PwC's accounting podcast

Debt restructuring: Accounting for borrowers

Tue, 07 Jul 2026 11:00:00 -0400

Debt restructuring accounting remains top of mind for borrowers as companies refinance debt that may have been issued in a very different interest rate environment. This episode discusses the accounting models for debt restructurings, including lender-by-lender assessments, modification versus extinguishment outcomes, troubled debt restructurings, fee allocations, and syndicated debt transactions. We break down the key considerations and share insights on navigating common challenges in applying ASC 470 guidance.

For further guidance on the accounting for this topic, see chapter 3 of PwC’s Financing transactions guide. For cash flow presentation, see section 6.8 and for debt presentation and disclosure, see chapter 12 of PwC’s Financial statement presentation guide.

This episode is part of our debt-related miniseries. Stay tuned for our final episode next week, and in case you missed them, listen to our previous episodes:

Beyond debt: Accounting for other liability-classified arrangements
Current or noncurrent? Getting debt classification right

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About our guests

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, leasing, and foreign currency transactions.

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.

About our guest host

Diana Stoltzfus is a partner in PwC’s National Office who 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 OCA’s Professional Practices Group.

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Beyond debt: Accounting for other liability-classified arrangements

Tue, 30 Jun 2026 07:00:00 -0400

Liability classification under US GAAP extends well beyond traditional loans and bonds. In this episode, we discuss common arrangements that may be accounted for as liabilities, including preferred stock, warrants, noncontrolling interests, failed sale transactions, sales of future revenue, and supplier finance programs. We cover liability classification, measurement, and other accounting implications.

For further guidance on this topic, see our Financing transactions guide.

This episode is the second in our debt-related miniseries, so stay tuned for more. In case you missed it, check out our first episode, Current or noncurrent? Getting debt classification right.

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About our guests

Bret Dooley is a PwC National Office Deputy Chief Accountant 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.

Chip Currie is a partner in PwC’s National office with 30 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.

About our guest host

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Current or noncurrent? Getting debt classification right

Tue, 23 Jun 2026 11:00:00 -0400

Debt classification can significantly affect liquidity metrics, covenant compliance, and how stakeholders view a company’s financial position. This episode discusses the accounting guidance for classifying debt as current or noncurrent, including key judgments related to covenant violations, subjective acceleration clauses, refinancing arrangements, revolving credit facilities, and going concern.

For more, see chapter 12 of our Financial statement presentation guide.

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About our guests

About our guest host

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Disaggregated expense disclosures: Don’t roll the DISE

Tue, 16 Jun 2026 11:00:00 -0400

The FASB’s disaggregation of income statement expenses (DISE) guidance requires public business entities to provide significantly more detail about key income statement expense captions beginning in 2027. This episode covers what the new disclosure requirements mean, why implementation may be more complex than expected, and how companies can start preparing their data, systems, processes, controls, and judgments now.

For more on this topic read section 3.11 of PwC’s Financial statement presentation guide and our publication, FASB issues new disaggregated expense disclosure requirements (DISE).

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About our guests

Angela Fergason is a partner in PwC’s National Office. She is an experienced consultant on technical accounting and financial reporting matters, specializing in revenue recognition, employee compensation, and emerging issues impacting the technology industry. Angela is also PwC’s standard setting leader, managing PwC’s strategy for engaging in accounting standard setting activities.

Gary Sardo is a partner in PwC’s Deals practice who advises companies on accounting and financial reporting matters from acquisitions, divestitures, capital raises, and complex deals, particularly in the pharmaceutical and life sciences industry. In this role, Gary also supports companies navigate the implementation of new accounting standards and evolving financial reporting requirements. Recently, Gary completed a tour in PwC’s National Office and a two-year fellowship at the Financial Accounting Standards Board.

About our host

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

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Setting the standard: FASB activity in 2026

Tue, 09 Jun 2026 12:00:00 -0400

FASB standard setting activity continues full steam ahead in 2026, with projects focused on crypto assets, hedge accounting, liability-versus-equity classification, the statement of cash flows, and other key accounting topics. While the pace of new accounting standards may appear quieter than in recent years, the Board has been actively evaluating stakeholder feedback from its agenda consultation process and advancing projects that could lead to significant future accounting updates. This episode discusses the key themes emerging from that feedback, recent agenda decisions, and other developments companies should monitor.

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About our guest

Brandon Browne is a FASB Practice Fellow focusing primarily on standard setting matters affecting the financial services industry including hedging, current expected credit losses, paid-in-kind dividends, commodities accounting for banks, and others. Prior to his role at the FASB, Brandon was a director in the PwC Assurance practice, mainly supporting multinational companies in the Insurance industry and was also a member of the National Office where he focused on the review of SEC documents.

About our guest host

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Governance beyond the boardroom: Insights for finance leaders

Thu, 04 Jun 2026 14:00:00 -0400

In a complex business environment, governance extends well beyond the boardroom. This episode explores how finance leaders can help connect information, risk, strategy, and oversight to support effective decision-making and organizational resilience. Along the way, we discuss practical insights from COSO's corporate governance framework and considerations for building governance structures that are intentional, connected, and fit for purpose.

1:13 – Overview of COSO’s corporate governance guidance and why it matters now
7:33 – Connecting finance, legal, tax, and other functions
10:49 – Information flow, escalation, and effective board oversight
18:18 – Governance over AI, technology, and data
22:29 – Connecting governance, risk, and internal controls

For more information, see COSO’s Corporate Governance: Guiding Principles for Board Oversight, a publication developed in collaboration with PwC.

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About our guests

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.

Carin Robinson is a director in PwC’s Governance Insights Center. With over 20 years of corporate governance experience, she advises on governance strategy, board composition and recruitment, board operations, succession planning, director development, and board relations.

About our host

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Sustainability now: “Clearing the air” on GHG Protocol updates

Tue, 26 May 2026 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

The GHG Protocol continues to evolve as companies prepare for expanding climate reporting requirements under the California SB 253 law, ESRS, and ISSB standards. In this episode, we discuss the Scope 2 consultation, the Land Sector and Removals Guidance, and the new Actions and Market Instruments Request for Feedback and White Paper, along with related implementation and reporting challenges.

For more information, see our In brief, GHG Protocol publishes Land Sector and Removals Standard.

About our guests

Colin Powell is PwC Canada’s Technical Net Zero Leader. His work focuses on GHG quantification, life cycle assessment across many impact categories, GHG target setting, and developing decarbonization strategies. He has supported companies in quantifying over 1 billion tonnes of GHG emissions and worked previously as a consultant supporting global clients to understand their GHG emissions and how they can decarbonize. Colin sits on the GHG Protocol’s Scope 3 Technical Working Group, helping to shape the revision of the global standards used to account for GHG emissions. Colin is also a Professional Engineer (Ontario) and holds a PhD in wastewater treatment modeling.

About our host

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SEC semiannual reporting proposal: Cutting quarters, not corners

Thu, 21 May 2026 13:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

The SEC’s proposal to allow optional semiannual reporting could significantly reshape public company reporting obligations and investor communications. SEC Division of Corporation Finance Director Jim Moloney joins the podcast to discuss what the proposal would change, why the SEC is considering the shift now, and the potential implications for companies, investors, and the public markets.

For more on the SEC’s proposal, read our In brief, SEC proposes optional semiannual reporting framework.

Hear more from Jim Moloney on the Material Matters podcast episode, Director Jim Moloney: Let the Free Markets be Free, where he discusses the future of SEC disclosure rules, public company reporting requirements, and the growing need to modernize decades-old regulatory frameworks.

About our guests

Jim Moloney is the Director of the Division of Corporation Finance at the U.S. Securities and Exchange Commission. Before returning to the SEC, he spent 25 years at Gibson Dunn & Crutcher, where he co-chaired the firm’s securities regulation and corporate governance practice and advised clients on corporate governance matters, disclosure rules, mergers & acquisitions, tender offers, proxy contests, and going-private transactions, among other areas.

John Vanosdall is a partner in PwC’s National Office focused on digital assets, revenue, and compensation arrangements. John previously served as both a Deputy Chief Accountant and Professional Accounting Fellow in the Office of the Chief Accountant at the SEC. Prior to re-joining the National Office, he served as the firm’s Accounting Advisory Leader. John has over 20 years of experience and has served some of the firm’s largest clients as a client service partner.

About our guest host

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.

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Sustainability now: Operationalizing the ISSB standards

Tue, 12 May 2026 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

Reporting in accordance with the IFRS® Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB) continues to evolve as financial institutions navigate implementation challenges related to materiality, anticipated financial impacts, and data quality. In this episode, we share findings from our recent survey with the Institute of International Finance (IIF) of 24 global financial institutions on how firms are adopting the ISSB disclosure standards and discuss practical implementation insights with sustainability leaders from J.P. Morgan Chase and Citi.

For more information on the ISSB standards, see our publications:

About our guests

Linda French is Global Head of Sustainability Policy & Regulation for J.P. Morgan Chase, based in Washington, DC. Linda leads the firm’s engagement globally on sustainability-related financial policy and regulation.

Prior to joining J.P. Morgan Chase, Linda led the Investment Company Institute’s (ICI) global engagement on policy issues related to sustainable finance and ESG investing. Linda has also worked in private law practice, at the US Securities and Exchange Commission (SEC), and in the asset management industry.

Tim Adamson is a Sustainability, Risk, and Finance executive with over 20 years of experience shaping strategy and disclosure at leading financial institutions.

In his current role as Chief of Staff to the Chief Sustainability Officer at Citi, Tim is at the forefront of developing and implementing sustainability reporting frameworks. He has extensive experience leading the creation of sustainability-related regulatory disclosures, partnering across Finance, Legal, Risk, and Technology to build scalable processes for governance, data collection, and assurance.

About our guest host

David Challen is a partner in PwC’s sustainability practice. He has over 17 years of experience in public accounting, performing audit-related services to public companies, broker-dealers, swap dealers, and not-for-profit entities. David has led large and mid-sized audit teams for banking and capital market clients for audits of financial statements, internal controls over financial reporting, and examination and review procedures for broker dealers.

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IFRS in focus: New guidance and issues shaping 2026 reporting

Tue, 05 May 2026 13:00:00 -0400

International Financial Reporting Standards (IFRS) are being shaped by a rapidly evolving global environment, including geopolitical conflicts, changing tariff policies, and increasingly complex private capital and artificial intelligence transactions. In this episode, we discuss the key accounting implications of these developments, including impacts on financial instruments and impairment assessments. We also cover new and amended IFRS Accounting Standards effective in 2026 and 2027—such as updates to IFRS 9 and the introduction of IFRS 18—and highlight ongoing standard setting projects that may affect future reporting.

Also check out our In depth, Accounting implications of geopolitical conflicts.

About our guests

Martin Boucher is the corporate accounting topic team leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Martin has over 25 years of financial accounting experience, and as the corporate accounting topic team leader, he leads the development of PwC’s global view on a variety of financial reporting matters, drives quality and connectivity throughout the PwC network, and helps local teams solve complex accounting issues in a practical way.

Gerda Burger is a director in PwC’s Global Assurance Quality - Corporate Reporting Services group. She has over 20 years of experience in accounting technical and auditing in the UK, US, and South Africa. Over the last 7 years she has worked in PwC’s Global Assurance Quality team responsible for corporate reporting and assurance methodology.

About our host

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Sustainability now: Energy tax credits and the FEOC rule

Tue, 28 Apr 2026 13:00:00 -0400

Foreign Entity of Concern, or FEOC, rules and energy tax credits are reshaping how companies evaluate eligibility and structure investments across the energy sector. In this episode, we explore how the foreign entity of concern framework—introduced under the One Big Beautiful Bill Act—applies at both the taxpayer and project level across the energy sector. We cover recent IRS and Treasury guidance and highlight practical challenges related to supply chain tracing, compliance, and financing.

About our guest

Jennifer Bernardini is a managing director in our Specialized Tax Services Washington National Tax Services Federal Tax Services practice with a primary focus on energy resilience and sustainability taxation matters. Jennifer has over 20 years of experience in energy tax law and policy. Prior to joining PwC, Jennifer served for over 20 years in the US Treasury Department. Jennifer's practice focuses on tax issues related to renewable energy, regulated utilities, natural resources, and manufacturing. In recent years, Jennifer was heavily involved in the drafting of Inflation Reduction Act (IRA) credit guidance and provided technical assistance to the drafters of the One Big Beautiful Bill Act (OB3).

About our guest host

Diana Stoltzfus is a sustainability partner in the Professional Practice Group within the National Office. Diana helps to shape our firm’s perspective on regulatory matters, responses to rulemakings, and policy development and implementation related to significant new rules and regulations. Diana was previously the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) of the Professional Practice Group in the OCA at the SEC. She focused on providing guidance related to auditing, independence, and internal controls.

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

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Government grants: Understanding new FASB guidance

Tue, 21 Apr 2026 11:00:00 -0400

Government grant accounting under US GAAP is evolving with ASU 2025-10. This episode explores the updated model, including scoping, recognition and measurement, and the distinction between asset and income grants. We also cover presentation and disclosure requirements, along with practical considerations for adoption of this new FASB guidance.

For more information, read our In depth, FASB issues guidance on accounting for government grants.

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About our guest

Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements, among other related topics.

About our guest host

Pat Durbin is a PwC National Office Deputy Chief Accountant. 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.

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OECD Pillar Two: Tax implications for US multinationals

Tue, 14 Apr 2026 12:00:00 -0400

The OECD’s January 2026 Administrative Guidance on Pillar Two introduces new safe harbor provisions that could significantly affect how US multinationals are taxed globally. This episode breaks down the key provisions and their accounting and financial reporting implications.

In this episode, we discuss:

1:13 – Background on Pillar Two and core concepts
6:57 – Overview of the OECD Administrative Guidance
17:10 – Criteria for the Side-by-Side Safe Harbor
21:46 – Ultimate Parent Entity Safe Harbor overview
25:25 – Key accounting and financial reporting considerations
33:21 – Extension of the Country-by-Country Safe Harbor
35:15 – Final reminders and key takeaways

For more information on accounting for Pillar Two, read our In depths, OECD Pillar Two: Time to act on the global minimum tax and Accounting for Pillar Two: Frequently asked questions. Also, check out our Income taxes guide for additional background on existing guidance.

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About our guests

Pat Brown is PwC’s National Tax Office Co-Leader. Prior to joining PwC, he spent 16 years in the private sector, including as the director of tax policy for a Fortune 50 company. Pat has also served in the US Treasury’s Office of Tax Policy as an attorney-advisor and as Associate International Tax Counsel.

Jennifer Spang is PwC’s 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.

About our guest host

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How will US public policy shape business in 2026?

Tue, 07 Apr 2026 13:00:00 -0400

The US public policy landscape continues to evolve and impact US and global businesses. We cover key developments in Washington, D.C., including tariffs, AI, and other areas as well as at the SEC and PCAOB, along with what it all means for financial reporting and strategic decision-making.

In this episode, we discuss:

1:04 – Overview of the 2026 public policy environment and business implications
4:17 – Affordability challenges and limits of policy solutions
9:35 – Tariff strategy shifts and ongoing uncertainty for businesses
13:43 – SEC and PCAOB priorities and leadership changes
27:51 – INVEST Act and the outlook for capital formation
31:06 – AI governance and the fragmented state and federal approach
36:48 – Key takeaways and what businesses should monitor in 2026

For more on tariffs, listen to our recent episode, Tariff uncertainty: Business and financial reporting impacts. Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Roz Brooks is PwC's US Public Policy Leader. Roz is responsible for ensuring PwC has a voice in important debates at the nexus of business and government and helping the firm successfully execute its business strategy. Roz leads PwC’s engagement with Congress, the White House, regulatory agencies, state and local governments, and organizations including trade associations, think tanks, and NGOs.

Michael O’Brien is a PwC Director in the Office of Government, Regulatory Affairs & Public Policy. Michael represents the firm and its interests before Congress, the Executive Branch and federal regulatory agencies. He has advocated on the firm's behalf on matters including the implementation of Sarbanes-Oxley and Dodd-Frank, state and federal taxation matters, IFRS, litigation reform, and the competitiveness of the U.S. capital markets. Besides assisting in general lobbying activities, Michael has researched and developed periodic political analyses and strategies for firm distribution.

About our guest host

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Derivative vs. revenue: Key impacts of new FASB guidance

Tue, 31 Mar 2026 13:00:00 -0400

ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, is new FASB guidance that adds a derivative scope exception and clarifies the boundary between revenue and financial instruments guidance for share-based non-cash consideration from customers.

In this episode, we discuss:

2:39 – New derivative scope exception for contracts tied to operations
11:05 – Applying revenue versus financial instruments guidance
14:55 – Examples illustrating application of the share-based consideration guidance
22:59 – Effective date, transition, and adoption considerations

For more information, read our In depth, FASB issues new standard on derivative and revenue scoping and check out chapter 3 of our Derivatives and hedging guide.

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About our guest

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.

About our guest host

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Hedge accounting: How new guidance will impact your risk strategy

Tue, 24 Mar 2026 11:00:00 -0400

In this episode, we explore the FASB’s latest hedge accounting guidance and what the changes mean for a company’s risk management strategies. We also preview what’s ahead for hedging on the FASB’s standard setting agenda.

In this episode, we discuss:

0:46 – Overview of recent hedge accounting updates
4:24 – New choose-your-rate debt hedge accounting model
10:09 – Updates affecting purchases and sales of nonfinancial assets
21:09 – What’s ahead on the FASB’s hedge accounting agenda
30:23 – Adoption considerations and transition opportunities

For more information, read our In depth, FASB issues hedge accounting improvements, and check out our Derivatives and hedging guide for additional background on existing guidance.

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About our guests

Nick Milone is a partner in PwC’s Financial Markets & Real Estate practice. He advises companies on current accounting issues, developments, and the application of accounting standards. Nick provides accounting advisory services to many of PwC’s clients on structured transactions, derivatives and hedging activities, transfers of financial assets, securitizations, financings, investments, valuation, and other issues.

About our guest host

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Sustainability now: GHG Protocol update—Scope 3 and more

Thu, 19 Mar 2026 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

In this episode, we explore the latest on potential GHG Protocol revisions, including revisiting proposed changes to the Scope 3 Standard and how key decisions are taking shape in the process. We discuss updates to organizational boundaries, materiality thresholds, and new scope 3 categories plus the potential implications of the newly released land sector and removals standard.

In this episode, we discuss:

1:43 – Key updates on the Corporate Standard and Scope 3 Standard revision process
- 12:19 – The introduction of Category 16 (Other value chain emissions) and related challenges
- 17:09 – Minimum boundaries and expanding expectations for value chain emissions
- 21:15 – Scope 3 data quality, disaggregation, and disclosure proposals
- 26:01 – Scope 3 category 15 (Investments) and alignment with PCAF methodologies
- 30:21 – Clarifying scope 3 category 10 (Processing of sold products) and category 11 (Use of sold products)
36:21 – Actions and Markets Technical Working Group progress and “book and claim” concepts
39:11 – Newly-issued Land Sector and Removals Standard and implementation considerations
46:17 – Timeline and practical guidance for companies preparing for change

For more on the GHG Protocol, see our publications:

About our guest

About our host

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Tariff uncertainty: Business and financial reporting impacts

Tue, 17 Mar 2026 11:00:00 -0400

The US tariff landscape shifted again following the Supreme Court’s decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). In this episode, we discuss what the ruling means for importers, including potential refunds, accounting and financial reporting considerations, compliance challenges, and the continued use of other tariff authorities.

In this episode, we discuss:

1:29 The current tariff landscape and the Supreme Court’s IEEPA ruling
6:57 Practical steps companies can take now
8:56 Accounting for potential tariff refunds
13:11 Operational, administrative, and compliance challenges
17:42 Downstream accounting impacts for customers and suppliers
20:50 New Section 122 tariffs and other tariff authorities still in effect
25:27 Tariff mitigation strategies, including drawback and supply chain planning

For more, read our In depth, Accounting implications of tariffs.

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About our guest

Sharon Martin is a principal with PwC’s Customs and International Trade practice with extensive experience advising clients on both trade compliance and strategic planning related projects. Sharon has worked with clients in a variety of industries providing strategic advice on customs advisory, risk mitigation, and duty planning.

About our guest host

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.

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

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Sustainability now: Balancing GHG scope 2 ambition and practicality

Tue, 10 Mar 2026 12:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

The GHG Protocol’s proposed updates to its guidance on scope 2 emissions introduce significant changes, including hourly matching, revised market-based accounting rules, and more granular emissions data requirements. In this episode, we break down the key proposals, PwC’s perspective on feasibility and interoperability, and what companies should be considering as the guidance evolves.

In this episode, we discuss:

1:45 – Overview of the Scope 2 consultation and the themes of proposed updates and views
14:04 – Data availability challenges: hourly utility data gaps and lack of granular emission factors
20:08 – Geographic market restrictions and renewable procurement impacts
31:00 – International Organization for Standardization relationship, timeline shifts, and what companies can do now

For more on the GHG Protocol, see our publications:

About our guest

About our host

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

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Sustainability now: Preparing for the energy grid of tomorrow

Tue, 03 Mar 2026 12:00:00 -0500

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

Energy demand is rising at a pace few anticipated, driven by AI, data centers, electrification, and industrial growth. In this episode, host Heather Horn speaks with Gayle Miller, Head of Strategic Investor Engagement for Brookfield’s Global Client Group and Senior Advisor to its Renewable Power & Transition business, about what an “all-of-the-above” energy strategy looks like in practice—and how investors are evaluating risk, value, and sustainability reporting in this new era of energy security.

In this episode, we discuss:

3:59 – The forces influencing energy demand to accelerate
6:28 – What an “all-of-the-above” energy strategy means in practice
12:04 – How utilities, hyperscalers, and investors are working together to secure power
16:49 – Grid constraints, demand smoothing, and AI-enabled optimization
22:40 – The evolving energy mix: renewables, storage, gas and nuclear
36:48 – Cap-and-trade, renewable standards, and emissions policy tools
42:20 – Corporate climate commitments and the role of sustainability reporting

About our guest

Gayle Miller is Head of Strategic Investor Engagement for Brookfield’s Global Client Group and a Senior Advisor to the Renewable Power & Transition business. In this role, she oversees critical touchpoints and programs tailored for institutional clients and continues to advise on the energy transition.

Prior to joining Brookfield in 2024, Ms. Miller was chief deputy of policy to the California Department of Finance and senior counselor on infrastructure and clean energy finance to the Governor, where she championed the state's landmark clean energy agenda. She previously was vice chair of the investment committee for the California Teachers’ Retirement System and served as an advisor to the Governor for the California Public Employee Retirement System.

About our host

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

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Sustainability now: EU reporting—What’s settled, what’s evolving

Tue, 24 Feb 2026 11:00:00 -0500

On February 24, the Council of the European Union officially adopted the ‘Omnibus’ directive. Key aspects of the ‘Omnibus’ directive include changes to the scope of entities subject to the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) as well as guidance on simplified European Sustainability Reporting Standards (ESRS), sector guidance, assurance standards, and value chain reporting.

