelerated filer status as of the last business day of its most recently completed second fiscal quarter. SEC accelerated filer status (i.e., large accelerated filer, accelerated filer, non-accelerated filer) can impact both a company’s SEC filing timelines as well as certain disclosure requirements (e.g., whether or not an auditor's attestation is required for internal control over financial reporting under Sarbanes Oxley Act section 404(b)). In addition, an emerging growth company (EGC) that becomes a large accelerated filer would no longer qualify as an EGC.
For more on filer status, see our summary.
TNFD and EFRAG publish mapping of recommended disclosures and metrics
The Taskforce on Nature-related Financial Disclosures (TNFD) and EFRAG, authors of the European Sustainability Reporting Standards (ESRS), have jointly published a mapping between the ESRS and the TNFD’s recommended disclosures and metrics. There is significant commonality; all 14 TNFD recommended disclosures are in the ESRS.
For more on the TNFD, listen to our podcast, Talking ESG: TNFD launches a final nature reporting framework.
Key dates
|
June 27
| Q2 2024 Quarterly accounting webcast (CPE eligible)
Register here |
July 15
| Deadline to comment on International Accounting Standards Board Exposure Draft, Business Combinations – Disclosures, Goodwill, and Impairment
|
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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