Filtra per genere
- 669 - Accounting for preferred stock from issuance to retirement
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We continue our miniseries on accounting for financing transactions with a focus on preferred shares. In this episode we provide an overview and walk through the key judgments in accounting for different types of preferred stock.
2:01 -An overview of preferred stock, common features, and reasons companies may issue it over other forms of financing9:40 -The accounting model for preferred stock14:30 -Classification, recognition, and measurement of preferred stock30:55 -Dividends33:34 -Extinguishment or modification accounting
In this episode, we discuss:For more information on these topics, read chapter 7 of our Financing transactions guide. Also, for more on the EPS implications of preferred stock, listen to our podcast, Presenting earnings per share (EPS). Additionally, follow this podcast on your favorite podcast app for more episodes.
Bret Dooley is a Deputy Chief Accountant in PwC’s National Office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Christopher Gerdau is a partner in PwC’s National Office specializing in accounting for financial instruments and banking-related topics. Chris also conducts technical reviews of SEC filings and provides technical support to PwC’s practice offices. Chris’s client service expertise includes the banking, capital markets, and insurance industries.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Tue, 14 May 2024 - 668 - Talking ESG: The challenge – and promise – of a circular economy
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The concept of a circular economy emphasizes reducing, reusing, repairing, and recycling to minimize waste and maximize resource use in the context of a planet with finite resources. And as you’ll hear in this episode, circularity is increasingly becoming a business issue, both a challenge and opportunity, that interacts with multiple sustainability topics.
3:02 - The concept of a circular economy and its importance in the context of finite resources7:52 -The relationship between a circular economy, net zero emissions, and biodiversity9:07 -The scale of change required, and the steps involved to transition to a circular economy13:18 -Examples of industries and products that would benefit the most from transitioning to a circular economy 19:18 -Consumer practices that fit within a circular economy24:21 -Why regulators are stepping in to mandate change26:40 - The business opportunities that arise from solving problems related to waste and resource use28:34 - The challenge of changing consumer behavior and perceptions of abundance31:58 - Reporting under the EU's ESRS E5 standard and insights from the related data
This week, Heather Horn is joined by Tom Beagent, a partner in PwC UK’s Global Sustainability and Climate Change practice, to discuss the circular economy, a sustainable alternative to the traditional linear economy model.
In this episode, we discuss:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership on sustainability standards.
Tom Beagent is a partner in PwC UK’s Global Sustainability and Climate Change practice, specializing in integrating natural and social capital analysis into decision making for sustainable growth. With over 20 years’ experience delivering sustainable business projects, he also co-developed PwC’s Total Impact Measurement and Management methodologies (TIMM), which allows organizations to measure and value the social, environmental, economic, and fiscal impacts resulting from their operations, as well as their extended value chains.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Thu, 09 May 2024 - 667 - Share repurchases – The type of arrangement matters
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We kick off our miniseries on accounting for financing transactions with a focus on share repurchases. We provide an overview of the different methods and reasons companies may repurchase their own shares as well as the accounting implications. Spoiler alert – the type of arrangement really matters as it dictates the accounting.
3:38 –An overview of the different methods and reasons companies repurchase shares11:43 –Accounting implications depending on the method of repurchase:11:55 –Spot repurchases15:07 –10B5-1 plans16:26 –Forward repurchases18:56 –Prepaid repurchases20:30 –Tender offers24:08 –Accelerated share repurchases30:40 –Accounting for treasury stock
In this episode, we discuss:For more information on these topics, read chapter 9 of our Financing transactions guide. 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.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Tue, 07 May 2024 - 666 - Talking ESG: FAQs on the SEC climate disclosure rules
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While the SEC has stayed its climate disclosure rule for now, our team is still fielding many questions as preparers work toward complying with global sustainability reporting regulations. In this episode, host Heather Horn sits down with PwC National Office partners Kevin Vaughn, Diana Stoltzfus, and Valerie Wieman to break down some frequently asked questions on the SEC climate-related disclosures rules.
2:05 - The implications of the SEC staying the new climate disclosure rules, and how the rules fit into an environment with multiple reporting frameworks5:17 - The continued applicability of previously issued interpretive guidance on climate-related disclosures7:05 - The scope of the SEC’s new climate disclosure rules10:11 -Impacts of the disclosure rules to management certifications and internal controls11:20 -Frequently asked questions from SEC filers about:11:25 -Scenario analysis13:53 -Materiality15:31 -Targets and goals21:10 -Renewable energy certificates and carbon offsets23:51 -Financial statement impacts30:26 -Severe weather events and other natural conditions33:56 - Advice and action steps for preparers
In this episode, we discuss:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to for the latest thought leadership on sustainability standards. Also, refer to the SEC staff’s Dear Issuer Letter for sample comments on a company’s climate-related disclosures.
Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.
Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.
Diana Stoltzfus is a partner in the National Office. Diana helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings, and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the Professional Practices Group within the OCA.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Thu, 02 May 2024 - 665 - New income tax disclosure requirements – getting ready
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This episode provides an overview of new FASB income tax guidance requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as income taxes paid. The FASB’s updates are intended to benefit investors by providing more detailed income tax disclosures that may be useful in making capital allocation decisions.
0:20 - Background on and an overview of the new guidance6:50 - Disaggregated rate reconciliation disclosures 26:16 -Disaggregated income taxes paid disclosures33:15 - Other changes to existing income tax disclosures35:18 - Effective dates and transition
In this episode, we discuss:For more information, read our publication, FASB issues guidance on income tax disclosures. Additionally, follow this podcast on your favorite podcast app for more episodes.
Jennifer Spang is the PwC National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 30 years of experience helping companies in a variety of industries navigate complex tax accounting matters.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Tue, 30 Apr 2024 - 664 - Talking ESG: Interoperability across multiple reporting frameworks
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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 episode, host Heather Horn sits down with Valerie Wieman, PwC National Office Partner, to discuss the concepts of interoperability and equivalence across global sustainability reporting frameworks as well as the importance of a data-driven assessment.
2:31 - Defining the concepts of interoperability and equivalence3:29 - What a “data first” approach means when it comes to preparing for compliance4:51- Overview of interoperability and equivalence in the major frameworks14:00- Timing considerations across frameworks19:18- Differences in scope and materiality among frameworks24:59 - Attestation and assurance requirements across frameworks31:29- Getting started on compliance and how best to leverage interoperability opportunities
In this episode, we discuss:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.
Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Thu, 25 Apr 2024 - 663 - Identifying embedded leases in your contracts
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The final episode in our lease accounting miniseries focuses on embedded leases. Although it may not be explicitly stated, your contract may contain a lease that needs to be accounted for. We cover some of the key considerations and common difficulties.
1:35 -Embedded leases, including examples7:43 -The model used to identify an embedded lease08:56 -Identified asset considerations16:52 -Control considerations30:18 -Identification of lease versus non-lease components and allocation of consideration
In this episode, we discuss:For more information on these topics, read chapter 2 of our Leases guide. Also, check out other episodes in our miniseries covering Lease classification, "Day 2" lease accounting, and lessee accounting for real estate leases. Additionally, follow this podcast on your favorite podcast app for more episodes.
Marc Jerusalem is a PwC National Office managing director specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Tue, 23 Apr 2024 - 662 - Talking ESG: Building effective sustainability reporting governance
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A critical step in getting ready for new sustainability reporting requirements is building a comprehensive governance framework. In this episode, host Heather Horn sits down with Stephen Parker and Matt DiGuiseppe of PwC’s Governance Insights Center to discuss the new regulatory environment and what it means for board members looking to discharge their oversight responsibilities effectively and management looking to get the board ready.
2:21 - Reactions to new sustainability reporting frameworks from senior management and boards6:13 -Strategies for managing the “noise” around new rules and how best to proceed despite uncertainty10:43 -The need to upskill board members so that they are capable of performing their fiduciary responsibility related to oversight of sustainability processes and disclosures18:43 -How management can best help the board prioritize its time given the increase in its responsibilities23:15 - Whether the market has begun to consider a board candidate’s knowledge of climate during board selection processes and the level of expertise required27:39 -How boards are performing their responsibilities with respect to climate information33:55 - Working through the challenges of presenting sustainability information to the board given tight timelines and other reporting responsibilities39:25 - Best practices for governance over sustainability matters at the board and management levels
In this episode, we discuss:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.
Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has advised boards of directors on a variety of complex financial reporting matters. Stephen’s client service experience includes energy and utility companies, financial services companies, and nonprofits.
Matt DiGuiseppe is a managing director in PwC’s Governance Insights Center, which helps stakeholders navigate the evolving governance landscape. Matt has participated in numerous industry groups and was the founding chairperson of the Investor Stewardship Group (ISG), which advanced a set of corporate governance and stewardship principles for the US market.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Thu, 18 Apr 2024 - 661 - Leasing real estate? What lessees need to know
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In this next episode in our miniseries on lease accounting, we focus on lessee accounting for real estate leases. From lease incentives to build-to-suit arrangements and more, we cover some of the key areas that lessees should consider in accounting for real estate leases.
03:25 - Lease incentives08:23 - Distinguishing between lessee and lessor assets11:28 - Accounting for lessee assets13:50 -Accounting for lessor assets17:20 -Determination of the lease commencement date19:06 - Multiple units of account in a lease21:51 - Build-to-suit arrangements
In this episode, we discuss:For more information on these topics, read chapters 3, 6, and 8 of our Leases guide. Also, check out other episodes in our miniseries covering lease classification and “day 2” lease accounting. Additionally, follow this podcast on your favorite podcast app for more episodes.
Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.
Marc Jerusalem is a PwC National Office managing director specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Tue, 16 Apr 2024 - 660 - Talking ESG: Role of the C-suite in sustainability reporting
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While the changing global sustainability reporting landscape may pose challenges for preparers, there continue to be opportunities for companies in every industry to take a holistic approach to disclosure – whether mandatory or voluntary.
2:36 -How the market has spoken – and determined that sustainability disclosures are needed, regardless of regulatory actions4:15 - Challenges of reporting under multiple frameworks14:50 - How to prioritize gathering information18:51 -The importance of building stronger disclosure controls and processes as well as having the right people focused on the task23:02 - Navigating the market’s expectations for sustainability information28:51 -Challenges resulting from differing time horizons for sustainability and financial reporting, and how to tie these horizons together to communicate a cohesive strategy32:50 -How companies can tailor climate disclosures given the specific risks the company faces due to climate-related factors35:43 -Key governance-related behaviors companies are adopting and how they are disclosing these behaviors38:19 - The importance of starting the readiness process irrespective of ongoing legal challenges
In this episode, host Heather Horn sits down with Marc Siegel, PwC National Office partner, for a discussion of the key focus areas and action steps for C-suite executives as they ready their companies for the future of global sustainability reporting.
In this episode, we discuss:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards. For more information on the SEC climate-related disclosure rules, refer to our publication,SEC adopts climate-related disclosure rules.
Marc Siegel is a PwC National Office partner. He helps boards and executives with transparent articulation of their company’s long term value creation story, throughout investor communication channels within and outside of regulatory filings. Marc completed 14 years of setting reporting standards in both financial accounting and ESG as a member of the FASB and SASB, respectively.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Thu, 11 Apr 2024 - 659 - Leases: Brushing up on “day 2” accounting
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We continue our miniseries on lease accounting. In this episode, we discuss “day 2” lease accounting, focusing on lease remeasurements, subleasing, and lease impairments.
01:18 - Events requiring remeasurement02:17 -Full lease remeasurements06:19 -Partial lease remeasurements7:47 -Lease term and purchase option remeasurements13:44 -Lease modification remeasurements21:34 -Subleasing arrangements25:58 -A refresher on ROU asset impairments
In this episode, you’ll hear a discussion of:For more information on modifications and remeasurements of leases, read chapter 5 of our Leases guide. For more on leases, check out the first episode in our miniseries; it covers lease classification. Additionally, follow this podcast on your favorite podcast app for more episodes.
Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.
Marc Jerusalem is a PwC National Office managing director specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Tue, 09 Apr 2024 - 658 - Talking ESG: Building sustainability reporting capacity
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The International Sustainability Standards Board (ISSB) under the IFRS Foundation last year released IFRS S1 and IFRS S2, representing a step toward the organization’s goal of achieving a comprehensive global baseline of sustainability disclosures. But implementing such a global baseline effectively goes beyond simply setting standards – it requires a new set of capabilities, infrastructure, knowledge, and talent in economies around the world.
2:31 - A refresher on capacity building and its importance in sustainability reporting4:38 - A discussion of the need for upskilling in various sectors to meet global sustainability reporting standards8:43 -An overview of the drivers of the IFRS Foundation’s focus on capacity building17:14 -Advice on implementing new business processes and enhancing communication with suppliers to prepare for new disclosure standards21:33 -A discussion of the progress made in capacity building and the role of the IFRS Foundation’s partners in this process29:00 -An overview of the IFRS Foundation’s “three pillar approach” for capacity building35:19 -Where listeners can go to understand where the ISSB is headed with standard setting and what is next for companies preparing to report
New sustainability reporting requirements in jurisdictions around the world have resulted in the need for companies to take stock of their own capacity to produce high quality sustainability disclosures, as well as the capacity of players in their value chains who will provide inputs to their reporting. In this episode, Heather Horn sat down with Mardi McBrien, Chief of Strategic Affairs & Capacity Building at the IFRS Foundation, to discuss how the IFRS Foundation has been working to build capacity, and how companies can best navigate the overall sustainability reporting environment moving forward.
In this episode, you’ll hear:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.
Mardi McBrien is the Chief of Strategic Affairs & Capacity Building at the IFRS Foundation responsible for sustainability reporting. In this role she has played an active part in setting up the ISSB. Prior to the IFRS Foundation, Mardi spent over a decade leading the global ESG standard setter, the Climate Disclosure Standards Board (CDSB), in developing quality disclosure standards and thought leadership on environmental and social issues.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Thu, 04 Apr 2024 - 657 - Lease classification – Finance or operating lease?
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This first episode in a miniseries on lease accounting focuses on lease classification. We provide an overview of the differences between finance and operating leases and discuss the criteria for classifying leases.
3:30 -An overview of the key differences between finance and operating leases, including expense recognition and cash flow classification5:15 - A discussion of how to determine if a lease should be classified as finance or operating including:6:35 - Lease commencement date considerations10:20 -Whether a lease contains a single asset or multiple assets14:41 -Whether the lease term is a major part of the economic life of the asset22:55 -The lease payment criterion, including a breakdown of lease payments and the appropriate discounting methodology41:56 - Highlights of other classification criteria such as title transfer, purchase options, and alternative use
In this episode, you’ll hear:For more information, read chapter 3 of our Leases guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.
Marc Jerusalem is a PwC National Office managing director specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Tue, 02 Apr 2024 - 656 - Talking ESG: Operationalizing global reporting requirements
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Companies around the world are now facing the difficult task of operationalizing multiple sustainability reporting regulations, and doing so within an unprecedented timeline. How are they managing the pressures? In this episode, host Heather Horn sat down with Alan McGill, PwC UK’s Sustainability Reporting, Measurements, and Assurance Leader, to illuminate some of the ways that companies are most effectively navigating the current regulatory landscape.
2:45 - The complexity of the current sustainability regulatory landscape 7:03 - The market response to sustainability regulations, including challenges companies may face regarding short implementation timelines 10:38 - The significant increase in the scope of reporting requirements under the CSRD compared to previous voluntary reporting and what that means for companies in scope 13:14 - The current knowledge gap in ESG, and the importance of using sustainability data to drive business innovation and transformation 21:42 - Examples of steps companies have taken to prepare for reporting 36:02 - How multi-jurisdictional companies are managing the interoperability (or lack thereof) of the major frameworks 38:05 - Reflections on whether new regulations have resulted in companies changing their operations to be more sustainable, and how companies can seize opportunities for innovation
In this episode, we discuss:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to receive all of our thought leadership on sustainability.
Alan McGill is PwC UK's Sustainability Reporting, Measurements, and Assurance Leader. With experience delivering sustainable business projects, Alan’s work focuses on the impact of sustainability issues on business and providing organizations with attestation services over their reporting on relevant sustainability issues.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Thu, 28 Mar 2024 - 655 - Asset acquisition accounting
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We wrap up our miniseries exploring accounting for property, plant, and equipment with a discussion of asset acquisitions. In this episode Host Heather Horn is joined by PwC National Office partners Matt Sabatini and Alexander Martin who team up to share their knowledge and insights on this topic.