This approval and other recent milestones in the EU legislative process and standard setting efforts are shaping the next phase of sustainability reporting. In this episode, we provide an update on the Omnibus package and discuss the latest developments in the proposed revisions to the ESRS. We explore what is expected to be finalized soon, where there is still opportunity for change, and the key implications for companies preparing for upcoming reporting requirements.

In this episode, we discuss:

2:48 – Updated scope and timing requirements for EU and non-EU entities
11:14 – Streamlined general disclosure requirements and cross-cutting changes
14:31 – Changes to double materiality and flexibility in the assessment process
17:34 – Clarifications on mitigation, remediation, and assessing impacts
22:54 – Reporting boundary updates, including the impact of leased assets and GHG emissions
27:51 – New reliefs: reasonable and supportable information, acquisitions and disposals, and metric flexibility
36:07 – What’s next in the European Commission process and how companies can prepare now

Looking for more on sustainability reporting?

Read PwC’s Sustainability reporting guide
Check out other episodes in our sustainability reporting podcast series

About our guest

About our host

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

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Sustainability now: What’s next for California climate reporting?

Tue, 17 Feb 2026 13:00:00 -0500

California’s climate disclosure laws are entering a critical phase as key compliance deadlines approach. SB 253 (the Climate Corporate Data Accountability Act) requires companies to report greenhouse gas (GHG) emissions in accordance with the Greenhouse Gas Protocol, while SB 261 (Greenhouse gases: climate-related financial risk) mandates disclosure of climate-related financial risks aligned with the Task Force on Climate-related Financial Disclosures (TCFD) or an equivalent framework. Although SB 261 is currently on hold due to litigation, companies should continue preparing. In this episode, we break down the latest developments from the California Air and Resources Board (CARB), what companies need to report in 2026, and how to prepare amid ongoing regulatory and legal uncertainty.

In this episode, we discuss the latest developments from the California Air Resources Board (CARB), 2026 reporting requirements, and how to navigate ongoing regulatory and legal uncertainty. In this episode, we break down the latest developments from the California Air and Resources Board (CARB), what companies need to report in 2026, and how to prepare amid ongoing regulatory and legal uncertainty.

In this episode, we discuss:

2:50 Deadline for SB 253 (GHG) reporting
4:39 Reporting requirements for SB 253
13:21 Deadline for SB 261 (climate risk) reporting
16:52 Reporting requirements for SB 261
20:43 What to expect from CARB in 2026
24:20 Applicability considerations and key exemptions

For more on the California sustainability laws, read our In depth, California climate reporting–SB 253 and SB 261 explained.

About our guest

Logan Redlin is a director in PwC’s National Office who is focused on thought leadership strategy and content development related to accounting and financial reporting, sustainability reporting, and standard setting. Prior to this role, Logan spent 15 years in the audit practice, serving both public and private companies with a primary focus on asset management and real estate.

About our guest host

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

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Replay - SEC now: Today’s landscape and recent developments

Tue, 10 Feb 2026 13:00:00 -0500

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

It’s that time of year, with many focused on year-end reporting. After wrapping up our Year-end toolkit series, we revisit another set of conversations that are especially relevant right now. We’re re-releasing the kickoff episode from our SEC now series.

This first episode sets the stage with an overview of current developments shaping SEC reporting. Our guests unpack recent leadership changes, the evolving rulemaking agenda, reporting themes, and key trends in SEC comment letters.

In this episode, we discuss:

1:59 – SEC leadership updates
7:28 – Rulemaking agenda and expected priorities
14:25 – Rulemaking challenges: staff capacity and shutdown constraints
16:57 – SEC comment letter themes and focus areas

For more on this topic listen to the other episodes in our SEC now and Inside SEC reporting series.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Scott Feely is a PwC National Office Deputy Chief Accountant. He has over 30 years of experience supporting clients as they address the SEC and financial reporting implications of their capital markets and merger and acquisition-related activities.

Lindsay McCord is a PwC National Office partner specializing in matters related to the SEC and the capital markets. Prior to joining PwC, Lindsay spent over 15 years at the SEC, most recently as the Chief Accountant in the Division of Corporation Finance. In this role, Lindsay led an accounting team in providing technical accounting and reporting support to the Division, including SEC rulemaking, interpretation, and guidance.

About our guest host

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Replay: Reporting reset–Presentation fundamentals

Tue, 03 Feb 2026 11:00:00 -0500

It’s that time of year, with many focused on year-end reporting. After wrapping up our Year-end toolkit series last week, we revisit another set of conversations that are especially relevant right now. We’re re-releasing the kickoff episode from last year’s Reporting reset series.

This first episode sets the stage for the series by covering foundational reporting principles, key disclosure considerations, notable differences between public and private company financial statements, and accounting changes and error corrections. Links are provided to other episodes in this presentation and disclosure series.

In this episode, we discuss:

1:25 – Foundational GAAP and SEC requirements for financial statement presentation
3:09 – Determining appropriate reporting periods
5:25 – Balance sheet presentation: classification, required disclosures, and best practices
11:44 – Income statement presentation: structure and key considerations
21:31 – Accounting changes, estimates, and error corrections
29:53 – Subsequent events: recognition and disclosure

For more on this topic read the following chapters in our Financial statement presentation guide:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guest

Pat Durbin is a PwC National Office Deputy Chief Accountant. 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.

About our guest host

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Year-end toolkit: Strengthening audit committee collaboration

Tue, 27 Jan 2026 11:00:00 -0500

We continue our year-end toolkit series with insights on key areas of the year-end accounting and reporting process. Today’s episode focuses on the finance team’s engagement with the audit committee, which faces a packed agenda and expanding oversight responsibilities. We explore how management can strengthen collaboration with those charged with governance, streamline reporting, and address emerging issues such as AI, enterprise risk management, and transformation initiatives.

In this episode, we discuss:

1:18 – Strengthening management/audit committee communication and collaboration
10:10 – Key year-end issues finance teams should be prepared to address
15:02 – Oversight of AI: risks, opportunities, and controls
21:33 – Enhancing enterprise risk oversight
27:35 – Navigating the evolving cyber risk landscape in the age of AI
36:05 – Elevating proxy disclosures

For more, watch the replay of our Year-end audit committee webcast and read our publication, Your year-end audit committee guide.

In case you missed it, check out the previous episode in this year-end miniseries:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guest

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.

About our guest host

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

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Year-end toolkit: Cash flow classification

Tue, 20 Jan 2026 11:00:00 -0500

We continue our year-end toolkit series sharing insights on key areas of the year-end accounting and reporting process. In this episode, we focus on the statement of cash flows—an area that remains critical to investors and continues to get focus from regulators. We discuss recent SEC comment letter observations, practical considerations for complex transactions such as debt restructurings, payment processing arrangements, and business combinations; we also highlight reminders and best practices to help companies navigate year-end reporting.

In this episode, we discuss:

1:05 – Overview of the statement of cash flows and key reminders
3:46 – SEC comment letter themes
7:52 – Debt restructurings
15:21 – Payment processing arrangements
20:27 – Business combinations
32:56 – FASB project on targeted improvements to the statement of cash flows

For more on the statement of cash flows, see Chapter 6 of our Financial statement presentation guide.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

About our guest host

Diana Stoltzfus is a partner in the National Office who 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 OCA’s Professional Practices Group.

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

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Deals outlook 2026: Preparing finance teams for what’s ahead

Thu, 15 Jan 2026 11:00:00 -0500

As signs of market stabilization emerge, companies are reassessing their deal strategies for 2026. In this episode, we explore IPO and M&A trends, the influence of AI and macroeconomic shifts, and the steps finance teams can take now to be ready for what’s next.

In this episode, we discuss:

3:35 – Where the deals market stands today
9:38 – Deals outlook for 2026
17:35 – Expected IPOs and financing trends for 2026
25:28 – What finance leaders and teams can do now to prepare

For more read our publications, US Capital Markets 2026 Outlook—IPO markets look primed to accelerate in 2026 and The next wave of M&A: Bigger and bolder deals driven by AI and private equity—US Deals 2026 outlook. Also, be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guest

Mike Bellin is a PwC Deals partner who leads PwC’s US Capital Markets practice. Mike advises clients on accessing the debt and equity capital markets by providing clients with technical/project management advice on complex accounting and financial reporting issues associated with the SEC registration process, IPOs, direct listings, SPAC mergers, 144A debt and equity offerings, divestitures, spinoffs and carve-outs, and GAAP conversions.

About our host

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

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Year-end toolkit: Materiality assessments

Tue, 13 Jan 2026 11:00:00 -0500

In this episode, we share key insights and reminders on navigating materiality judgments. We revisit the fundamentals of SAB 99, explore how to apply both quantitative and qualitative considerations, address identified errors, and more.

In this episode, we discuss:

3:53 – The framework for assessing materiality and errors in financial statements
8:51 – Addressing identified errors
15:01 – Reassessing materiality amid economic and other changes
19:48 – Trends in reporting errors, including cash flow statement impacts
23:09 – Fraud and illegal acts

In case you missed it, check out the previous episode in this year-end miniseries, Year-end toolkit: Accounting and reporting reminders for 2026.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guest

Michael Mullen is PwC’s US Assurance Quality Management leader. In this role, he oversees complex client issues, providing technical insights and expertise in support of overall quality. With over 35 years of client service experience, Michael has led numerous global client engagements.

About our guest host

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

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Year-end toolkit: Accounting and reporting reminders for 2026

Thu, 08 Jan 2026 11:00:00 -0500

This episode explores key accounting and reporting considerations for year-end financial reporting. Technical leaders from our National Office share reminders and timely insights across a range of topics, including tariffs, income taxes, held-for-sale accounting, and other emerging issues–topics that are relevant for all finance teams, even if it’s not year-end close time.

In this episode, we discuss:

1:52 – AI mega-deal structuring and related accounting and reporting complexities
11:30 – Equity method accounting considerations and related disclosures
15:58 – Tariffs and trade considerations, including inventory impacts
21:38 – Crypto asset accounting models and new FASB guidance
25:16 – Accounting and reporting for private credit transactions
33:00 – Tax reform developments and income tax accounting
40:00 – New ASUs related to derivatives and hedge accounting
42:52 – Held-for-sale accounting
46:00 – OECD Pillar 2 and global tax

Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Beth Paul is a PwC National Office Deputy Chief Accountant responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. She has over 30 years of experience consulting with clients and engagement teams on complex accounting matters.

About our guest host

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.

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

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SEC now: Revenue 2025 comment letter trends

Tue, 30 Dec 2025 07:00:00 -0500

In this final episode of our SEC-focused series, we discuss SEC comments on revenue. Revenue is the top line for a reason; it’s closely watched by investors and therefore the SEC staff as well. From performance obligations to disaggregated revenue disclosures, we discuss the issues most frequently raised by the SEC staff and offer advice to preparers for getting it right the first time.

In this episode, we discuss:

1:34 – An overview of SEC comment letter trends related to revenue
6:22 – Performance obligations
10:48 – Variable consideration
17:07 – Principal versus agent considerations
26:00 – Disaggregated revenue disclosures

In case you missed it, check out the previous episodes in this SEC-focused series:

For more on the SEC, listen to our recent episodes:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Mike Coleman is a partner in PwC's National Office who 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.

Ryan Spencer is a partner at PwC's National Office specializing in SEC reporting matters both for US domestic issuers and some of the world’s largest foreign SEC registrants. He has over 25 years of experience serving clients and is a frequent contributor to PwC’s publications and communications.

About our guest host

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

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SEC now: MD&A 2025 comment letter trends

Tue, 23 Dec 2025 11:00:00 -0500

We continue our SEC-focused series with a discussion of management’s discussion and analysis (MD&A), a topic that remains a consistent focus in SEC staff comment letters. In this episode, we explore the latest trends, common themes, and areas of emphasis—including results of operations, liquidity, and critical accounting estimates—and share practical considerations as companies prepare year-end filings.

In this episode, we discuss:

1:31 – An overview of SEC comment letter trends related to MD&A
6:43 – The results of operations
25:16 – Liquidity and capital resources
28:30 – Critical accounting estimates
35:24 – Final reminders and best practices related to MD&A

In case you missed it, check out the previous episodes in this SEC-focused series:

For more on the SEC, listen to our recent episodes:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

About our guest host

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

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Key takeaways from the AICPA & CIMA Conference

Tue, 16 Dec 2025 11:00:00 -0500

In this episode, we debrief the 2025 AICPA Conference in Washington, DC, highlighting key takeaways including perspectives from SEC Chairman Paul Atkins and other regulatory leaders. Topics include the SEC’s rulemaking priorities for 2026, trends in capital formation, and emerging issues such as AI and cryptocurrency. We also explore practical reminders for year-end reporting and insights into international standard setting collaboration.

In this episode, we discuss:

6:42 – SEC Chair keynote: “Making IPOs great again”
12:51 – Emerging issues: AI, crypto, and international standard setting
25:08 – SEC shutdown impacts and capital markets backlog
32:06 – Rulemaking outlook and year-end reminders
47:08 – PCAOB oversight, inspections, and audit standard-setting themes

For more, read our In depth, 2025 AICPA & CIMA Conference: Current SEC and PCAOB Developments.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Kevin Vaughn is a PwC National Office partner specializing in SEC reporting matters. Kevin leverages his extensive experience to support PwC public company and pre-IPO clients on accounting and SEC reporting matters. Prior to joining PwC in 2023, Kevin spent over 18 years at the SEC, most recently serving on the leadership team in the SEC’s Office of the Chief Accountant where he focused on technical accounting consultations, SEC rulemakings, and standard setting matters.

About our guest host

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

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SEC now: Segments 2025 comment letter trends

Tue, 09 Dec 2025 11:00:00 -0500

We continue our SEC-focused series with a discussion of segment disclosures, reporting trends, and early comment letter themes emerging from the adoption of the new standard. In this episode, we explore common staff observations, including the role of the Chief Operating Decision Maker, or CODM; significant expense disclosures; and interplay with non-GAAP measures.

In this episode, we discuss:

1:46 – Why segment disclosures remain a top SEC focus
8:04 – Early comment themes under the new standard
15:14 – Multiple profit measures and non-GAAP considerations
28:14 – How the SEC evaluates a company’s segment structure
35:28 – Ongoing reassessment of impacts to segments

In case you missed it, check out the previous episodes in this SEC-focused series:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Jay Seliber is a partner in PwC’s National Office. He leverages over 35 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, segment reporting, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions.

About our guest host

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

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Sustainability now: Inside the GHG Protocol’s Scope 2 changes

Thu, 04 Dec 2025 11:00:00 -0500

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

The GHG Protocol has released its long-awaited proposed updates to the Scope 2 Guidance. In this episode, we highlight the key changes in the exposure draft, including proposed revisions to location-based and market-based reporting, hourly matching, emission factor hierarchies, and more. We also explore what these developments could mean for companies and how stakeholders can participate in the revision process.

In this episode, we discuss:

2:49 – Redefining the purpose for location-based and market-based reporting
5:33 – The importance of the decision-making criteria
6:56 – New emission factor hierarchy for location-based reporting
14:30 – Shift toward hourly matching in the market-based method
21:53 – Deliverability criteria and implications for renewable energy credits
26:19 – Residual mix and fossil-only defaults for unclaimed energy
32:45 – How companies can share feedback and next steps for the Scope 2 guidance

For more on the GHG Protocol’s exposure draft, see our publication, GHG Protocol announces Scope 2 Public Consultation, which was updated to indicate that the public consultation deadline was extended to January 31, 2026.

Check out our previous episodes for more on the GHG Protocol and GHG reporting:

About our guest

Colin Powell is PwC Canada’s Technical Net Zero Leader. His work focuses on GHG quantification, life cycle assessment, target setting, and decarbonization strategies. He has helped companies measure over 1 billion tonnes of emissions and previously worked as a consultant supporting global clients in decarbonization. Colin sits on the GHG Protocol’s Scope 3 Working Group, helping shape updates to global standards. He is also a Professional Engineer (Ontario) with a PhD in wastewater treatment modeling.

About our host

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

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

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SEC now: 2025 comment letter trends on transactions

Tue, 02 Dec 2025 11:00:00 -0500

We continue our SEC-focused series with a discussion on transaction-related matters, including IPOs, mergers and acquisitions, spinoffs, and divestitures. Our guests share insights into the SEC preclearance process and common SEC comment letter themes. Getting ahead of these issues can help avoid delays that may significantly impact deal timing and disclosures.

In this episode, we discuss:

3:56 – Overview of 2025 IPO and M&A market activity
7:08 – SEC preclearance process and common issues
19:59 – Typical transaction filing review comment letter themes
32:49 – Final takeaways on anticipating and addressing SEC comments

For more information:

In case you missed it, check out the previous episodes in this SEC-focused series:

For more on the SEC, listen to our recent episode on frequency of reporting, SEC to revisit quarterly reporting: Pros, cons, and what’s ahead. Also, check out our SEC reporting series from earlier this year where we take a “back to basics” look at key reporting areas:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests, Katie Driessen, a partner in PwC’s National Office who assists companies with complex accounting and financial reporting issues related to capital markets transactions and Scott Feely, a PwC National Office Deputy Chief Accountant with 30 years of experience supporting clients.

About our guest host, Kyle Moffatt, PwC’s Professional Practice leader who guides teams partnering with regulators and delivering influential thought leadership and educational materials.

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

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SEC now: Non-GAAP 2025 comment letter trends

Tue, 25 Nov 2025 11:00:00 -0500

We continue our SEC-focused series with an episode on non-GAAP financial measures, commonly used by companies to supplement their financial statements and provide investors with a deeper understanding of their performance or financial condition. Given their importance, it’s been a top focus area for the SEC staff over the last several years, and we expect that trend to continue. We highlight common comment letter themes and share practical guidance for year-end reporting and comment letter responses.

In this episode, we discuss:

2:17 – Overview of non-GAAP measures
6:20 – SEC comment letter trends and recurring issues
23:15– Possible shifts in focus under the new SEC administration
27:35 – Year-end reminders and best practices for responding to SEC comments

In case you missed it, check out our first episode in this SEC-focused series: SEC now: Today’s landscape and recent developments.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

Our guests are Kevin Vaughn, a PwC National Office partner specializing in SEC reporting matters, and John Ly, a PwC National Office managing director within the SEC & Capital Markets group.

Our host is Kyle Moffatt, 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.

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

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Sustainability now: Rethinking energy cost

Thu, 20 Nov 2025 11:00:00 -0500

The levelized cost of electricity (LCOE) is a widely-cited metric used to compare the cost of energy from different power sources—but it’s often misunderstood and misused. This week, host Heather Horn is joined by Karl Hausker, Senior Fellow at the World Resources Institute’s Polsky Center for the Global Energy Transition, to cover what LCOE really measures, why it’s not the full story, and how it fits into the broader effort to decarbonize the power sector. Together, they explore what companies and regulators should consider when evaluating clean energy investments and transition plans.

In this episode, we discuss:

5:23 – What LCOE measures—and what it misses
11:29 – Why LCOE shouldn’t drive policy decisions
25:20 – Implications for companies and scope 2 emissions
31:41 – The future energy mix

As referenced in this episode, explore Karl Hausker’s companion slides for more information.

At the time of recording, the GHG Protocol exposure drafts on scope 2 had not yet been released. Check out GHG Protocol announces Scope 2 Public Consultation for more information.

Looking for more on GHG and sustainability reporting?

About our guest

Dr. Karl Hausker is a Senior Fellow in the WRI Polsky Center for the Global Energy Transition. He leads analysis and modeling of climate mitigation, electricity market design, and the social cost of carbon. He testifies before Congress, lectures widely on deep decarbonization, and served as an expert reviewer for Sixth Assessment Report of the Intergovernmental Panel on Climate Change.

About our host

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 to us_podcast@pwc.com

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Sustainability now: Modernizing the GHG Protocol

Thu, 13 Nov 2025 11:00:00 -0500

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

In this episode, we take a closer look at the modernization of the Greenhouse Gas (GHG) Protocol and its implications for sustainability reporting with a member of the GHG Protocol’s Independent Standards Board, Paul Munter. Paul shares insights on the evolving governance structure, the newly released scope 2 guidance, and the growing importance of interoperability in global sustainability reporting.

In this episode, we discuss:

0:58 – What’s driving the modernization of GHG Protocol standards
3:31 – The governance model, including the role of the Independent Standards Board
9:06 – Highlights of the scope 2 public consultation and the importance of stakeholder feedback
17:46 – Interoperability with other sustainability reporting frameworks
21:36 – Updates under review for the Corporate Standard and the Scope 3 Standard
26:40 – What companies can be doing now to prepare for upcoming changes
32:27 – The role of boards and audit committees in overseeing emissions reporting

For more on the GHG Protocol’s recent exposure draft and the overall timeline for its revision process, check out our publication, GHG Protocol announces Scope 2 Public Consultation.

To explore additional insights on GHG reporting, see:

About our guest

Paul Munter is currently a member of the Independent Standards Board of the Greenhouse Gas Protocol. He served as the Chief Accountant at the U.S. Securities and Exchange Commission from 2021 – 2025. During much of that time, he also served as Chair of the Monitoring Group and as Vice Chair and Chair of IOSCO’s Committee on Issuer Accounting, Audit and Disclosure. Prior to that, he served the SEC as Deputy Chief Accountant from 2019 - 2021, leading the Office of the Chief Accountant’s international work.

About our guest host

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

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FASB's new software cost guidance

Tue, 11 Nov 2025 11:00:00 -0500

In this episode, we explore the FASB’s new software cost guidance and its impact on accounting for internal‑use software—what’s in scope, how to evaluate the revised capitalization criteria, the effective date and transition, and other key changes. We also take a deeper dive into AI‑related software development.

In this episode, we discuss:

0:00 – Background and scope on the FASB’s new ASU on internal-use software costs
11:10 – Capitalization criteria, including “significant development uncertainty”
20:38 – Examples of evaluating “significant development uncertainty”
30:50 – Other insights and updates related to the software costs guidance
34:00 – Effective date of the ASU and transition methods
37:41 – Accounting considerations for AI-related software development

For more: FASB updates software cost guidance, Software costs guide

Also, be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

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Sustainability now: GHG reporting trends and challenges

Thu, 30 Oct 2025 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

Greenhouse gas (GHG) reporting continues to evolve, with companies facing increasing complexity in navigating frameworks, data quality, and materiality. In this episode, we explore recurring themes and practical challenges in GHG disclosures—from organizational boundaries to the role of renewable energy credits (RECs)—with insights from our specialists deeply engaged in global sustainability reporting.

In this episode, we discuss:

1:22 – GHG reporting landscape and regulatory shifts
5:01 – Materiality, alignment with financial reporting, and minimum boundaries
23:48 – Organizational boundaries and key decisions companies are facing
31:35 – Scope 2 renewable energy certificates: timing, location, and use
43:00 – Systems, tools, and data quality, including preparing for reporting and assurance

Looking for more on GHG and sustainability reporting?

