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PwC provides a summary of the latest accounting, financial reporting, and regulatory updates to support your quarterly reporting.

The adoption of the new segment reporting guidance is just around the corner for many public companies. As we approach year end, we begin this edition of The quarter close by providing timely reminders for those preparing to adopt that guidance. We also take a closer look at annual goodwill impairment assessments, which companies often elect to perform this time of year.

In regulatory developments, we provide the latest updates on sustainability reporting and highlight new chapters in our global Sustainability reporting guide, a one-stop shop for finance and sustainability teams as they comply with the reporting frameworks expected to have the broadest impact globally. We also summarize recent SEC staff guidance on the SEC’s new cybersecurity incident reporting requirements.

Expect significant activity in FASB standard setting in the upcoming months with several proposals and new standards slated for issuance before the end of the year. We keep you up to date on the latest developments.

In this edition of The quarter close, we highlight these and other relevant accounting and reporting topics you should consider as you close out the third quarter of 2024.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

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We continue our miniseries on foreign currency accounting with an episode on foreign currency remeasurement and translation.

• Foreign currency measurement is the process by which an entity expresses transactions whose terms are denominated in a foreign currency in its functional currency.
• Foreign currency translation is the process of expressing a foreign entity’s functional currency financial statements in the reporting currency.

In this episode, we discuss:

• 03:09 – An overview of the accounting for foreign currency remeasurement and translation
• 05:56 – Measurement of foreign currency transactions
• 09:56 – Exchange rate considerations
• 22:26 – Translating financial statement of foreign entities
• 29:00 – Releasing cumulative translation adjustments (CTA)

For more information see chapters 4 and 5 of our Foreign currency guide. Also, check out our other episode in this miniseries, Foreign currency accounting – Determining functional currency. Additionally, follow this podcast on your favorite podcast app for more episodes.

John Horan is a managing director in PwC’s National Office where he assists clients with complex accounting issues in the areas of foreign currency, liabilities and equity, earnings per share, and derivatives and hedging. John specializes in large capital transactions and initial public offerings.

Ross Drucker is a partner in PwC’s National Office where he assists clients with financial instrument accounting, including derivatives and hedging transactions, foreign currency, and structured capital markets transactions. He recently returned to PwC following two years working at the SEC in the Office of the Chief Accountant, focusing on financial instrument transactions as well as cryptocurrency.

Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

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This week we introduce a miniseries on the building blocks of greenhouse gas (GHG) emissions reporting. To kick off the miniseries, host Heather Horn is joined by Marcin Olewinski, an Assurance partner, and Kelsey Pizza, a senior manager in PwC’s National Office, to give an overview of the process and zero in on the first step, understanding reporting requirements. They highlight the GHG Protocol's foundational role and its similarities and differences with other standards.

In this episode, they discuss:

• 02:22 – Background on the building blocks of GHG emissions reporting
• 04:30 – The history of the GHG Protocol and how it’s used today
• 19:16 – How the GHG Protocol interacts with other frameworks, including the European Sustainability Reporting Standards and IFRS® Sustainability Disclosure Standards
• 31:08 – Advice for companies for understanding GHG reporting requirements and interoperability

For more information on GHG emissions reporting, including the five-step process outlined in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide.

Marcin Olewinski is a PwC Assurance practice partner, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he’s focused extensively within PwC’s National Office on greenhouse gas emissions and sustainability reporting and leads PwC’s global technical working group focused on GHG.

Kelsey Pizza is a senior manager in PwC’s National Office. She provides advice on technical accounting issues and monitors developments in financial reporting and standard setting. Kelsey helps develop PwC thought leadership, with a particular focus on sustainability reporting, clean and renewable energy accounting matters, and other topics affecting the utilities & sustainable energy sector.

Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.