04:41 – A discussion of how to determine whether a transaction is an asset acquisition or a business combination24:26 – An explanation of the asset acquisition accounting framework32:58 – The complexities of contingent consideration arrangements39:32 – How transaction costs impact initial measurement42:09 – Noncontrolling interests47:36 – Considerations when identifying the assets acquired50:15 – How to allocate cost to assets acquired
In this episode, you’ll hear:For more information, read chapter 2 of our Property, plant, equipment and other assets guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
Matt Sabatini is a partner in PwC's National Office who helps clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, corporate reorganizations, recapitalizations, joint ventures, and other investments.
Alexander Martin is a partner in PwC's National Office with over a decade of deals experience, helping clients solve complex accounting, financial reporting, and other business issues that arise from transaction-driven events such as mergers and acquisitions, divestitures, and capital raises.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Tue, 26 Mar 2024 - 654 - Decoding the SEC rules’ new GHG emissions reporting requirements
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The SEC’s new climate-related disclosures rules include new required disclosures on greenhouse gas (GHG) emissions reporting and assurance will be required.
2:20 - An overview of GHG emissions reporting requirements under the new SEC rules7:30 - A discussion of the materiality qualifier for GHG emissions reporting and judgments involved in assessing materiality of nonfinancial information14:30 - Insights on the notable changes between the proposed and final rules as well as a breakdown of the key requirements, including:15:05 - Considerations for navigating the requirements for electing and reporting organizational boundaries19:50 - A discussion of the requirements on operational boundaries and considerations for classifying direct and indirect emissions21:41 - Insights on measurement of GHG emissions, including considerations for disclosing inputs, assumptions, and calculation methodologies33:58 -An overview of filing requirements, including timing and assurance considerations 36:23 -Final advice for companies preparing to adopt the new SEC rules and seeking to navigate interoperability with other regulatory requirements
In this episode, host Heather Horn sits down with Marcin Olewinski, a Trust Solutions partner, to unpack the key GHG emissions reporting requirements in the SEC’s new rules and to share insights for companies navigating the intersection among regulatory reporting requirements globally.
In this episode, you’ll hear:Looking for the latest developments in sustainability reporting? Tune into to our prior podcast for a primer on GHG emissions reporting. Additionally, follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.
For more information specific to the SEC’s climate disclosure rules, read our In brief summary and comprehensive In depthpublications.
Note: On March 15, 2024, the US Court of Appeals for the Fifth Circuit temporarily stayed the rules. Next steps, including the timing and location of a potential hearing, are unclear.
Marcin Olewinski is a partner in PwC’s Trust Solutions practice, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he is focused extensively within PwC’s National Office on greenhouse gas and sustainability reporting.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 21 Mar 2024 - 653 - The quarter close - Q1 2024 audio version
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The SEC’s final climate rule may be the headline news; however, companies shouldn’t lose sight of other requirements impacting first quarter reporting. As we kick off a new year, use our “cheat sheet” summary to keep track of new accounting guidance effective in 2024. In addition, Pillar Two tax legislation is now effective in several jurisdictions around the world and we discuss the implications.
Marking a significant milestone in sustainability reporting, the SEC voted on March 6 to finalize its long-awaited climate disclosure rules. In regulatory developments we provide details and the resources you need to get up to speed on the final requirements. The SEC’s rule is just one of the sustainability reporting requirements that may impact you. This quarter we launched the first chapter of our new global Sustainability Reporting Guidance – use it as a one-stop shop for guidance on the major required sustainability reporting frameworks around the globe.
After issuing three significant new standards in the fourth quarter of 2023, the FASB continues to make progress on the remaining projects on its technical agenda. We provide a preview of what to expect in standard setting in 2024.
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 first quarter of 2024.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Wed, 20 Mar 2024 - 652 - Long-lived assets held for sale
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We continue our miniseries exploring accounting for property, plant, and equipment. In this second episode we discuss the treatment of long-lived assets that are held for sale, from impairment to accounting for the sale of non-financial assets. Host Heather Horn is once again joined by Beth Paul, Deputy Chief Accountant in PwC’s National Office, to walk through specific considerations and complexities on this topic.
00:22 –An overview of the impairment model for long-lived assets that are held for sale02:05 –How to identify disposal groups03:50 –A discussion of the order of impairment testing under the held for sale model04:46 –What to consider when measuring impairment at the lower of carrying value or fair value less cost to sell11:25 – A walkthrough of the accounting implications of AOCI and noncontrolling interest (NCI) in the held for sale model16:05 –An explanation of differences between the sale of a business and the sale of an asset18:00 - A discussion of accounting for the sale of nonfinancial assets
In this episode, you’ll hear:For more information, read chapter 5 of our Property, plant, equipment and other assets guide or listen to another podcast with further insights on this topic,Fixed asset toolkit: Assets held for sale. Additionally, follow this podcast on your favorite podcast app for more episodes.
Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Tue, 19 Mar 2024 - 651 - Impairment of long-lived assets held and used
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Got property, plant, and equipment? We’ve got you covered with a miniseries that explores the key judgments and complexities on the topic. We kick off with the impairment of long-lived assets that are held and used. Host Heather Horn is joined by Beth Paul, Deputy Chief Accountant in PwC’s National Office, to break down what is important.
00:28 -An overview of long-lived asset impairments and how asset classes are relevant03:17 - A refresher on how to identify asset groups for the impairment analysis10:28 - When changes to asset groups are necessary and the implications11:48 - How to determine if there is an impairment triggering event14:57 - A discussion on the impairment recoverability test17:18 - A explanation of key considerations for the recoverability test, including which cash flows and periods to include24:18 - How to measure and allocate an impairment loss
In this episode, you’ll hear:For more information, read chapter 5 of our Property, plant, equipment and other assets guide or listen to another podcast with further insights on this topic, Impairment toolkit: Long-lived assets. Additionally, follow this podcast on your favorite podcast app to have other episodes in the series pushed to you.
Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.
Heather Horn is the PwC National Office Sustainability & 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 tous_podcast@pwc.com.Thu, 14 Mar 2024 - 650 - SEC climate-related disclosure rules: what you need to know
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In this episode, host Heather Horn sits down with Kyle Moffatt, PwC’s Professional Practice leader, and PwC National Office partners Kevin Vaughn and Valerie Wieman to break down the much-anticipated SEC climate-related disclosures rules.
For more information on the SEC climate-related disclosure rules, refer to our In brief publication. Note: On March 15, 2024, the US Court of Appeals for the Fifth Circuit temporarily stayed the rules. Next steps, including the timing and location of a potential hearing, are unclear.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.
Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 12 Mar 2024 - 649 - A primer on GHG emissions reporting
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The GHG Protocol has been one of the most widely used sustainability reporting frameworks for companies reporting GHG emissions information. With the evolution of the sustainability reporting landscape, including the adoption of regulatory sustainability reporting frameworks both in the United States and globally, the criticality of GHG emissions information and the GHG Protocol is reinforced by its incorporation in the primary sustainability reporting frameworks.
00:44 - An overview of the prominence of GHG emissions reporting across jurisdictions, including the impact of the evolution in the regulatory landscape2:24 - A discussion of the key concepts and definitions that are foundational to GHG emissions reporting, including:3:01 - An overview of scope 1, 2, and 3 emissions10:30 - A breakdown of organizational and operational boundaries14:15 - Insights on practical challenges companies face in establishing the reporting boundary and preparing a GHG emissions inventory16:05- A refresher on the key differences in organizational boundaries among the sustainability reporting frameworks and advice for companies subject to multiple frameworks18:50 - Considerations for companies establishing policies, processes, and controls to collect and aggregate data across its own operations and its value chain as a starting point for a GHG emissions inventory that is complete and accurate27:59 - A discussion of the importance of consistency and reliability of input data as it relates to both activity data and emissions factors, including advice for companies navigating this reporting journey
In this episode, host Heather Horn sits down with Marcin Olewinski, a PwC Trust Solutions partner, to unpack some of the fundamental judgments in GHG emissions reporting as companies prepare for the shift from a voluntary to mandatory reporting environment.
In this episode, you’ll hear:For more information, read our Navigating the ESG landscapepublication as well as our comment letter to the GHG protocol. Additionally, note that this podcast was recorded prior to issuance of the SEC climate disclosure rules on March 6. Stay tuned for more content specific to the SEC rules. Lastly, follow this podcast on your favorite podcast app for more episodes.
Marcin Olewinski is a partner in PwC’s Trust Solutions practice, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he is focused extensively within PwC’s National Office on greenhouse gas and sustainability reporting.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 07 Mar 2024 - 648 - Presenting restricted cash
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We continue our podcast series focused on financial statement presentation.
2:10 - A refresher on restricted cash, including its not-so-simple definition, its impact on liquidity ratios, and its relevance in the current economic environment9:30 - A discussion of the various types of restrictions imposed on cash and its impact on the classification and reporting of restricted cash, including:10:35 - Distinguishing between self-imposed and legal restrictions15:02 - Contractual restrictions19:39 - Cash collected or remitted on behalf of others 24:45 - How to consider the types of restrictions imposed on cash equivalents27:28 - Final reporting reminders for companies dealing with restricted cash or cash equivalents
In this episode, host Heather Horn sits down with Bret Dooley, Deputy Chief Accountant in PwC’s National Office leading our financial instruments team, for a refresher on restricted cash – a focus area due to its impact on liquidity and the recent statement from the SEC Chief Accountant on the cash flow statement. Together, they break down the judgments in identifying and presenting restricted cash.
In this episode, you’ll hear:For more information, read chapter 6 of our Financial statement presentationguide or listen to another podcast on the statement of cash flows, 2023 Year-end toolkit: Conquering the statement of cash flows. Additionally, follow this podcast on your favorite podcast app for more episodes.
Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 05 Mar 2024 - 647 - CSRD spotlight: The green taxonomy for financial institutions
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
2:31 - Explanation of the European Union's green taxonomy and its implications9:14 - Discussion on how the green taxonomy is different for financial institutions12:17 - Breakdown of key performance indicators (KPIs)18:58 - Challenges financial institutions face in reporting on the green taxonomy22:03 - Expectations for banks and insurance companies to seek out more data due to the green taxonomy27:10 - The shift from the Non-Financial Reporting Directive (NFRD) to the Corporate Sustainability Reporting Directive (CSRD) and its impact30:34 - How adoption of taxonomy disclosures requires similar oversight and controls as adoptions of other accounting rules and disclosure frameworks
Continuing our CSRD series, this week Heather Horn is joined by PwC Netherlands partner Kees-Jan de Vries to discuss the topic of the EU’s green taxonomy disclosures for financial institutions, including how the metrics and key performance indicators differ from the baseline taxonomy disclosures, as well as what financial institutions should be doing to prepare.
In this episode, you’ll hear:Kees-Jan de Vries is a sustainability partner for PwC Netherlands, specializing in reporting for banks and insurance companies. He serves as chair of PwC's international Financial Services Sustainable Reporting Working Group that interprets EU Taxonomy, CSRD, ESRS, and SFDR requirements.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 29 Feb 2024 - 646 - Presenting the balance sheet – to net or not to net
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We continue our month of podcasts focused on financial statement presentation.
1:30– A refresher on balance sheet offsetting, including its purpose and significance to financial statement users6:15 – A discussion of the general accounting framework, including the four conditions to determine whether a right of setoff exists15:33 – An explanation of the different offsetting arrangements for derivatives 19:11 – A breakdown of the six criteria for balance sheet offsetting of reverse repurchase and repurchase agreements22:59 – Final accounting reminders for companies navigating balance sheet offsetting
In this episode, host Heather Horn sits down with Bret Dooley, Deputy Chief Accountant in PwC’s National Office leading our financial instruments team, for a refresher on a topic that is fundamental to financial reporting for its impact on financial statement ratios – balance sheet offsetting. Together, they break down the complexities involved in determining whether and how to offset balance sheet amounts.
In this episode, you’ll hear:For more information, read chapters 19 and 22 of our Financial statement presentationguide. Additionally, follow this podcast on your favorite podcast app for more episodes.
Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 27 Feb 2024 - 645 - CSRD spotlight: Basics of reporting boundaries
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
3:30– Explanation of the concepts of reporting boundaries and value chain in sustainability reporting8:59 – An analogy of concentric circles to explain the concept of own operations and value chain12:24 – A discussion on the importance of considering subsidiaries in ESG reporting23:01 – Insights on the impacts of leasing contracts and special purpose entities on sustainability reporting33:16 – Context for the implementation guidance provided by EFRAG for companies starting with their adoption of CSRD reporting
Continuing our CSRD series, this week Heather Horn is joined by Peter Flick and Nina Schäfer to discuss the topics of reporting boundaries and other common CSRD implementation questions companies are facing.
In this episode, you’ll hear:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.
Peter Flick is the Sustainability Reporting Technical Leader for PwC Germany, where he oversees a team focused on sustainability reporting issues in the National Office. Prior to taking on sustainability reporting, Peter consulted with clients on complex financial instrument accounting under IFRS and German GAAP.
Nina Schäfer is a Director in PwC Germany’s National Office, where she focuses on sustainability reporting technical issues and consultations.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 22 Feb 2024 - 644 - Presenting discontinued operations
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We continue our month of podcasts focused on financial statement presentation.
2:27 – An overview of the criteria and qualifications for discontinued operations, including highlights of the key areas of judgment, timing considerations, and implications for businesses13:05 – Insights on the qualifications for held-for-sale treatment 18:40 – Key questions on presentation and classification of discontinued operations after meeting the gating criteria, including:19:01 – Impact to the balance sheet and income statement21:45 – Debt and income tax implications25:25 – Impact on earnings per share (EPS) computations28:55 – Statement of cash flows implications30:50 – Overview of the SEC filing requirements related to discontinued operations36:16 – Final advice for preparers on presenting discontinued operations
In this episode, host Heather Horn sits down with Jay Seliber, a partner in PwC’s National Office specializing in business combinations, to share insights on the accounting and reporting considerations for discontinued operations. Together, they unpack the judgments and practical challenges in navigating discontinued operations, an area of increased focus given the current economic environment in which many companies are considering disposing of portions of their businesses.
In this episode, you’ll hear:For more information, read chapter 27 of our Financial statement presentationguide and chapter 12 of ourIncome taxes guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 20 Feb 2024 - 643 - ISSB: The latest in global adoption of its standards
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The International Sustainability Standards Board (ISSB) issued final IFRS® Sustainability Disclosure Standards (SDS) in June of 2023. Multiple jurisdictions around the world have signaled their intent to adopt the new standards, including some with fulsome legislative or regulatory proposals.
3:15 – The International Sustainability Standards Board (ISSB) and its role in the global framework4:00 – The first two standards issued by the ISSB, including the general disclosure standard and the climate standard4:19 – Countries moving forward with potential adoption of ISSB standards7:32 – Updates on Singapore's adoption of ISSB standards and its impact on public and large private companies in Singapore8:12 – An update on the UK's approach to sustainability disclosure standards as well as a rundown of other countries’ recent measures on sustainability reporting14:45 – The ISSB’s work to internationalize Sustainability Accounting Standards Board (SASB) standards, and its recently issued educational materials20:42 - The focus of the ISSB's next thematic standards and the importance of the digital taxonomy in sustainability reporting27:10 – The importance of understanding multiple reporting frameworks to keep up with the rapid pace of change in sustainability reporting
To capture the latest updates regarding the adoption of ISSB standards, Heather Horn sat down with Katie Woods, PwC UK Senior Director, to discuss measures advancing the standards in specific jurisdictions, as well as other important updates on the standard setter’s recent activities.
In this episode, you’ll hear discussion of:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership on sustainability standards.
Katie Woods is a Senior Director in PwC's Global Corporate Reporting Services - sustainability group advising on ESG and International accounting standards. Katie specializes in the new and emerging ESG reporting frameworks working across the PwC Network. She has over 30 years of experience working with a broad range of companies. Katie speaks regularly on a range of ESG and accounting topics at national and international seminars.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 15 Feb 2024 - 642 - Presenting the income statement
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We continue our month of podcasts focused on financial statement presentation hot topics.
1:34- The significance of income statement presentation and classification in portraying financial performance, including general reporting considerations and the interaction between income statement presentation and non-GAAP metrics8:50- The SEC's rules on the form and content of income statements, including considerations for financial institutions21:44 - Income and expense disaggregation reminders, including classification of operating versus non-operating expenses as well as considerations for cost of sales, depreciation, and amortization33:50 - The complexities of income statement classification in collaborative arrangements, discontinued operations, and impairments42:05- An update on the FASB project on disaggregation of income statement expenses (DISE) project
In this episode, host Heather Horn sits down with Pat Durbin, a deputy chief accountant in PwC’s National Office, and Felix Perez, a partner in PwC’s National Office specializing in SEC reporting, to discuss the significance of income statement presentation to the investor community and standard setters. Together, they break down key areas of judgment and the practical challenges involved in income statement presentation and classification.