Sustainability now: Inside the GHG Protocol’s scope 3 update
Sustainability now: A primer on California climate reporting
Other episodes in our sustainability reporting podcast series
GHG Protocol announces Scope 2 Public Consultation
PwC’s Sustainability reporting guide

Be sure to 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 reporting.

About our guests

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

Colin Powell PwC Canada’s Technical Net Zero Leader, specializes in GHG quantification, life cycle assessment, target setting, and decarbonization strategies. Colin is a Professional Engineer with a PhD in wastewater treatment modeling and has helped companies measure over 1 billion tonnes of GHG emissions while advising global clients on decarbonization. He sits on the GHG Protocol’s Scope 3 Working Group, shaping global standards.

About our host

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Going for a spin: Accounting and reporting for spinoffs

Tue, 28 Oct 2025 11:00:00 -0400

In today’s episode, we unpack the complexities of spinoff transactions and their accounting implications. From identifying spinoffs to addressing key financial reporting considerations, our guests share practical guidance and insights for companies planning or evaluating these strategic moves.

In this episode, we discuss:

1:12 – Overview of spinoff transactions
9:08 – Accounting and reporting considerations for spinoff transactions
23:56 – Post-spin accounting considerations for the spinnor
27:50 – Final advice for a company planning a spinoff

For more on spinoffs, read our Financial statement presentation and Carve out financial statements guides. You can also tune in to last week’s episode, Sale of a business – Held for sale criteria, disc ops, and more, for further discussion on the presentation of discontinued operations.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

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, consolidations, corporate reorganizations, recapitalizations, joint ventures, and other investments.

Katie Driessen is a partner in PwC’s National Office where she assists companies with complex accounting and financial reporting issues related to capital markets transactions, including acquisitions, divestitures, and capital raises. Katie recently returned to PwC following two years working in the Office of the Chief Accountant at the SEC.

About our host

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Sustainability now: Inside the GHG Protocol’s scope 3 update

Thu, 23 Oct 2025 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

In this episode, host Heather Horn is joined by Colin Powell, a PwC Canada partner and member of the GHG Protocol’s Scope 3 Standard Technical Working Group. They discuss key areas for change under consideration, including minimum boundaries and data quality disclosures, as well as what these updates could mean for the future of sustainability reporting.

In this episode, we discuss:

1:12 – Overview of the Scope 3 Technical Working Group and the current areas of focus
12:36 – Minimum boundaries, data quality, and feasibility
30:39 – Category 15 (Investments), plus facilitated and insurance emissions
35:55 – Timeline for the revised Scope 3 Standard and why companies should engage now
44:56 – Final takeaways on the evolving scope 3 landscape

At the time of recording, the GHG Protocol exposure drafts on scope 2 had not yet been released. Check out GHG Protocol announces Scope 2 Public Consultations for more information.

Looking for the latest developments in sustainability reporting?

Read PwC’s Sustainability reporting guide
Check out other episodes in our sustainability reporting podcast series

About our guest

About our host

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

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Sale of a business – Held for sale criteria, disc ops, and more

Tue, 21 Oct 2025 11:00:00 -0400

In today’s episode, we explore the accounting implications of selling a business—an increasingly relevant topic in today’s market. From initial considerations through the final disposition, we break down key accounting judgments, classification, and presentation requirements.

In this episode, we discuss:

2:32 – Held-for-sale criteria
14:00 – Accounting implications of held-for-sale classification
19:25 – Accounting for the gain or loss on the sale of a business
25:50 – Discontinued operations criteria
33:00 – Discontinued operations presentation requirements

For more information, check out chapter 6 of our Property, plant, equipment and other assets guide, chapter 8 and 27 of our Financial statement presentation guide. Also, listen to our previous podcast episode, Presenting discontinued operations.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

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Sustainability now: Transition plans meet business strategy

Thu, 16 Oct 2025 12:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

In this episode, host Heather Horn sat down with Mardi McBrien, Senior Director at the World Business Council for Sustainable Development (WBCSD), during New York Climate Week to discuss the evolving world of sustainability reporting. The conversation covers how companies are navigating fragmented frameworks, the growing importance of transition plans, and the movement toward greater simplification and integration of reporting.

In this episode, we discuss:

1:15 – The role of the WBCSD and the focus on corporate performance
7:24 – Challenges companies face in a compliance-driven reporting environment
12:28 – Breaking down silos across functions and topics and integrating sustainability into strategy
24:15 – Transition plans and the credibility of business strategies
29:00 – Global baseline progress and alignment across reporting frameworks
41:22 – Key themes from the New York Climate Week

As mentioned in today’s podcast, check out When less equals more: rethinking sustainability reporting for insights from the roundtable discussion on the sustainability reporting landscape hosted by the WBCSD, London Stock Exchange Group, and Principles for Responsible Investment.

About our guest

Mardi McBrien is Senior Director, Enhancing Transparency, Corporate Performance & Accountability (CP&A) at the World Business Council for Sustainable Development. Mardi leads the Enhancing Transparency Track, a key initiative that supports members in navigating complex regulatory developments, delivering transparent and decision-useful reporting, and fostering long-term value creation. Mardi brings a wealth of expertise with over 15 years of leadership in sustainability disclosure and reporting. Most recently, she served as the Chief of Strategic Affairs and Capacity Building at the IFRS Foundation.

About our host

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Crypto assets – Accounting for stablecoins, staking, and lending

Tue, 14 Oct 2025 11:00:00 -0400

In this episode of our crypto asset mini-series, we explore common transaction types—stablecoins, staking, and lending. The discussion addresses the accounting, including how contract terms and fact patterns can significantly influence the appropriate accounting model.

In this episode, we discuss:

2:17 – Overview of stablecoins, including the impact of the GENIUS Act
9:01 – Accounting for stablecoins
15:50 – Overview of staking and the accounting by delegators
24:14 – Accounting for crypto asset lending transactions

For more information, see our Crypto assets guide. You can also listen to the previous episode in this series, Crypto assets – Accounting and reporting foundations.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

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. She has over 30 years of experience consulting with clients and engagement teams on complex accounting matters.

Ryan Blacker is a director in PwC’s National Office specializing in the accounting for business combinations and crypto assets. Ryan consults with clients and engagement teams on complex accounting and financial reporting matters related to these topics.

About our guest host

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Crypto assets – Accounting and reporting foundations

Tue, 07 Oct 2025 11:00:00 -0400

Crypto assets are rapidly evolving – and so is the accounting and financial reporting. In this episode, we explore regulatory trends and market developments, including new FASB guidance.

In this episode, we discuss:

1:22 – Market trends, regulatory shifts, and financial reporting developments
6:10 – Key developments from the SEC on crypto
9:44 – Accounting classification of crypto assets
11:55 – Key provisions of the FASB’s crypto assets guidance
23:12 – Fair value measurement considerations

For more information, see our Crypto assets guide. Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

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The global impact of Europe’s accounting evolution

Thu, 02 Oct 2025 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

This week, host Heather Horn is joined by Eelco van der Enden, CEO of Accountancy Europe. In this episode, we explore the fast-changing reporting and assurance landscape across Europe, including sustainability reporting and broader regulatory shifts. We examine the forces driving simplification, cross-border alignment, and the future of the accounting profession—and what it all means for companies operating in or doing business with the EU.

In this episode, we discuss:

1:55 – The evolving role of Accountancy Europe and how it engages with EU institutions
3:35 – Broader forces shaping Europe’s reporting and investment landscape
14:55 – Bridging the knowledge gap between the profession, policymakers, and society
30:18 – Advice for US companies navigating EU sustainability regulations
33:19 – Accountancy Europe’s Purpose 2030 project and industry benchmarking efforts
35:35 – AI, digitalization, and their implications for the accounting profession
42:05 – Global collaboration, talent attraction, and simplifying regulation

About our guest

Eelco van der Enden is the CEO of Accountancy Europe. He brings over 35 years of experience in business and civil society organizations. Until December 2024, Eelco served as chief executive officer of the Global Reporting Initiative where he led the organisation through groundbreaking changes in sustainability reporting. Eelco previously headed PwC's Global ESG Platform for Tax, Legal, People & Organization Services and has held several senior positions in publicly listed companies, including roles as Head of Treasury, Risk Management, and Tax.

About our host

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Sustainability now: Proposed changes to EU reporting standards

Tue, 30 Sep 2025 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

In this episode, we continue our series on the European Commission’s Omnibus package with a September update that focuses on the proposed amendments to the European Sustainability Reporting Standards (ESRS). We explore how the changes aim to simplify reporting, reduce disclosure burdens, and enhance interoperability, and we highlight key implications for companies preparing sustainability statements.

In this episode, we discuss:

1:22 – The European Commission’s Omnibus package and mandate for ESRS changes
5:50 – Overview of changes made to the ESRS
9:10 – Updates to ESRS 1 and 2: reducing duplication, increasing flexibility
20:10 – Clarifying reporting boundaries, including leases and GHG emissions
34:40 – Interoperability with ISSB standards and where ESRS diverge
37:42 – Next steps in the amendment process and what companies should do now

Get caught up on the EU Omnibus package:

Looking for more on sustainability reporting?

Read PwC’s Sustainability reporting guide
Check out other episodes in our sustainability reporting podcast series

About our guest

About our host

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

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Sustainability now: Where sustainability and strategy meet

Thu, 25 Sep 2025 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

In this episode, we explore insights from PwC’s Global Sustainability Reporting Survey featuring nearly 500 executives worldwide. Recorded during New York City Climate Week, the conversation highlights how companies are using sustainability data to drive strategy, respond to stakeholder pressure, and prepare for evolving regulations.

In this episode, we discuss:

1:14 – Key takeaways from New York City Climate Week
3:40 – Overview of PwC’s Global Sustainability Reporting Survey and its purpose
8:42 – How companies are using sustainability data to inform risk, resilience, and opportunity
11:14 – Lessons from early reporters: tech adoption, resource needs, and AI use
14:14 – The demand for transparency

Looking for more on PwC’s 2025 Global Sustainability Reporting Survey? Check out From insight to value: The sustainability reporting journey continues

About our guest

Nadja Picard is PwC’s Global Reporting Leader. She leads PwC’s initiative to help clients transform their reporting both to meet investor and stakeholder demands for trusted reporting and to unlock business value from new data sets, including sustainability. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially Initial Public Offerings.

About our guest host

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PCAOB changes ahead – What they mean for auditors and preparers

Tue, 23 Sep 2025 11:00:00 -0400

Significant developments are underway at the PCAOB. In this episode, we provide an overview on the latest changes, what’s on the horizon, and the potential implications for preparers. Our guest is Brian Croteau, PwC’s US Chief Auditor, who leads our team that follows all things PCAOB.

In this episode, we discuss:

3:14 – A historical perspective on the PCAOB
10:01 – Leadership changes at the SEC and PCAOB
21:05 – Standard setting projects and priorities
33:05 – Standard setting related to emerging technologies (e.g., AI, crypto)
37:28 – Potential changes to the PCAOB’s inspection program

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guest

Brian Croteau is the US Chief Auditor. He oversees the establishment and maintenance of PwC’s audit policies and practices, leads efforts to directly support PwC’s audit quality objectives, and plays a key role in the monitoring and assessment of audit quality. He also leads the firm’s efforts related to its relationship with the PCAOB, including supporting all aspects of the PCAOB’s inspection process. Brian currently serves as a member of the PCAOB’s Standards and Emerging Issues Advisory Group (SEIAG) and the SEIAG’s Emerging Issues in Auditing subcommittee. Prior to rejoining PwC, he served as the Deputy Chief Accountant of the Professional Practice Group within the Office of the Chief Accountant at the SEC where he played a key role in the SEC’s oversight of the activities of the PCAOB, managed the resolution of auditor independence issues and ethical matters, and monitored audit and independence standard setting internationally.

About our guest host

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Accounting for US tax reform - One Big Beautiful Bill Act and more

Tue, 16 Sep 2025 11:00:00 -0400

As sweeping US tax reform takes effect in 2025, corporate taxpayers face important changes. These include extensions of and modifications to key Tax Cuts & Jobs Act (TCJA) provisions as well as expansion of some Inflation Reduction Act (IRA) incentives while accelerating the phase-out of others. In this episode we provide an overview of the key corporate provisions and dive into the related accounting and financial reporting implications. In this episode, we discuss:

3:24 – Extensions and modifications of TCJA domestic tax laws
13:42 – Extensions and modifications of TCJA international tax laws
24:03 – Changes to IRA energy credits
29:30 – Other provisions (e.g., endowments, charitable deductions)
33:19 – Global tax implications and Pillar Two
39:25 – What’s ahead for corporate tax policy and accounting for income taxes

For more information, check out our publications, Accounting for 2025 US tax reform and President Trump signs H.R. 1, the “One Big Beautiful Bill Act”. You can also listen to our related podcast episode, Sustainability now: Facing IRA and clean energy credit uncertainty. Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

About our guest host

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Financial asset transfers – Accounting fundamentals

Tue, 09 Sep 2025 11:00:00 -0400

In this episode, we focus on transfers of financial assets. The discussion breaks down the fundamentals of ASC 860, clarifies when a transfer qualifies as a sale versus a secured borrowing, and outlines the key criteria for derecognition.

In this episode, we discuss:

0:59 – Overview of ASC 860 and the basics of financial asset transfers
3:35 – Transactions subject to ASC 860
6:56 – Transfer of an entire versus a portion of a financial asset and application of the participating interest guidance
11:12 – Control criteria to achieve sale accounting:
- 11:53 – Legal isolation
- 16:38 – Right to pledge or exchange
- 19:42 – Effective control
21:50 – Examples of "failed sale" transactions

For more information, check out our Transfers and servicing of financial assets guide.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guest

Chip Currie is a partner in PwC’s National Office with 30 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.

About our guest host

Guest host Diana Stoltzfus is a partner in the National Office who 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 OCA’s Professional Practices Group.

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

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Sustainability now: The EU Taxonomy Regulation gets simplified

Thu, 04 Sep 2025 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

In this episode, we break down the amendments to the EU Taxonomy Regulation adopted by the European Commission in July 2025. Learn about the changes, what they mean for both financial and non-financial companies, and what may still be on the horizon. Plus, we’ll share practical steps companies can take as they prepare for implementation.

In this episode, we discuss:

1:10 – Overview of the EU Taxonomy Regulation and potential changes to come
7:46 – Changes on the horizon for non-financial services companies
17:14 – Major reliefs for financial services companies
25:10 – Next steps for the EU Taxonomy Regulation and what companies can do now

Looking for more on the EU Taxonomy regulation and other Omnibus proposals?

About our guest

Valerie Wieman is a PwC National Office partner with over 30 years of experience. She is one of the firm’s technical experts on sustainability reporting and helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.

About our host

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Sustainability now: Energy credits after the beautiful bill

Thu, 28 Aug 2025 11:00:00 -0400

The Inflation Reduction Act introduced a broad range of renewable energy tax credits. Now, the One Big Beautiful Bill Act (OB3) has reshaped these incentives with new compliance requirements, shifting timelines, and selective phaseouts. In this podcast, we cover what’s changed, what’s stayed the same, and the implications for companies navigating the evolving renewable energy tax credit landscape.

In this episode, we discuss:

1:51 – Significant changes to energy credits from OB3
9:28 – Energy credit modifications, early sunsets, and what remains unchanged
14:07 – New guidance for wind and solar industry clean electricity credits
21:14 – Immediate actions for companies to maximize opportunities under OB3

About our guest

Jennifer Bernardini is a managing director in PwC’s Washington National Tax practice. She has over 20 years of experience implementing federal energy tax incentives that support the development of renewable energy and the climate transition.

About our guest host

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Who’s the accounting acquirer? Navigating new bus com guidance

Tue, 19 Aug 2025 11:00:00 -0400

In this episode, we explain how to identify the accounting acquirer in an acquisition—an essential first step in accounting for a business combination. We also outline key changes in the FASB’s new guidance (ASU 2025-03, Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity) that impact this assessment.

In this episode, we discuss:

1:16 – Overview of business combinations and importance of identifying the acquirer
6:12 – New FASB guidance applicable when the legal acquiree is a variable interest entity (VIE)
10:33 – Factors to consider when determining the accounting acquirer
17:35 – Effective date and transition provisions for adopting the new guidance

For more information, see section 2.3 of our Business combinations guide.

You may also be interested in our related podcast episodes mentioned during this discussion:

Accounting for business combinations: Being prepared for a deal – discusses the foundations of acquisition accounting
The consolidation framework - Identifying a VIE – explores the evaluation of variable interests and the characteristics of a variable interest entity (VIE)

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

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

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Sustainability now: EU Omnibus in motion – August 2025 update

Thu, 14 Aug 2025 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

Recent weeks have brought notable progress on the European Commission’s Omnibus package. In this episode, we examine the key developments from July — including amendments to the EU Taxonomy regulation, EFRAG’s extended deadline, and major revisions to the European Sustainability Reporting Standards (ESRS). We also discuss the potential implications for businesses as the legislative process advances, including why “wave 1” reporters must stay alert even if the changes aren’t finalized yet.

In this episode, we discuss:

1:09 – July’s major EU sustainability developments
4:18 – Deadline extension for EFRAG revisions
7:22 – The “quick fix” delegated act and wave 1 reporting relief
13:55 – Major revisions to ESRS
21:38 – Status of the broader content proposal
25:15 – Breaking down the EU legislative process and expected timelines

Get caught up on the EU Omnibus package:

Looking for the latest developments in sustainability reporting?

Read PwC’s Sustainability reporting guide
Check out other episodes in our sustainability reporting podcast series

About our guest

About our host

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Revenue accounting reset - Presentation and disclosure

Tue, 05 Aug 2025 11:00:00 -0400

We continue our revenue accounting podcast miniseries with an episode focused on presentation and disclosure. From balance sheet and income statement classification to required disclosures under ASC 606, we highlight key guidance and address key areas where questions often arise in practice.

In this episode, we discuss:

1:27 – Income statement presentation of revenue
4:16 – Balance sheet presentation considerations related to revenue
9:38 – Overview of revenue disclosure objectives and the five primary disclosure areas:
- 11:27 – Disaggregated revenue
- 18:40 – Performance obligations
- 23:26 – Significant judgments
- 26:31 – Contract balances
- 29:01 – Costs to obtain or fulfill a contract

For more information, chapter 33 of our Financial statement presentation guide. You can also listen to the other episodes in this series:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Christine Moore is a director in PwC’s National Office advising audit and non-audit clients on complex accounting and financial reporting matters. She advises on revenue arrangements for public and private companies across various industries, with a focus on companies in the pharmaceutical and life sciences industry.

About our guest host

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Revenue accounting reset – Consideration payable to a customer

Tue, 29 Jul 2025 11:00:00 -0400

We continue our revenue accounting podcast miniseries with a discussion on payments to customers—an area that can raise complex accounting questions, especially when those payments come in the form of equity. We examine when these payments reduce revenue versus when they represent consideration for a distinct good or service. We also highlight updates from the FASB’s new guidance on share-based consideration payable to a customer.

In this episode, we discuss:

0:56 – Overview of consideration payable to a customer
5:41 – When to recognize payments to a customer
15:15 – Applying ASC 718 to equity-based payments to a customer
23:41 – Key provisions in FASB’s new guidance on equity consideration
29:49 – Classifying, measuring, and recognizing equity payments
36:41 – Accounting for payments to settle litigation claims or other disputes

For more information, see chapter 4 of our Revenue guide, chapter 7 of our Stock-based compensation guide, and our In brief, FASB issues guidance on share-based consideration payable to a customer. Listen to the other episodes in this series:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Ken Stoler is a partner in PwC’s National Office who specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. He has helped companies navigate their employee compensation issues during IPOs, spinoffs, acquisitions, and other major transactions or events.

About our host

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Revenue accounting reset – Variable consideration

Tue, 22 Jul 2025 12:00:00 -0400

We continue our revenue accounting miniseries with an episode taking a closer look at variable consideration—an essential and sometimes complex element in determining transaction price. From performance bonuses to volume-based rebates, we explore how to estimate and constrain variable amounts as well as when key exceptions apply.

In this episode, we discuss:

0:58 – Why variable consideration is a critical element of the ASC 606 model
7:00 – The general model for estimating variable consideration
9:02 – Applying the constraint on the amount of variable consideration
18:25 – Common types of arrangements that include variable consideration, such as volume-based rebates and discounts
20:59 – Key exceptions to the general model:
- 21:10 – Sales- or usage-based royalty exception
- 26:04 – Variable consideration allocation exception
- 30:24 – Right-to-invoice measure of progress exception

For more information, see chapter 4 of our Revenue from contracts with customers guide. You can also listen to the first episode in this series, Revenue accounting reset – Recognizing revenue.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

About our guests

Chris Bourdon is a partner in PwC's National Office who specializes in accounting for revenue, inventory, and employee compensation arrangements. He also consults on a range of financial reporting issues impacting technology, media, and entertainment companies.

About our host

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Revenue accounting reset – Recognizing revenue

Tue, 15 Jul 2025 11:00:00 -0400

We kick off our latest accounting podcast miniseries on revenue accounting with a foundational discussion on revenue recognition. In this episode, we tackle recognizing revenue —the final step of the ASC 606 model—and examine how to determine whether performance obligations are satisfied over time or at a point in time.

In this episode, we discuss:

0:54 – Overview of the ASC 606 revenue model
5:30 – Identifying performance obligations satisfied over time
11:15 – Identifying performance obligations satisfied at a point in time
21:19 – Measures of progress to determine the timing of revenue recognition
33:45 – Exceptions to over-time revenue recognition

For more information, see chapter 6 of our Revenue from contracts with customers guide.

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About our guests

About our guest host

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

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Lease accounting reset - Embedded leases

Tue, 08 Jul 2025 12:00:00 -0400

We continue our lease accounting podcast miniseries with an episode focused on embedded leases. Some arrangements to provide services or purchase inventory rely on the use of a specific asset to fulfill the contract. Even if the word “lease” doesn’t appear, the rights conveyed to the customer may still meet the definition of a lease—shifting the transaction from simply purchasing services or goods to leasing an asset. We explain why identifying an embedded lease is critical and how it can significantly impact the accounting and financial reporting for both customers and suppliers.

In this episode, we discuss:

1:40 – An overview of embedded leases and common arrangements
6:50 – Determining whether an arrangement contains a lease
24:07 – Allocating contract consideration to lease and nonlease components
34:19 – Available practical expedients
39:01 – Accounting and reporting implications

For more information, see chapter 2 of our Leases guide and chapter 4 and 5 of our Revenue from contracts with customers guide. You can also listen to the other episodes in this series:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to for the latest thought leadership.

About our guests

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.

About our guest host

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

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Lease accounting reset – Variable rents

Tue, 01 Jul 2025 11:00:00 -0400

We continue our lease accounting miniseries with a focus on variable lease payments, an area that can significantly influence lease classification and measurement. In this episode, we explore the complexities of usage-based and index-based payments, fair market rent adjustments, in-substance fixed payments, and more – providing insights into how these variable rents affect the accounting and disclosures.

