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PwC's accounting weekly news: April 26, 2024: Embedded leases, interoperability in sustainability reporting, non-compete clauses, and more
Publication date: 26 Apr 2024
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Happy Friday!
Have you downloaded our new PwC Viewpoint mobile app yet? To access all of our National Office thought leadership on the go, download the app from the Apple app store or Google Play (mobile device links). Once downloaded, all content in this and future newsletters will open in the app for seamless access.
Have you downloaded our new PwC Viewpoint mobile app yet? To access all of our National Office thought leadership on the go, download the app from the Apple app store or Google Play (mobile device links). Once downloaded, all content in this and future newsletters will open in the app for seamless access.
Our lease accounting podcast miniseries concludes with a focus on embedded leases. Although it may not be explicitly stated, any contract may contain a lease that needs to be accounted for. For more information on the scope of the leases guidance, read chapter 2 of our Leases guide.
Companies subject to multiple sustainability reporting regulations are sorting through how best to meet each framework’s requirements in an effective and efficient manner. In this podcast, we discuss the concepts of interoperability and equivalence across global sustainability reporting frameworks as well as the importance of a data-driven assessment.
"You should understand the overlapping disclosures among the various sustainability frameworks and focus on the controls, systems, and processes that support high-quality source data." - Valerie Wieman, PwC National Office partner, on taking a data-first approach to comply with multiple sustainability reporting frameworks
Updated: Derivatives and hedging guide
We’ve updated portions of our Derivatives and hedging guide to reflect the discontinuance of LIBOR. Download the full guide PDF or access it on Viewpoint.
A new PwC India report, Navigating India’s Transition to Sustainability Reporting, found that 51% of India’s top 100 listed companies by market capitalization disclosed their scope 3 emissions for FY23 despite it being a voluntary disclosure. Learn more.
3 strategic leadership goals to unleash your finance function
Finance executives, learn how to achieve strategic goals, build a culture of innovation, and encourage your teams to take risks in our new report.
Register for PwC’s Q2 sustainability and accounting webcasts
This quarter, PwC is again offering several informative, CPE-eligible webcasts.
Q2 2024 Quarterly sustainability webcast - May 9 or May 15
How should companies holistically prepare for mandatory sustainability reporting? Join our sustainability specialists as they discuss materiality, greenhouse gas emissions, targets and transition plans, and more. Register for 1.5 CPE credits.
How should companies holistically prepare for mandatory sustainability reporting? Join our sustainability specialists as they discuss materiality, greenhouse gas emissions, targets and transition plans, and more. Register for 1.5 CPE credits.
Q2 2024 Quarterly accounting webcast - June 12, June 18, or June 27
Join our National Office specialists for a discussion of key accounting and reporting reminders as companies close out Q2 2024. Register for 1.5 CPE credits.
Join our National Office specialists for a discussion of key accounting and reporting reminders as companies close out Q2 2024. Register for 1.5 CPE credits.
Q2 2024 Industry-specific webcasts - June 20
Join us for a webcast specific to your industry that builds on the content in our core quarterly accounting webcast. Register for 1.5 CPE credits.
Join us for a webcast specific to your industry that builds on the content in our core quarterly accounting webcast. Register for 1.5 CPE credits.
For more CPE-eligible webcasts, visit our National Office Accounting and reporting webcasts page on Viewpoint.
Getting ready for new segment disclosure requirements
What can companies do to prepare for new FASB segments guidance? PwC Deals specialists summarize preparation tips and insights to help you get ready. And for our comprehensive coverage of segment reporting requirements, read our Financial statement presentation guide.
Tech, talent and the audit committee’s evolving role webcast – May 8
As the regulatory landscape grows more complex, so does the role of the audit committee. Join PwC and the Center for Audit Quality to learn the PCAOB’s 2024 priorities, the role of technology in enhancing audit quality, and more. Register for 1 CPE credit.
Here’s what we’re following
Federal Trade Commission rule on non-compete clauses
In April, the Federal Trade Commission approved a final rule that non-compete clauses are an unfair method of competition. Therefore, after its effective date (which will be 120 days after publication in the Federal Register), non-compete agreements with workers will no longer be enforceable and workers must be notified of this. Existing non-compete agreements with senior executives (as defined) will continue to be enforceable. However, new non-competes cannot be created, except as it relates to non-compete arrangements between buyers and sellers of a business. Companies with intangible assets related to existing employee non-compete agreements that do not meet the exceptions should consider the appropriate useful life for such assets.
Key dates
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May 1
| Trust Survey Insights that Boost Your Bottom Line webcast (CPE eligible)
Register here |
May 8
| PwC and Center for Audit Quality: Tech, talent and the Audit Committee’s evolving role webcast (CPE eligible)Register here
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May 9 or 15
| Q2 2024 Quarterly sustainability webcast (CPE eligible)
Register here |
June 12, 18, or 27
| Q2 2024 Quarterly accounting webcast (CPE eligible)
Register here |
June 20
| Q2 2024 Energy, utilities and resources (sector-specific) webcast (CPE eligible)
Register here |
June 20
| Q2 2024 Health industries (sector-specific) webcast (CPE eligible)
Register here |
July 15
| Deadline to comment on International Accounting Standards Board Exposure Draft, Business Combinations – Disclosures, Goodwill, and Impairment
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