In this episode, you’ll hear:For more information, read chapter 3 of ourFinancial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Felix Perez is a partner in PwC’s National Office specializing in SEC reporting. He has over 25 years of experience serving clients and engagement teams across financial services and technology sectors.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 13 Feb 2024 - 641 - Investors want a credible sustainability strategy — and reporting
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Investors today want to better understand how companies are managing crises and staying resilient, while creating and protecting long-term value in today’s fracturing world. They are looking closely at two areas—emerging technology and sustainability—to gauge whether companies can seize opportunities for reinvention and business transformation, or whether they will instead succumb to rivals.
3:19 -The importance of sustainability in the context of broader business activity and how it is no longer a siloed topic 5:54 –How investors prioritize agility in managing long-term risks and opportunities 17:25 - The challenges companies face in collecting and managing sustainability data and the importance of having a well-defined data strategy 18:19 - The importance of credibility in sustainability reporting and how investors are looking for strategies that are underpinned by good plans 24:43 -Investor perspectives and beliefs on corporate greenwashing, per our survey 29:41 -The learning journey of companies in implementing sustainability reporting and the role of regulators in this process 32:58 -The future of sustainability reporting and the role of technology in improving data collection and reporting
That’s according to PwC’s most recent Global Investor Survey, which is now in its third consecutive year. To break down some of the survey’s results and their implications for preparers, Heather Horn sat down with Nadja Picard, PwC’s global reporting leader.
In this episode, you’ll hear:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.
Nadja Picard is PwC’s Global Reporting Leader. In this role, she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 08 Feb 2024 - 640 - Presenting earnings per share (EPS)
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We kick off another month of podcasts, this time focused on financial statement presentation hot topics. Drumroll please... This week we are presenting EPS.
00:56 - The significance of EPS to the analyst and investor community02:59- A refresher of the differences between basic and diluted EPS and a discussion of judgments involved in the computation, including redeemable securities9:50 - A discussion of the impact of changes in capital structure and reorganizations, including stock dividends, stock splits, and IPOs, on the EPS computation20:25 - Reporting reminders, including disclosure requirements and considerations related to subsequent events
In this episode, host Heather Horn sits down with John Horan, PwC National Office managing director, to discuss the significance of earnings per share (EPS), focusing on the practical challenges and judgments involved in this not-so-simple, but very closely-watched, computation.
In this episode, you’ll hear:For more information, read chapter 7 of ourFinancial statement presentation guide. 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.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 06 Feb 2024 - 639 - How GRI is addressing the challenges of global reporting
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Even as mandatory sustainability reporting regulations near effective dates in jurisdictions around the world, voluntary reporting remains an important part of many companies’ disclosures. With more than 10,000 companies around the world using its standards, the Global Reporting Initiative (GRI) remains a key standard setter in the impact reporting space.
1:05 - GRI’s accomplishments in the past year6:29 - The development of a digital taxonomy that will facilitate interoperability between the European Sustainability Reporting Standards (ESRS) and GRI12:16 - The overlap between impact reporting and financial materiality, and the importance of considering demographic challenges, climate change, and related legislation in impact reporting17:45 - The collaboration between GRI and the International Sustainability Standards Board (ISSB) in launching a Sustainability Innovation Lab in Singapore30:53 – How GRI is innovating to support small and medium company reporting39:16 – The launch of GRI’s new disclosure standard on biodiversity41:15 – How standard setters are working together to address the challenges faced by companies in complying with multiple reporting regimes
Today’s guest makes the case that there are myriad benefits to voluntary reporting – not the least of which is preparation for mandatory reporting. Host Heather Horn sits down with Eelco van der Enden, CEO of GRI, to discuss GRI's recent accomplishments and the path ahead for sustainability reporting around the world.
In this episode, you’ll hear them discuss:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.
Eelco van der Enden is the CEO of the Global Reporting Initiative. Prior to this role, Eelco led PwC’s global ESG platform for the Tax & Legal and People Services, and PwC's Tax Administration Consulting practice. Eelco is also Chairman of the Tax Policy Group of Accountancy Europe, and has published multiple articles on tax governance and reporting.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 01 Feb 2024 - 638 - Getting ready for OECD Pillar Two
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This week, we begin a collaboration with another popular PwC podcast. Host Heather Horn is joined by Doug McHoney, PwC International Tax Services Global Leader and host of the “Cross-border Tax Talks” podcast. Doug shares insights on the revolutionary new global tax system — the Organisation for Economic Cooperation and Development (OECD) Pillar Two framework — and its impact on companies worldwide.
3:15- A refresher on Pillar Two, the first global tax system for multinational companies, including:4:30 - A breakdown of the four operating rules prescribed by the framework and the breadth of impact on companies worldwide11:00 - An overview of enactment timing and the three-year transitional safe harbor provisions13:35 - A discussion of the intersection between Pillar Two and US tax policy, including the impact on US companies18:09 - A comparison of the mechanics of Pillar Two and current practice, including an overview of key tax adjustments28:50 - Practical considerations, including materiality considerations, for companies preparing to comply with Pillar Two36:15 - Data and controls implications as companies revamp tax policies and procedures41:50- Final advice for companies looking to achieve operational readiness for Pillar Two
The objective of Pillar Two is for large multinational enterprises to pay a minimum level of tax (a threshold effective tax rate of 15%) on the income arising in each jurisdiction where they operate. Doug joins us to shed light on the judgments involved and what companies can do to prepare.
In this episode, you will hear:For more on OECD’s Pillar Two, read our publication, Global taxation: More than an idea - what it means for you now, as well as our prior podcast, Tax policy update - OECD and domestic minimum taxes.
Additionally, check out PwC International Tax Services’ “Cross-border Tax Talks” podcast, and follow both podcasts on your favorite podcast app for upcoming episodes.
Doug McHoney is PwC's Global International Tax Services Leader, helping clients worldwide understand a wide range of global and local tax policy developments and providing technology-enabled consulting services. Doug also hosts the Cross-border Tax Talks podcast series, providing listeners with the latest trends in taxation.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 30 Jan 2024 - 637 - 2023 Year-end toolkit: Lessons learned from SEC enforcement
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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process.
2:15- Key themes in the SEC's 2023 enforcement action results, including a discussion of the SEC’s priorities and approach to enforcement11:10 - A discussion of the increased focus on cybersecurity, including rulemaking considerations 12:30 - An analysis of financial reporting and misstatement cases, including internal control considerations18:50 - Insight into the SEC's interest in the digital asset space, including cases involving cryptocurrencies and non-fungible tokens (NFTs)23:30 - The importance of maintaining adequate books and records, including a discussion of cases brought in this area27:20 - Final insights on the long-term implications of SEC enforcement actions and advice for companies reviewing their business practices
This week, host Heather Horn is joined by Pete Driscoll, PwC National Office partner, to break down the SEC’s 2023 enforcement action results, which set a record with 784 enforcement actions filed in 2023. Pete unpacks the themes and trends within those enforcement actions and shares advice on what companies can do to avoid some common pitfalls.
Listener note: Although we summarize key themes from allegations as described by SEC orders and complaints, it is important to note that companies have neither admitted nor denied wrongdoing in these cases.
In this episode, you will hear:Pete Driscoll is a partner in PwC’s National Office focusing on SEC regulations, reporting, and compliance. Prior to his role at PwC, Pete held several roles at the SEC, including Director of the Division of Examinations and Chief Risk and Strategy Officer.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Follow this podcast on your favorite podcast app for other episodes in our Year-end toolkit series.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 25 Jan 2024 - 636 - 2023 Year-end toolkit: Conquering the statement of cash flows
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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process.
2:05 - Frequent challenges and restatements related to the statement of cash flows 5:10 - Insights from the SEC Chief Accountant, Paul Munter, on risk management and controls related to the statement of cash flows as well as considerations for assessing the materiality of cash flow restatements14:15 - Fundamental principles of the statement of cash flows, including the identification of cash equivalents and related disclosure considerations 21:40 - Gross versus net presentation on the statement of cash flows, including considerations for non-cash and nonrecurring transactions27:25 - Key areas of judgment, including:27:25 - Applying the concept of constructive receipts and disbursements when dealing with third-party or agent transactions32:58 - The impact of debt transactions, including debt extinguishments and restructurings, on the statement of cash flows40:50 - Considerations when dealing with lease modifications, business combinations, discontinued operations, and classification of cash flows associated with treasury bills
In this episode, guest host Kevin Vaughn, PwC National Office partner, sits down with Suzanne Stephani, PwC National Office director, to discuss the significance of the statement of cash flows, focusing on the practical challenges and judgments involved in the classification of cash flows.
In this episode, you will hear:For more information, read chapter 6 of ourFinancial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series.
Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.
Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 23 Jan 2024 - 635 - 2023 Year-end toolkit: Balance sheet classification of debt
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In each episode of ourYear-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process.
1:26 - A refresher on the importance of balance sheet classification of debt, including the impact of current economic conditions on debt and credit risk 4:10 - Key considerations for classifying debt, including: 6:11 - Reminders for dealing with refinancing arrangements 8:20 - The implications of subjective acceleration clauses (SAC) in financing agreements 11:32 - The implications of covenant violation waivers on balance sheet classification 15:30 - Other facts and circumstances impacting debt classification 23:10 - A discussion of the increased prominence of revolving debt arrangements and reminders for companies dealing with revolving agreements 30:05 - Final advice for preparers on navigating debt classification and managing covenant violations
In this episode, guest host Kevin Vaughn, PwC National Office partner, sits down with Suzanne Stephani, PwC National Office director, to discuss the judgments and complexities involved in the balance sheet classification of debt, focusing on the challenges arising more frequently in today’s macroeconomic environment.
In this episode, you will hear:For more information, read chapter 12 of our Financial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series.
Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.
Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 18 Jan 2024 - 634 - Why digitally tagged reporting is critical in 2024 and beyond
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XBRL is an open international standard for digital business reporting that allows information to move between organizations rapidly and with accuracy. While XBRL is a mature component of today’s financial reporting ecosystem, a shared digital reporting language may also be critical for the future of sustainability reporting.
4:02- Defining digital taxonomies, digital languages, and XBRL 9:49 - How standard setters interact with digital taxonomies 16:27 - How accurate digital tagging of financial data is crucial to robust investment analysis 22:10 - Approaches on digitally tagging qualitative information and footnotes 25:38 - How digital taxonomies could impact sustainability reporting 28:30 - Anticipated challenges in aligning digital reporting across differing sustainability standards 40:23- Digital readiness considerations for issuers planning for mandatory sustainability reporting 45:03 - The importance of issuers voicing feedback to regulators as standards are set
In this episode, host Heather Horn sits down with John Turner, CEO of XBRL International, the global consortium that manages and promotes XBRL, to discuss the framework’s role in enhancing the quality and usefulness of sustainability disclosures.
In this episode, you’ll hear:Looking for more information on XBRL? Check out our previous podcast episode, What’s next in tech for finance? XBRL, your competitive advantage, as well as PwC’s XBRL service offerings. Additionally, follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.
John Turner is the CEO of XBRL International. In his role, John is responsible for enhancing reporting under regulatory standards and supporting the adoption of XBRL globally. Throughout his career, he has been focused on improving business reporting and analytics, having been a leading member of the XBRL community since 2001 when it was founded, and also serving in roles within the consulting and regulation spaces.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 16 Jan 2024 - 633 - 2023 Year-end toolkit: Navigating materiality assessments
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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process.
2:10 - A discussion of the guiding principles of SAB 99 and its importance in the current macroeconomic environment 5:41 - A refresher on the framework for evaluating materiality and errors in financial statements, including both quantitative and qualitative aspects 7:05 - Observations on the increase in SEC staff comments and requests for SAB 99 analyses to support materiality judgments 8:40-Recent SEC statements on the increased trends in restatements and revisions, including considerations for preparers and auditors working through materiality assessments and reminders on the control implications 15:55-A discussion of the role of the audit committee and the importance of proactively engaging with those charged with governance when dealing with materiality judgments 17:45- Key takeaways for preparers and auditors in navigating the heightened risk of fraud and the significance of understanding the role of each stakeholder in the financial reporting process 21:40 - Final advice for preparers on improving processes and controls to effectively avoid errors
In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with PwC’s US Trust Solutions Quality Management leader, Michael Mullen, to help us navigate materiality judgments in a challenging financial environment.
In this episode, you’ll hear:For more information on key SEC rules, refer to our publications on cybersecurity disclosures and cybersecurity materiality assessments. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series.
Michael Mullen is PwC’s US Trust Solutions Quality Management leader. In this role, he oversees complex client issues, providing technical insights and expertise in support of overall quality. With over 30 years of client service experience, Michael has led numerous global client engagements.
Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 11 Jan 2024 - 632 - Audio: European Union regulations beyond CSRD
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The European Green Deal is a package of policy initiatives introduced by the European Commission (EC) in December 2019 with objectives to achieve “no net emissions of greenhouse gases by 2050, economic growth decoupled from resource use, and no person and no place left behind.” Many companies are already focused on one aspect of the Green Deal — the Corporate Sustainability Reporting Directive (CSRD). But the CSRD is far from the only EU regulation needing immediate attention. This audio companion details several other pressing and broadly applicable EU regulations that would also be newly applicable — or possibly already applicable — for both EU and non-EU companies. In this episode, podcast host Heather Horn brings you an audio version of our publication covering the EU regulations beyond CSRD.
1:00 - Overview of the EU regulatory landscape 7:01 – EU Taxonomy30:54 – Sustainable finance disclosure regulation38:17 – Carbon Border Adjustment Mechanism44:06 – Foreign Subsidies Regulation49:13 – Corporate Sustainability Due Diligence Directive54:16 – Final thoughts Looking for more information on the CSRD and other EU reporting requirements?
In this podcast, we cover:Check out our publications European Union regulations beyond CSRD, Worldwide impact of CSRD - are you ready?,and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Wed, 10 Jan 2024 - 631 - 2023 Year-end toolkit: Elevating your audit committee meeting
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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process.
2:00 - The challenges facing both management teams and audit committee members, including the breadth of issues raised to audit committees 7:50 - The top issues finance teams should be prepared to discuss with audit committees, including keeping up with the regulatory and compliance landscape, the evolution of ESG discussions, and the intersection of risk management and strategy 17:58-Preparing to effectively address new SEC cybersecurity disclosure rules 20:05 - Key insights on feedback heard from audit committees and boards of directors as well as an overview of the results of the Center for Audit Quality (CAQ) 2023 Audit Committee Transparency Barometer report 27:10 -Final advice for management teams engaging with those charged with governance
In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with Stephen Parker, a partner in PwC’s Governance Insights Center, to discuss the ways that finance teams can effectively communicate with those charged with governance and share insights on key areas of focus for audit committees.
In this episode, you’ll hear discussion of:For more information on key SEC rules, refer to our publications on cybersecurity disclosures and cybersecurity materiality assessments. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series.
Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has advised boards of directors on a variety of complex financial reporting matters. Stephen’s client service experience includes energy and utility companies, financial services companies, and nonprofits.
Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 09 Jan 2024 - 630 - 2023 Year-end toolkit: Key SEC reporting reminders
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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process.
4:08 - The active pace of rulemaking and how that demonstrates the SEC’s priorities 11:00 - Key new and proposed SEC rules: 11:20 - Insights on the new executive incentive compensation clawback rule and the interaction with navigating accounting errors 17:45 - Judgments involved in the new cybersecurity disclosure rule and considerations when assessing materiality for evaluating incidents 26:05 - The impact of new rules on companies preparing for year-end reporting 28:35 - A status update on pending SEC rules, including the human capital and climate proposals 34:20 - The integral role that transparent disclosures play in investor protection 39:00 - Other year-end SEC reporting reminders, including the impact of MD&A in communicating business performance and challenges, insights on pay versus performance disclosures, and reminders on non-GAAP disclosures 48:20 - Final advice for companies preparing for year-end reporting, including takeaways on new FASB standards on segment reporting, crypto assets, and income taxes
In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with PwC National Office leader Tim Carey and PwC National Office partner Kevin Vaughn to discuss rulemaking priorities and provide helpful reminders for public companies navigating SEC developments as they head into year end.For more information on key SEC rules, refer to our publications on clawbacks, cybersecurity disclosures, cybersecurity materiality assessments, and the vacated SEC share repurchase rule. Also listen to our 2023 SEC comment letter podcast series for more insights related to SEC reporting.
