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PwC's accounting weekly news: March 22, 2024
Publication date: 22 Mar 2024
us Newsletter
Spring has sprung, which means we’re nearing the end of the first calendar quarter. This week, we share our summary of top quarterly reporting issues, The quarter close.
Quarterly reporting resources
This quarter we cover newly effective standards for 2024 and highlight key reminders for your quarterly reporting. Read The quarter close publication or listen to the audio version.
Also, there is one more chance — on March 28 — to join our Q1 accounting webcast. Our specialists will share insights on new and developing FASB guidance, Pillar Two and other income tax updates, SEC reporting developments, including the final climate-related disclosure rules, and more. Register to earn up to 1.5 CPE credits.
SEC climate disclosure rules
We continue our coverage of the SEC’s recently-adopted climate disclosure rules with additional resources.
On March 15, the US Court of Appeals for the 5th Circuit issued an administrative stay of the final rules. An administrative stay indicates that the rules (which are not yet effective as to any company) cannot be enforced until a final decision is reached by the courts. The administrative stay is not a final decision on the rules and it is uncertain whether it would remain in place while a court considers the merits of the petition.
The SEC rules include new required disclosures of greenhouse gas (GHG) emissions. This podcast unpacks the key GHG emissions reporting requirements in the new rules and shares insights for companies navigating the intersection of global reporting requirements.
Watch for a summary of the rules, including insights from PwC sustainability specialists and former SEC Commissioner Elad Roisman. Eligible for 1 CPE credit.
We’ve updated our comparison of the major global sustainability reporting frameworks to include the final SEC rules and the end of public feedback on EFRAG’s proposed European Sustainability Reporting Standards implementation guidance.
In case you missed it, read our comprehensive analysis of the new rules, including helpful Q&As, illustrations, examples, and key changes from the proposal.
Long-lived assets held for sale podcast
We continue our podcast miniseries exploring accounting for property, plant, and equipment with a discussion of long-lived assets held for sale, from impairment to accounting for the sale of nonfinancial assets.
Listen to this and other episodes of PwC’s accounting podcast, now available on YouTube Podcasts and YouTube Music or wherever you get your podcasts.
2024 proxy season preview: Settling into a new baseline
In the 2024 proxy season, support for shareholder proposals is expected to stay below the peak of activism from a few years ago. We explain. And if you missed our proxy webcast, the replay is now available.
This letter supplements our original comments and includes four recommendations for the PCAOB to consider in moving forward.
PwC supports FASB's efforts to periodically revise the Conceptual Framework but shares considerations on the proposed measurement chapter.
Here’s what we’re following
FASB issues guidance related to profits interest awards
On March 21, the FASB issued an ASU that adds an illustrative example to help entities determine whether profits interest and similar awards are in the scope of ASC 718, Stock Compensation. The ASU is effective for calendar year-end public entities in 2025 and all other calendar year-end entities in 2026. It can be applied either retrospectively or prospectively. Early adoption is permitted.
Key dates
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March 26
| Finance transformation practical use cases – Powered by generative AI webcast (CPE eligible)
Register here |
March 26
| Q1 2024 Energy, utilities and resources (sector-specific) webcast (CPE eligible)
Register here |
March 28
| Q1 2024 Quarterly accounting webcast (CPE eligible)
Register here |
May 9 or 15
| Q2 2024 Quarterly sustainability webcast (CPE eligible)
Register here |
June 10
| Deadline to comment on Canadian Sustainability Standards Board (CSSB) proposed Canadian Sustainability Disclosure Standards (CSDS)
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June 12, 18, or 27
| Q2 2024 Quarterly accounting webcast (CPE eligible)
Register here |
July 15
| Deadline to comment on IASB exposure draft, Business Combinations – Disclosures, Goodwill, and Impairment
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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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