In this episode, we discuss:

1:12 – Fixed versus variable lease payments and their accounting implications
7:13 – Fair market rent adjustments
9:37 – In-substance fixed payments, including take-or-pay arrangements
15:44 – Usage-based lease payment structures
22:18 – Tenant improvement allowances and lease incentives
26:10 – Accounting for variable lease payments during lease remeasurement

For more information, see chapter 3 and chapter 5 of our Leases guide. In case you missed it – check out the other episodes in this podcast miniseries:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Marc Jerusalem is a managing director in PwC’s National Office specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.

About our guest host

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

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Sustainability now: ISSB clarifying greenhouse gas disclosures

Thu, 26 Jun 2025 11:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

In this episode, we highlight the proposed amendments to IFRS S2, the climate-related disclosure standard from the International Sustainability Standards Board (ISSB). Learn how the changes aim to clarify greenhouse gas (GHG) reporting, specifically scope 3 emissions, and the potential implications they have on reporting.

In this episode, we discuss:

0:57 – Overview of IFRS S2, the role of the Transition Implementation Group, and what’s driving the amendments
3:52 – Clarifying the definition of scope 3 category 15 (investments) emissions
12:23 – Industry classification requirements for entities engaging in commercial banking and insurance-related activities
16:28 – How to apply jurisdictional relief for GHG measurement methodology
19:47 – Global warming potential (GWP) values and jurisdictional relief
22:55 – Next steps for the exposure draft and recommendations for reporters in the interim

Looking for the latest developments in sustainability reporting?

Refer to our publication on the ISSB’s exposure draft proposing amendments to IFRS S2
Read PwC’s Sustainability reporting guide
Check out other episodes in our sustainability reporting podcast series

About our guest

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

About our host

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Lease accounting reset - Modifications and terminations

Tue, 24 Jun 2025 12:00:00 -0400

We continue our lease accounting miniseries with an episode focused on modifications and terminations. From determining whether a change results in a new lease to navigating remeasurement requirements, we share practical insights and key reminders for applying the guidance.

In this episode, we discuss:

1:12 – How to determine if a lease modification should be treated as a new lease or a remeasurement of the existing lease
10:31 – Key accounting steps in a lease modification and remeasurement
17:49 – Differentiating a lease termination from a modification
20:59 – Example of a lease modification for downsizing leased space
24:07 – Modifications to combined versus separate lease contracts

For more information, see chapter 5 of our Leases guide. You can also listen to the first episode in this series, Lease accounting reset - Presentation and disclosure. Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to for the latest thought leadership.

About our guests

About our host

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Sustainability now: EU Omnibus in motion – June 2025 update

Thu, 19 Jun 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

The European Commission’s Omnibus package continues to make its way through the legislative process. In this episode, we cover the most recent developments, including insights from recently leaked information and how businesses are reacting to potential changes.

In this episode, we discuss:

2:53 – The legislative status of the content proposal and areas of debate
7:40 – Preparer feedback on the proposed changes in the content proposal
10:13 – Leak of Delegated Acts proposed to be deleted: Highlights and implications
14:46 – Changes to expect in the forthcoming ESRS drafts and timing of the comment period
17:10 – Themes in feedback shared with EFRAG
23:22 – Potential ESRS reliefs: materiality expansion, use of estimates, and grace periods for acquisitions

Get caught up on the EU Omnibus package:

Looking for the latest developments in sustainability reporting?

Read PwC’s Sustainability reporting guide
Check out other episodes in our sustainability reporting podcast series

About our guest

About our host

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Lease accounting reset - Presentation and disclosure

Tue, 17 Jun 2025 14:00:00 -0400

We kick off our latest accounting miniseries on lease accounting with an episode on the related presentation and disclosure requirements. We break down key considerations across the balance sheet, income statement, and statement of cash flows, including what interim and annual disclosures are required as well as the treatment of lease incentives, sublease income, and more.

In this episode, we discuss:

2:12 – Current versus noncurrent lease liabilities
5:37 – Presentation of lease incentives
11:40 – Income statement presentation of lease expense
16:29 – Classification of lease payments in the statement of cash flows
26:25 – Annual and interim lease disclosure requirements

For more information, check out our Leases guide and the leasing chapter of the Financial statement presentation guide.

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

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.

About our host

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

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Finance transformation in the age of AI

Thu, 12 Jun 2025 14:00:00 -0400

In this special episode, we explore whether top-performing finance functions have reached a “terminal value” in their cost-cutting journey – and what comes next. As technologies like AI and advanced analytics evolve, finance leaders are shifting focus from efficiency to insight – rethinking operating models, talent strategies, and what it means to create value in a digital era.

In this episode, we discuss:

1:18 – What “terminal value” means in finance and why top-performing functions may be approaching the limits of traditional cost-cutting
4:57 – How evolving finance operating models are incorporating new approaches to data, talent, and technology
9:07 – The rise of agentic AI and how autonomous agents are beginning to impact finance workflows
18:51 – Key leadership priorities for finance organizations navigating AI adoption and long-term transformation

For more insights, read our publication Have top performing finance functions reached terminal value in the age of AI?

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

About our guests

Adam Kennedy is a PwC consumer markets finance leader focusing on business process improvement and finance effectiveness for Fortune 500 companies with an emphasis in retail, hospitality, and gaming. Adam provides consulting services on technology-driven finance transformation, end-to-end revenue stream management, merger integration support, financial analysis and reporting, risk management, and process improvement.

Edward Ponagai is a PwC partner who leads large-scale back office transformations and merger integrations. He helps CFOs think through their organization’s big picture vision and purpose and drill down to address organizational challenges, operational processes, and technological innovations.

About our guest host

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

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Inside SEC reporting: Today’s SEC landscape

Tue, 03 Jun 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

We continue our video podcast miniseries focused on SEC reporting, helping you stay current on the evolving SEC landscape while taking a “back to basics” look at key reporting areas.

As the SEC undergoes significant leadership changes, this episode offers a timely look at how recent developments are reshaping regulatory priorities. We offer insights into what these changes mean for companies and what they may expect going forward.

In this episode, we discuss:

1:08 – The SEC’s leadership transition
6:35 – Interpretive guidance activity and compliance updates
14:53 – Crypto-related policy shifts
18:40 – Chair Atkins’ rulemaking priorities and enforcement strategy
26:28 – Executive compensation roundtable and potential disclosure reforms
32:19 – Legal challenges and the uncertain path ahead for the SEC’s climate rule
36:46 – Anticipated focus areas, including capital formation
40:09 – Practical advice for companies engaging with the SEC under its new leadership

In case you missed it – check out the other episodes in this video podcast miniseries:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

Our guests:

Elad Roisman, partner in the Corporate Governance and Board Advisory Practice and the Financial Institutions Group (FIG) Practice at Cravath, Swaine & Moore LLP.

Lindsay McCord, a PwC National Office partner specializing in matters related to the SEC and the capital markets.

Our guest host:

Kyle Moffatt, PwC’s Professional Practice leader.

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

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Sustainability now: Powering through the energy transition

Thu, 29 May 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

We're excited to share another video edition of our podcast on sustainability reporting—watch along as our sustainability specialists dive into the latest developments.

Energy planning is a business issue, not just a utility issue. As the energy transition accelerates, the demands on power systems are rapidly evolving. In this episode, we explore how emerging technologies like AI are reshaping the grid, the impact of rising electricity demand, and how companies in every industry can manage the growing risks and opportunities in sustainable energy.

In this episode, we discuss:

1:50 – How electricity is measured and why electricity demand is rising
5:53 – Grid vulnerabilities and strategies to energy planning
10:09 – Investment challenges: aging infrastructure, supply chains, and shifts in policy
20:51 – The potential and hurdles of advanced nuclear and hydrogen
26:40 – Managing peak demand through smart technologies, market design and policy
32:21 – How AI is driving energy demand and why cybersecurity is now critical for industrial systems
43:55 – What’s next: the role of solar, gas, and storage in a balanced grid

About our guest

Casey Herman is a PwC Sustainability partner, leading a firmwide, cross functional team that assists companies with important ESG and sustainability matters. His team’s work spans from accurately reporting ESG data and progress to designing and implementing sustainable business strategies. Casey has more than 35 years of experience providing trust and consulting services to energy and utility companies.

About our host

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

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Inside SEC reporting: Form 8-K (current report)

Tue, 27 May 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

We continue our video podcast miniseries focused on SEC reporting, helping you stay current on the evolving SEC landscape while taking a “back to basics” look at key reporting areas.

In today’s episode, we discuss Form 8-K, a critical SEC filing for timely disclosure of significant corporate events. While foundational in nature, Form 8-K reporting involves a range of complex triggers and tight deadlines. We explore the fundamentals and hot topics shaping today’s Form 8-K reporting environment—including cybersecurity disclosure requirements, materiality assessments, and frequent challenges.

In this episode, we discuss:

0:57 – Overview of Form 8-K reporting requirements
4:13 – Cybersecurity incident triggers and reporting requirements
7:58 – Key reminders and insights into frequent questions and common pitfalls, including:
- 15:05 –Acquisitions, dispositions, restructurings, and impairments
- 21:40 – Corporate governance-related activities
- 22:55 – Change in auditor
- 25:21 – Material contracts
- 27:04 – Change in segments

In case you missed it – check out the other episodes in this video podcast miniseries:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

About our guests

Raquel Fox is co-head of Skadden's SEC Reporting and Compliance practice and the head of the firm's U.S. ESG practice. She concentrates her practice in the areas of capital markets, M&A, corporate governance, and general corporate and securities matters, advising clients on the full range of SEC reporting and compliance requirements.

Kevin Vaughn is a PwC National Office partner specializing in SEC reporting matters. He leverages his extensive experience to support PwC public company and pre-IPO clients on accounting and SEC reporting matters. Prior to joining PwC in 2023, he spent over 18 years at the SEC, most recently serving on the leadership team in the SEC’s Office of the Chief Accountant where he focused on technical accounting consultations, SEC rulemakings, and standard setting matters.

About our guest host
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, he 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.

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Sustainability now: GHG Protocol -What could change?

Thu, 22 May 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

We're excited to share another video edition of our podcast on sustainability reporting—watch along as our sustainability specialists dive into the latest developments.

As sustainability reporting evolves, the GHG Protocol is undergoing its first major update in over a decade. In this episode, we break down the proposed revisions to the Corporate Standard, Scope 2 Guidance, and Scope 3 Standard—highlighting what changes are being considered, why they matter, and how they could impact future reporting frameworks.

In this episode, we discuss:

2:26 – The significance of the GHG Protocol and the recent overhaul to its governance and standard setting process
8:58 – Key focus areas of the four technical working groups (Corporate, Scope 2, Scope 3, Market Instruments)
14:20 – Debates as to the starting point of emissions reporting: organizational boundaries
20:17 – Scope 3 reporting and integration into the Corporate Standard
24:53 – Complex judgments in reporting scope 3, category 15 (Investments): Financed emissions
28:41 – Scope 2 methodology updates: market-based versus location-based emissions
39:08 – New questions about market instruments and project-based actions
44:33 – Timeline for proposed updates and what stakeholders should do now

Looking for more on GHG emissions reporting?

Watch or listen in to our recent video podcasts on GHG reporting, Sustainability now: GHG measurement made manageable and Sustainability now: GHG reporting questions answered
Check out our GHG podcast miniseries, Talking GHG, along with other Sustainability now episodes
Read chapter 7 of PwC’s Sustainability reporting guide, Greenhouse gas emissions reporting
Follow our series and subscribe to our weekly newsletter to stay in the loop

Guest: Marcin Olewinski - PwC Assurance practice partner

Host: Heather Horn - PwC National Office Sustainability and Thought Leader

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Inside SEC reporting: Pro forma financial information

Tue, 20 May 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

We continue our video podcast miniseries focused on SEC reporting, helping you stay current on the evolving SEC landscape while taking a “back to basics” look at key reporting areas.

In today’s episode, we discuss pro forma financial information. We break down when and why pro formas are required under SEC rules, and we discuss key considerations on preparation and presentation; we also share common pitfalls. Whether you’re dealing with an acquisition, divestiture, or capital raise, this episode brings you key insights to help you navigate the requirements for pro forma financial information.

In this episode, we discuss:

1:40 – Types of transactions that typically require SEC pro forma financial information
7:02 – “Significance” and when it triggers pro forma reporting requirements
10:22 – Types of filings in which pro forma financial information may be included
11:52 – Pro forma financial information reporting requirements
- 12:18 – Reporting periods required
- 15:30 – Form and content of reporting
- 24:10 – Types of pro forma adjustments (i.e., transaction accounting, autonomous entity adjustment, management adjustment)
- 36:06 – Prohibitions on the presentation of pro forma financial information
- 38:25 – Other reminders, including treatment of multiple transactions and tax effects

In case you missed it – check out the other episodes in this video podcast miniseries:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

About our guest

Scott Feely is a partner in PwC’s National Office. He has over 30 years of experience supporting clients as they address the SEC and financial reporting implications of their capital markets and merger and acquisition-related activities.

About our guest host

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

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Sustainability now: EU Omnibus in motion – May 2025 update

Thu, 15 May 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

We're excited to share another video edition of our podcast on sustainability reporting—watch along as our sustainability specialists dive into the latest developments.

In this episode, we provide an update on the European Commission’s Omnibus package and what it means for sustainability reporting under the ESRS framework. From the formal delay in wave 2 and wave 3 reporting requirements to expected simplifications of ESRS standards, we explore the latest legislative and technical developments and what companies should anticipate next. Drawing on insights from the recent EFRAG meeting and our response to their request for comment, we also highlight how stakeholder feedback is shaping the evolving landscape.

In this episode, we discuss:

1:19 – Overview of the EU’s omnibus package and its impacts to ESRS
3:00 – Legislative status of the “stop the clock” proposal and next steps for the content proposal
15:22 – EFRAG’s “actionable levers for substantial simplification”
18:38 – PwC’s response to EFRAG Questionnaire for Public Feedback: ESRS Set 1 Revision
31:39 – Status of proposed amendments to the EU taxonomy and advice for companies during this time of change

Resources mentioned in today’s episode:

Looking for the latest developments in sustainability reporting?

Refer to our publication on the EU Omnibus proposals along with our prior podcast episode, Sustainability now: Navigating “Omnibus” uncertainty
Read PwC’s Sustainability reporting guide
Check out our sustainability reporting podcast series

Guest: Diana Stoltzfus - Partner, PwC National Office

Host: Heather Horn - PwC National Office Sustainability and Thought Leader

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

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Inside SEC reporting: Acquisitions and divestitures

Tue, 13 May 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

We continue our video podcast miniseries focused on SEC reporting, helping you stay current on the evolving SEC landscape while taking a “back to basics” look at key reporting areas.

In today’s episode, we discuss acquisitions and divestitures—transactions that often involve complex reporting requirements. We cover technical guidance and practical implications for a range of deal-related topics, including significance tests, carve-out financials, spin-off considerations, and more. In a deal environment that is both volatile and diverse, understanding reporting nuances is essential for staying ahead of regulatory requirements and market expectations.

In this episode, we discuss:

2:39 – Overview of the current M&A environment
6:50 – Distinctions between business acquisitions under US GAAP and SEC rules
9:58 – Reporting considerations for significant acquisitions, including:
- 16:07 – Applying the three-part significance test
- 23:20 – Requirements tied to Form 8-K, registration statements, and Form S-4
- 31:02 – Practical M&A insights
38:31 – Divestiture reporting and carve-out financial statement considerations
49:30 – Standalone reporting for divested businesses, including spin-offs, subsidiary IPOs, and private sales.

In case you missed it – check out the first episode of this video podcast miniseries, Inside SEC reporting: Capital formation. Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

About our guests

Liz Crego is a seasoned deals advisor and our US Deals Clients and Markets leader who specializes in accounting and financial reporting associated with complex global transactions, including divestitures, capital raising activities, and M&A across sectors.

About our guest host

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

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Sustainability now: Facing IRA and clean energy credit uncertainty

Thu, 08 May 2025 14:00:00 -0400

Companies face growing uncertainty about clean energy tax credits, tariffs, and the related regulatory guidance. In this episode, we explore the current state of clean energy investments, evolving financing structures, and the complex compliance landscape shaping renewable energy strategies today.

In this episode, we discuss:

1:19 – A refresher on the scope and objectives of the IRA
3:50 – How the administration change has affected clean energy projects and capital flow, including the role of new tariffs
14:59 – Complexities in prevailing wage, apprenticeship rules, and domestic content requirements
22:37 – Navigating guidance related to clean fuels and transferability of credits
33:33 – A look at positive outcomes like job growth, battery storage integration, and rising demand for renewables
33:36 – Strategic recommendations amid shifting policy, stakeholder expectations, and growing energy demands from AI

About our guest

Randa Barsoum is a tax partner specializing in federal energy tax credits, advising on Inflation Reduction Act (IRA) tax credits, cost segregations, and fixed assets. Randa specializes in energy-related tax incentives and has been instrumental in guiding clients through the complexities of new tax legislation.

About our guest host

Guest host Diana Stoltzfus is a partner in the National Office who helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings, 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.

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

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Inside SEC reporting: Capital formation

Tue, 06 May 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

This episode kicks off a new video miniseries focused on SEC reporting that will keep you up to speed on the SEC landscape and take a “back to basics” look at key reporting areas.

In today’s episode, we cover capital raising, one of the pillars of the SEC’s tripartite mission and a focus of the new SEC Chairman. Whether you're preparing for an IPO or navigating ongoing public company reporting, this discussion breaks down the key requirements and considerations. From SEC filing requirements to readiness, our guests share insights for companies at every stage of growth.

In this episode, we discuss:

1:11 – Overview of the capital markets, including IPO activity
4:48 – Key disclosure obligations for new public companies
17:47 – Overview of the IPO process (e.g., SEC reviews, confidential filings, roadshow and pricing process)
24:05 – Financial disclosures, interim reporting, and pro forma adjustments
32:36 – Public company readiness (e.g., governance, systems, investor communications)
36:12 – Other capital raising considerations (e.g., follow-on offerings, shelf registrations, seasoned issuer reviews)

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

About our guests

Ryan Spencer is a partner at PwC's National Office specializing in SEC financial reporting. He has over 25 years of experience serving clients and is a frequent contributor to PwC’s publications and communications.

About our guest host

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

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Sustainability now: Insights from the first CSRD reports

Thu, 01 May 2025 14:00:00 -0400

As the first wave of companies report under the EU’s Corporate Sustainability Reporting Directive (CSRD), PwC analyzed corporate sustainability statements. In this week’s podcast, host Heather Horn welcomes back Nadja Picard, PwC’s Global Reporting Leader, to dive into the key findings from more than 250 published reports. They explore emerging trends, surprising gaps, and what these insights mean for companies yet to report.

In this episode, we discuss:

01:47 – Overview of PwC’s analysis of 250+ CSRD reports
04:29 – Key findings: variability in disclosures and early trends
08:49 – Most common material topics and sector-specific patterns
18:35 – Entity-specific disclosures: cybersecurity, AI, and tax
24:44 – Climate reporting practices and assurance observations
33:26 – Practical guidance for companies preparing to report under CSRD

For more on PwC’s analysis of 250 corporate sustainability statements, see our publication In search of sustainable value: The CSRD journey begins.

Looking for more on the investor survey referenced in today’s podcast? Check out PwC’s 2024 Global Investor Survey and PwC’s global investor survey: What’s top of mind for 2025?

About our guest

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.

About our host

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Reporting reset – Derivatives and hedging

Tue, 29 Apr 2025 14:00:00 -0400

In this episode, we continue our miniseries on financial statement presentation and disclosure with a focus on derivatives and hedging. Derivatives and hedging are topics applicable to many companies, but the accounting and related presentation and disclosures can be complex. This episode breaks down the requirements with practical insights and guidance.

In this episode, we discuss:

1:10 – An overview of derivatives and hedging, including common examples
3:34 – Balance sheet presentation
9:03 – Income statement presentation
11:42 – Cash flow statement classification
15:19 – Key disclosure requirements

For more information, see chapter 19 of our Financial statement presentation guide and our Derivatives and hedging guide. You can also listen to the other episodes in this miniseries:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

About our guest

About our host

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Sustainability now: GHG reporting questions answered

Thu, 24 Apr 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

We're excited to continue our video podcast series on the foundations of sustainability reporting. Now watch along with our sustainability specialists as they discuss the latest on sustainability.

With the first wave of companies reporting under the European Sustainability Reporting Standards (ESRS), we address some practical implementation questions about GHG emissions reporting and provide practical examples to help companies apply the ESRS requirements.

In this episode, we discuss:

2:45 – Organizational boundary guidance under the GHG Protocol versus ESRS, including insights on some challenges companies are facing
- 5:27 – Reporting emissions from leased assets
- 13:13 – Reporting emissions associated with investment entities
18:33 – Scope 3 measurement and minimum boundaries
44:02 – Determining relevant scope 3 categories
50:25 – Complexities when disclosing targets

Looking for more on GHG emissions reporting?

*Refer to our publication on the EU Omnibus proposals to amend certain of the reporting requirements, including some that may be mentioned in this episode (this episode was recorded prior to the release of the Omnibus)
Watch or listen in to last week’s video podcast, Sustainability now: GHG measurement made manageable
Check out our GHG miniseries, Talking GHG, along with other Sustainability now episodes
Read Chapter 7 of PwC’s Sustainability reporting guide, Greenhouse gas emissions reporting
Follow our series and subscribe to our weekly newsletter to stay in the loop

About our guest

About our host

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Reporting reset – Loans, receivables, and investments

Tue, 22 Apr 2025 14:00:00 -0400

We continue our back-to-basics series on financial statement presentation and disclosure with a focus on loans, receivables, and investments – accounts that affect nearly every business. In this episode, we walk through the key presentation and disclosure requirements and examine recent guidance updates for creditors accounting for certain loan modifications.

In this episode, we discuss:

2:05 – Key considerations for loans and receivables, including:
- 3:08 – Presentation in the balance sheet and income statement
- 7:20 – Disclosure requirements
- 8:35 – New guidance (ASU 2022-02) on creditors’ accounting for certain loan modifications
13:30 – Key considerations for investments, including:
- 14:05 – Presentation in the balance sheet and income statement
- 18:22 – Disclosure requirements

For more information, see chapter 9 of our Financial statement presentation guide and our Loans and investments guide. You can also listen to the other episodes in this miniseries:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

About our guest
Catherine Espino is a partner in PwC’s National Office with 20 years of experience serving large financial institutions, broker-dealers, as well as smaller subsidiaries and private companies. Catherine focuses on advising companies within the financial services and non-financial services sectors on significant and complex accounting issues.

About our guest host
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 to us_podcast@pwc.com.

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Sustainability now: GHG measurement made manageable

Thu, 17 Apr 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

Greenhouse gas (GHG) emissions reporting is central to sustainability disclosures—and measuring those emissions accurately is critical to transparent reporting. In this episode, we walk through PwC’s five-step process for GHG reporting, with a deep dive into measurement approaches across scope 1, 2, and 3 emissions.