Tim Carey is PwC’s National Office leader, with 30+ years of experience in complex accounting, tax, and reporting issues. Tim has led large-scale teams on a wide range of projects including financial statement audits, transaction structuring, financial due diligence, and post-merger integration.
Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please seThu, 04 Jan 2024 - 629 - 2023 Year-end toolkit: Key accounting and reporting reminders
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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process.
To kick off the series, guest host Valerie Wieman, PwC National Office partner, welcomes three of our deputy chief accountants to discuss what is top of mind for each of them this year end.
3:41 - Contingent consideration in a business combination, including the impact on the statement of cash flows 6:20 - Equity method investments and recording basis differences 10:08 - Disposing of a business, including when to apply the held-for-sale model 15:34 - Revenue contract modifications 18:40 - Avoiding common pitfalls with debt restructurings in a rising interest rate environment 23:55 - Fair value measurement after compensation and incentive arrangement modifications and the impact of the SEC’s new clawback rule 35:39 - Updates on segment reporting 37:31- Impact of the current macroeconomic environment on impairment analyses 39:58 - Tax implications of nonrecurring transactions and accounting for Inflation Reduction Act (IRA) credits 47:20 - Cash flow presentation of other financing sources, including revolving debt agreements and supplier finance programs
In this episode, you will hear discussion of:For more information on presentation and disclosure requirements, read our Financial statement presentation guide, and for further insights on the latest accounting, financial reporting and regulatory updates, read our Q4 2023 quarter close. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series, and for disclosure reminders on supplier finance programs, listen to our previous podcast.
Bret Dooley is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has over 25 years of experience specializing in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues relating to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.
Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.
Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests toTue, 02 Jan 2024 - 628 - CSRD spotlight: Navigating challenges in value chain reporting
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
3:00- What the value chain is, and its importance in the context of CSRD and sustainability reporting 6:27– The importance of upstream and downstream (i.e., across the whole product life cycle from manufacturing to end use) value chain considerations 13:27 - How to assess the relevance of information from the different levels of the value chain 18:28 - The role of materiality in identifying and disclosing value chain risks 21:19 - Where to start in gathering information for impact reporting 23:59– Updates on implementation guidance from the European Financial Reporting Advisory Group (EFRAG) 29:07 - Key benefits companies can gain from value chain reporting 32:42 – Actions companies can take to improve the quality of value chain data during the CSRD transitional provision period 40:34 - Best practices to navigate uncertainty when preparing for final effectiveness of reporting
Continuing our CSRD series, this week we dive into a core component of reporting under the directive: the value chain. The CSRD will extend reporting to a company’s direct and indirect business relationships and activities across its value chain, which is expected to be one of the more challenging areas of compliance. In this episode, host Heather Horn is joined by PwC sustainability director Luca Bonaccorsi to discuss the concept of value chain reporting and what companies can do to navigate this “quantum leap” in reporting.
In this episode, you’ll hear:Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.
Luca Bonaccorsi is a sustainability director at PwC based in Belgium. Prior to joining the firm, he previously served in ESG and sustainable finance roles, and had career experience in investment banking and investigative journalism. He is a co-author of the EU Taxonomy technical criteria, and serves as a member of the Sustainability Reporting Technical Expert Group (SRT) at EFRAG.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 21 Dec 2023 - 627 - 2023 SEC comment letter trends: Segments, today and tomorrow
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In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.
2:05 - An overview of the trends in comment letters related to segment reporting, including discussion of the identification of operating segments6:37 - A discussion of aggregation of operating segments, including the significance of quantitative and qualitative characteristics analysis11:57 - Insights on comments related to multiple measures of segment profit or loss13:35 - A breakdown of new guidance under ASU 2023-07 Segment Reporting, including:17:53 - Disclosure requirements of significant segment expenses22:06 – Reporting multiple measures of segment profit or loss and the intersection with guidance on non-GAAP measures 30:20 - Considerations for single reportable segment entities34:00 - Information regularly provided to the chief operating decision maker (CODM)40:31- Effective date and retrospective application of the new standard42:09 - What’s ahead for segment reporting and best practices for enhancing disclosures
This week, guest host Kevin Vaughn, a partner in PwC’s National Office, sat down with fellow PwC National Office partner Jay Seliber to discuss the latest trends in SEC comment letters on segment reporting and share insights on the FASB’s new segment reporting standard.
In this episode, you’ll hear:Want to learn more? Check out our analysis of SEC comments on segment reporting. For further information on segment disclosures read our publication FASB updates segments guidance and our Financial statement presentation guide. Also follow this podcast on your favorite podcast app for more episodes in this comment letter series.
Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.
Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.
Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weeklynewsletterto get all of our thought leadership.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 19 Dec 2023 - 626 - The quarter close - fourth quarter 2023
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In the fourth quarter 2023 edition of The quarter close, we provide year-end reminders on perennial favorites, including SEC reporting, income taxes, and the statement of cash flows. We also provide the latest on sustainability reporting and the FASB’s standard-setting activities. Read or listen to The quarter close for these and other relevant accounting and reporting topics you should consider as 2023 comes to a close.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 14 Dec 2023 - 625 - CSRD spotlight: Investor perspectives on sustainability disclosures
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
Continuing our CSRD series, in this episode we discuss how the investor community views and benchmarks sustainability requirements. This week, host Heather Horn is joined by Claire Berthier, CEO of French asset management firm Trusteam Finance, to share her viewpoint on how companies can align their sustainability reporting and corporate strategy to meet investor needs.
3:35- Background on why investors look for enhanced sustainability disclosures 10:11 - The explanation of strategy, mission, and other key initiatives in sustainability disclosures 19:52 - The importance of communications among investors, companies, and other stakeholders 32:22 - How the EU’s Green Taxonomy regulation data points support certain investor needs 37:13 - Converting ESG risk to opportunity 40:05 - Recommendations for companies that are early in their sustainability reporting journeys 45:22 - Key messages and themes that Claire believes investors want to hear from companies in their sustainability reporting
In this episode, you’ll hear:Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.
Claire Berthier is the CEO of Trusteam Finance, an investment and asset management firm based in Paris, France. With a background in M&A investment banking and private equity, she currently focuses on responsible investing and has co-founded a social impact start-up. She regularly shares her financial and non-financial ESG analysis expertise with fellow investors.
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weeklynewsletterto get all of our thought leadership.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 14 Dec 2023 - 624 - 2023 SEC comment letter trends: MD&A
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In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.
This week, host Heather Horn is joined by PwC National Office partner Ryan Spencer to discuss the continued focus in SEC comment letters on Management’s Discussion and Analysis (MD&A) and share insights for preparers on how to avoid the common pitfalls.
0:52- An overview of the trends in comment letters related to MD&A, including sector-specific insights 3:59 - A refresher on MD&A reporting requirements and a deep dive into comment letter themes, including: 5:04- Insights on the concentration of comments related to disclosures on the results of operations and the need for forward-looking discussions 8:05 - The focus on performance metrics and their connection to corporate strategy 10:56- The rise in comments related to management’s analysis and quantification of material fluctuations 12:45 - Why preparers need to evaluate current events and macroeconomic conditions 14:45- Discussion of the focus on liquidity and capital resources disclosures, including near-term and long-term considerations 16:48 - Key reminders for critical accounting estimates and sensitivity disclosures 21:39 - Best practices for enhancing MD&A disclosures
In this episode, you’ll hear:Want to learn more? Check out our analysis of SEC comments on MD&A, and follow this podcast on your favorite podcast app for more episodes in this comment letter series.
Ryan Spencer is a partner at PwC's National Office specializing in SEC financial reporting. He has over 20 years of experience serving clients and is a frequent contributor to PwC’s publications and communications.
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weeklynewsletterto get all of our thought leadership.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 12 Dec 2023 - 623 - CSRD spotlight: Updates on the EU's green regulatory landscape
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
4:05 - Background on the European Green Deal6:42 - The Carbon Border Adjustment Mechanism (CBAM) and its impact to carbon pricing on EU imports16:25- The Foreign Subsidies Regulation (FSR) and its interaction with the Inflation Reduction Act (IRA)23:29 - How corporate strategy and investment decisions are changing due to green regulations 34:53 - Legal risk management, and the role of directors and those charged with governance 41:15 - How CSRD scoping and reporting decisions impact compliance with other regulations45:15 - The proposed Corporate Sustainability Due Diligence Directive (CSDDD) and its far-reaching requirements47:16 - What companies can do today to prepare for upcoming regulations
This week we zoom out to review the broader landscape of EU regulations. Introduced as a result of the European Green Deal strategic policy initiative, these regulations will have impacts on topics from carbon pricing, to foreign subsidy disclosures, to corporate governance, and more. In this episode, Heather Horn is joined by PwC Netherlands partners Niels Muller and Linda Thonen to review these regulations, and how they will impact entities that are in scope.
In this episode, you’ll hear:Looking for more information on these EU regulations and their reporting requirements? Check out our publication European Union regulations beyond CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight series, and subscribe to our weekly newsletter to get all of our thought leadership.
Niels Muller is a PwC partner based in the Netherlands specializing in energy transitions and sustainable energy. In this role he advises institutional investors, financial institutions, and utility companies as well as governments and non-governmental organizations on sustainability and tax projects.
Linda Thonen is a PwC legal services partner based in the Netherlands specializing in corporate and sustainability matters. With over 15 years as a legal practitioner, Linda’s experience has centered around corporate law, corporate governance, with a focus on M&A and cross-border transactions.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 07 Dec 2023 - 622 - 2023 SEC comment letter trends: Business combinations
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In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.
This week, host Heather Horn is joined by PwC Deputy Chief Accountant Beth Paul to discuss the rise in SEC comment letters on business combinations and share insights for preparers on how to avoid the common pitfalls.
2:35 - Insights into the increase in comment letters related to business combinations, including sector observations6:34 - An overview of the themes and trends in comment letters related to business combinations11:44 - A deep dive into SEC staff comments as well as reminders on disclosure and filing requirements, including significance tests and pro forma reporting21:07- A summary of comment letter trends related to fair value 23:22 - Considerations on goodwill impairment tests and market cap reconciliations29:32 - Final advice for preparers dealing with business combinations
In this episode, you’ll hear:Want to learn more? Check out our analysis of SEC comments on business combinations, as well as our Business combinations and Financial statement presentation guides. Also, listen to a previous podcast on business combination accounting.
Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weeklynewsletterto get all of our thought leadership.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 05 Dec 2023 - 621 - Talking ESG: New insights from the UK's mandatory TCFD reporting
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The Task Force on Climate-related Financial Disclosures (TCFD) framework serves as a foundation for the major ESG disclosure frameworks, and also the basis for the California SB 261 climate disclosure rules recently signed into law. The UK first mandated reporting under the TCFD for listed companies beginning in 2021, and as such, there are two years of reports and insights available in 2023.
In today’s podcast, host Heather Horn sat down with Mark O’Sullivan, PwC UK’s Head of Corporate Reporting, to discuss PwC’s review of the second year of mandatory TCFD reporting for certain companies in the UK, and how insights from this review can help companies looking to start or enhance their climate-related disclosures.
4:44 - Our review findings for year two of mandatory TCFD reporting in the UK10:12 - Current challenges, including the understanding and expectation gaps faced by companies required to “comply or explain”18:09 - Observations and trends by industry 24:01 - Key takeaways from year two for companies looking to start or enhance their own TCFD reporting30:09 - Regulatory findings from the UK’s Financial Reporting Council (FRC) on metrics and targets34:36 -What’s coming next for TCFD, and its relationship with other ESG frameworks that are becoming mandatory39:39 -Discussion of materiality assessments and the FRC’s recent findings44:30 - Advice for companies preparing for mandatory UK, California, or other ESG reporting rules
In this episode, you’ll hear:Want to learn more about developments in ESG and TCFD? Read PwC UK’s publications, The green shoots of TCFD reporting, and Still early days: A review of year two of TCFD reporting, along with our previous podcast on how TCFD is shaping today’s reporting landscape. Additionally, refer to the FRC’s latest report on its reviews of TCFD disclosures, as well as the FRC Lab’s recent articles on materiality assessments and applications.
Mark O’Sullivan is PwC UK’s Head of Corporate Reporting. He has more than 15 years of experience advising leading organizations on current and best practices in reporting and the implementation of new reporting strategies to meet the needs of the capital markets. Mark also oversees PwC’s annual review of corporate reporting practices in the FTSE 350.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 30 Nov 2023 - 620 - 2023 SEC comment letter trends: Revenue
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In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.
This week, host Heather Horn sat down with PwC National Office partner Mike Coleman to discuss common issues noted in the SEC staff’s comments on revenue, and why it consistently remains a top area of focus.
2:03 - An overview of comment letter themes related to revenue and a discussion of the prominence of revenue in financial reporting6:53 - Key considerations in determining performance obligations and the significance of judgments made14:19- Insights on the continued focus on revenue estimates, including challenges related to recognizing variable consideration and determining standalone selling prices when estimates are embedded in transaction prices20:46 - Common pitfalls with revenue disclosures27:26 - Important reminders on principal-versus-agent considerations30:54 - Sector-specific insights and trends and the value in competitor benchmarking 35:48 - Best practices for preparers on avoiding or responding to SEC staff comments on revenue
In this episode, you’ll hear:Want to learn more? Check out our analysis of SEC comments on revenue, as well as our Revenue guide. Also, listen to a previous podcast on trends in revenue more broadly and read our guide on accounting for revenue.
Mike Coleman is a partner in PwC's National Office with over 30 years of experience. Mike specializes in accounting for revenue and software arrangements and has served technology clients for much of his career. In addition, Mike has represented the firm on the AICPA Software Task Force.
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weeklynewsletterto get all of our thought leadership.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 28 Nov 2023 - 619 - CSRD spotlight: Demystifying the double materiality assessment
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
Continuing our CSRD series, this week we discuss the topic of “double materiality,” which represents the intersection between impact materiality and financial materiality. In this episode, Heather Horn is joined by Cécile Saint-Martin, PwC’s Global ESG Assurance Leader, to go over this critical element in determining the applicable impacts, risks, and opportunities, as well as extent of disclosures under CSRD.
3:09 - Lessons learned from legacy reporting under the Non-financial Reporting Directive (NFRD), the predecessor to CSRD4:32 - Introduction to double materiality 10:17 - Examples of the double materiality assessment for specific topics17:29 - The interplay between ESRS and other standards and the double materiality assessment24:53 - Evaluation of double materiality with a governance and strategy lens26:52 - Stakeholder considerations31:28 -Steps for identifying material matters39:24 - Advice on aggregating information for process disclosure and reporting purposes44:09 - Next steps and recommendations for preparers
In this episode, you’ll hear:Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.
Cécile Saint-Martin is PwC’s Global ESG Assurance Leader, leading the firm’s global initiative to deliver high quality and relevant assurance over ESG reporting. Based in France, she has executed assurance engagements on European corporations, and currently leads interpretation and implementation efforts on CSRD. Cécile has over 25 years of experience at PwC, also serving as an audit partner on global accounts within the Industry & Services sector.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Wed, 22 Nov 2023 - 618 - 2023 SEC comment letter trends: non-GAAP measures
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In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.
This week, host Heather Horn sat down with PwC National Office partner Kevin Vaughn to discuss the SEC staff’s continued focus on non-GAAP measures, the area with the highest number of comments.
3:06 - The significance of non-GAAP measures and why they continue to be a focus area for the SEC7:50 - Updates on new and amended compliance and disclosure interpretations (C&DIs) related to non-GAAP measures and their impact on comment letters18:19 - Advice for preparers when responding to SEC staff comments20:08 - Insights on pervasive comment letter themes, including:20:27 - Undue prominence of non-GAAP measures21:40 -Reconciliation of non-GAAP measures and the differentiation between recurring and non-recurring expenses27:10 - Other top comment letter themes in non-GAAP comments, including nature of non-GAAP adjustments, disclosure requirements for non-GAAP measures, and labeling and identification of non-GAAP measures35:23 - Recent enforcement actions related to non-GAAP measures37:52 - Final advice on non-GAAP measures ahead to year-end reporting
In this episode, you’ll hear:Want to learn more? Check out our analysis of SEC comments on non-GAAP measures and our publication on non-GAAP, which includes links to the updated C&DIs.
Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letters series, and subscribe to our weeklynewsletterto get all of our thought leadership.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 21 Nov 2023 - 617 - CSRD spotlight: Hot topics in the EU's green taxonomy
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
Continuing our CSRD series, this week we dive deeper into the EU’s “green” taxonomy regulation, which requires disclosure of certain metrics related to a company’s environmentally sustainable activities as early as 2024. In this episode, Heather Horn welcomes back PwC Germany senior manager Martin Schönberger to address common questions related to interpretation of the rules, eligibility of the activities, and calculation of the metrics as they apply to non-financial services companies.
