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PwC insight
The latest insight on accounting, business, and finance.
| CFOdirect editor's spotlight
IFRS for SMEs: A less taxing standard?
PricewaterhouseCoopers -
11/19/2009
This PwC article highlights key provisions of the income tax accounting guidance contained in the IFRS standard for small and medium-sized entities. The article provides comparison to existing IFRS, the IASB's proposed exposure draft on income taxes and US GAAP, as well as PwC's observations regarding the potential impact of these provisions within IFRS for SMEs.
Mergers & Acquisitions - A snapshot: Acquired assets not intended to be used: You may need to record them, even if you don't use them! (November 2009)
PricewaterhouseCoopers -
11/12/2009
In many M&A transactions, a buyer may acquire assets it does not intend to use. Prior to the M&A Standards, buyers generally would assign little or no value to assets that are not intended to be used when accounting for an M&A transaction. Now, such assets are required to be recognized at fair value from a market participant perspective, even if that perspective differs from that of the actual buyer. One common type of asset that a buyer does not intend to actively use that is receiving considerable attention is called a "defensive asset." In this volume of Mergers & Acquisitions - A snapshot, PwC focuses on some of the issues companies may face when initially recognizing, measuring and subsequently accounting for defensive assets.
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DataLine 2009-48: Financial Statement Presentation -- A Project Update
PricewaterhouseCoopers -
11/19/2009
Since the FASB and IASB issued a Discussion Paper (DP) last year setting out their preliminary views on financial statement presentation, they have received over 200 comment letters, conducted two field-tests, and completed a research study. Recently, the boards began discussing the initial feedback they've received and are working towards formulating their formal overhaul proposal, which they expect to release in the second quarter of 2010. This DataLine provides a high-level overview of the DP, identifies key matters raised in the comment letters, and highlights key issues and tentative decisions reached to date by the boards.
Point of View: The future of leasing
PricewaterhouseCoopers -
11/12/2009
The FASB and IASB appear ready to require all leases, not just capital leases, to appear on the balance sheet. As a result, the impact on lessee financial reporting, equipment financing, IT, systems, and controls could be substantial. While deliberations are ongoing and some details have yet to be determined, the model outlined in the March 2009 FASB/IASB discussion paper addresses many criticisms of current lessee accounting and appears to have solid standard-setter support. PwC recommends that companies start analyzing and anticipating the potential impact of all leased assets being reflected on their balance sheets. This PwC Point of View paper discusses how the change would impact companies.
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2009/2010 US Human Capital Effectiveness Report
PricewaterhouseCoopers -
11/19/2009
This annual PwC Saratoga report contains data from more than 300 organizations and combines objective data and analysis to help organizations evaluate workforce performance and increase their return on human capital investment. The key issues analyzed in the executive summary include: workforce productivity, workforce turnover, generational changes, talent acquisition, workforce costs and impact of the economy on HR.
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More Benefits & compensation>Human resources
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Breaking News: EITF Proposes Changes to the Types of Costs that Insurance Companies May Capitalize
PricewaterhouseCoopers -
11/19/2009
The FASB's Emerging Issues Task Force (EITF) today reached a consensus-for-exposure related to the definition and types of costs that should be considered acquisition costs by insurance entities. Currently acquisition costs include those costs that vary with and are primarily related to the acquisition of insurance contracts. This definition has been interpreted in different ways, resulting in diversity in practice in terms of the types of costs that are being capitalized. The EITF proposal would redefine acquisition costs as those costs that are "directly related" to the acquisition of new and renewal insurance contracts. The change could be significant for insurance companies.
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More PwC technical alerts>Breaking News
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DataLine 2009-49: Changes Being Considered to Financial Instruments Accounting
PricewaterhouseCoopers -
11/19/2009
The FASB and IASB are jointly reconsidering all aspects of financial instrument accounting, including impairment and hedge accounting. However, the FASB and IASB are working to different timetables and have expressed fundamentally different viewpoints. The FASB is working towards issuing an exposure draft on all aspects of financial instrument accounting in the first quarter of next year and a final standard in late 2010. So far, the tentative decisions reached by the FASB on the recognition and measurement of financial instruments are expected to have a significant impact on many companies. This DataLine discusses the status of the financial instrument project based on the FASB's tentative decisions and provides PwC's insights on selected matters.