In this episode, we discuss:

1:40 – PwC’s 5-step process for GHG emissions reporting
6:43 – Scope 1 emissions: direct and indirect measurement methodologies
13:56 –Scope 2 emissions: market-based versus location-based methods
33:17 – Scope 3 emissions: minimum boundaries and measurement approaches for upstream and downstream emissions
50:24 – Key takeaways on measuring emissions based on practical experience

Looking for more on GHG emissions reporting?

Check out our GHG miniseries, Talking GHG, along with other Sustainability now episodes
Read Chapter 7 of PwC’s Sustainability reporting guide, Greenhouse gas emissions reporting
Follow our series and subscribe to our weekly newsletter to stay in the loop

About our guest

About our host

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Reporting reset – Stock-based compensation

Tue, 15 Apr 2025 15:00:00 -0400

We continue our back-to-basics series on financial statement presentation and disclosure with an episode focused on stock-based compensation. This episode breaks down the key presentation and disclosure principles and how stock-based compensation is reflected in each of the financial statements.

In this episode, we discuss:

0:55 – Stock-based compensation presentation in the:
- 1:09 – Balance sheet
- 9:36 – Income statement
- 11:34 – Statement of cash flows
- 18:29 – Statement of stockholders’ equity
20:58 – Key stock-based compensation disclosure requirements

For more information, see chapter 15 of our Financial statement presentation guide and our Stock-based compensation guide. You can also listen to the other episodes in this miniseries:

Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership.

About our guest
Ken Stoler is a partner in PwC’s National Office who specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. He has helped companies navigate their employee compensation issues during IPOs, spin offs, acquisitions, and other major transactions or events.

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

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

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Sustainability now: Foundational reporting concepts

Thu, 10 Apr 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

We're excited to continue our video podcast series on the foundations of sustainability reporting. Now watch along with our sustainability specialists as they discuss the latest on sustainability.

In this episode, we explore the foundational concepts that underpin sustainability reporting. From qualitative characteristics and connectivity with financial statements to measurement approaches and general disclosure requirements, we break down what preparers need to know under both the European Sustainability Reporting Standards (ESRS) and International Sustainability Standards Board (ISSB) standards.

In this episode, we discuss:

1:52 – An overview of the foundations of sustainability reporting
3:10 – The qualitative characteristics of sustainability reporting under ESRS and ISSB standards
15:29 – Connectivity with the financial statements
18:12 – Three steps to develop quantitative measurements
29:31 – General disclosure requirements under ESRS and ISSB standards

Looking for the latest developments in sustainability reporting?

Read Chapter 5 of PwC’s Sustainability reporting guide, Foundations of sustainability reporting
Follow our series and subscribe to our weekly newsletter to stay in the loop

About our guest
Diana Stoltzfus is a partner in the National Office who 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.

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Reporting reset – Consolidation disclosures

Tue, 08 Apr 2025 14:00:00 -0400

We continue our back-to-basics series on financial statement presentation with an episode focused on consolidation disclosures. These disclosures can be complex, covering both consolidated entities – such as variable interest entities (VIEs) and voting interest entities (VOEs) – as well as variable interests in VIEs that are not consolidated. This episode breaks down the relevant frameworks, presentation principles, and disclosure requirements.

In this episode, we discuss:

2:00 – The purpose of consolidated financial statements and the guiding frameworks
5:50 – General consolidation presentation and disclosure principles
8:00 – Principles and objectives for the presentation and disclosure of variable interests in VIEs, including from the perspective of:
- 12:22 – A holder of variable interests in a VIE, regardless of primary beneficiary status
- 14:21 – A primary beneficiary of a VIE
- 16:17 – An entity with variable interests in VIEs for which it is not the primary beneficiary
20:35 – Presentation and disclosure considerations for VOEs

For more information, see chapter 18 of our Financial statement presentation guide and our Consolidation guide. You can also listen to the other episodes in this miniseries:

About our guests
Alexander Martin is a partner in PwC's Deals practice who specializes in helping clients solve complex accounting, financial reporting, and business issues arising from deals, structured transactions, and other transformational events. With over 15 years of experience, Alexander has deep expertise in US GAAP and SEC reporting, gained through his roles as an advisor in PwC's Deals practice, a regulator at the SEC, and most recently as a partner in PwC's National Office.

About our guest host
Diana Stoltzfus is a partner in the National Office who 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.

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

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Sustainability now: Materiality matters

Thu, 03 Apr 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

We're excited to continue our video podcast series on the foundations of sustainability reporting. Now watch along with our sustainability specialists as they discuss the latest on sustainability.

Despite the ever-changing landscape, materiality remains the cornerstone of sustainability reporting – and it’s here to stay. In this episode, we discuss how materiality is defined and applied under both the European Sustainability Reporting Standards (ESRS) and International Sustainability Standards Board’s (ISSB) standards, highlighting key similarities and differences.

In this episode, we discuss:

2:13 – Understanding double materiality and impacts, risks, and opportunities (IROs) in the ESRS framework
19:15 – Considering long-term horizons, cumulative effects, and uncertainty under ESRS
26:39 – Disclosure of relevant IROs under ESRS, including the importance of stakeholders
34:21 – The concept of materiality under ISSB standards
40:23 – ISSB risks and opportunities

Identifying impacts, risks, and opportunities as well as performing a double materiality assessment are fundamental areas of reporting in accordance with ESRS that are not expected to be impacted by the European Commission’s “Omnibus” proposals at this time. For information on how the “Omnibus” proposals could impact reporting, check out PwC’s publication.

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Reporting reset – Fair value disclosures

Tue, 01 Apr 2025 14:00:00 -0400

We continue our back-to-basics series on financial statement presentation with an episode focused on fair value disclosures. Fair value measurements are used across many areas of financial reporting—and the related disclosure requirements can be extensive. From recurring versus nonrecurring measurement disclosures to those relating to fair value hierarchy, we highlight key considerations.

In this episode, we discuss:

1:09 – General fair value disclosure requirements
8:13 – Fair value hierarchy disclosures
14:52 – Disclosures of unobservable inputs and valuation techniques
17:04 – Concentrations of credit risk and market risk disclosures
18:35 – Fair value disclosures for instruments not measured at fair value
19:48 – Applying the fair value option
27:52 – SEC comment letter trends

For more information, see chapter 20 of our Financial statement presentation guide and our Fair value guide. You can also listen to the first episode in this series, Reporting reset – Presentation fundamentals. Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to for the latest thought leadership.

About our guest
Bret Dooley is a PwC National Office Deputy Chief Accountant 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.

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

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Sustainability now: Setting your reporting boundaries

Thu, 27 Mar 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

We're excited to continue our video podcast series on the foundations of sustainability reporting. Now watch along with our sustainability specialists as they discuss the latest on sustainability.

Understanding the boundaries, or reporting scope, of sustainability reporting frameworks, including with the European Sustainability Reporting Standards and IFRS Sustainability Disclosure Standards, is critical for compliance. In this episode, we explore key concepts like own operations, value chain, and time boundaries to help companies navigate sustainability reporting alongside financial reporting.

In this episode, we discuss:

1:08 – What the term “boundaries” means for sustainability reporting
2:49 – How sustainability and financial reporting boundaries compare
14:31 – Understanding upstream and downstream value chains and why they are part of sustainability reporting
25:32 – Time horizons for reporting, including short, medium, and long term
30:38 – How to handle changes in entity structure during the year

ICYMI: Check out the five episodes of this miniseries:

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Navigating tariff turbulence to your business and your accounting

Tue, 18 Mar 2025 14:00:00 -0400

Tariffs are dominating headlines and reshaping global trade. In this episode we break down what they may mean for businesses and financial reporting, and we share insights on how companies can prepare.

In this episode, we discuss:

1:44 – Overview of tariffs and the current state of play
16:28 – Key financial reporting impacts
21:12 – Reciprocal tariffs: Country- and industry-specific impacts
25:44 – Accounting implications: Cost capitalization, customer contracts, asset impairments, income taxes, and disclosures
37:30 – Strategies for managing tariff impacts

For more on this topic, read our publications, Accounting implications of tariffs and How Trump's tariffs could impact US companies.

About our guests
Christopher Desmond is a leader in PwC's US Global Trade Services team with over 20 years of experience in transfer pricing. He is known for customized offerings in trade / tariffs combined with other specialties such as supply chain, transfer pricing, and international tax. Chris develops transfer pricing and value chain strategies to help clients manage their businesses using a “best foot forward” approach.

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

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Sustainability now: Navigating “Omnibus” uncertainty

Thu, 13 Mar 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

We're excited to continue our video podcast series on the foundations of sustainability reporting. Now watch along with our sustainability specialists as they discuss the latest on sustainability.

In this bonus episode, we break down the EU’s Omnibus proposal released on February 26, covering key changes to the Corporate Sustainability Reporting Directive (CSRD), including potential impacts to timing and requirements. Join PwC’s Heather Horn and Diana Stoltzfus as they discuss the implications for companies and what’s next in the legislative process.

In this episode, we discuss:

1:46 – Background on the regulatory changes driving the Omnibus proposals
5:20 – The process and timeline of the CSRD proposals
9:58 – Two CSRD proposals – “stop the clock” and content revision – and potential implications
29:30 – The next steps for these proposals
31:40 – Proposed changes to EU Taxonomy regulations and member state transposition
37:28 – How companies can consider these potential changes before they become final

ICYMI: Check out the first three episodes of this miniseries:

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Sustainability now: Determining required reporting

Tue, 11 Mar 2025 14:00:00 -0400

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

We're excited to continue a video podcast series on the foundations of sustainability reporting. Now watch along with our sustainability specialists as they discuss the latest on sustainability.

Understanding which sustainability reporting frameworks apply to your company is a crucial first step in compliance. In this episode, we break down the complexities of determining which reporting frameworks apply to which entities, from the EU’s Corporate Sustainability Reporting Directive (CSRD) to the International Sustainability Standards Board’s standards. We also explore how companies can navigate reporting requirements across jurisdictions.

In this episode, we discuss:

2:20 – Where to begin the reporting process
4:29 – Determining if an entity falls under the CSRD requirements
28:58 – ISSB adoption and global reporting considerations
31:17 – Practical advice for companies navigating reporting developments

ICYMI: Check out the first two episodes of this miniseries, Sustainability now: Navigating shifts in the reporting landscape and Sustainability now: An overview of key reporting frameworks.

Looking for the latest developments in sustainability reporting?

*Refer to our publication on the EU Omnibus proposals to amend certain of the reporting requirements, including some that may be mentioned in this episode (this episode was recorded prior to the release of the Omnibus)
Read PwC’s Sustainability reporting guide
Follow our series and subscribe to our weekly newsletter to stay in the loop.

About our guest
Valerie Wieman is a PwC National Office partner with over 30 years of experience. She is one of the firm’s technical experts on sustainability reporting and 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Sustainability now: An overview of the key reporting frameworks

Thu, 06 Mar 2025 14:00:00 -0500

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com.

In this episode, we continue with an overview of key frameworks, regulatory developments, and resources to leverage on the reporting journey. Host Heather Horn is joined by PwC sustainability reporting specialists and National Office partners, Marcin Olewinski, Diana Stolzfus, and Valerie Wieman to cover the key sustainability reporting frameworks that are expected to have the broadest impact globally as well as interoperability among them.

In this episode, we discuss:

1:45 – Overview of the key sustainability reporting frameworks expected to have the broadest impact globally
5:07 – Corporate Sustainability Reporting Directive, or CSRD, as part of a broader EU regulatory regime*
14:18 – International Sustainability Standards Board, or ISSB, standards and inoperability with other frameworks
29:10 – GHG Protocol for mandatory and voluntary reporting of greenhouse gas emissions now and in the future
36:13 – Voluntary reporting frameworks including:
- Task Force on Climate-related Financial Disclosures (TCFD)
- Global Reporting Initiative (GRI)
- Climate Disclosure Standards Board (CDSB)
- Task Force on Nature-related Financial Disclosures (TNFD)
44:53 – Practical advice on approaching sustainability reporting requirements in an evolving landscape

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

Diana Stoltzfus is a partner in the National Office who 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.

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Disaggregated expense disclosures – The FASB’s new DISE standard

Tue, 04 Feb 2025 14:00:00 -0500

The FASB’s new disaggregation of income statement expenses (DISE) standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. In this episode, we explore the scope, key provisions, and practical challenges of implementing the new standard.

In this episode, we discuss:

2:32 – Overview of FASB’s DISE standard
5:00 – Which entities are impacted by the new requirements
7:53 – Key disclosure requirements, including tabular reporting
13:26 – Challenges in disclosing inventory-related expenses
20:07 – Use of estimates and data limitations in reporting
27:33 – Transition timeline and practical steps for implementation

For more information, see our publication, FASB issues new disaggregated expense disclosure requirements (DISE). Additionally, follow this podcast on your favorite podcast app for more episodes.

About our guests:
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.

Gary Sardo is a partner in PwC’s National Office who specializes in financial reporting matters that impact health industries and, more broadly, consults on a range of accounting topics, including acquisitions, divestitures, consolidation, and revenue recognition. Prior to this role, Gary completed a two-year fellowship at the FASB.

About our host:
Guest host 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Year-end toolkit: Reporting under IFRS Accounting Standards

Thu, 30 Jan 2025 14:00:00 -0500

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone. In this bonus episode of our Year-end toolkit series, we share reminders and insights on IFRS reporting for companies that are getting ready to report in 2025.

In this episode, we discuss:

2:18 – Segment disclosures
4:51 – Accounting standards newly applicable for December 31, 2024 year ends, including those related to:
- 5:07 – Non-current liabilities with covenants
- 7:25 – Supplier finance arrangements
- 10:22 – Sale and leaseback transactions
11:38 – Recent priorities and focus areas of European regulators that may impact US companies
20:27 – Hyperinflationary economies
23:36 – New IFRS accounting standards effective in 2025 and beyond and looking ahead to 2025 broadly

Additionally, follow this podcast on your favorite podcast app for more episodes.

About our guest:
Gary Berchowitz is the corporate accounting topic team leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings over 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 leads the development of PwC’s global view on a variety of financial reporting matters.

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

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Year-end toolkit: New standards effective in 2025

Tue, 28 Jan 2025 14:00:00 -0500

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this episode, we provide an overview of new standards effective in 2025. Our discussion will help get you up to speed as you prepare for 2025 (and don’t forget that the impact of adopting new standards may also need to be disclosed in your 2024 financial statements).

In this episode, we discuss new standards related to the following topics:

2:08 – An overview of the new standards effective in 2025
3:42 – Joint venture formations
12:53 – Crypto assets
24:39 – Profits interests and similar awards
33:39 – Investments in tax credit entities

Additionally, follow this podcast on your favorite podcast app for more episodes.

About our guest:
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.

About our host:
Guest host 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Replay - Talking ESG: Can AI be sustainable?

Thu, 23 Jan 2025 14:00:00 -0500

We are revisiting a conversation on Talking ESG that was originally recorded in September at NYC Climate Week to highlight our host and guest appearing together on The Atlantic's podcast, The Most Interesting Thing In A.I. In both episodes, they examine the intersection of two trending topics: AI and sustainability, discussing the environmental impact of AI and the balance between AI's benefits and its environmental footprint.

Listen in to this reissued episode in which Scott Likens, PwC Global Chief AI Engineer, and host Heather and Horn discuss:

3:17 – How AI is impacting sustainability
8:54 – Why AI and sustainability aren’t necessarily opposing forces
17:28 – Practical examples of utilizing AI to optimize energy usage
28:22 – The broader benefits of using AI to impact sustainability
31:05 – Balancing AI’s benefits with its environmental footprint
38:32 – Advice for both companies and individuals leveraging AI

Also listen as Heather and Scott were guests on The Atlantic's The Most Interesting Thing In A.I. podcast hosted by Nicholas Thompson. In that episode, they expanded the dialogue on AI and its role in addressing climate concerns to further examine the balance between leveraging AI for progress and mitigating its environmental impact.

Looking for more from PwC on AI? Check out PwC’s 2 024 US Responsible AI Survey and 2025 AI Business Predictions.

Scott Likens is the Global and US Chief AI Engineer leading and overseeing the AI Engineering and Emerging Technology teams in the United States. With more than 30 years of emerging technology experience, he has helped clients transform their customer experience and enhance their digital operations across all aspects of their business.

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

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Year-end toolkit: Tax accounting and reporting reminders for 2025

Thu, 09 Jan 2025 14:00:00 -0500

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this next episode of our series, we discuss tax accounting and reporting reminders with Jennifer Spang, PwC’s National Office income tax accounting leader. We cover a variety of tax accounting and reporting topics, including the impact of recent election results and the associated tax impacts expected in 2025.

In this episode, we discuss:

2:40 – Anticipated tax implications following the 2024 US election results
10:50 – Pillar Two
17:36 – The FASB’s disclosure standard
21:58 – Uncertain tax positions
27:56 – Inflation Reduction Act credits and valuation allowances
32:43 – Advice for year-end income tax accounting

For more information about key developments at the AICPA & CIMA conference, see our publication, 2024 AICPA & CIMA Conference: Current SEC and PCAOB Developments and see our publication, Accounting for Pillar Two: Frequently asked questions for the latest on the topic.

Also, check out our other episodes in this miniseries:

And please follow this podcast on your favorite podcast app for more episodes.

Jennifer Spang is PwC’s 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.

Guest host 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Year-end toolkit: Audit reminders for preparers

Tue, 07 Jan 2025 14:00:00 -0500

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this next episode of our miniseries, we discuss audit-related reminders for preparers with Brian Croteau, PwC’s US Chief Auditor. In this episode we share timely insights for preparers to consider for the year-end audit, which is another important part of year-end accounting and reporting.

In this episode, we discuss auditing considerations related to:

3:13 – Key takeaways from the AICPA & CIMA Conference: Current SEC and PCAOB Developments
12:06 – Accounting policies and controls
20:28 – The execution or modification of significant contracts and agreements
23:08 – Complete and accurate disclosures within the financial statements
26:48 – Independence
28:54 – Known or suspected fraud or illegal acts
34:44 – AI in financial reporting

For more information about key developments at the AICPA & CIMA conference, see our publication, 2024 AICPA & CIMA Conference: Current SEC and PCAOB Developments. Also, check out our other episodes in this miniseries:

Additionally, follow this podcast on your favorite podcast app for more episodes.

Brian Croteau is the US Chief Auditor. He oversees the establishment and maintenance of PwC’s audit policies and practices, leads efforts to directly support PwC’s audit quality objectives, and plays a key role in the monitoring and assessment of audit quality. He also leads the firm’s efforts related to its relationship with the PCAOB, including supporting all aspects of the PCAOB’s inspection process. Brian currently serves as a member of the PCAOB’s Standards and Emerging Issues Advisory Group (SEIAG) and the SEIAG’s Emerging Issues in Auditing subcommittee. Prior to rejoining PwC, he served as the Deputy Chief Accountant of the Professional Practice Group within the Office of the Chief Accountant at the SEC where he played a key role in the SEC’s oversight of the activities of the PCAOB, managed the resolution of auditor independence issues and ethical matters, and monitored audit and independence standard setting internationally.

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 to us_podcast@pwc.com.

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Year-end toolkit: Accounting and reporting reminders for 2025

Thu, 02 Jan 2025 14:00:00 -0500

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this next episode of our series, we discuss accounting and reporting reminders and timely insights with some of the top technical leaders from our National Office. A one-stop shop for year end, we cover a variety of accounting and reporting topics from contract modifications to financing transactions to segments and many things in between.

In this episode, we discuss accounting and reporting reminders related to:

2:03 – Natural disasters
6:04 – Highly inflationary economies
8:20 – Tax regulatory landscape
12:07 – Close calls on impairments and other accounting estimates
14:13 – Revenue
15:56 – Contract modifications
25:41 – Capital raising transactions
32:35 – Statement of cash flows
37:05 – Segment reporting
43:28 – Supplier finance obligations
44:59 – New standards and looking ahead to 2025

Check out the other episode in this miniseries, Year-end toolkit: Year in review from the corner office. 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. She has over 30 years of experience consulting with clients and engagement teams on complex accounting matters.

Bret Dooley is a PwC National Office Deputy Chief Accountant 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

Pat Durbin is a PwC National Office Deputy Chief Accountant. 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.

Guest host 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.

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2024 Year-end toolkit: Year in review from the corner office

Thu, 19 Dec 2024 14:00:00 -0500

To kick off the series, host Heather Horn is joined by Tim Carey, PwC National Office leader, and Kyle Moffatt, PwC National Office Professional Practice leader, to reflect on the key developments of 2024 from their perspectives and look ahead at what’s to come in 2025.

In this episode, we discuss:

1:45 – External factors impacting accounting and reporting, including the presidential election and the recent AICPA/SEC conference
10:11 – Supreme Court case rulings impacting financial regulation and rulemaking from the year
15:17 – What’s on the horizon for cryptocurrency accounting and the latest on the cybersecurity disclosure rule
27:32 – Notable regulatory activity from the PCAOB, including the costs and benefits of current proposed rules
40:21 – What role the FASB plays in the current regulatory and rulemaking landscape
47:12 – SEC climate disclosure rule and other sustainability requirements
53:30 – What’s in store for 2025

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.

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

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

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Foreign private issuers – SEC comment letter trends and more

Tue, 10 Dec 2024 14:00:00 -0500

This next episode of our 2024 SEC comment letter podcast miniseries discusses Foreign Private Issuers (FPIs). Many of the considerations we talk about for other SEC filers also apply to FPIs; however, there can be some differences and added complexities. We discuss the issues most frequently raised by the SEC staff, including those unique to FPIs, and offer advice to preparers for getting ahead of them.

In this episode, we discuss:

7:24 – Comment letter trends specific to FPIs, including those related to:
- 8:55 – Non-GAAP performance measures
- 16:15 – Segment reporting
- 21:32 – Revenue
- 25:01 – Management’s Discussion and Analysis
- 30:29 – Financial instruments
41:39 – FPI status re-assessment
44:53 – IFRS segment reporting considerations
47:45 – Other accounting and reporting reminders related to FPIs

For more information, see our full analysis of SEC comment letter trends. Also, check out our other episodes in this miniseries:

Additionally, follow this podcast on your favorite podcast app for more episodes.

Patrick Higgins is a Deputy Chief Accountant in PwC’s National Office responsible for our SEC foreign private issuer and IFRS teams. Patrick has also served as a global signing partner in a variety of countries and industries.

Kevin Vaughn is a PwC National Office partner specializing in SEC reporting matters. Kevin leverages his extensive experience to support PwC public company and pre-IPO clients on accounting and SEC reporting matters. Prior to joining PwC in 2023, Kevin spent over 18 years at the SEC, most recently serving on the leadership team in the SEC’s Office of the Chief Accountant where he focused on technical accounting consultations, SEC rulemakings, and standard setting matters.

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 to us_podcast@pwc.com.