2:32 - The evolution of EU green taxonomy reporting from the original two objectives to the current six12:15 - Using the promulgated reporting templates as a tool to align activities to the taxonomy19:29 - Timeline for assurance requirements21:46 - “Eligible” versus “aligned” activities25:27 - The importance of educating and involving the procurement function and value chain participants33:10 -Challenges in reporting key performance indicators (KPIs)38:09 - Potential pitfalls in disclosures related to planned and aligned activities for sustainable capital expenditures50:02 -What’s coming next for taxonomy reporters
In this episode, you’ll hear discussion of:Looking for more information on the EU Taxonomy? Check out the European Commission website for the official legislation and released delegated acts. For the basics on EU Taxonomy, listen to our earlier podcast episode, CSRD spotlight: Get up to speed on required EU taxonomy disclosures. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.
Martin Schönberger is a senior manager in the National Office at PwC Germany, focusing on sustainability reporting. His work includes interpreting the latest regulations from European legislators and developing publications and trainings to communicate thought leadership to practitioners. Martin is also part of the Taxonomy Working Group, which coordinates technical issues regarding the EU Taxonomy within the PwC network.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 16 Nov 2023 - 616 - Audio: California’s not waiting for the SEC’s climate disclosure rules
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On October 7, 2023, California Governor Gavin Newsom signed into law two landmark climate-disclosure bills that are poised to change the landscape of climate reporting in the United States. Over 10,000 US companies - including both public and private companies as well as subsidiaries of non-US headquartered companies - will be subject to the climate disclosure requirements in the near term.
In this episode, podcast host Heather Horn brings you an audio version of our publication covering the expansive impact of these new laws.
1:38 -Background and introduction7:13 -Who would be subject to the new laws, and applicability of AB 1305: Voluntary carbon market disclosures15:44 -Disclosure requirements28:43 - Monitoring31:24 -SB 54: Venture capital diversity disclosures32:34 -What’s next
In this podcast, you’ll hear:Refer also to the print version, California's not waiting for the SEC's climate disclosure rules.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Wed, 15 Nov 2023 - 615 - What’s trending in 2023 SEC comment letters
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With year-end reporting around the corner, we kick off our 2023 SEC comment letter trendsseries, in which our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.
This week, Heather Horn is joined by Kyle Moffatt, PwC National Office Professional Practice Leader, to share an overview of the 2023 comment letter trends, a breakdown of the SEC’s review process, and insights into the SEC staff’s key priorities.
2:01 - A breakdown of the SEC review process, including the staff’s current priorities, review timing, and key enforcement actions18:28 - The impact of a potential government shutdown on the SEC’s review process and on the capital markets more broadly22:43 - An overview of the the top SEC comment letter trends in 202329:14 - Insights into changes in the SEC’s priorities and volume of comment letters, updates on the climate disclosure proposal, and 2024 enforcement priorities34:11 -Key insights into what preparers should focus on, including the importance of “Dear Issuer” letters and reminders for new rules that are effective in 202439:13 - Final advice for preparers entering the year-end reporting season
In this episode, you’ll hear:Want to learn more? Check out our analysis of SEC comment letter trends. Additionally, follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letters series, and subscribe to our weekly newsletter to get all of our thought leadership.
Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 14 Nov 2023 - 614 - CSRD spotlight: Get up to speed on required EU taxonomy disclosures
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
Continuing our CSRD miniseries, this week we discuss the EU’s “green” taxonomy regulation, which requires disclosure of certain metrics related to a company’s environmentally sustainable activities. Under these rules, companies that are in the scope of CSRD will be further required to identify and disclose the extent of their operations that align with the promulgated classification of sustainable activities. In this episode, Heather Horn is joined by PwC Germany senior manager Martin Schönberger to discuss the essentials of the regulation, including an overview of sustainable activities, how to determine whether activities are “aligned” with environmentally sustainable objectives, and disclosure requirements.
2:54 -Context of and impetus for the regulation5:11 - Scoping criteria8:34 -Identifying sustainable activities, qualifying conditions, and underlying objectives 15:57 - The importance of considering whether your company engages in eligible activities, regardless of what sector your business is in18:39 -How to consider the “substantial contribution” and “do no significant harm” criteria in aligning activities with the taxonomy29:13 -Disclosure requirements, including reporting of KPIs (i.e., green net turnover, green capital expenditures, green operating expenses)47:04 -Where companies should start on their journey to compliance with the taxonomy regulation
In this episode, you’ll hear discussion of:Looking for more information on the EU Taxonomy? Check out the European Commission website for the official legislation and released delegated acts. For a refresher on CSRD scoping requirements, take a listen to our earlier podcast episode, CSRD spotlight: Updates and essentials for preparers, as well as our publication Worldwide impact of CSRD - are you ready? Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.
Martin Schönberger is a Senior Manager within the National Office at PwC Germany, focusing on sustainability reporting. His work includes interpreting the latest regulations from European legislators, and developing publications and trainings to communicate thought leadership to practitioners. Martin is also part of the Taxonomy Working Group, which coordinates technical issues regarding the EU Taxonomy within the PwC network.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 09 Nov 2023 - 613 - Living wage: Why businesses are focused on pay adequacy
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With increasing costs of living and an unpredictable economic environment, the concept of paying a “living wage” is gaining attention from businesses and governments around the world. As pay adequacy becomes a mandated disclosure for many companies via the European Union’s Corporate Sustainability Reporting Directive (CSRD), paying a living wage is becoming a growing priority for organizations that are focused on creating a sustainable business.
PwC recently published the inaugural Global Living Wage survey to provide deeper insights on this topic and its impact to businesses. In this episode, host Heather Horn welcomes PwC partners Barry Murphy and Paula Letorey to discuss the survey results, market trends, and key steps organizations should take now to prepare for market and regulatory movement.
4:43 - Why PwC conducted the Global Living Wage survey7:13 -Defining a “living wage”9:45 - Key findings from the survey17:01 - Common challenges to adopting a living wage22:28 - The relationships among living wage, workplace fairness, and pay equity24:58 - Reporting and disclosure considerations28:47 - The impact of suppliers and the value chain31:19 - What investors are looking for in living wage strategy and disclosures36:35 - The role of the finance team in supporting and engaging with the business on this topic
In this episode, you’ll hear discussion of:For our findings and takeaways on the survey, check out our publication, Living Wage: An Emerging Standard. Further, check out PwC UK’s Workforce Hopes and Fears Survey for more insights on workforce transformation, trends, and disruptors, and how business leaders are navigating its changing nature.
Barry Murphy is PwC’s Global ESG leader for Tax and Legal Services. Based in the UK, he has 20 years of experience advising clients on their domestic and international tax affairs. He is also focused on driving compliance solutions with a “digital first” approach.
Paula Letorey is a partner within PwC UK’s Workforce practice. She has over 15 years of experience advising clients on matters relating to employment taxes and broader pay governance and regulation. She has developed robust risk management solutions for areas such as domestic employment tax on a global basis, off-payroll working, national minimum wage, and holiday pay.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Wed, 08 Nov 2023 - 612 - IFRS update: Year-end reminders and outlook for 2024 and beyond
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As the end of the year approaches, it is helpful to understand what is top of mind under International Financial Reporting Standards (IFRS) and what lies ahead from the International Accounting Standards Board (IASB).
In this episode, Heather Horn was joined by Gary Berchowitz, a leader in PwC’s Global Assurance Quality - Corporate Reporting Services group, and Laura Kennedy, a director in the Corporate Reporting Services group, to discuss key reminders for year-end reporting under IFRS as well as some timely updates on new IFRS initiatives on the horizon.
2:37 -An overview of the current status of IFRS Accounting Standards and what’s to come, including:4:29 -A breakdown of IFRS 17, Insurance Contracts, which became effective in 2023 and applies to non-insurers as well as insurers5:50 - New amended requirements for currency transactions8:10 -The global political and economic outlook and its impact on reporting, including assumptions for accounting determinations such as impairments 13:12 -Status of other IFRS Accounting Standards updates and what to expect in 2024:15:40 -Primary Financial Statements17:15 - Management Performance Measures20:16 - Retrospective reporting and restatement reconciliation requirements if a new standard is adopted 23:46 - A discussion of the interconnectedness between sustainability and financial reporting, and coordinated standard setting by both the IASB and International Sustainability Standards Board (ISSB)30:18 - Details on sustainability projects impacting the financial services sector, including accounting for loans and power purchase agreements for renewable energy37:34 -Other IASB priorities and initiatives on the horizon
In this episode, you’ll hear:For more on IFRS 17, check out our publication. Additionally, refer to our global IFRSaccounting reminders, refreshed quarterly. Lastly, follow our PwC sister podcast IFRS Talks for more insights on IFRS topics.
Gary Berchowitz is the non-financial instruments leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings nearly 20 years of financial accounting experience, working to drive quality and connectivity throughout the PwC network and help local teams solve complex accounting issues in a practical way. Gary contributes to the firm’s global view on a variety of financial reporting matters.
Laura Kennedy is a director in PwC’s Global Assurance Quality - Corporate Reporting Services group. She also serves as the host of the global PwC IFRS Talks podcast. Prior to joining PwC, Laura was a technical staff member at the International Accounting Standards Board, focusing on topical issues impacting corporate reporting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 07 Nov 2023 - 611 - CSRD spotlight: Making an informed decision on how to report
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.
Continuing our miniseries focused on the essentials of the CSRD, this week we discuss options a company may have in its approach to reporting. In this episode, Heather welcomes back Emily Kirsch, director in PwC’s sustainability practice, to share practical considerations in a company’s determination of the most effective reporting approach for its organization.
5:03 - Scope requirements under the CSRD7:37 -Available reporting exemptions 11:46 - Initial considerations for deciding the level of reporting, and whom to involve16:19 -How to consider data availability, IT systems, and organizational structure23:27 - Timing of reporting deadlines and phase-in reliefs for smaller companies26:18 -How existing voluntary reporting may be insufficient to meet CSRD requirements30:28 - Alignment between sustainability reporting, corporate strategy, and stakeholder communications34:07 -Key next steps in making a reporting decision, including the importance of evaluating benefits and trade-offs
In this episode, you’ll hear discussion of:Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.
Emily Kirsch is a director in PwC's sustainability practice focused on sustainability reporting and standard setting in the EU. She advises both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 02 Nov 2023 - 610 - Financial reporting ecosystem: How preparers can stay engaged
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Continuing our October all-star series, Tom Barbieri, PwC US Chief Accountant, shares insights on the financial reporting ecosystem and how to stay engaged amid ongoing developments in the landscape.
Tom is joined by Kevin Vaughn, PwC National Office partner, and Ying Compton, PwC managing director, to unpack the financial reporting ecosystem, including the key players, how they work together, and the critical role they play in the capital markets.
4:58 - An overview of the key players in the financial reporting ecosystem and their significance to the investor-driven reporting mission11:28 -How standard setting, application, and enforcement drive the US reporting environment13:22 -The roles and composition of both the SEC and the FASB 17:44 - Interaction between the SEC and FASB and the opportunities for preparers to collaborate with each21:34 - Why preparers should pay attention to PCAOB developments23:35 - A comparison of the rule-making processes across standard-setters and regulators, including the balance between high-quality reporting and its associated costs30:14 -Final advice for preparers on engaging with other players in the ecosystem to enhance reporting quality and efficiency
In this episode, you’ll hear:Tom Barbieri is PwC’s US Chief Accountant. He has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. Tom leads the Accounting & SEC Services Group within the National Office, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. He is also a member of the Financial Accounting Standards Advisory Council.
Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.
Ying Compton is a PwC managing director in the office of the vice chair. Prior to joining PwC, Ying was a senior accounting and economic advisor in the Office of the Chief Accountant (OCA) at the SEC. She also holds a PhD in accounting from Massachusetts Institute of Technology (MIT).
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 31 Oct 2023 - 609 - CSRD spotlight: Updates and essentials for preparers
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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) became effective in January 2023 and the European Sustainability Reporting Standards (ESRS) are now final. With impacts to both EU and non-EU headquartered companies, now is the time to understand the applicability and scope of these reporting requirements.
To launch our podcast miniseries on the CSRD, host Heather Horn is joined by Emily Kirsch, director in PwC’s sustainability practice, and Soné Beyers, director in PwC’s National Office, to provide a refresher course on the basic requirements and applicability of the EU’s sweeping sustainability reporting directive.
4:04 -Background and latest developments on the CSRD12:54 -The final set of 12 ESRS, which will be effective starting in 2024 15:36 - What companies are within the scope of the CSRD and required to follow ESRS21:32 - Key dates for CSRD effectiveness, scoping threshold applicability, and required reporting26:30 - Additional reporting requirements for non-EU parents of an EU subsidiary28:55 - Available reporting exemptions34:59 - Potential impacts from the ongoing transposition of the directive into member state laws37:35 - Recent developments regarding ESRS implementation guidance and forthcoming sector-specific standards from the European Financial Reporting Advisory Group (EFRAG)46:06 - Interoperability of other reporting frameworks and key takeaways
In this episode, you’ll hear discussion of:Looking for more information on the CSRD and other sustainability reporting frameworks? Check out our publications Worldwide impact of CSRD - are you ready? and Navigating the ESG landscape for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight series, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.
Emily Kirsch is a director in PwC's sustainability practice focused on sustainability reporting and standard setting in the EU. She advises both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization.
Soné Beyers is a director in PwC’s National Office with accounting experience in both professional services and academia. With a career spanning three continents, she has developed a strong background in IFRS reporting, which has extended to her current focus on global sustainability frameworks and standard setting in the EU.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a diThu, 26 Oct 2023 - 608 - Audio: Take the next step - decide how to report under CSRD
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Assessing whether a company is in scope of the European Union (EU) Corporate Sustainability Reporting Directive (CSRD) has some inherent complexities. The scope of companies directly impacted is expansive — including US and other non-EU headquartered companies — making scoping a question that merits priority focus by companies with operations in the EU.
A company may have options in its approach to fulfilling its CSRD reporting requirements, and there are practical considerations that may inform a company’s determination of the most effective reporting approach for its organization under the CSRD. In this episode, Heather Horn brings you an audio version of ourIn the looppublication discussing these scoping and reporting approaches under the CSRD.
1:15 -Background and introduction4:52 -Four steps to decide on how to report9:20 -What is the scope of reporting obligations, and are there any exemptions?13:35 - What information needs to be gathered?26:32 - What is the timing of reporting?29:27 - How do CSRD reporting requirements relate to other expected sustainability standards?38:02 - How does corporate strategy and objectives interplay with reporting?41:50 - What are pros and cons between some of the common reporting scenarios?47:07 - What’s next?
In this podcast, you’ll hear:Refer also to the print version, Take the next step - decide how to report under CSRD. Also, join our upcoming Q4 2023 Quarterly sustainability webcast.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Wed, 25 Oct 2023 - 607 - Talking ESG: A preparer's view on managing global reporting
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Integrating sustainability in business strategy may increase the attractiveness of business to lenders, investors, and customers. However, with the multitude of sustainability reporting frameworks for multinational companies, it can be difficult to determine the best way to tell a unified story to all stakeholders that is consistent with the company’s overall sustainability strategy.
In this episode, host Heather Horn welcomes Esther An, Chief Sustainability Officer of Singapore-based real estate firm City Developments Limited, to discuss how companies can manage multiple disclosure frameworks while utilizing sustainability reporting as a catalyst for business innovation, investment, and impact.
5:02 - Esther’s professional background and sustainability leadership in Singapore12:06 - How COVID-19 accelerated awareness of sustainability17:35 -Creating business value through sustainability and achieving the “triple bottom line” of profit, people, and planet20:58 - Four pillars — integration, innovation, investment, and impact — to shift sustainability from a compliance exercise to a winning business strategy24:11 -The importance of truthful sustainability reporting and how to manage multiple frameworks29:37 - The challenge of obtaining an approved target from the Science Based Targets initiative (SBTi)32:20 -Common questions investors pose related to sustainability reporting35:05 - How sustainability as a business strategy attracts greater investment37:27 - Tips to enhance sustainability reporting practices
In this episode, you’ll hear discussion of:Looking for more information on getting ready for mandatory ESG reporting? Check out our publication, Preparing for tomorrow's rules today. Additionally, listen to our previous podcast on how investments in technology that support sustainability reporting can also drive business value.