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More Financial instruments
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Global Best Practices® Roadmap: Identify and increase efficiencies in the Accounts Payable process
PricewaterhouseCoopers -
11/12/2009
How can you develop a roadmap that would take you from your current performance to the suggested, more optimal way to manage the accounts payable process? Compare your company's overall accounts payable process with that of other companies. As a member of CFOdirect, you are invited to participate until December 10 in the accounts payable benchmarking tool at no cost to your company. This benchmarking tool examines 25 performance measures in 3 key areas: Cost; Processing cycles, methods and error rates; and Vendor Utilization. For your participation, you will receive a custom benchmark report comparing your company's performance to our benchmark group of other large, multi-national peers.
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More Business & finance
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Model Risk Mitigation and Cost Reduction Through Effective Design
PricewaterhouseCoopers -
11/12/2009
While most of the recent efforts by financial services companies, their regulators, boards of directors, and other constituents focused on strengthening independent model validation programs, this PwC paper offers ideas on how to combat model risk at an earlier stage of the model life cycle -- the design phase. PwC provides practical recommendations on how to design model production systems in a manner that minimizes model risks and reduces model validation and maintenance costs.
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More Risk management
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Board Governance Series - Volume 14
PricewaterhouseCoopers -
11/05/2009
Corporate Board Member's Board Governance Series highlights content from webcasts discussing critical governance issues with some of today's most highly respected advisors to boards of directors. In Volume 14, PwC contributed an article on being prepared for IFRS. Other articles focus on executive compensation and challenges relating to political contributions.
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More Corporate governance
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Register for PwC's Q4 Current Accounting and Reporting Developments Webcast
PricewaterhouseCoopers -
11/05/2009
Please join PwC on Thursday, December 3rd at 1pm (ET) for our quarterly webcast discussing key emerging accounting, regulatory, and market developments impacting financial reporting, along with recent activities of various regulatory bodies including the FASB and the SEC. By learning more about current issues, you can assess the implications on your accounting and financial reporting today and plan for the impact tomorrow.
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More Financial reporting
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FASB Accounting Standards Codification Quick Reference Guide and Financial Instruments Supplement
PricewaterhouseCoopers -
10/29/2009
To help you make the transition to the FASB Accounting Standards Codification, PwC has developed a Financial Instruments Supplement to be used along with its FASB Accounting Standards Codification Quick Reference Guide. The Financial Instruments Supplement includes: (1) listings of the Codification's Topics and Subtopics related to financial instruments; and (2) a list of over 90 frequently-referenced accounting standards on financial instruments and the corresponding Codification Topics and/or Subtopics where those standards now primarily reside. The Quick Reference Guide and the Financial Instruments Supplement are each only two-pages, making them ideal to print double-sided and keep nearby to help you navigate the Codification.
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More Financial reporting
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The Expanding Role of the CFO: Creating value in challenging economic times
PricewaterhouseCoopers -
10/28/2009
The role of the chief financial officer (CFO) is more vital than it has ever been. The scope of the job is broader and increasingly complex. But CFOs who spread their knowledge and experience deeper into their organizations can play a crucial role in helping navigate their firms through challenging economic circumstances and a globally interconnected business landscape. To increase their effectiveness, CFOs are aggressively managing talent, improving their leadership and communication skills, and building finance functions that can deliver insightful and forward-looking information on business performance and emerging trends. High-performing CFOs now work more closely with the chief executive officer (CEO) than they typically did in the past. They communicate more frequently and in greater detail with the board of directors, particularly on the topics of risk and compliance. Their view has widened to include the entire organization and its interconnected parts. This PwC paper describes some of the best practices approaches that many CFOs are embracing to succeed in this challenging environment.
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More Executive careers
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