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Talking GHG: Practical insights on measuring scope 3 emissions

Thu, 05 Dec 2024 14:00:00 -0500

In the sixth episode of our GHG miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we conclude our discussion on step 4: measure greenhouse gas emissions with scope 3 emissions. Host Heather Horn is joined again by Marcin Olewinski, an Assurance partner, and Chris Ostermann, a director in PwC’s Sustainability Services Group, to provide an introduction to scope 3 emissions, including an overview of their 15 categories downstream and upstream as well as the complexities in measuring these emissions. They share practical advice for measuring these emissions, which often yield more challenges than scope 1 and scope 2.

In this episode, we discuss:

01:54 – Scope 3 emissions and their related upstream and downstream categories
10:49 – Double counting scope 3 emissions and its impact on greenhouse gas emissions reporting
15: 33 – The measurement requirements of scope 3 emissions, including ESRS and ISSB frameworks
25:01 – Where to start when gathering data for key assumptions in the measurement of scope 3 emissions
35:09 – Time boundaries for applicable scope 3 categories
38:53 – Deciding where to prioritize efforts on scope 3 measurement

For more information on GHG emissions reporting, including scope 3 emissions discussed in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide. And to catch up on the GHG miniseries, listen to the first four episodes below.

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

Chris Ostermann is a director in PwC’s Sustainability Services Group working on sustainability and ESG matters with companies across multiple sectors. He focuses on helping clients understand their most significant sustainability/ESG impacts, develop strategies to address those impacts, execute those strategies and communicate progress to investors and other stakeholders.

Heather Horn

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Talking GHG: Practical insights on measuring scope 2 emissions

Fri, 22 Nov 2024 13:00:00 -0500

In our fifth episode of our miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we discuss step 4: measure greenhouse gas emissions, continuing with scope 2 emissions. Host Heather Horn is joined again by Marcin Olewinski, an Assurance partner, and Chris Ostermann, a director in PwC’s Sustainability Services Group, to kick off the second of three episodes focused on measuring greenhouse gases. They will share more of what they’re seeing in practice working with companies who are calculating these emissions, a must listen given the complexity of the challenges can grow moving from scope 1 to scope 2 emissions.

In this episode, they discuss:

02:05 – Scope 2 emissions — how they are different from scope 1 emissions and the formula for calculating them
06:39 – Location-based and market-based methods for calculating scope 2 emissions
16:02 – Bundled and unbundled instruments and their related challenges
19:59 – Importance of selecting appropriate emission factors
27:39 – Reporting scope 2 emissions, including selecting the right calculation method to report

For more information on GHG emissions reporting, including scope 2 emissions discussed in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide. And to catch up on the GHG miniseries, listen to the first four episodes below.

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

Chris Ostermann is a director in PwC’s Sustainability Services Group working on sustainability and ESG matters with companies across multiple sectors. He focuses on helping clients understand their most significant sustainability/ESG impacts, develop strategies to address those impacts, execute those strategies and communicate progress to investors and other stakeholders.

Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters.

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

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Talking GHG: Practical insights on measuring scope 1 emissions

Thu, 14 Nov 2024 14:00:00 -0500

In the fourth episode of our miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we discuss step 4: measure greenhouse gas emissions, starting with scope 1 emissions. Host Heather Horn and frequent ESG podcast guest Marcin Olewinski, an Assurance partner, are joined by Chris Ostermann, a director in PwC’s Sustainability Services Group, to kick off the first of three episodes focused on measuring greenhouse gases. They will share what they’re seeing in practice working with companies who are calculating these emissions, including successes and (preventable) misapplications.

In this episode, they discuss:

02:24 – Scope 1 GHG emissions, including identifying sources and a complete inventory
07:05 – Methods for measuring scope 1 emissions and how to select a measurement approach
16:56 – Challenges associated with collecting data inputs
22:53 – Explaining emissions factors and the challenges in selecting emissions factors for the emissions calculation
33:17 – Global warming potentials and their impact on the calculation of scope 1 emissions
41:33 – Practical advice from working with clients

For more information on GHG emissions reporting, including scope 1 emissions discussed in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide. And to catch up on the GHG miniseries, listen to the first three episodes below.

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

Chris Ostermann is a director in PwC’s Sustainability Services Group working on sustainability and ESG matters with companies across multiple sectors. He focuses on helping clients understand their most significant sustainability/ESG impacts, develop strategies to address those impacts, execute those strategies and communicate progress to investors and other stakeholders.

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

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

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Talking GHG: Determining operational boundaries

Thu, 07 Nov 2024 13:00:00 -0500

In the third episode of our miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we discuss step 3: determine operational boundaries. Host Heather Horn is joined again by Marcin Olewinski, an Assurance partner, and Kelsey Pizza, a senior manager in PwC’s National Office, who illustrate the importance of correctly identifying operational boundaries and the impact on the accuracy of GHG reporting. They also discuss how it’s a critical step to helping organizations clearly define and understand the scope of their emissions.

Because different frameworks may prescribe different approaches while others provide some flexibility, it is key to understand your reporting requirements (as discussed in the first episode in this miniseries, Talking GHG: Reporting requirements for greenhouse gas emissions). We’ll highlight different approaches and the impacts (sometimes more significant than one would expect) that an organizational boundary may have on reporting.

In this episode, they discuss:

2:34 – What operational boundaries are and how they interact with organizational boundaries
4:37 - Overview of scope 1, scope 2, and scope 3 emissions and classification
10:44 – How and why operational boundaries are determined
18:13 - Challenges in classifying emissions from leased assets and the impact of different sustainability frameworks
34:19 – Practical advice for determining operational boundaries

For more information on GHG emissions reporting, including the scope 2 emissions discussed in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide. And to catch up on the GHG miniseries, listen to the first two episodes below.

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

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

Heather Horn

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

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Talking ESG and reducing GHG with a chief sustainability officer

Thu, 31 Oct 2024 14:00:00 -0400

This week, host Heather Horn is joined by a chief sustainability officer (CSO), whose impressive background in paleoclimate geology has propelled her into the world of sustainability. Allyson Anderson Book from Baker Hughes provides a practical perspective on her sustainability journey as a CSO. She shares the challenges overcome and perseverance needed in getting to the accomplishments – decarbonization and good reporting on the company’s efforts.

In this episode, they discuss:

6:23 – A CSO’s view on the role of reporting
11:51 – Background on the company and how it is thinking about its emissions profile and its customers’
24:55 – The importance of prioritizing data fidelity and management
29:56 – What to think about when accounting for emissions
33:31 – The pros and cons of absolute versus intensity measurement of emissions
46:02 – Expected results when stakeholders are involved in sustainability efforts
50:07 – Advice on navigating your company’s own sustainability journey from a CSO

Enjoy hearing from Allyson in today’s episode? Tune in to PwC’s Quarterly sustainability webcast on Thursday, November 7 or Wednesday, November 13 when she will discuss energy transition. Register here.

Allyson Anderson Book is the Chief Sustainability Officer at Baker Hughes, an energy technology company that provides solutions for energy and industrial customers worldwide. Before joining Baker Hughes, Allyson served as the executive director of the American Geosciences Institute, and she has held several academic, policy, and senior government positions.

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

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

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Equity interest accounting – The measurement alternative and more

Tue, 29 Oct 2024 14:00:00 -0400

We wrap up our miniseries on loans and investments with a discussion of the accounting for equity interests, a topic that can impact companies across all industries.

In this episode, we discuss:

2:02 – Equity interests in scope of ASC 321, Investments—Equity Securities
13:19 – Determining whether an equity interest has a readily determinable fair value
15:10 – An overview of the “measurement alternative,” including:
- 22:27 – Impairment of equity interests
- 25:31 – Identifying observable transactions

For more information, see chapter 2 of our Loans and investments guide. Also, check out our other episodes in this miniseries:

Additionally, follow this podcast on your favorite podcast app for more episodes.

Chip Currie is a partner in PwC’s National Office with nearly 30 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.

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

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

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Talking ESG: Can AI be sustainable?

Thu, 24 Oct 2024 14:00:00 -0400

At the intersection of two trending topics, AI and sustainability, there are a myriad of both costs and benefits to consider. Host Heather Horn is joined by Scott Likens, PwC Global Chief AI Engineer, to discuss the environmental impact of AI and the balance between AI's benefits and its environmental footprint.

In this episode, they discuss:

3:17 – How AI is impacting sustainability
8:54 – Why AI and sustainability aren’t necessarily opposing forces
17:28 – Practical examples of utilizing AI to optimize energy usage
28:22 – The broader benefits of using AI to impact sustainability
31:05 – Balancing AI’s benefits with its environmental footprint
38:32 – Advice for both companies and individuals leveraging AI

Looking for more on AI? Check out PwC’s Artificial Intelligence services as well as resources on responsible AI, including What is responsible AI and how can it help harness trusted generative AI?

Scott Likens is the Global and US Chief AI Engineer leading and overseeing the AI Engineering and Emerging Technology teams in the United States. With more than 30 years of emerging technology experience, he has helped clients transform their customer experience and enhance their digital operations across all aspects of their business.

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

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

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Applying the CECL model to financial asset credit losses

Tue, 22 Oct 2024 14:00:00 -0400

We continue our miniseries on loans and investments with a discussion of the current expected credit losses (CECL) impairment model, applicable to a broad range of financial assets.

In this episode, we discuss:

3:42 – A refresher on the CECL model
8:02 – Impact of the current economic environment on credit losses
23:43 – Monitoring and governance of credit losses
26:46 – SEC comment letters and other activity related to CECL
30:49 – FASB developments related to CECL, including purchased financial assets

For more information, see chapter 7 of our Loans and investments guide. Also, check out our other episodes in this miniseries, Accounting for debt securities held by corporates and Accounting for loan receivables by corporates. Additionally, follow this podcast on your favorite podcast app for more episodes.

Catherine Espino is a partner in PwC’s National Office with 20 years of experience serving large financial institutions, broker-dealers, as well as smaller subsidiaries and private companies. Catherine focuses on advising companies within the financial services and non-financial services sectors on significant and complex accounting issues.

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

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

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Talking ESG: Revisiting ESG to enhance value and drive growth

Thu, 17 Oct 2024 14:00:00 -0400

The term “ESG” has been used for over two decades, including in this podcast miniseries title. Host Heather Horn sat down with guest Matt Sekol, Sustainability Global Blackbeltand author of ESG Mindset: Business Resilience and Sustainable Growth, to revisit the complexities of ESG and how companies can rethink the concept to not only build better resilience for the long term, but also find value in reporting.

In this episode, they discuss:

3:42 – The key messages of ESG Mindset and redefining “ESG”
9:44 – How sustainability reporting can contribute to change
12:26 – What leaders can do to leverage ESG in a material way
20:06 – How companies can strike a balance between ESG and the success of the business
35:19 – The interconnectedness of ESG and the macroeconomic environment
45:12 – Key takeaway for addressing systemic ESG issues

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.

Matthew Sekol is a Sustainability Global Black Belt on Microsoft’s Cross-Industry team and a Senior Advisor for Enzo Advisors. In 2024, Matthew released a book called ESG Mindset, which is a guide for companies to think critically about ESG and take a holistic approach to the business. He serves on the LP Advisory Committee of Morgan Stanley’s Next Level Fund, which invests in diverse-led and founded startups. Matthew is considered a benevolent troublemaker who guides companies and partners to think through and address their most material issues on their path to impact.

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

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

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Accounting for loan receivables by corporates

Tue, 15 Oct 2024 14:00:00 -0400

We continue our miniseries on loans and investments with a discussion of the accounting by corporate entities for loan receivables, which can include items such as trade receivables and other receivables with customers, suppliers, employees and more.

In this episode, we discuss:

1:43 – The definition of a loan and types of loan arrangements
3:18 – Recognition and measurement of loans
7:40 – Classification and accounting for loans held for sale or held for investment
18:54 – Recording interest income on loans
23:29 – An overview of loan impairments

For more information, see chapter 4 of our Loans and investments guide. Also, check out our other episode in this miniseries, Accounting for debt securities held by corporates. Additionally, follow this podcast on your favorite podcast app for more episodes.

Chip Currie is a partner in PwC’s National Office with nearly 30 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.

Catherine Espino is a partner in PwC’s National Office with 20 years of experience serving large financial institutions, broker-dealers, as well as smaller subsidiaries and private companies. Catherine focuses on advising companies within the financial services and non-financial services sectors on significant and complex accounting issues.

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

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

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Talking ESG: Using impact accounting to drive decision-making

Thu, 10 Oct 2024 15:00:00 -0400

Impact accounting is the process of attributing monetary value to disparate pools of datapoints across sustainability topics with the intent of creating comparability to drive investment decisions. This week, host Heather Horn is joined by a special guest from the International Foundations of Valuing Impacts (IFVI), CEO and President, Rob Zochowski, to discuss the relatively new concept of impact accounting and how it can complement existing sustainability reporting for business decision-making.

In this episode, they discuss:

3:24 – Background on impact accounting and IFVI
8:10 – The concept of impact valuation and its role in assigning monetary value to sustainability metrics
15:18– Getting global feedback on impact accounting
24:12– How impact accounting both measures and values corporate impacts to drive better decision-making
29:48 – Leveraging impact accounting for both reporting and decision-making
38:02 – Challenges in assigning monetary value to diverse impacts

For more information on impacting accounting, see PwC’s Impact management for sustainable business strategy. Further, as referenced in the episode, more information on European Union regulations can be found in PwC’s publication, European Union regulations beyond CSRD.

And visit IFVI’s website on Tuesday, October 15 for the release of its impact accounting methodologies.

T. Robert Zochowski is the President and CEO of IFVI since its founding. Formerly, he was the Program Director Impact Investing and Sustainability Special Projects including the Impact Weighted Accounts Project. Rob was a Vice President at Goldman Sachs. Rob received his MBA from Columbia Business School in the Executive Program where he concentrated on Social Enterprise and Impact Investing, graduating Dean’s Honors with Distinction. He was featured in Poets and Quants annual 100 Best & Brightest Executive MBAs list and received the Carson Family Changemaker Award.

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

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

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Accounting for debt securities held by corporates

Tue, 08 Oct 2024 14:00:00 -0400

We kick off our miniseries on loans and investments with an episode on accounting for debt securities for corporate entities. We discuss key considerations applicable to corporates and share insights on some of the more complex areas.

In this episode, we discuss:

5:31 – Identifying the applicable accounting guidance
13:24 – Instruments that qualify as cash equivalents
22:07 – Classification of debt securities and the accounting implications
31:36 – Valuation of debt securities
36:33 – Financial statement presentation considerations

For more information, see chapter 3 of our Loans and investments guide. 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 and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.

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

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Talking GHG: How organizational boundaries shape reporting

Thu, 26 Sep 2024 14:00:00 -0400

In the second episode of our miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we discuss how to establish organizational boundaries. Host Heather Horn is joined again by Marcin Olewinski, an Assurance partner, and Kelsey Pizza, a senior manager in PwC’s National Office, who illustrate the importance of including the correct entities, assets, and operations through real world examples.

Different frameworks may prescribe different approaches while others provide some flexibility so it is key to understand your reporting requirements (as discussed in the first episode in this miniseries, Talking GHG: Reporting requirements for greenhouse gas emissions). We’ll highlight different approaches and the impacts (sometimes more significant than one would expect) that an organizational boundary can have on reporting.

This episode discusses:

2:48 – What it means to establish organizational boundaries
4:33 – The three organizational boundary approaches outlined by the GHG Protocol
13:48 – Practical examples of organizational boundary scenarios
34:23 – Factors to consider when applying an organizational boundary approach
37:23 – When to change organizational boundary approaches
39:38 – Advice for companies in process of establishing organizational boundaries

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

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

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

Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team.

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

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Foreign currency accounting – Remeasurement and translation

Tue, 24 Sep 2024 12:00:00 -0400

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

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

In this episode, we discuss:

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

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

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

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

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

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

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Talking GHG: Reporting requirements for greenhouse gas emissions

Thu, 19 Sep 2024 14:00:00 -0400

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

In this episode, they discuss:

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

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

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

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

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

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

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Foreign currency accounting – Determining functional currency

Tue, 17 Sep 2024 14:00:00 -0400

We kick off our miniseries on foreign currency accounting with an episode on determining functional currency, which is the currency of the primary economic environment in which a distinct and separable operation operates.

In this episode, we discuss:

03:52 – Identifying distinct and separable operations
19:01 – Determining functional currency
25:45 – Common pitfalls in evaluating functional currency
37:37 – Changes in functional currency
40:19 – Highly inflationary economies

For more information, see chapter 3 of our Foreign currency guide. 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.

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 to us_podcast@pwc.com.

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Stock-based compensation – 5 things for private companies to know

Tue, 10 Sep 2024 14:00:00 -0400

We continue our miniseries on stock-based compensation awards with a focus on 5 important things for private companies to know. This is an area for which the accounting tends to be more complicated for nonpublic companies.

In this episode, we discuss:

3:12 – Measurement of liability-classified awards
5:59 – Secondary market transactions
16:39 – Profit sharing arrangements
22:44 – Equity restructurings
31:25 – Recourse and nonrecourse loans

For more information, see chapter 6 of our Stock-based compensation guide. Also, check out our other episode in this miniseries, Stock-based compensation - 5 things to know about modifications. Additionally, follow this podcast on your favorite podcast app for more episodes.

Ken Stoler is a partner in PwC’s National Office who specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. He has helped companies navigate their employee compensation issues during IPOs, spin offs, acquisitions, and other major transactions or events.

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 quarterly webcast series.

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

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Stock-based compensation - 5 things to know about modifications

Tue, 03 Sep 2024 14:00:00 -0400

We kick off our miniseries on stock-based compensation with a focus on 5 important things to know when accounting for modifications to stock-based compensation awards.

In this episode, we discuss:

2:40 – How to determine whether a change in terms or conditions should be accounted for as a modification
5:00 – The stock-based compensation modification framework
8:29 – Four types of modifications related to vesting conditions
18:39 – Modifications that change classification
22:15 – Modifications of performance conditions

For more information, see chapter 4 of our Stock-based compensation guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

Ken Stoler is a partner in PwC’s National Office who specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. He has helped companies navigate their employee compensation issues during IPOs, spin offs, acquisitions, and other major transactions or events.

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 quarterly webcast series.

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

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Accounting for the cost of externally marketed software

Tue, 20 Aug 2024 14:00:00 -0400

We kick off our miniseries on software costs. They are accounted for using two different models depending on whether the software is used internally or externally. In this episode we focus on the external use model applicable to software to be sold, leased, or otherwise marketed as a separate product or embedded within a product or process.

In this episode, we discuss:

3:20 – How to determine whether the internal use or externally-marketed software models apply
10:08 – An overview of the externally marketed software model (ASC 985-20)
11:25 – When technological feasibility of software is established
19:55 – The types of costs capitalized under the model for externally marketed software
22:40 – Practical challenges in applying the externally marketed software model
27:55 – Applying the guidance to Artificial Intelligence (AI)
31:10 – An update on the FASB’s software costs project

For more information, see chapter 2 of our Software costs guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

Mike Coleman is a partner in PwC's National Office who 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.

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 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 quarterly webcast series.

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

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Unraveling the accounting for collaborative arrangements

Tue, 30 Jul 2024 14:00:00 -0400

We conclude our revenue miniseries with an episode on collaborative arrangements, which has its own guidance (ASC 808, Collaborative Arrangements) but also often interacts with other guidance, including that on revenue from contracts with customers.

In this episode, we discuss:

4:55 – Criteria to meet the definition of a “collaborative arrangement”
16:20 – An overview of the collaborative arrangement accounting model
20:27 – Application of an accounting policy for recognition and presentation
25:04 – Timing of recognition, presentation, and disclosure
32:42 – Other areas of GAAP that may apply to the arrangement

For more information, see section 2.4.1 of our Revenue guide. Also, check out other episodes in our miniseries: Modifying a contract? Your revenue recognition may change, Gross versus net revenue: Is your company the principal or agent?, and Identifying the contract – The first step in recognizing revenue. Additionally, follow this podcast on your favorite podcast app for more episodes.

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.

Christine Moore is a director in PwC’s Deals practice, advising audit and non-audit clients on complex accounting and financial reporting matters. She recently completed a tour with the National Office where she advised on revenue arrangements for public and private companies across various industries, with a focus on companies in the pharmaceutical and life sciences industry.

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 quarterly webcast series.

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

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Talking ESG: Behind the scenes with the ISSB vice chair

Thu, 25 Jul 2024 14:00:00 -0400

This week, host Heather Horn is joined by a special guest from the International Sustainability Standards Board (ISSB). Vice Chair, Sue Lloyd gives us an inside look into the ISSB’s workplan, new projects, and new strategic relationships. She also shares how the ISSB is supporting implementation of the standards.

In this episode, they discuss:

4:15 – Insights from the adoption of ISSB standards around the world
9:20 – Variability of sustainability reporting and interoperability guidance
19:08 – Challenges reporting under multiple frameworks and ISSB partnerships to address them
25:31 – Responsibilities to report under other frameworks, such as California SB 261 (based on TCFD)
29:41 – Working to address investor needs and concerns
31:35 – Aligning ISSB reporting and sector standards
35:10 – How the ISSB is supporting implementation
38:40 – Advice for companies navigating the evolving sustainability reporting landscape

Want to hear more about the ISSB? Listen to our previous podcast discussing the ISSB standards and interoperability guidance. Also, as referenced in the podcast, check out the ISSB’s Webcast: Overview of ESRS-ISSB Standards Interoperability Guidance or visit the IFRS Sustainability knowledge hub.

Sue Lloyd is the Vice Chair of the ISSB and played a leading role in its establishment. Previously, she served as a member and Vice Chair of the International Accounting Standards Board (IASB) and as Chair of the IFRS Interpretations Committee.

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 quarterly webcast series.

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

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Modifying a contract? Your revenue recognition may change

Tue, 23 Jul 2024 14:00:00 -0400

We continue our revenue podcast miniseries discussing contract modifications. Contract modifications are accounted for as either a separate contract or as part of the existing contract, depending on the nature of the modification.

In this episode, we discuss:

4:47 – An overview of contract modifications
5:57 – Modifications that are accounted for as separate contracts
6:54 – Modifications that are accounted for prospectively
10:08 – Modifications that result in cumulative catch-up adjustments
11:28 – Other types of modifications
13:16 – Common contract modification scenarios and related accounting pitfalls
23:22 – Contract terminations

For more information, see section 2.9 of our Revenue guide. Also, check out other episodes in our miniseries: Gross versus net revenue: Is your company the principal or agent? and Identifying the contract – The first step in recognizing revenue. 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.

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 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 quarterly webcast series.

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

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IFRS financial performance reporting – The new landscape

Thu, 18 Jul 2024 14:00:00 -0400

This episode provides an overview of the new standard from the International Accounting Standards Board, the IASB. IFRS 18 is the new standard on presentation and disclosure in financial statements, with a focus on updates to the income statement. This is a significant development in IFRS financial reporting - even companies not reporting under IFRS will want to be aware of these updates.