Esther An is the Chief Sustainability Officer of City Developments Limited (CDL). For over two decades, she has advocated for ESG principles underlying sustainable development within her home base of Singapore and abroad. She has helped set global benchmarks for green construction and sustainability, and initiated sustainability reporting in Singapore a decade ago. Esther is involved in many sustainability organizations, including as a founding and current member of the Business Council for Sustainable Development Singapore; a member of the property working group of the United Nations Environment Programme – Finance Initiative; and part of the corporate advisory board of the World Green Building Council in London.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 24 Oct 2023 - 606 - Talking ESG: How technology enables reporting agility
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As effective dates for sustainability reporting requirements inch closer, companies face pressure to stand up reporting workstreams before it is too late. With multiple frameworks coming into play in the near term, managing the data gathering, aggregation, and reporting of numerous metrics is a manual exercise for many companies. But is there technology that can help?
In today’s episode, host Heather Horn is joined by Sammy Lakshmanan, principal in PwC’s Sustainability Consulting Solutions practice, to discuss the ways that leading companies are integrating technology into their sustainability reporting work plans. Sammy provides insights on how companies can leverage the power of technology to generate value that goes beyond compliance.
In this episode, you’ll hear discussion of:
4:02 - Expected impacts of the shift from voluntary to mandatory ESG reporting
7:47 - The current landscape of sustainability reporting technology solutions
10:29 - A roadmap for digital transformation, including the sequencing of events, and which stakeholders to involve
16:04 - The importance of controllership and governance over reporting
26:32 - Harnessing technology investments to report and provide value through data analytics
36:14 - Using technology to capture, aggregate, and organize data for different reporting frameworks
42:36 - Crowdsourcing ideas from peers and partners to address similar challenges
45:34 - Three things companies should consider to maximize technology enablement for sustainability reporting
Looking for more information on getting ready for mandatory ESG reporting? Check out our publication, Preparing for tomorrow's rules today. Additionally, refer to our Navigating the ESG landscape publication for the latest updates on major global sustainability frameworks.
Sammy Lakshmanan is a principal in PwC’s Sustainability Consulting Solutions practice. With over 20 years of experience helping companies shape their ESG and sustainability strategies leveraging technology and data to operationalize sustainability, he helps customers develop and execute strategies to shift from a compliance-driven to a value-driven approach. Sammy also serves as co-chair for the Open Footprint Forum, which is developing a data standard for carbon-management data.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 19 Oct 2023 - 605 - Talking ESG: Key takeaways from Climate Week 2023
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New York City Climate Week brings together international business leaders, policymakers, and other civic leaders to help drive progress and speed transition on climate-related issues. This year’s event highlighted the sustainability advancements made over the past year – with a look ahead to the actions companies need to take next to prepare for net zero.
This week, host Heather Horn is joined by Will Jackson-Moore, PwC’s Global Sustainability Leader, to discuss some of the bigger themes that emerged from the week, from energy transition and demand reduction to the impact of emerging sustainability reporting regimes around the world.
3:04 - An overview of the current sustainability landscape and the challenges that companies face with decarbonization8:00 -The relative priority companies are assigning to climate actions and progress10:32 - How organizations are executing strategic planning and reporting on climate15:44 -The time runway for companies to transform their businesses and assets for resilience22:13 - The role of reporting in driving climate action26:09 - The evolving prominence of the chief sustainability officer role34:38 -How meaningful demand reduction progress can be made by embedding energy efficiency in strategy beginning with the C-suite
In this episode, you’ll hear discussion of:Looking for more information on sustainability strategy and reporting? Check out our previous podcasts on TNFD, CSRD, and the sustainability expectation gap in reporting.
Will Jackson-Moore is PwC’s Global Sustainability Leader, responsible for leadership of our sustainability teams, technology, alliances, and methodologies.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 17 Oct 2023 - 604 - Talking ESG: The latest on Inflation Reduction Act energy incentives
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As companies move forward with clean energy investments and decarbonization projects, many face questions about which of these projects qualify for tax incentives under the Inflation Reduction Act (IRA), and how best to utilize the act’s credits and other green initiatives.
In today’s episode, Heather Horn welcomes back Matt Haskins, PwC principal, to discuss the latest IRS guidance for IRA initiatives, marketplace transactions, and further considerations for companies looking to take advantage of the IRA.
5:06 - Advanced energy project credits under IRS Section 48C, and the status of the current allocation of the $10 billion budgeted pool9:09 - Transferability and timing considerations of tax credits 12:07 - Choosing between investment tax credits and production tax credits14:55 - Risk of recapture of paid tax credits and relevant mitigating strategies23:53 - How a government shutdown would impact IRA initiatives27:59 - Market developments in the hydrogen production tax credit33:07 - The interplay between the IRA and European Union regulations, including the impact of the Carbon Border Adjustment Mechanism (CBAM)36:05 - The importance of evaluating decarbonization costs on an after-tax basis
In this episode, you’ll hear discussion of:Looking for more information on the European Union’s Carbon Border Adjustment Mechanism? Check out our previous podcast on how the CBAM may impact your company.
Looking for more information on transferability of IRA credits? Check out our latest publication on accounting for IRA credits and our podcast on renewable energy credits for more information.
Matt Haskins is a principal in PwC’s Washington National Tax Services, where he leads the firm's Cleantech tax practice, focusing on renewable energy financing and M&A transactions. In addition to writing and speaking on issues in the renewable energy industry, Matt has co-chaired the energy and environmental taxes working group for the US Council on International Business and served as a delegate for key energy initiatives of the Organization for Economic Cooperation and Development.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.
Thu, 12 Oct 2023 - 603 - Audio: Navigating the ESG landscape
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Last year brought proposed ESG disclosures from the European Union (EU) as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the US by the SEC.
The sustainability disclosures required by the ISSB and in the EU were finalized in June and July 2023, respectively. And while the final SEC rule is still pending, two bills signed into law by the California Governor in October 2023 are poised to change the landscape of climate reporting in the US.
These “big three” proposals would each require expansive sustainability disclosures — although their proposed scopes and other details vary. In this episode, Heather Horn brings you an audio version of ourIn the loopcomparing the three proposals. In this podcast, you’ll hear:
1:50 - Background on the “big three” proposals19:26 - Overview of California climate disclosure rules23:27 - Comparison of the general features of the proposals28:15 - Differences in concepts of materiality33:31 - Overview of respective targets and transition plan disclosure requirements38:29 - Overview of respective greenhouse gas (GHG) emissions reporting requirements42:32 - Comparison of GHG scope 1 and scope 2 disclosures47:33 - Comparison of GHG scope 3 disclosures51:55 - Comparison of assurance requirements56:35 - Overview of effective dates and transitionRefer also to the print version, Navigating the ESG landscape. For further insights, see:
The SEC wants me to disclose what? The SEC’s climate disclosure proposalWhat's CSRD? It's important to knowIFRS Sustainability Disclosure Standards have been releasedCalifornia's not waiting for the SEC's climate disclosure rulesQ4 2023 Quarterly sustainability webcastHeather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.
Wed, 11 Oct 2023 - 602 - Navigating today’s risks through effective hedging strategies
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Continuing our October all-star series, Tom Barbieri, PwC US Chief Accountant, shares insights on critical accounting and reporting topics.
Tom is joined by Nick Milone, a PwC practice partner with experience advising clients on hedging strategies, to discuss effective hedging strategies for various types of macroeconomic and business risks.
In this episode, you’ll hear:
2:47 - An overview of the theory and purpose of hedge accounting6:04 - Initial considerations for applying hedge accounting, including an overview of the effectiveness assessment10:07 - A breakdown of the three most common hedge strategies and why companies might use them10:21 - Cash flow hedges12:23 - Fair value hedges14:33 - Net investment hedges17:49 - Common examples of and questions related to hedging strategies 22:02 - Common pitfalls in applying hedge accounting27:57 - An overview of other hedging strategies, their purpose and how to use them28:04 - Forecasted debt issuance hedges35:29 - Foreign currency hedges39:04 - Hedging strategies for companies with foreign subsidiaries42:42 - Commodity hedges47:05 - Hedging strategies that do not qualify for hedge accounting50:22 - Final reporting considerations and key reminders for companies using hedge accountingFor more information, read our Derivatives and hedging guide.
Tom Barbieri is PwC’s Chief Accountant. He has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. Tom leads the Accounting & SEC Services Group within the National Office, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. He is also a member of the Financial Accounting Standards Advisory Council.
Nick Milone is a partner in PwC’s Financial Markets practice, and formerly a practice fellow at the Financial Accounting Standards Board (FASB), with a wealth of experience advising clients on structured transactions, derivatives and hedging activities, transfers of financial assets, securitizations, financings, investments, valuation and other issues.
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.
Tue, 10 Oct 2023 - 601 - Talking ESG: TNFD launches a final nature reporting framework
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The Taskforce on Nature-related Financial Disclosures (TNFD) released its final disclosure recommendations for nature-related dependencies, impacts, risks and opportunities on September 18. Given the interrelationship between climate and nature — and the dependence of business on nature — companies may want to consider this new framework as a tool in communicating their full sustainability story.
This week, Heather Horn is joined by Daniel O’Brien, PwC Canada’s Sustainable Business Solutions leader and TNFD member, to discuss what companies should do now to prepare to make effective nature-related disclosures.
4:18 - Background on the TNFD, including how the taskforce was formed and its mission8:11 -The key principles of the TNFD framework and interoperability of the TCFD framework with existing climate reporting frameworks13:36 -Complexities in critical areas of the TNFD framework 20:08 - Recommendations for how companies should approach TNFD disclosures29:29 -How companies should approach data collection for qualitative and quantitative nature disclosures31:10 - Best practices and common pitfalls in reporting nature-related disclosures37:33 - Final thoughts on why companies should consider utilizing the TNFD framework
In this episode, you’ll hear discussion of:Looking for more information on nature related reporting? Check out a podcast from our “Becoming nature positive” series on Committing, measuring, and reporting.
Daniel O'Brien is PwC Canada’s Sustainable Business Solutions leader, helping clients to align their business strategies with the environmental and social challenges and opportunities of the future economy. Daniel has over 18 years of experience in environmental consulting and management. He is also a member of the Taskforce on Nature-related Financial Disclosures (TNFD).
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 05 Oct 2023 - 600 - Q4 Economic outlook and the implications for finance teams
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From inflation to labor markets to monetary policy, the economy has faced some unexpected headwinds in 2023. This week, host Heather Horn is joined by Chris Benko, PwC Intelligence chief economist, for an economic update to help companies prepare for the end of the year.
In this episode, you’ll hear:
2:53 - An overview of the current state of the economy, including the balance between inflation and recession12:58 -A discussion of market factors, including the impacts of federal monetary policy and unemployment, as well as the definition of a “soft landing”25:48 - Instability indicators companies should consider, including:28:10 - Domestic politics29:38 - The global economy32:01 - Geopolitics33:36 - Insights on markets for companies looking to stay ahead of the curve as they head into the final quarter of the calendar yearWant to hear more about the geopolitical and macroeconomic factors impacting the global economy? Tune into the prior podcast in this mini series.
Chris Benko is PwC Intelligence chief economist, providing the firm and its clients with economic analysis and commentary. Chris leads a team of business and sector analysts, economists, and data scientists, leveraging data and analytics to develop points of view and inform strategic decision-making.
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.
Tue, 03 Oct 2023 - 599 - Getting ready for the SEC’s new cybersecurity disclosure rules
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In this episode, we discuss the SEC’s new cybersecurity disclosure rules finalized in July.
The new disclosure rules expand registrants’ annual disclosures and require timely reporting for material cybersecurity incidents. With these significant changes and the implementation approaching, companies should not wait to get ready.
This week, Heather Horn is joined by Kyle Moffatt, PwC National Office Professional Practice Leader, and Matt Gorham, PwC Cyber & Privacy Innovation Institute Leader, to discuss what companies can do to prepare now for the new requirements.
4:28 -Why cybersecurity is an area of focus for the SEC 8:03 - A summary of the SEC’s new cybersecurity rules and disclosure requirements10:21 -Types of cyber incidents, including what’s required to be disclosed in the Form 8-K and how companies should think about “material” impacts12:58 - The importance of developing relationships with federal law enforcement and how smaller companies can start to build those relationships20:19 - An ideal sequence of action steps when a cyber incident occurs24:32 - Top considerations when preparing to disclose in accordance with the SEC’s cybersecurity rules33:10 -Key takeaways for companies reviewing their processes and preparing for the new disclosure requirements
In this episode, you’ll hear discussion of:Looking for more information on cybersecurity? Check out our publication and register for our Q3 2023 Quarterly accounting webcast for a detailed discussion of the SEC’s cybersecurity rules with Kyle; PwC Vice Chair, Wes Bricker; and Raquel Fox, Partner & Co-Head of SEC Reporting and Compliance; Capital Markets; M&A; Corporate Governance at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.
Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
Matt Gorham is PwC Cyber & Privacy Innovation Institute Leader, providing thought leadership, perspective, and analysis on trends affecting all aspects of cybersecurity and privacy. He has over three decades of experience mitigating threats through building and leading cross functional teams. Before PwC, Matt spent 25 years with the FBI as the Assistant Director of Cyber.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 28 Sep 2023 - 598 - Getting ahead of the FASB project on expense disaggregation, DISE
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Tom Barbieri, PwC’s Chief Accountant, is accelerating the first episode in our October all-star series to share insights on critical accounting and reporting topics.
To kick off the series, Tom is joined by Gary Sardo, Financial Accounting Standards Board (FASB) practice fellow, to discuss FASB’s disaggregation of income statement expenses (DISE) project.
In this episode, you’ll hear:
3:51 - An overview of investor feedback and background on the FASB’s decision to propose enhancing the disclosure requirements for income statement expenses
7:54 -Companies impacted by the proposed standards
10:32 - A breakdown of the proposed disclosure requirements, including:
13:42 -Defining “relevant expense captions,” distinguishing features of each caption and the associated proposed requirements
16:22 - Materiality considerations
17:30 - Investor and preparer feedback on the proposed standard, including practical challenges in the inventory expense breakdown
21:26 - Details on the proposal to further break down inventory and manufacturing expense
24:00 -Operability challenges and data needs that companies should be considering now
24:42 -Details on the proposed disclosure requirements for:
24:44 -“Other” expense categories
29:59 -Selling expenses
32:26 - A summary of the proposed reporting requirements, including timing considerations and how companies can prepare for the transition
37:53 - Next steps on the FASB’s agenda and final advice for companies who seek to get prepared and engaged prior to the end of the comment period
For more on the status and details of the project, refer to the exposure draft on the FASB website. Additionally, tune into PwC’s Q3 2023 quarterly accounting webcast for more on the DISE project.
Tom Barbieri is PwC’s Chief Accountant. He has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. Tom leads the Accounting & SEC Services Group within the National Office, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. He is also a member of the Financial Accounting Standards Advisory Council.
Gary Sardo is a practice fellow at the Financial Accounting Standards Board. Prior to his role at the FASB, Gary was a director at PwC with over 15 years of experience, most recently in PwC’s Deals practice specializing in capital markets and accounting advisory services.
Heather Hornis PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
Transcripts available upon request for individuals who maTue, 26 Sep 2023 - 596 - The quarter close - third quarter 2023
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In the third quarter 2023 edition of The quarter close, we highlight the SEC’s final rule on cybersecurity, which will require new reporting and disclosures for many companies beginning next quarter. We also provide key reminders when accounting for debt restructurings, updates on sustainability reporting, and the latest FASB standard-setting developments. Read or listen to The quarter close for these and other relevant accounting and reporting topics you should consider as you close out the third quarter of 2023.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Wed, 20 Sep 2023 - 595 - Evaluating your supply chain strategy in an evolving world
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Every Tuesday in September, Craig Stronberg, PwC’s Macro Intelligence Leader, is taking over the podcast to share insights on how geopolitical and macroeconomic trends, forces, and movements are likely to impact your business.
To continue the series, Craig is joined by Zain Siddiqui, PwC senior economist, to discuss the current state of the global supply chain and how companies should evaluate their supply chain strategies.
In this episode, you’ll hear a discussion of:
2:07 -The current state of the global supply chain5:55 -How companies should think about their supply chain business strategies in light of external factors and risks11:21 -The impact of government policy on economic policy and the incentives for domestic production21:02 -Sector- and geographic-specific insights on supply chain challenges and opportunities, including:28:55 -The impact of geographical diversification on supply-chain resiliency30:55 -Expectations for long-term trends in the global supply chain33:54 -Final advice for companies managing supply chain strategiesWant to hear more about the geopolitical and macroeconomic factors impacting the global economy? Tune into a prior podcast in this miniseries.
