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January 27, 2023

Accounting News Roundup: PwC Revenue, Sustainability Standards, and Sacred Cows | 10.04.17

accounting news pwc revenue sacred cows tax code

PwC revenue

Hey, great job, everyone:

PricewaterhouseCoopers recorded $37.7 billion in global revenue in its most recent fiscal year, up 5% from the previous year in U.S. dollar terms, the Big Four accounting firm said Wednesday.

Revenue for the year ended June 30 rose 6.5% when holding exchange rates constant, as PwC prefers to measure its revenue growth. Last year, PwC’s global revenue rose 1.5% in U.S. dollar terms and 7.3% using constant exchange rates.

If you’re keeping score at home, the $37.7 billion still trails Deloitte’s $38.8 bil, for the biggiest of the Big 4. PwC’s 5 percent revenue growth also trailed the growth of both  Deloitte (5.5%) and EY (6%) in their respective 2017 fiscal years.

Sustainability accounting standards

The Sustainability Accounting Standards Board released reporting guidelines for public comment earlier this week, and hoo boy, some people are going to be busy. The exposure draft “proposes more than 200 changes to the provisional standards,” that the SASB released last year and there’s a lot to cover:

The SASB’s exposure draft identifies key sustainability topics ranging from greenhouse gas emissions to drug safety to labor relations, offering guidance on suitable metrics and disclosure practices. The topics impact 79 industries in 11 major sectors.

The comment period is open until Dec. 31. The nonprofit group expects to finalize the guidelines in the first quarter of 2018.

I’ve mentioned this before, but once GASAP and its metrics are out in the world, I can’t help but think that non-GASAP metrics won’t be far behind. It seems like the natural progression of things.

Sacred cows

The Wall Street Journal‘s Richard Rubin using actual cows to explain the sacred cows of the tax code is the best thing you’ll watch today. In short, tax writers in Congress want to keep milking the employer sponsored insurance, charitable deductions, and home mortgage interest breaks, but look to butcher the state and local deduction.

Previously, on Going Concern…

The KPMG thread for compensation discussions is now open for your enjoyment.

In Open Items, someone wonders about recruiters ghosting.

In other news:

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