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PwC's accounting weekly news: May 31, 2024: Equity-linked instruments, new GASB and IASB standards, CPE-eligible webcasts, and more
Publication date: 31 May 2024
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As we close the book on May, we also wrap up our podcast miniseries on accounting for financial transactions. This week we discuss equity-linked instruments, and next week we turn our attention to consolidation.
We wrap up our podcast miniseries on accounting for financing transactions with a discussion of the accounting for equity-linked instruments.
For more information on equity-linked instruments, read chapter 5 of our Financing transactions guide.
This podcast discusses the recent activities of the International Sustainability Standards Board (ISSB), including implementation of the IFRS Sustainability Disclosure Standards, standard setting activities, updates on jurisdictional activity, and more.
Also this week, the IFRS Foundation released a guide for adopting the IFRS Sustainability Disclosure Standards.
"We can't sit back on our laurels. Look at what your local regulators are doing and determine the data that you are going to need to support that set of disclosure requirements."
- Katie Woods, a senior director in PwC's Global Corporate Reporting Services group, on preparing for adoption of mandatory sustainability reporting
In May 2024, the PCAOB finalized two new standards, subject to SEC approval, on responsibilities of the auditor and a firm’s system of quality control.
Register for Q2 webcasts
Quarterly accounting webcast (up to 1.5 CPE credits) – 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. Our keynote speaker, Dan Ives, a prominent investor and managing director at Wedbush Securities, will share his insights for finance teams.
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, will share his insights for finance teams.
Tax accounting webcast (up to 1 CPE credit) – June 19
Join our panel of PwC tax specialists as they discuss tax accounting considerations and recent tax developments: intraperiod tax allocations, intercompany transactions and valuation allowances, including the potential Pillar two impacts, and other hot topics.
Join our panel of PwC tax specialists as they discuss tax accounting considerations and recent tax developments: intraperiod tax allocations, intercompany transactions and valuation allowances, including the potential Pillar two impacts, and other hot topics.
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.
Join us for a webcast specific to your industry that builds on the content in our core quarterly accounting webcast.
- Energy, utilities and resources webcast (up to 1.5 CPE credits)
- Health industries webcast (up to 1.5 CPE credits)
For more CPE-eligible webcasts, visit our National Office Accounting and reporting webcasts page on Viewpoint.
Here’s what we’re following
Sustainability reporting corner
The focus on sustainability reporting continues with news in the US and globally.
- US Department of the Treasury releases statement and principles on voluntary carbon markets
On May 28, the US Department of the Treasury, together with several other governmental agencies, announced a joint statement of policy and principles for responsible participation in voluntary carbon markets (VCMs). VCMs are markets in which carbon credits — each representing one tonne of carbon reduced or removed from the atmosphere — are bought and sold by companies, governments, and others on a voluntary basis. This has the potential to play a role in channeling private capital to drive decarbonization efforts. - EFRAG releases additional Q&As on EU sustainability reporting standards
On May 30, EFRAG released a compilation with new explanations to technical questions asked on the EFRAG ESRS Q&A Platform. - China proposes a sustainability reporting standard
This week, China’s Ministry of Finance issued an exposure draft, the Sustainability Disclosure Standards for Business Enterprises — Basic Standard, with a goal of establishing a mandatory ISSB-aligned disclosure regime for Chinese companies by 2030. For additional details, read our global publication.
For more sustainability reporting content, explore our curated ESG/sustainability reporting page.
On May 30, the International Accounting Standards Board issued amendments to the classification and measurement guidance in IFRS 9, Financial Instruments. The amendments are in response to feedback from a post-implementation review of IFRS 9 and are intended to clarify the requirements and address diversity in practice. The amendments are effective for annual reporting periods beginning on or after January 1, 2026.
On May 28, the GASB issued GASB Statement 103, Financial Reporting Model Improvements. For governments engaged in business-type activities, the primary impact of GASB 103 will be on the statement of revenues, expenses, and changes in net position, including new required sections and subtotals and new definitions for subsidies and operating and nonoperating revenues and expenses. The statement also amends the reporting requirements for unusual or infrequent items, major component unit information, and MD&A. GASB 103 is effective for fiscal years beginning after June 15, 2025.
Key dates
|
June 12, 18, or 27
| Q2 2024 Quarterly accounting webcast (CPE eligible)
Register here |
June 19
| Q2 2024 Tax 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
|
August 8 or 14
| Q3 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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