Craig Stronberg leads the business acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times.
Zain Siddiqui is a senior economist for PwC Intelligence with a specialty in macroeconomics and finance. He advises stakeholders and clients on the business implications of emerging macro and geopolitical vulnerabilities, and helps them shape business strategy. His research has appeared in books on international economic policy and macroeconomic journals.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 19 Sep 2023 - 594 - Talking ESG: Accounting for IRA tax credits
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In today’s episode, sustainability and financial reporting intersect. We discuss accounting for green incentives that arise from the Inflation Reduction Act (IRA). The IRA, signed into law in August 2022, provides climate and clean energy tax credits.
With many types of credits available in the IRA, companies have raised questions about the financial accounting implications of the credits given the unique features that these credits have compared to past federal incentives. This week, Heather Horn is joined by Pat Durbin, a Deputy Chief Accountant in PwC’s National Office, and Jillian Pearce, a partner in our utilities practice, both of whom have closely followed accounting for the credits, to discuss what to look out for in accounting for IRA tax credits.
In this episode, you’ll hear discussion of:
2:38 -The background, including the breadth, scope, and structure of available IRA credits7:45 -The different pathways to realization of tax credits11:45 - How companies should allocate consideration paid for IRA credits17:07 - The difference between renewable energy credits (RECs) and IRA credits24:32 -Accounting for tax credits by analogy to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance43:16 - Accounting for tax credits using under the ASC 740, Income Taxes, model56:44 - Tax credit disclosure and control considerationsLooking for more information on accounting for IRA energy incentives? Check out our latest publication on IRA credits. Additionally, check out our podcast episode on renewable energy credits for more information.
Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.
Jillian Pearce is a partner in PwC's National Office, providing advice on financial instruments and other technical accounting issues to power and utilities clients. She was a Professional Accounting Fellow in the Office of the Chief Accountant at the SEC, and has over 15 years of auditing experience.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 14 Sep 2023 - 593 - India’s growing power and its role in the global economy
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Every Tuesday in September, Craig Stronberg, PwC’s Macro Intelligence Leader, is taking over the podcast to share insights on how geopolitical and macroeconomic trends, forces, and movements are likely to impact your business.
To continue the series, Craig is joined by Zain Siddiqui, PwC Intelligence senior economist, to discuss India’s economy and the risks and opportunities it presents for companies worldwide.
4:50 -India’s evolving role as a key player in the global economy10:54 - The driving factors, including population growth and its impact on the labor market, contributing to India’s positioning as a global force 16:54 -Considerations that are key to understanding India’s economy, its influence and challenges, including:18:15 - Human capital - education, job creation, and equal opportunities in India27:50 - India’s economic tendencies as a domestic-driven, consumption heavy, services economy32:12 - India’s business sentiment and power to influence the global economy37:46 - Sector-specific insights45:17 - Advice for companies navigating the risks and opportunities present in India’s economy
In this episode, you’ll hear a discussion of:Want to hear more about the geopolitical and macroeconomic factors impacting the global economy? Tune into the prior podcast in this mini series.
Craig Stronberg leads the business acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times.
Zain Siddiqui is a senior economist for PwC Intelligence with a specialty in macroeconomics and finance. He advises stakeholders and clients on the business implications of emerging macro and geopolitical vulnerabilities, and helps them shape business strategy. His research has appeared in books on international economic policy and macroeconomic journals.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 12 Sep 2023 - 592 - Global economic forces and their impact on your business
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Every Tuesday in September, Craig Stronberg, PwC’s Macro Intelligence Leader, is taking over the podcast to share insights on how geopolitical and macroeconomic trends, forces, and movements are likely to impact your business.
To kick off the series, Craig provides an overview of the global macroeconomic and geopolitical forces — the true “tectonic” forces — impacting companies in the near and longer term.
3:52 - Disequilibrium - what it means, where it stands, and what comes next8:29 - Identifying and understanding the forces impacting the global economy 15:02 - Why it’s important for companies to understand their business assumptions and how those assumptions may be changing20:49 -Assessing major global forces and their impacts on our economy, including:20:55 - Geopolitical disruption, protectionism, and the impact on free trade28:39 - Polarization and its impact on risk management and business decisions38:06 - Balancing between trust and distrust in governments and markets41:57 -How global forces are creating new opportunities for markets and companies
In this episode, you’ll hear a discussion of:Want to identify how different macroeconomic trends could impact your accounting and reporting? Refer to our interactive tool, Accounting in uncertain economic times.
Craig Stronberg leads the business acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 05 Sep 2023 - 591 - Earnings per share: 5 things you need to know
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Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.
In this episode, Bret is joined by John Horan, a managing director in PwC’s National office with a focus on financial instruments, to break down what we need to know on earnings per share (EPS).
2:20 -Reminders on the basic EPS calculation, including considerations for participating securities and application of the the two-class method11:45 - The impact of mezzanine equity on the basic EPS calculation15:12 - The impact of new FASB guidance (ASU 2020-06) on EPS calculations for contracts that can be settled in cash or shares 20:01 - Complexities in the dilution calculation for liability-classified warrants and convertible debt with bifurcated conversion options21:48 - Why companies should evaluate repurchased convertible instruments separately
In this episode, you’ll hear:For more information, read chapter 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this mini series.
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.
Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 29 Aug 2023 - 590 - Convertible instruments: 5 things you need to know
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Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.
In this episode, Bret is joined by Chip Currie, another partner in PwC’s National office with a focus on financial instruments, to discuss convertible instruments and the impacts of updated accounting guidance in this area.
In this episode, you’ll hear discussion of:
1:38 -Why companies use convertible instruments and the complex financial decisions accompanying their use6:38 -The impact of new accounting guidance for convertible instruments in ASU 2020-06 9:49 -Key information when accounting for induced conversions12:10 - Down round provisions in equity-linked instruments19:27 - Judgments involved in determining whether to separate the conversion option and account for it as an embedded derivativeFor more information, read chapter 6 of our Financing transactions guide and chapter 3 of our Derivatives and hedging guide. Additionally, check out a prior podcast in this mini series.
Chip Currie is a partner in PwC’s National office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial services clients on treasury-related matters.
Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 22 Aug 2023 - 589 - Audio: Worldwide impact of CSRD - are you ready?
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The transformation of ESG reporting accelerated in 2022 with the release of major proposals in the European Union (EU) and the United States (US), as well as globally by the International Sustainability Standards Board (ISSB).
Although all of these proposals have the potential to impact multinational companies, the Corporate Sustainability Reporting Directive (CSRD) from the EU that applies to many multinational companies perhaps requires the most immediate attention. In this episode, Heather Horn brings you an audio version of ourIn the loopcovering the CSRD.
In this podcast, you’ll hear:
4:05 - Past, present, and future of EU sustainability reporting9:21- Scope and timing33:42- Filing requirements of the CSRD40:20- Reporting under the CSRD1:06:00- Requirement for third-party assurance1:11:00- What’s next?Refer also to the print version, Worldwide impact of CSRD - are you ready? Also, join our upcoming Q4 2023 Quarterly sustainability webcast.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 17 Aug 2023 - 588 - CECL: 5 things you need to know about credit risk
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Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.
In this episode, Bret shares insights on the current expected credit loss model, or CECL, and why it’s not just for banks. All companies, regardless of industry, need to understand the requirements.
1:50 -A refresher on CECL3:34 - Insights on the impacts of CECL across industries7:03 -A discussion of how to apply CECL to various asset classes, considerations on estimation methodologies, and why companies should seek continuous improvement in the application of CECL9:32 - Key information to consider when preparing CECL disclosures 11:22 -How subsequent events could impact CECL estimates20:43 - An overview of the FASB’s exposure draft that proposes changes to the accounting for purchased credit deteriorated assets
In this episode, you’ll hear:For more information, read chapter 7 of our Loans and investments guide. Additionally, check out the prior podcast in this mini series.
Bret Dooley is a Deputy Chief Accountant in PwC’s National office and leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 15 Aug 2023 - 587 - Investment securities: 5 things you need to know
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Every Tuesday in August, Bret Dooley is taking over the podcast to share insights on financial instruments hot topics. In each episode, Bret will discuss 5 things you need to know in 25 minutes.
To kick off the series, Bret shares insights on accounting for investment securities, a topic of recent headlines. He breaks down the complexities of held-to-maturity and available-for-sale securities, and touches on foreign currency bonds.
2:05 -Key reminders for identifying and accounting for debt securities6:32 -Accounting for held-to-maturity (HTM) securities and the long-term implications of HTM designation12:30 - Tips on accounting for unrealized losses on available-for-sale (AFS) securities17:18 - An overview of accounting for foreign currency bonds19:25 - Complexities in the application of the measurement alternative model for equity securities
In this episode, you’ll hear discussion of:For more information, read chapters 2, 3, and 8 of our Loans and investments guide.
Bret Dooley is a Deputy Chief Accountant in PwC’s National office and leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 08 Aug 2023 - 586 - Navigating SEC filing requirements for a business combination
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Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.
To continue the series, Heather and Jay are joined by Ryan Spencer, a PwC National office partner who specializes in SEC reporting, to break down the SEC filing requirements for business combinations, including the application of significance tests used to determine the reporting requirements.
2:02 - A breakdown of the SEC filing requirements for business combinations7:10 -A discussion of significance tests and how they help to determine filing requirements17:36 - A summary of financial statement requirements, including considerations on timing and the age of financial information23:38 - An overview of the unique guidelines for a company filing (1) a new registration statement, (2) transactional proxy statements, and (3) reverse-merger information32:30 - A summary of pro forma reporting requirements, including timing considerations43:36 - The distinction between the SEC and US GAAP disclosure requirements47:06 - Final advice for companies navigating the filing requirements for a business combination
In this episode, you’ll hear:For more information, read chapter 17 of our Financial statement presentation guide and the SEC Financial Reporting Manual. Also check out the prior podcast in this miniseries on business combinations.
Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.
Ryan Spencer is a partner at PwC's National office specializing in SEC financial reporting. He has over 20 years of experience serving clients and is a frequent contributor to PwC’s publications and communications.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 01 Aug 2023 - 585 - Talking ESG: Minding the sustainability expectations gap
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Sustainability disclosure regulations around the world are evolving rapidly, and as this reporting begins to proliferate, so does the potential for a mismatch between the expectations of investors and other stakeholders compared with the reality of what’s actually happening.
Are there expectation gaps in sustainability reporting, and if so, what are they? This week, Heather Horn was joined by Gilly Lord, PwC’s Global Leader for Public Policy and Regulatory Affairs, to discuss the current global regulatory landscape, the evolving sustainability reporting ecosystem, and the importance of regulators and other ecosystem participants finding common ground in the areas that matter most for reliable sustainability reporting.
2:20 - Sustainability expectation gaps - what are they?14:24 - How the breadth of sustainability reporting is partially responsible for expectation gaps25:50 -How assurance standards are evolving, and what elements of future standards may help to address expectation gaps30:00 -The importance of regulatory oversight, independence, and quality management in sustainability accounting, reporting, and assurance30:37 - Key considerations when adopting sustainability reporting frameworks48:04 -How companies can participate in shaping the global sustainability regulatory landscape
In this episode, you’ll hear discussion of:Looking for more information on global ESG reporting? Check out our latest podcast and publication on what’s inside the final ISSB standards.
Gilly Lord is PwC’s Global Leader for Public Policy and Regulatory Affairs. Based in the UK, she has over 20 years of experience advising clients on the application of regulation and liaising with regulators in jurisdictions around the world.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 27 Jul 2023 - 584 - Decoding the accounting for contingent consideration in a bus com
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Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.
To continue the series, Heather and Jay are joined by Chip Currie, another partner in PwC’s National Office, to share insights on the intersection between contingent consideration and acquisition accounting, as well as the key decision points in the multi-step accounting model.
2:25 - An overview of the accounting framework for contingent consideration arrangements from the buyer’s perspective, including:7:01 - The criteria for meeting the definition of contingent consideration12:04 -An assessment of whether the arrangement is part of the purchase price16:03 - A discussion of common pitfalls in the performing the assessment23:19 -An analysis of the accounting for contingent consideration arrangements classified as compensation expense24:25 - A discussion of the multi-step analysis of contingent consideration arrangements that is not classified as compensation expense, including:24:38 - Liability-classified contingent consideration and applying the liability versus equity accounting model29:59 - Equity-classified contingent consideration and applying the derivative accounting model 41:56 - An overview of the impact of contingent consideration on earnings per share and the statement of cash flows 48:40 - Final advice for clients dealing contingent consideration in a business combination
In this episode, you’ll hear:For more information, read chapters 2 and 3 of our Business combinations guide, chapter 5 of our Financing guide, and chapters 6 and 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this miniseries.
Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.
Chip Currie is a Partner in PwC’s National Office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.
Transcripts available upon request for individuals who may needTue, 25 Jul 2023 - 583 - Talking ESG: What should the ISSB focus on next?
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The International Sustainability Standards Board (ISSB) published its Consultation on Agenda Priorities in May 2023. Now that the final IFRS S1 and S2 standards have been issued, the ISSB is asking constituents to weigh in on the board’s focus areas and research projects for the next two years.
What should companies consider when preparing to comment on this request? This week, Heather Horn was joined by Andreas Ohl, PwC’s Global Sustainability Technical Leader, to discuss the options laid out in the board’s agenda consultation, and the factors companies may want to contemplate in their responses.
2:15 - What the ISSB says it is looking to accomplish with this agenda consultation6:52 - A potential research project on biodiversity, ecosystems, and ecosystem services15:02 - A potential research project on human capital17:56 - A potential research project on human rights25:19 - Previous feedback the ISSB and IASB received to consider ways to work jointly on key projects30:18 - The ISSB’s separate consultation on enhancing the international applicability of the SASB® Standards32:43 -Final advice for companies wanting to comment on the ISSB agenda consultation
In this episode, you’ll hear discussion of:Looking for more information on the ISSB and ESG reporting? Check out our podcast with ISSB Vice-Chair Sue Lloyd on the launch of the final ISSB standards. For more on the final standards, read ourIn brief.
Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 20 Jul 2023 - 582 - Identifying a bus com accounting acquirer and why it matters
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Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.
To continue the series, Heather and Jay are joined by Matt Sabatini to share insights on the identification of the accounting acquirer, a key judgment that impacts the remaining accounting conclusions in the acquisition model.
1:46 - A discussion of the importance of determining the account acquirer as the starting point, and the downstream implications of that determination3:50 - An overview of the accounting framework from the acquirer’s perspective and the intersection with consolidation standards 6:18 - Insights on performing a control assessment and a discussion of key indicators of control17:30 - Accounting for the newco created as a result of a business combination25:01 - The distinction between the legal acquirer versus accounting acquirer, including the financial reporting implications of that distinction, and the complexities of “reverse mergers”34:40 - Final advice for clients dealing with business combinations
In this episode, you’ll hear:For more information, read chapter 2 of our Business combinations guide. Additionally, check out our prior podcasts on the VIE accounting modeland the prior podcast in this miniseries.
Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.
Matt Sabatini is a partner in PwC's National office who helps clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, corporate reorganizations, recapitalizations, joint ventures, and other investments.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 18 Jul 2023 - 581 - Talking ESG: What's inside the final ISSB standards
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The International Sustainability Standards Board (ISSB) issued final IFRS® Sustainability Disclosure Standards on June 26, 2023. While IFRS Sustainability Disclosure Standards are not yet required in any jurisdiction, multiple jurisdictions around the world have already signaled their intent to adopt the new standards, with additional jurisdictions expected to do so now that the standards are final.
What can companies find inside the new Sustainability Disclosure Standards? This week, Heather Horn was joined by Katie Woods, PwC UK director, to discuss the expected breadth of adoption internationally and the important considerations in advance of adoption.
1:48 - The final IFRS Sustainability Disclosure Standards: IFRS S1 and IFRS S27:06 - The current status of adoption of the Sustainability Disclosure Standards in international territories11:43 - The interconnectivity between IFRS Sustainability Disclosure Standards and IFRS Accounting Standards19:12 - Key changes between the exposure drafts and the final standards26:42 - Factors to consider when identifying and disclosing sustainability risks and opportunities38:35 -Final advice for companies looking to prepare for adoption of these standards
In this episode, you’ll hear discussion of:Looking for more information on the ISSB and ESG reporting? Check out our podcast with ISSB Vice-Chair Sue Lloyd on the launch of the final ISSB standards. For more on the final standards, read our In brief.