In this episode, we discuss:

1:10 – An overview of the new standard
5:00 – Aggregation and disaggregation (impacting all primary financial statements and notes)
9:00 – Structural changes to the statement of profit or loss
18:25 – Getting started with implementation and the timeline
21:19 – Management-defined performance measures

For more information, read our publication, IFRS 18 is here: redefining financial performance reporting. Additionally, follow this podcast on your favorite podcast app for more episodes.

Gary Berchowitz is the non-financial instruments leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings 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.

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 quarterly webcast series.

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

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Identifying the contract – The first step in recognizing revenue

Tue, 16 Jul 2024 14:00:00 -0400

Our revenue miniseries continues with identifying the contract, the first step in the five-step model in the revenue standard. It's important to get this step right to appropriately apply the model for recognizing revenue.

In this episode, we discuss:

4:10 – The five criteria to have a contract with a customer under the revenue standard
8:23 – The impact of master services agreements and enforceable rights
16:03 – Assessing collectibility of the consideration in the contract
27:08 – Determining the contract term

For more information, read chapter 2 of our Revenue guide. Also, to hear more on revenue topics, listen to the first episode in this miniseries, Gross versus net revenue: Is your company the principal or agent?. Additionally, follow this podcast on your favorite podcast app for more episodes.

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.

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 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 quarterly webcast series.

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

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Becoming nature positive: Integrating strategy and reporting

Thu, 11 Jul 2024 14:00:00 -0400

Host Heather Horn welcomes back Will Evison, a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, to provide an update on the work of PwC’s Centre for Nature Positive Business and discuss the relationship between nature positive business strategy and reporting.

In this episode, they discuss:

2:18– The purpose and progress of PwC’s Centre for Nature Positive Business
8:57 – The impact of the Corporate Sustainability Reporting Directive adoption on company strategies
10:45 – The importance of nature positive business
12:58 – Nature reporting developments, including those related to the European Sustainability Reporting Standards and the Task Force on Nature Related Financial Disclosures (TNFD)
23:27 – Insights on how companies can combine nature strategy and reporting
28:55 – What’s on the horizon for nature positive business

Interested in more background on measuring and reporting nature and biodiversity? Listen to our previous podcasts in the “Becoming nature positive” series (Committing, measuring and reporting and Strategizing and implementing) and check out PwC’s global nature hub here.

Also, referenced in the podcast, is the Nature Strategy Handbook developed by Business for Nature in collaboration with PwC UK (official partner of the campaign), as well as Managing natures risks: from understanding to action, a follow-up to an earlier analysis of the nature dependence of industries’ direct operations that was carried out by PwC as part of the World Economic Forum’s New Nature Economy Report Series and published in the Nature Risk Rising report in 2020.

Will Evison is a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, specializing in integrating natural and social capital analysis into decision making. With over 18 years’ experience delivering climate and nature-related projects with businesses, investment firms and public sector organizations across more than 20 countries, he also led the development of PwC’s Total Impact Measurement and Management methodologies (TIMM), and now manages PwC’s global TIMM center of excellence. These methodologies utilize predictive analytics, health economics, and wellbeing techniques to model outcomes.

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 quarterly webcast series.

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

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Gross versus net revenue: Is your company the principal or agent?

Tue, 09 Jul 2024 14:00:00 -0400

This episode begins a podcast miniseries on revenue topics with a discussion of principal versus agent (PvA) or “gross versus net” revenue. In other words, the principal in a transaction records revenue on a gross basis and the agent records revenue net. The PvA analysis can be subjective but it's important to get it right as it can materially impact a key line item in the income statement, revenue from contracts with customers.

In this episode, we discuss:

2:00 – An overview of the PvA model and reporting impacts
8:45 – Key considerations in the PvA analysis
9:50 – Assessing control
16:25 – Challenges in applying the PvA analysis to specific arrangements, including:
- 16:59 – Healthcare services
- 24:15 – Payment processing
30:12 – Additional reminders relating to the PvA analysis and related disclosures

For more information, read chapter 10 of our Revenue guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

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.

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 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 to us_podcast@pwc.com.

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Determining fair value for business combinations and impairments

Tue, 02 Jul 2024 08:00:00 -0400

This episode dives into valuation relating to goodwill impairments, long-lived asset impairments, and business combinations. We discuss:

1:15 – The meaning of “fair value” in financial reporting
5:55 – Valuation considerations and insights related
- 6:20 – Goodwill impairments
- 34:30 – Impairments of long-lived assets
- 42:53 – Business combinations

For more information, read chapter 7 of our Fair value guide, chapters 2 and 9 of our Business combinations guide, and chapter 5 our Property, plant, equipment and other assets guide. Also, check out another recent podcast related to this topic, Impairment of long-lived assets held and used. 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.

Adam Smith is a managing director in PwC’s Deals practice with experience related to performing valuations of businesses, business interests, intangible assets, and derivatives. Adam’s valuation specialization supports a wide range of purposes, including financial reporting, litigation support, corporate planning and consulting, and mergers and acquisitions.

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 to us_podcast@pwc.com.

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The consolidation framework - Identifying a VIE

Tue, 11 Jun 2024 14:00:00 -0400

We continue our miniseries on consolidation accounting and dive into the evaluation of variable interests and the characteristics of a variable interest entity (VIE).

In this episode, we discuss:

1:24 – An overview of the VIE model
3:30 – Determining whether there is a variable interest
11:25 – Identifying “at-risk” equity
15:28 – Evaluating whether an entity is a VIE by assessing the following characteristics exist:
- 16:00 – Insufficient equity investment at risk
- 24:27 – Equity lacks decision making rights
- 34:40 – Equity with nonsubstantive voting rights
- 37:38 – Lack of obligation to absorb losses or right to receive residual returns
41:45 – A recap of the episode and final thoughts

For more information on this topic, read chapters 3 and 4 of our Consolidation guide. Also, for an overview of the consolidation framework, listen to the first episode in this miniseries, The consolidation framework – Getting started. Additionally, follow this podcast on your favorite podcast app for episodes on other topics.

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, consolidations, corporate reorganizations, recapitalizations, joint ventures, and other investments.

Alexander Martin is a partner in PwC's Deals practice 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 to us_podcast@pwc.com.

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The consolidation framework – Getting started

Tue, 04 Jun 2024 14:00:00 -0400

We kick off our miniseries on consolidation accounting with an overview of the consolidation models and lay the foundation to go deeper into the variable interest entity model in the next two episodes.

In this episode, we discuss:

02:59 - Background on the two consolidation models
12:54 - The overall consolidation framework
14:20 - The variable interest entity model
20:25 - The voting interest entity model
23:13 - Consolidation scope exceptions
28:13 - VIE model scope exceptions

For more information on this topic, read chapter 1 of our Consolidation 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, consolidations, corporate reorganizations, recapitalizations, joint ventures, and other investments.

Alexander Martin is a partner in PwC's Deals practice 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 to us_podcast@pwc.com.

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Deciphering the accounting for equity-linked instruments

Tue, 28 May 2024 14:00:00 -0400

We wrap up our miniseries on accounting for financing transactions with a focus on the accounting for equity-linked instruments.

In this episode, we discuss:

2:03 - Why companies issue equity-linked instruments
7:23 - Determining whether an instrument is freestanding or embedded
13:13 - Determining whether an instrument is indexed to the entity’s own stock
- 17:23 - Exercise contingencies
- 19:50 - Settlement adjustments
- 32:36 - Convertible debt instruments
39:51 - Equity or liability classification

For more information on these topics, read chapter 5 of our Financing transactions guide. Also, check out other episodes in our miniseries: Share repurchases – The type of arrangement matters, Accounting for preferred stock from issuance to retirement, and Understanding "mezzanine” equity. 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.

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 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 to us_podcast@pwc.com.

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Understanding "mezzanine” equity

Tue, 21 May 2024 14:00:00 -0400

Next up in our miniseries on accounting for financing transactions is mezzanine equity. When an instrument is presented as mezzanine equity, it is not permanent equity or a liability. We explain what that means and provide an overview of how to account for it as well as the financial statement impacts.

In this episode, we discuss:

1:56 - Background and the associated SEC guidance on mezzanine equity
3:52 - When mezzanine equity presentation is appropriate
27:20 - Measurement
36:20 - Extinguishment
38:13 - EPS impacts

For more information on these topics, read chapter 7 of our Financing transactions guide. Also, check out other episodes in our miniseries covering Accounting for preferred stock from issuance to retirement and Share repurchases – The type of arrangement matters. Additionally, follow this podcast on your favorite podcast app for more episodes.

Chip Currie is a partner in PwC’s National office with nearly 30 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.

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 to us_podcast@pwc.com.

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Accounting for preferred stock from issuance to retirement

Tue, 14 May 2024 14:00:00 -0400

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.

In this episode, we discuss:

2:01 - An overview of preferred stock, common features, and reasons companies may issue it over other forms of financing
9:40 - The accounting model for preferred stock
14:30 - Classification, recognition, and measurement of preferred stock
30:55 - Dividends
33:34 - Extinguishment or modification accounting

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 to us_podcast@pwc.com.

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Talking ESG: The challenge – and promise – of a circular economy

Thu, 09 May 2024 14:00:00 -0400

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.

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:

3:02 - The concept of a circular economy and its importance in the context of finite resources
7:52 - The relationship between a circular economy, net zero emissions, and biodiversity
9:07 - The scale of change required, and the steps involved to transition to a circular economy
13:18 - 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 economy
24:21 - Why regulators are stepping in to mandate change
26:40 - The business opportunities that arise from solving problems related to waste and resource use
28:34 - The challenge of changing consumer behavior and perceptions of abundance
31:58 - Reporting under the EU's ESRS E5 standard and insights from the related data

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 to us_podcast@pwc.com.

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Share repurchases – The type of arrangement matters

Tue, 07 May 2024 14:00:00 -0400

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.

In this episode, we discuss:

3:38 – An overview of the different methods and reasons companies repurchase shares
11:43 – Accounting implications depending on the method of repurchase:
- 11:55 – Spot repurchases
- 15:07 – 10B5-1 plans
- 16:26 – Forward repurchases
- 18:56 – Prepaid repurchases
- 20:30 – Tender offers
- 24:08 – Accelerated share repurchases
30:40 – Accounting for treasury stock

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 to us_podcast@pwc.com.

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New income tax disclosure requirements – getting ready

Tue, 30 Apr 2024 14:00:00 -0400

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.

In this episode, we discuss:

0:20 - Background on and an overview of the new guidance
6:50 - Disaggregated rate reconciliation disclosures
26:16 - Disaggregated income taxes paid disclosures
33:15 - Other changes to existing income tax disclosures
35:18 - Effective dates and transition

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 to us_podcast@pwc.com.

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Identifying embedded leases in your contracts

Tue, 23 Apr 2024 14:00:00 -0400

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.

In this episode, we discuss:

1:35 - Embedded leases, including examples
7:43 - The model used to identify an embedded lease
- 08:56 - Identified asset considerations
- 16:52 - Control considerations
30:18 - Identification of lease versus non-lease components and allocation of consideration

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 to us_podcast@pwc.com.

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Talking ESG: Building effective sustainability reporting governance

Thu, 18 Apr 2024 14:00:00 -0400

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.

In this episode, we discuss:

2:21 - Reactions to new sustainability reporting frameworks from senior management and boards
6:13 - Strategies for managing the “noise” around new rules and how best to proceed despite uncertainty
10:43 - The need to upskill board members so that they are capable of performing their fiduciary responsibility related to oversight of sustainability processes and disclosures
18:43 - How management can best help the board prioritize its time given the increase in its responsibilities
23:15 - Whether the market has begun to consider a board candidate’s knowledge of climate during board selection processes and the level of expertise required
27:39 - How boards are performing their responsibilities with respect to climate information
33:55 - Working through the challenges of presenting sustainability information to the board given tight timelines and other reporting responsibilities
39:25 - Best practices for governance over sustainability matters at the board and management levels

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 to us_podcast@pwc.com.

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Leasing real estate? What lessees need to know

Tue, 16 Apr 2024 14:00:00 -0400

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.

In this episode, we discuss:

03:25 - Lease incentives
08:23 - Distinguishing between lessee and lessor assets
11:28 - Accounting for lessee assets
13:50 - Accounting for lessor assets
17:20 - Determination of the lease commencement date
19:06 - Multiple units of account in a lease
21:51 - Build-to-suit arrangements

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 to us_podcast@pwc.com.

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Talking ESG: Role of the C-suite in sustainability reporting

Thu, 11 Apr 2024 14:00:00 -0400

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.

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:

2:36 - How the market has spoken – and determined that sustainability disclosures are needed, regardless of regulatory actions
4:15 - Challenges of reporting under multiple frameworks
14:50 - How to prioritize gathering information
18:51 - The importance of building stronger disclosure controls and processes as well as having the right people focused on the task
23:02 - Navigating the market’s expectations for sustainability information
28:51 - Challenges resulting from differing time horizons for sustainability and financial reporting, and how to tie these horizons together to communicate a cohesive strategy
32:50 - How companies can tailor climate disclosures given the specific risks the company faces due to climate-related factors
35:43 - Key governance-related behaviors companies are adopting and how they are disclosing these behaviors
38:19 - The importance of starting the readiness process irrespective of ongoing legal challenges

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 to us_podcast@pwc.com.

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Leases: Brushing up on “day 2” accounting

Tue, 09 Apr 2024 14:00:00 -0400

We continue our miniseries on lease accounting. In this episode, we discuss “day 2” lease accounting, focusing on lease remeasurements, subleasing, and lease impairments.

In this episode, you’ll hear a discussion of:

01:18 - Events requiring remeasurement
- 02:17 - Full lease remeasurements
- 06:19 - Partial lease remeasurements
7:47 - Lease term and purchase option remeasurements
13:44 - Lease modification remeasurements
21:34 - Subleasing arrangements
25:58 - A refresher on ROU asset impairments

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 to us_podcast@pwc.com.

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Talking ESG: Building sustainability reporting capacity

Thu, 04 Apr 2024 14:00:00 -0400

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.

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:

2:31 - A refresher on capacity building and its importance in sustainability reporting
4:38 - A discussion of the need for upskilling in various sectors to meet global sustainability reporting standards
8:43 - An overview of the drivers of the IFRS Foundation’s focus on capacity building
17:14 - Advice on implementing new business processes and enhancing communication with suppliers to prepare for new disclosure standards
21:33 - A discussion of the progress made in capacity building and the role of the IFRS Foundation’s partners in this process
29:00 - An overview of the IFRS Foundation’s “three pillar approach” for capacity building
35:19 - Where listeners can go to understand where the ISSB is headed with standard setting and what is next for companies preparing to report

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 to us_podcast@pwc.com.

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Lease classification – Finance or operating lease?

Tue, 02 Apr 2024 14:00:00 -0400

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.

In this episode, you’ll hear:

3:30 - An overview of the key differences between finance and operating leases, including expense recognition and cash flow classification
5:15 - A discussion of how to determine if a lease should be classified as finance or operating including:
- 6:35 - Lease commencement date considerations
- 10:20 - Whether a lease contains a single asset or multiple assets
- 14:41 - Whether the lease term is a major part of the economic life of the asset
- 22:55 - The lease payment criterion, including a breakdown of lease payments and the appropriate discounting methodology
- 41:56 - Highlights of other classification criteria such as title transfer, purchase options, and alternative use

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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Asset acquisition accounting

Tue, 26 Mar 2024 14:00:00 -0400

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.

In this episode, you’ll hear:

04:41 – A discussion of how to determine whether a transaction is an asset acquisition or a business combination
24:26 – An explanation of the asset acquisition accounting framework
- 32:58 – The complexities of contingent consideration arrangements
- 39:32 – How transaction costs impact initial measurement
- 42:09 – Noncontrolling interests
- 47:36 – Considerations when identifying the assets acquired
- 50:15 – How to allocate cost to assets acquired

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 to us_podcast@pwc.com.

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Long-lived assets held for sale

Tue, 19 Mar 2024 14:00:00 -0400

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.

In this episode, you’ll hear:

00:22 – An overview of the impairment model for long-lived assets that are held for sale
02:05 – How to identify disposal groups
03:50 – A discussion of the order of impairment testing under the held for sale model
04:46 – What to consider when measuring impairment at the lower of carrying value or fair value less cost to sell
11:25 – A walkthrough of the accounting implications of AOCI and noncontrolling interest (NCI) in the held for sale model
16:05 – An explanation of differences between the sale of a business and the sale of an asset
18:00 - A discussion of accounting for the sale of nonfinancial assets

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 to us_podcast@pwc.com.

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Impairment of long-lived assets held and used

Thu, 14 Mar 2024 14:00:00 -0400

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.

In this episode, you’ll hear:

00:28 - An overview of long-lived asset impairments and how asset classes are relevant
03:17 - A refresher on how to identify asset groups for the impairment analysis
- 10:28 - When changes to asset groups are necessary and the implications
11:48 - How to determine if there is an impairment triggering event
14:57 - A discussion on the impairment recoverability test
- 17:18 - A explanation of key considerations for the recoverability test, including which cash flows and periods to include
24:18 - How to measure and allocate an impairment loss

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 to us_podcast@pwc.com.

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A primer on GHG emissions reporting

Thu, 07 Mar 2024 14:00:00 -0500

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.

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:

00:44 - An overview of the prominence of GHG emissions reporting across jurisdictions, including the impact of the evolution in the regulatory landscape
2:24 - 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 emissions
- 10:30 - A breakdown of organizational and operational boundaries
- 14:15 - Insights on practical challenges companies face in establishing the reporting boundary and preparing a GHG emissions inventory
16:05 - A refresher on the key differences in organizational boundaries among the sustainability reporting frameworks and advice for companies subject to multiple frameworks
18:50 - 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 accurate
27:59 - 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

For more information, read our Navigating the ESG landscape publication 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 to us_podcast@pwc.com.

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Presenting restricted cash

Tue, 05 Mar 2024 14:00:00 -0500

We continue our podcast series focused on financial statement presentation.

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:

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 environment
9:30 - 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 restrictions
- 15:02 - Contractual restrictions
- 19:39 - Cash collected or remitted on behalf of others
24:45 - How to consider the types of restrictions imposed on cash equivalents
27:28 - Final reporting reminders for companies dealing with restricted cash or cash equivalents

For more information, read chapter 6 of our Financial statement presentation guide 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 to us_podcast@pwc.com.

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Presenting the balance sheet – to net or not to net

Tue, 27 Feb 2024 14:00:00 -0500

We continue our month of podcasts focused on financial statement presentation.

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:

1:30 – A refresher on balance sheet offsetting, including its purpose and significance to financial statement users
6:15 – A discussion of the general accounting framework, including the four conditions to determine whether a right of setoff exists
15:33 – 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 agreements
22:59 – Final accounting reminders for companies navigating balance sheet offsetting

For more information, read chapters 19 and 22 of our Financial statement presentation guide. 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 to us_podcast@pwc.com.

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The consolidation framework – Determining the primary beneficiary

Thu, 22 Feb 2024 18:00:00 -0500

We conclude our miniseries on consolidation accounting with an episode on identifying the primary beneficiary of a VIE, the reporting entity required to consolidate the VIE. In this episode, we discuss:

3:15 – Determining which entity should consolidate the VIE
6:07 – The primary beneficiary power criterion
17:35 – The primary beneficiary economics criterion
21:17 – Related party impacts on the VIE model
26:00 – Ongoing reassessment of the primary beneficiary

For more information on this topic, read chapter 5 of our Consolidation guide. Also, for an overview of the consolidation framework, listen to the first two episodes in this miniseries, The consolidation framework – Getting started and The consolidation framework – Identifying a VIE. Additionally, follow this podcast on your favorite podcast app for episodes on other topics.

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, consolidations, corporate reorganizations, recapitalizations, joint ventures, and other investments.

Alexander Martin is a partner in PwC's Deals practice 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 to us_podcast@pwc.com.

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CSRD spotlight: Basics of reporting boundaries

Thu, 22 Feb 2024 14:00:00 -0500

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 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:

3:30 – Explanation of the concepts of reporting boundaries and value chain in sustainability reporting
8:59 – An analogy of concentric circles to explain the concept of own operations and value chain
12:24 – A discussion on the importance of considering subsidiaries in ESG reporting
23:01 – Insights on the impacts of leasing contracts and special purpose entities on sustainability reporting
33:16 – Context for the implementation guidance provided by EFRAG for companies starting with their adoption of CSRD reporting

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 to us_podcast@pwc.com.

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Presenting discontinued operations

Tue, 20 Feb 2024 14:00:00 -0500

We continue our month of podcasts focused on financial statement presentation.

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:

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 businesses
13:05 – 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 statement
- 21:45 – Debt and income tax implications
- 25:25 – Impact on earnings per share (EPS) computations
- 28:55 – Statement of cash flows implications
30:50 – Overview of the SEC filing requirements related to discontinued operations
36:16 – Final advice for preparers on presenting discontinued operations

For more information, read chapter 27 of our Financial statement presentation guide and chapter 12 of our Income 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 to us_podcast@pwc.com.

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Presenting the income statement

Tue, 13 Feb 2024 14:00:00 -0500

We continue our month of podcasts focused on financial statement presentation hot topics.

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:

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 metrics
8:50 - The SEC's rules on the form and content of income statements, including considerations for financial institutions
21:44 - Income and expense disaggregation reminders, including classification of operating versus non-operating expenses as well as considerations for cost of sales, depreciation, and amortization
33:50 - The complexities of income statement classification in collaborative arrangements, discontinued operations, and impairments
42:05 - An update on the FASB project on disaggregation of income statement expenses (DISE) project

For more information, read chapter 3 of our Financial 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 to us_podcast@pwc.com.

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Presenting earnings per share (EPS)

Tue, 06 Feb 2024 14:00:00 -0500

We kick off another month of podcasts, this time focused on financial statement presentation hot topics. Drumroll please... This week we are presenting EPS.

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:

00:56 - The significance of EPS to the analyst and investor community
02:59 - A refresher of the differences between basic and diluted EPS and a discussion of judgments involved in the computation, including redeemable securities
9:50 - A discussion of the impact of changes in capital structure and reorganizations, including stock dividends, stock splits, and IPOs, on the EPS computation
20:25 - Reporting reminders, including disclosure requirements and considerations related to subsequent events

For more information, read chapter 7 of our Financial 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 to us_podcast@pwc.com.

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How GRI is addressing the challenges of global reporting

Thu, 01 Feb 2024 14:00:00 -0500

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.

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:

1:05 - GRI’s accomplishments in the past year
6:29 - The development of a digital taxonomy that will facilitate interoperability between the European Sustainability Reporting Standards (ESRS) and GRI
12:16 - The overlap between impact reporting and financial materiality, and the importance of considering demographic challenges, climate change, and related legislation in impact reporting
17:45 - The collaboration between GRI and the International Sustainability Standards Board (ISSB) in launching a Sustainability Innovation Lab in Singapore
30:53 – How GRI is innovating to support small and medium company reporting
39:16 – The launch of GRI’s new disclosure standard on biodiversity
41:15 – How standard setters are working together to address the challenges faced by companies in complying with multiple reporting regimes

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 to us_podcast@pwc.com.