Katie Woods is a Director in PwC's Global Accounting Consulting Services group and advises on ESG and international accounting standards. Katie specializes in the new and emerging ESG reporting frameworks, working across the PwC Network. Katie is a frequent speaker on a range of ESG and accounting topics at national and international seminars.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 13 Jul 2023 - 580 - Accounting for business combinations: Being prepared for a deal
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Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas— identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.
To kick off the series, Jay shares insights on the foundations of acquisition accounting, including key areas of judgment in the model.
1:58 - The importance of understanding acquisition accounting, even in times of low deal volume3:50 -The foundational accounting considerations for business combinations, including the determination of which transactions qualify as business combinations, and the implications on the control assessment8:04 -The acquisition method, including how to account for the various forms of consideration exchanged in a transaction12:40 -The complexities involved in step acquisitions and partial acquisitions as well as their impact on the application of acquisition accounting17:46 - Insights on the measurement of assets and liabilities acquired in a business combination21:24 -The measurement and allocation of goodwill acquired in a business combination, including tips for bookkeeping of goodwill29:43 -Reminders related to measurement period and conforming accounting policies38:17 - Final advice for getting prepared and dealing with a live deal
In this episode, you’ll hear discussion of:For more information, read our Business combinations guide and listen to our prior podcast on disclosures required in business combinations. Additionally, refer to our In the loop on the impact of acquiring an asset vs. a business.
Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 11 Jul 2023 - 579 - Talking ESG: Preparing for the EU's Foreign Subsidies Regulation
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The European Union’s (EU’s) Foreign Subsidies Regulation (FSR) was enacted to extend existing EU state aid rules, which govern the fairness of trade among states within the EU, to subsidies received from jurisdictions outside the EU, and includes incentives such as those provided by the US Inflation Reduction Act (IRA).
What are the parameters of the new regulation, and how could it impact the realizability of climate incentives for your company? Heather Horn was joined by Barry Murphy and Allard Knook, PwC partners, to unpack these questions and provide the latest insights on the FSR, as well as available EU tax incentives.
2:38 - How the US IRA has shaped global regulatory agendas for state aid8:13 -How the EU is providing its own incentives currently17:14 - An overview of the Green Deal Industrial Plan24:02 -The FSR rules, and their potential impact to non-EU companies36:33 -The underlying policy objectives of the FSR, and how the FSR complements EU climate incentive funds43:07 -Final advice to companies affected by the new regulation and four steps they can take to prepare
In this episode, you’ll hear discussion of:Looking for more information on the FSR? Register for our upcoming webcast on July 12. For more information on the IRA, check out our previous podcast on ESG incentives in the Inflation Reduction Act and read our In depth.
Barry Murphy is PwC’s Global ESG leader for Tax and Legal Services. Based in the UK, he has 20 years of experience advising clients on their domestic and international tax affairs. He is also focused on driving compliance solutions with the digital first approach.
Allard Knook is the Public Sector Legal leader for PwC Netherlands, with over 20 years experience in government finance, including subsidy programs both at the national and European level.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 06 Jul 2023 - 578 - Talking ESG: Inside look at the ISSB's launch of final standards
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The International Sustainability Standards Board (ISSB) issued final IFRS® Sustainability Disclosure Standards on June 26. This included IFRS S1, which provides the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity’s value chain, and IFRS S2, which is the first thematic standard issued that sets out requirements for entities to disclose information about climate-related risks and opportunities.
What’s ahead for sustainability reporting globally now that these standards are final? This week, Heather Horn was joined by Sue Lloyd, Vice-Chair of the ISSB, to discuss the complex process of finalizing its global baseline standards, the forthcoming impact to companies, and the expected breadth of adoption internationally.
1:26 - How the ISSB brought the standards to the finish line, including the biggest obstacles along the way10:12 - Noteworthy changes from the initial draft standards to the final versions17:06 - The importance of interoperability across jurisdictions and regulatory frameworks21:39 -The status of jurisdictional adoption of the standards26:08 -The barriers to building capacity for reporting under the new IFRS Sustainability Disclosure Standards across global value chains29:10 -How the investor focus of the IFRS Sustainability Disclosure Standards provides an important reason for companies to consider adoption33:07 - How the key features of IFRS S1 and IFRS S2 relate to each other and to other sustainability reporting standards37:03 -The current and future outlook of the ISSB agenda consultation
In this episode, you’ll hear discussion of:Want to hear more about the ISSB? Listen to our previous podcasts on its capacity building. And for more on the final standards, read our In brief and refer to additional resources on IFRS S1 and IFRS S2 linked inside from the ISSB.
Sue Lloyd is the Vice-Chair of the ISSB and played a leading role in its establishment. Previously she served as a member and then Vice-Chair of the International Accounting Standards Board (IASB), and as Chair of the IFRS Interpretations Committee. Prior to becoming an IASB member, Ms. Lloyd worked for the IFRS Foundation as a senior technical director, leading the development of new IFRS Accounting Standards, and as director of capital markets with responsibility for the IASB’s reform of accounting for financial instruments.
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 29 Jun 2023 - 577 - Workforce restructuring: Navigating the accounting complexities
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Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.
To continue the series, Angela shares insights on some accounting implications of workforce restructuring, including the different accounting models available for termination benefits.
1:08 - An overview of the various accounting models applicable to workforce restructuring eventsInsights on accounting for:3:55 - One-time involuntary benefits, including severance payments8:54 -Termination benefits under an existing plan14:50 -Voluntary termination benefits and other benefit combinations 20:03 - Modifications of stock-based compensation awards, including both vested and unvested awards28:36 -Extending the exercise period of stock-based compensation awards31:14 -Final advice on accounting for workforce restructuring events, including non-GAAP measures and restructuring charges
In this episode, you’ll hear:For more information on severance payment arrangements and stock-based compensation awards, read Chapter 8 of our Pensions and employee benefitsguide. For more information on modifications of stock-based compensation awards, read Chapter 4 of our Stock-based compensationguide. Additionally, check out our prior podcast on non-GAAP measures.
Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 27 Jun 2023 - 576 - Talking ESG: How companies can better meet investor expectations
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PwC recently conducted research based on our most recent Global CEO Survey and Global Investor Survey to understand a key question: how much alignment is there between company leadership and the expectations of investors on ESG issues? The results were insightful, and might even surprise you.
This week, Heather Horn was joined by Nadja Picard, PwC Global Reporting Leader, to break down the results and discuss the differing expectations between CEOs and investors. They also address how CFOs and their teams can help companies better meet investor expectations on sustainability.
1:36 - The research: What the data from the Global Investor Survey and CEO Survey says15:14 -Where there may be gaps in what investors are expecting, and the importance of creating a strategy to progress in closing the gaps22:08 -How companies are embedding sustainability reporting in their processes and systems 32:30 -How CFOs and their organizations are leading in communicating progress on climate38:06 -The reporting landscape: A look at other important sustainability topics (besides climate) that will drive action42:16 -Final advice for companies looking for better alignment with investor expectations
In this episode, you’ll hear discussion of:Nadja Picard is PwC’s Global Reporting Leader. In this role, she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 22 Jun 2023 - 575 - The quarter close - second quarter 2023
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We begin this edition of The quarter close with a closer look at the accounting for tax credits, including those included in the Inflation Reduction Act of 2022, as more companies look for opportunities to take advantage of these incentives. Looking for an update on SEC comment letter trends? Head to Ask the National Office, where we provide the latest areas of focus along with other timely financial reporting reminders.
Although the SEC has not yet released its final rules on climate disclosures, many US companies will be impacted by global sustainability reporting frameworks that are nearing finalization. We provide the latest updates and links to additional resources. In other regulatory developments, the SEC issued final rules expanding the disclosure requirements for share repurchases, which will be effective in 2023 for many registrants.
In standard-setting updates, we summarize the feedback on new income tax disclosures proposed by the FASB. Meanwhile, the FASB continues to make progress on its other active projects, including accounting for software costs. We keep you up to date on recent decisions as those projects develop.
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 second quarter of 2023.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Wed, 21 Jun 2023 - 574 - Accounting for software costs: Today and tomorrow
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Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.
To continue the series, Heather Horn and Angela are joined by Mike Coleman to share insights on accounting for software costs and provide an update on the FASB’s project on software costs.
1:38 - Considerations when accounting for software costs across industries, including the impact of digital transformations and the possible impact of new FASB standards in progress6:17 -An overview of current guidance, including the two accounting models for software (externally marketed software and internal use software)10:13 -Accounting considerations from the perspective of the software vendor14:51 -Accounting considerations from the perspective of the software buyer17:03 - An update on the FASB’s project to modernize accounting for software costs25:29 -Final advice to clients when accounting for software costs
In this episode, you’ll hear:For more information on accounting for software costs, read our Software costs guide. Also, to stay updated on the status of the FASB’s project to modernize software costs, refer to the FASB website.
Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies.
Mike Coleman is a partner in PwC's National Office with over 30 years of experience. Mike specializes in accounting for revenue and software arrangements and has served technology clients for much of his career. In addition, Mike has represented the firm on the AICPA Software Task Force.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 20 Jun 2023 - 573 - Talking ESG: EU sustainability reporting standards are near final
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The European Commission has adopted a set of proposals, known as the European Green Deal, including the Corporate Sustainability Reporting Directive (CSRD), which marks a new era of sustainability reporting in the EU. Under the CSRD, companies will soon have to report on a wide range of environmental, social and governance matters in compliance with European Sustainability Reporting Standards (ESRS).
On June 9, the European Commission released revised ESRS for public feedback. For this episode, Heather Horn was joined by Andreas Ohl, a PwC National Office Partner and Global sustainability topic team leader and Emily Kirsch, a PwC National Office Director who is following sustainability-related projects from accounting standard setters in the EU, to share their insights. Feedback is due July 7th, 2023.
In this episode, you’ll hear:
1:48 - An overview of the revised European Sustainability Reporting Standards7:52 - The biggest takeaways - including the changes in the proposed standards from earlier drafts12:40 - Considerations of phase-in requirements to help companies apply the standards18:45 - Considerations of interoperability with other sustainability reporting standards, including those from the ISSB, SEC, and GRI23:15 - Recommendations for companies seeking to provide input on the draft standards during the 4-week public comment period26:03 - Expectations for timing of implementation of the finalized standards28:44 - Final advice for companies preparing for implementation of the new standardsFor more information on the revised draft European Sustainability Reporting Standards, read our In brief. Additionally, a replay of the European Commission's presentation on the revised draft ESRS can be found on European Financial Reporting Advisory Group’s (EFRAG) website. Lastly, to hear more on the status of the "big three" sustainability proposals (and earn CPE credit), listen to PwC’s Q2 2023 Quarterly accounting webcast.
Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.
Emily Kirsch is a director in PwC's National Office focused on sustainability reporting thought leadership and standard setting in the EU. She has more than 12 years of experience advising both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 15 Jun 2023 - 572 - Principal versus agent: Assessing how to recognize revenue
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Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.
To continue the series, Heather and Angela are joined by Mike Coleman, a partner in PwC’s National Office, to share insights on the challenges in the principal versus agent analysis.
In this episode, you’ll hear discussion of:
1:37- An overview of the principal versus agent assessment3:52 - Practical examples7:09 - An overview of the two-step assessment of whether the company acts as the principal or agent from the perspective of the intermediary17:22 - An overview of the two-step assessment of whether the company acts as the principal or agent from the perspective of the vendor18:22 - Considerations when accounting for revenue based on the results of the principal versus agent analysis22:35 - Final advice to clients and engagements teams when performing the principal versus agent assessmentFor more information, read chapter 10 of our Revenue guide for principal versus agent considerations.
Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies.
Mike Coleman is a partner in PwC's National Office with over 30 years of experience. Mike specializes in accounting for revenue and software arrangements and has served technology clients for much of his career. In addition, Mike has represented the firm on the AICPA Software Task Force.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Tue, 13 Jun 2023 - 571 - Talking ESG: Sustainability in the financial statements
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With so much focus on upcoming mandatory sustainability reporting requirements from jurisdictions around the globe, it’s sometimes easy to lose sight of the fact that many of the biggest sustainability-related topics often can and do have an impact not just on sustainability disclosures, but also on the financial statements.
Both the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)® have provided educational materials on the topic of ESG in the financial statements under existing accounting standards – and both boards have added projects to their respective agendas that will impact accounting standards in the future.
This week, Heather Horn was joined by Scott Bandura, Valerie Wieman, and Katie Woods, who are all following sustainability-related projects from accounting standard setters, to share their insights on these projects and provide reminders under current accounting standards for reporting on ESG topics in the financial statements. Katie also addresses the topic of connectivity between sustainability reporting and financial reporting.
2:13 - An overview and status of the FASB’s sustainability-related agenda projects7:57 - An overview and status of the IASB’s project on climate in the financial statements13:45 - The connectivity between the IASB’s climate project and sustainability reporting24:20 - Challenges in reporting the impacts of sustainability related matters31:24 - Definitions of “pollution mechanisms” and “carbon offsets” as well as the accounting and reporting implications of these instruments36:17 - An overview of the types of power purchase agreements and their accounting and reporting implications43:27 - Final advice for companies to help them stay up to speed with evolving guidance
In this episode, you’ll hear discussion of:Scott Bandura is a partner in the National and Global Accounting Consulting Services at PwC Canada with over 20 years of experience advising clients on international accounting standards.
Valerie Wieman is PwC’s National Office Editor-in-chief. She is involved in the creation, development, and publication of our brand-defining thought leadership, with a focus on ESG reporting. Prior to this role, she was part of PwC’s National Office SEC Services group, helping clients navigate SEC rules and regulations.
Katie Woods is a Director in PwC's Global Accounting Consulting Services group and advises on ESG and international accounting standards. Katie specializes in the new and emerging ESG reporting frameworks working across the PwC network. She has over 30 years of experience working with a broad range of companies. Katie speaks regularly on a range of ESG and accounting topics at national and international seminars.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 08 Jun 2023 - 570 - Revenue recognition: What’s trending
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Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.
To kick off the series, Angela shares insights on current trends in the accounting for revenue transactions.
1:38 - An overview of accounting for revenue4:16 - “Everything as a Service” (XaaS) arrangements and their embedded complexities, including interaction with the lease accounting model12:38 - Revenue contract modifications, including scope reductions17:32 - The non-cash consideration revenue model, including equity payments for both vendors and customers as well as interaction with stock-based compensation guidance23:04 - Considerations when revenue arrangements include significant financing26:05 - SEC comment letter trends and final advice on accounting for revenue
In this episode, you’ll hear discussion of:For more information, read our Revenue, Leases and Stock-based compensation guides. Additionally, check out our prior podcasts on the subscription economy, identifying embedded leases, and Revenue: 2022 SEC comment letter trends.
Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.
Tue, 06 Jun 2023 - 569 - How will the EU’s Carbon Border Adjustment Mechanism impact you?
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The European Commission has adopted a set of proposals, known as the European Green deal, with the aim of reducing net greenhouse gas emissions in the European Union (EU) by at least 55% by 2030, and achieving zero net emissions by 2050. In addition to the Corporate Sustainability Reporting Directive (CSRD), another pillar of this policy is the creation of the Carbon Border Adjustment Mechanism (CBAM), a new border tax aimed at equalizing the price of carbon paid for EU products operating under the EU Emissions Trading System (ETS) with that of similar imported goods.
CBAM is likely to impact the cost of carbon in global supply chains, and also has reporting obligations beginning as early as October of 2023, and the regulation has raised many questions. Which companies will it impact? What products are in scope? Will it impact companies that don’t do business in the EU?
This week, Heather Horn was joined by Barry Murphy and Niels Muller, PwC partners who are following CBAM, to share their insights on what it means and what companies can do now to prepare.
In this episode, you’ll hear discussion of:
2:26 - An overview of the EU Green Deal and CBAM9:37 - How CBAM is intended to spur global alignment on carbon pricing13:26 - Effective dates, applicable products, and other details of the regulation25:58 - The current status of verification (audit) requirements and how these may evolve29:39 - How CBAM could potentially impact the cost of carbon in global supply chains33:59 - Recommendations for companies that want to begin preparing for CBAM ahead of the October 2023 effective dateWant to learn more about CBAM? Watch our webcast series.
Barry Murphy is PwC’s Global ESG leader for Tax and Legal Services. Based in the UK, he has 20 years of experience advising clients on their domestic and international tax affairs. He is also focused on driving compliance solutions with the digital first approach.
Niels Muller is a PwC partner based in the Netherlands specializing in energy transitions and sustainable energy. In this role he advises institutional investors, financial institutions, and utility companies as well as governments and non-governmental organizations on sustainability and tax projects.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests tous_podcast@pwc.com.Thu, 01 Jun 2023
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