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Talking ESG: New insights from the UK's mandatory TCFD reporting

Thu, 30 Nov 2023 14:00:00 -0500

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.

In this episode, you’ll hear:

4:44 - Our review findings for year two of mandatory TCFD reporting in the UK
10:12 - 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 reporting
30:09 - Regulatory findings from the UK’s Financial Reporting Council (FRC) on metrics and targets
34:36 - What’s coming next for TCFD, and its relationship with other ESG frameworks that are becoming mandatory
39:39 - Discussion of materiality assessments and the FRC’s recent findings
44:30 - Advice for companies preparing for mandatory UK, California, or other ESG reporting rules

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 to us_podcast@pwc.com.

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CSRD spotlight: Demystifying the double materiality assessment

Wed, 22 Nov 2023 07:00:00 -0500

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.

In this episode, you’ll hear:

3:09 - Lessons learned from legacy reporting under the Non-financial Reporting Directive (NFRD), the predecessor to CSRD
4:32 - Introduction to double materiality
10:17 - Examples of the double materiality assessment for specific topics
17:29 - The interplay between ESRS and other standards and the double materiality assessment
24:53 - Evaluation of double materiality with a governance and strategy lens
26:52 - Stakeholder considerations
31:28 - Steps for identifying material matters
39:24 - Advice on aggregating information for process disclosure and reporting purposes
44:09 - Next steps and recommendations for preparers

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 to us_podcast@pwc.com.

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CSRD spotlight: Making an informed decision on how to report

Thu, 02 Nov 2023 14:00:00 -0400

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.

In this episode, you’ll hear discussion of:

5:03 - Scope requirements under the CSRD
7:37 - Available reporting exemptions
11:46 - Initial considerations for deciding the level of reporting, and whom to involve
16:19 - How to consider data availability, IT systems, and organizational structure
23:27 - Timing of reporting deadlines and phase-in reliefs for smaller companies
26:18 - How existing voluntary reporting may be insufficient to meet CSRD requirements
30:28 - Alignment between sustainability reporting, corporate strategy, and stakeholder communications
34:07 - Key next steps in making a reporting decision, including the importance of evaluating benefits and trade-offs

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.

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

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Talking ESG: How technology enables reporting agility

Thu, 19 Oct 2023 13:00:00 -0400

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 to us_podcast@pwc.com.

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Talking ESG: TNFD launches a final nature reporting framework

Thu, 05 Oct 2023 14:00:00 -0400

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.

In this episode, you’ll hear discussion of:

4:18 - Background on the TNFD, including how the taskforce was formed and its mission
8:11 - The key principles of the TNFD framework and interoperability of the TCFD framework with existing climate reporting frameworks
13:36 - Complexities in critical areas of the TNFD framework
20:08 - Recommendations for how companies should approach TNFD disclosures
29:29 - How companies should approach data collection for qualitative and quantitative nature disclosures
31:10 - Best practices and common pitfalls in reporting nature-related disclosures
37:33 - Final thoughts on why companies should consider utilizing the TNFD framework

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).

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

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Earnings per share: 5 things you need to know

Tue, 29 Aug 2023 14:00:00 -0400

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).

In this episode, you’ll hear:

2:20 - Reminders on the basic EPS calculation, including considerations for participating securities and application of the the two-class method
11:45 - The impact of mezzanine equity on the basic EPS calculation
15:12 - 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 options
21:48 - Why companies should evaluate repurchased convertible instruments separately

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.

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

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Convertible instruments: 5 things you need to know

Tue, 22 Aug 2023 14:00:00 -0400

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 use
6:38 - The impact of new accounting guidance for convertible instruments in ASU 2020-06
9:49 - Key information when accounting for induced conversions
12:10 - Down round provisions in equity-linked instruments
19:27 - Judgments involved in determining whether to separate the conversion option and account for it as an embedded derivative

For 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.

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

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CECL: 5 things you need to know about credit risk

Tue, 15 Aug 2023 14:00:00 -0400

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.

In this episode, you’ll hear:

1:50 - A refresher on CECL
3:34 - Insights on the impacts of CECL across industries
7:03 - 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 CECL
9:32 - Key information to consider when preparing CECL disclosures
11:22 - How subsequent events could impact CECL estimates
20:43 - An overview of the FASB’s exposure draft that proposes changes to the accounting for purchased credit deteriorated assets

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 to us_podcast@pwc.com.

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Investment securities: 5 things you need to know

Tue, 08 Aug 2023 14:00:00 -0400

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.

In this episode, you’ll hear discussion of:

2:05 - Key reminders for identifying and accounting for debt securities
6:32 - Accounting for held-to-maturity (HTM) securities and the long-term implications of HTM designation
12:30 - Tips on accounting for unrealized losses on available-for-sale (AFS) securities
17:18 - An overview of accounting for foreign currency bonds
19:25 - Complexities in the application of the measurement alternative model for equity securities

For more information, read chapters 2, 3, and 8 of our Loans and investments guide.

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Decoding the accounting for contingent consideration in a bus com

Tue, 25 Jul 2023 14:00:00 -0400

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.

In this episode, you’ll hear:

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 consideration
- 12:04 - An assessment of whether the arrangement is part of the purchase price
- 16:03 - A discussion of common pitfalls in the performing the assessment
23:19 - An analysis of the accounting for contingent consideration arrangements classified as compensation expense
24:25 - 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 model
- 29:59 - 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

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 need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

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Talking ESG: What's inside the final ISSB standards

Thu, 13 Jul 2023 14:00:00 -0400

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.

In this episode, you’ll hear discussion of:

1:48 - The final IFRS Sustainability Disclosure Standards: IFRS S1 and IFRS S2
7:06 - The current status of adoption of the Sustainability Disclosure Standards in international territories
11:43 - The interconnectivity between IFRS Sustainability Disclosure Standards and IFRS Accounting Standards
19:12 - Key changes between the exposure drafts and the final standards
26:42 - Factors to consider when identifying and disclosing sustainability risks and opportunities
38:35 - Final advice for companies looking to prepare for adoption of these standards

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.

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

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Accounting for business combinations: Being prepared for a deal

Tue, 11 Jul 2023 14:00:00 -0400

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.

In this episode, you’ll hear discussion of:

1:58 - The importance of understanding acquisition accounting, even in times of low deal volume
3:50 - The foundational accounting considerations for business combinations, including the determination of which transactions qualify as business combinations, and the implications on the control assessment
8:04 - The acquisition method, including how to account for the various forms of consideration exchanged in a transaction
12:40 - The complexities involved in step acquisitions and partial acquisitions as well as their impact on the application of acquisition accounting
17:46 - Insights on the measurement of assets and liabilities acquired in a business combination
21:24 - The measurement and allocation of goodwill acquired in a business combination, including tips for bookkeeping of goodwill
29:43 - Reminders related to measurement period and conforming accounting policies
38:17 - Final advice for getting prepared and dealing with a live deal

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.

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

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Workforce restructuring: Navigating the accounting complexities

Tue, 27 Jun 2023 09:00:00 -0400

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.

In this episode, you’ll hear:

1:08 - An overview of the various accounting models applicable to workforce restructuring events
Insights on accounting for:
- 3:55 - One-time involuntary benefits, including severance payments
- 8:54 - Termination benefits under an existing plan
- 14:50 - Voluntary termination benefits and other benefit combinations
- 20:03 - Modifications of stock-based compensation awards, including both vested and unvested awards
- 28:36 - Extending the exercise period of stock-based compensation awards
31:14 - Final advice on accounting for workforce restructuring events, including non-GAAP measures and restructuring charges

For more information on severance payment arrangements and stock-based compensation awards, read Chapter 8 of our Pensions and employee benefits guide. For more information on modifications of stock-based compensation awards, read Chapter 4 of our Stock-based compensation guide. Additionally, check out our prior podcast on non-GAAP measures.

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

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Principal versus agent: Assessing how to recognize revenue

Tue, 13 Jun 2023 14:00:00 -0400

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 assessment
3:52 - Practical examples
7:09 - An overview of the two-step assessment of whether the company acts as the principal or agent from the perspective of the intermediary
17:22 - An overview of the two-step assessment of whether the company acts as the principal or agent from the perspective of the vendor
18:22 - Considerations when accounting for revenue based on the results of the principal versus agent analysis
22:35 - Final advice to clients and engagements teams when performing the principal versus agent assessment

For more information, read chapter 10 of our Revenue guide for principal versus agent considerations.

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.

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

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Revenue recognition: What’s trending

Tue, 06 Jun 2023 11:00:00 -0400

To kick off the series, Angela shares insights on current trends in the accounting for revenue transactions.

In this episode, you’ll hear discussion of:

1:38 - An overview of accounting for revenue
4:16 - “Everything as a Service” (XaaS) arrangements and their embedded complexities, including interaction with the lease accounting model
12:38 - Revenue contract modifications, including scope reductions
17:32 - The non-cash consideration revenue model, including equity payments for both vendors and customers as well as interaction with stock-based compensation guidance
23:04 - Considerations when revenue arrangements include significant financing
26:05 - SEC comment letter trends and final advice on accounting for revenue

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.

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

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Income tax accounting refresh: Spinoffs

Tue, 30 May 2023 14:00:00 -0400

Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spinoffs.

To continue the series, Heather and Jenn are joined by Matt McCann, a partner in PwC’s National Office, to share insights on the practical challenges that arise in the tax accounting for spinoff transactions.

In this episode, you’ll hear discussion of:

1:30 - What a spinoff transaction is and the SEC filing requirements, including the preparation of carve-out financial statements
7:48 - Considerations related to allocating the consolidated income tax provision to the carved-out entity
18:22 - Other practical tax challenges in carve outs including valuation allowance assessments, uncertain tax positions, and tax sharing agreements
28:30 - The importance of robust disclosures when attributes or assertions are expected to change post spin
35:52 - Planning for tax complexities post spin and final advice for companies

For more information, read our Income taxes and Carve-out financial statements guides. Additionally, check out our prior podcast on taxes in separate company financial statements.

Matthew McCann is a partner in PwC's National Office who provides consultation in the areas of revenue recognition and income taxes. He has over 25 years of experience and previously served as the leader of the Consumer & Industrial Products Sector Assurance Practice in North Texas.

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

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Becoming nature positive: Strategizing and implementing

Thu, 25 May 2023 14:00:00 -0400

This week, Heather Horn was joined by guests at the forefront of the nature space:

Will Evison, director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice
Eva Zabey, CEO of Business for Nature
Julie Moorad, Senior Manager of Climate Action at Salesforce

Our panel shares their insights on ways companies are strategizing and integrating the topic of nature into their operating models.

In this episode, you’ll hear discussion of:

1:42 - Synergies between climate initiatives and nature positive policies
15:11 - Transforming your nature strategy to manage risk and create value
27:32 - The interrelationships among natural capital, business operations, and the broader economy
37:45 - The importance of starting a nature positive path now even though strategies may evolve in the long term
43:03 - The importance of building capacity in nature strategy and reporting
46:44 - Final advice for companies wanting to integrate nature positive strategies into everyday operations

Interested in more background on measuring and reporting nature and biodiversity? Listen to our previous podcast in the “Becoming nature positive” series, and check out PwC’s global nature hub here.

Will Evison is a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, specializing in integrating natural and social capital analysis into decision making. With over 18 years’ experience delivering climate and nature-related projects with businesses, investment firms and public sector organizations across more than 20 countries, he also led the development of PwC’s Total Impact Measurement and Management methodologies (TIMM), and now manages PwC’s global TIMM center of excellence. These methodologies utilize predictive analytics, health economics, and wellbeing techniques to model outcomes.

Eva Zabey is the CEO of Business for Nature, which is a global business-led coalition aiming to reverse nature loss and restore the planet’s natural systems on which economies, wellbeing and prosperity depend. Previously, she led natural capital projects at the World Business Council for Sustainable Development for 15 years.

Julie Moorad is a Senior Manager of Global Climate Action for Salesforce. Her team leads Salesforce’s international sustainability strategy, Europe, Middle East, and Africa sustainability program and developing our nature strategy, and implements nature positive policies that drive economic value firmwide and for their customers.

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

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Income tax accounting refresh: Business combinations

Tue, 23 May 2023 14:00:00 -0400

To continue the series, Heather and Jenn are joined by Kassie Bauman, a managing director in PwC’s National Office, to share their insights on income tax accounting for business combinations.

In this episode, you’ll hear discussion of:

2:01 - An overview of the applicable guidance and a summary of steps to take when assessing tax considerations of a business combination
7:13 - The importance of the tax status of the entities involved and distinguishing between taxable and non-taxable transactions
20:53 - Identifying and measuring temporary tax differences related to business combinations
23:36 - Deferred taxes associated with goodwill and considerations on the valuation allowance assessment
34:26 - Other common tax accounting considerations in business combinations including the measurement period, uncertain tax positions, and indemnifications
37:32 - Final thoughts, including deal economics considering tax

For more information, read our Business combinations and Income taxes guides, and check out a prior podcast on accounting for business combinations.

Kassie Bauman is a managing director in PwC's National Office who consults on tax accounting under US GAAP and IFRS. Kassie has more than 20 years of auditing and accounting experience addressing complex technical accounting matters.

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

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Income tax accounting refresh: equity method investments

Tue, 16 May 2023 14:00:00 -0400

To continue the series, Heather and Jenn are joined by Kassie Bauman, managing director in PwC’s National Office, to share insights on income tax accounting for equity method investments.

In this episode, you’ll hear discussion of:

1:31 - An overview of the equity method of accounting under GAAP for book purposes
6:21 - Book versus tax basis differences and when to record deferred taxes on equity method investments
8:52 - Income tax accounting implications when an investee becomes a subsidiary (or vice versa) through changes in ownership and control
13:43 - Income tax considerations related to equity method investments in partnerships, including the “look-through” policy election and inside and outside tax basis differences
25:45 - Final advice and common income tax questions on equity method investments

For more information, read our Equity method and Income taxes guides. Additionally, check out our prior podcasts, Part 1 and Part 2, on applying the equity method.

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

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Becoming nature positive: Committing, measuring, and reporting

Thu, 04 May 2023 13:00:00 -0400

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity.

This week, Heather Horn was joined by Alan McGill, a partner in PwC’s Global Sustainability, Reporting, Measurement and Assurance practice, and PwC Global sustainability topic team leader Andreas Ohl to discuss the measurement of and reporting on the topics of nature and biodiversity.

In this episode, you’ll hear discussion of:

2:05 - The current state of company readiness to report on nature and biodiversity
8:19 - How all types of businesses exhibit indirect dependencies on nature and exposure to nature risks
14:08 - Measuring biodiversity-related value in your company’s operations
21:07 - Definition of natural capital and overview of its financial impacts
30:11 - The importance to businesses in every sector of developing nature positive strategies
36:21 - Assurance on data and metrics on nature and biodiversity topics
45:43 - Final advice for organizations wanting to become nature positive

Interested in more background on the business value drivers inherent in nature and biodiversity? Listen to our previous podcast in this series, and check out PwC’s global nature hub here.

Alan McGill is a partner in PwC UK and is the Global Sustainability Reporting, Measurements, and Assurance Leader. With over 15 years’ 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.

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 to us_podcast@pwc.com.

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Becoming nature positive: Understanding business value drivers

Thu, 27 Apr 2023 14:00:00 -0400

This week, Heather Horn was joined by Tom Beagent, a partner in PwC’s Global Sustainability and Climate Change practice, and PwC National Office partner and Global sustainability topic team leader Andreas Ohl. They bring the vantage point of the CFO to bear on the topics of nature and biodiversity and highlight the drivers of sustainable business value embedded in these topics.

In this episode, you’ll hear discussion of:

2:28 - Perspectives from conversations with CFOs on biodiversity and nature
6:53 - Defining nature and the interconnected relationships among the economy, the value chain of business, and nature
17:47 - Identifying nature- and biodiversity-related risks – and opportunities – in your company’s operations
19:28 - How market prices charged for using natural resources today may be well below the ultimate cost to the global economy
25:13 - The differences between “Net Positive” nature and biodiversity initiatives and “Net Zero” climate policies
34:26 - Investors’ interest in natural resources and biodiversity, and the metrics companies can use to disclose their dependencies on nature
46:56 - Where companies should start in contemplating risks and opportunities in this space

Interested in more background on the main issues related to nature and biodiversity? Listen to our previous podcast in this series, and check out PwC’s global nature hub here.

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.

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.

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

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Private-public service arrangement: Is it a service concession?

Tue, 25 Apr 2023 14:00:00 -0400

Every Tuesday in April, Pat Durbin took over the podcast to share insights and go back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.

In this episode, Heather Horn and Pat are joined by Jay Seliber to discuss identifying whether a service arrangement with a public-sector grantor would be in scope of ASC 853 on service concessions. They cover the accounting challenges that are associated with private-sector enterprises operating public infrastructure.

In this episode, you’ll hear discussion of:

1:54 - What a service concession is, and who and what is in scope of the ASC 853 guidance
14:22 - Common types of private-public service arrangements
18:30 - How to think about applying the revenue recognition model to these arrangements and challenges when there are multiple performance obligations and variable fees
32:24 - How to recognize different types of expenses under the guidance
39:25 - The development of the US GAAP guidance and a comparison to IFRS
45:03 - Final advice when accounting for service concessions

For more information, read the service concessions chapter in both our revenue recognition guide and our IFRS and US GAAP: similarities and differences guide. Additionally, listen to our revenue toolkit podcast 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.

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

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Becoming nature positive: Getting smarter on the issues

Thu, 20 Apr 2023 14:00:00 -0400

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. Given the breadth of the topic of biodiversity, understanding the issues that it encompasses can pose a challenge for preparers.

This week, Heather Horn was joined by Will Evison, director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, to continue the conversation on biodiversity in our series, “Becoming nature positive,” and provide a more robust understanding of the issues of land, water, and other nature topics.

In this episode, you’ll hear discussion of:

5:14 - Why biodiversity is increasingly important to business
14:25 - How current land development and agriculture practices contribute to biodiversity challenges
26:04 - The differences between physical and economic water scarcity and how these impact business risks at a regional level
37:13 - Examples of individuals’ and businesses’ choices that can have positive and negative impacts on nature
40:49 - The differences between nature positive and net zero targets and goals
47:21 - Advice to companies who are just getting started on understanding the issue of biodiversity

Interested in more background on why companies are beginning to focus on biodiversity? Listen to our previous podcast in this series. Also check out PwC’s global nature hub here.

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

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The art of accounting for inventory

Tue, 18 Apr 2023 14:00:00 -0400

Every Tuesday in April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.

In this episode, Heather Horn and Pat discuss key accounting concepts and judgments in accounting for and valuing inventory.

In this episode, you’ll hear discussion of:

1:34 - Different methods to determine inventory costs and the art of inventory cost accounting
19:27 - How to account for changes in cost flow assumptions or composition of costs
25:55 - Key judgments in valuation and impairment of inventory
33:19 - New ways to finance inventory
35:29 - Final advice for accounting for inventory

For more information, read our Inventory guide.

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

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Becoming nature positive: What's the deal with biodiversity?

Thu, 13 Apr 2023 14:00:00 -0400

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. The sustainability reporting standards that many companies will need to apply, such as the European Sustainability Reporting Standards and the International Sustainability Reporting Standards, include disclosure requirements on biodiversity.

This week, Heather Horn was joined by PwC National Office partner and Global sustainability topic team leader, Andreas Ohl, to kick off a new podcast miniseries, “Becoming nature positive.” This first episode illuminates the types of issues that the term “biodiversity” encompasses and previews the rest of the series.

In this episode, you’ll hear discussion of:

2:10 - The drivers behind the increasing importance of biodiversity
6:43 - Definitions and examples to illustrate the concepts of biodiversity and nature positivity
16:22 - Why even companies outside of the agriculture industry should prioritize biodiversity
24:34 - How the issues of biodiversity and climate change are related – and not related
30:07 - Additional topics that will be covered in future episodes of this miniseries

Want to learn more? PwC recently commented on the revisions to the GRI biodiversity standard.

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

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Subsequent events: To recognize or not to recognize?

Tue, 11 Apr 2023 14:00:00 -0400

In this episode, Heather Horn and Pat are joined by Latina Fauconier to share insights on how to identify and evaluate subsequent events. Assessing whether information received between the balance sheet date and the issuance of the financial statements needs to be accounted for and/or disclosed can be challenging, and is more important than ever in this current environment.

In this episode, you’ll hear discussion of:

1:43 - An overview of the accounting guidance and key judgments in evaluating subsequent events
4:55 - Complexities in determining if conditions existed as of the balance sheet date
11:08 - The importance of having processes and controls in place to monitor subsequent events
18:27 - Common examples of subsequent events and the impact on forward-looking estimates and assessments
29:04 - Considerations for disclosures
33:34 - Final advice for identifying and evaluating subsequent events

For more information, listen to our previous podcast on subsequent events and read the subsequent events chapter of our Financial statement presentation guide.

Latina Fauconier is a partner on tour in PwC’s National Office, focusing on revenue and compensation matters. She advises clients and engagement teams on a wide range of complex accounting and financial reporting matters under US GAAP and IFRS. She was previously a Professional Accounting Fellow in the Office of the Chief Accountant at the SEC.

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

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Assessing contingencies today

Tue, 04 Apr 2023 14:00:00 -0400

To kick off the series, Heather Horn and Pat are joined by Tom Barbieri, our US Chief Accountant, to bring you the latest on one of the oldest and most foundational standards, FAS 5, which is now Topic 450, Contingencies.

In this episode, you’ll hear discussion of:

6:03 - An overview of the accounting framework and key judgments in assessing the likelihood of loss
10:21 - What to consider when measuring a loss contingency
16:06 - Recognition and presentation of insurance recoveries
18:49 - When gain contingencies may be recognized
27:04 - What companies should consider in disclosing contingencies
32:00 - Final advice when accounting for and disclosing contingencies

For more information, read the Contingencies chapter of our Financial statement presentation guide.

Tom Barbieri is the Chief Accountant in the Firm’s National Office and has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. He leads the Accounting & SEC Services Group, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. Tom is also a member of the Financial Accounting Standards Advisory Council.

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

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Talking ESG: PwC’s perspectives on enhancing the GHG Protocol

Thu, 16 Mar 2023 14:00:00 -0400

GHG Protocol is one of the most widely known and applied sustainability reporting frameworks. Even as ESG reporting continues to increase in prominence with proposed disclosures from the European Union as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the United States by the Securities and Exchange Commission (SEC), the criticality of GHG Protocol is reinforced by its incorporation in each of these “big three” proposals.

In light of this changing landscape, the GHG Protocol has undertaken a process to survey stakeholders and determine what updates are needed to its protocol, standards, and guidance. Heather Horn was joined by Marcin Olewinski, a PwC Trust Solutions partner, to unpack the key points of feedback contained in PwC’s comment letter on the GHG Protocol’s open consultation. Heather and Marcin both led PwC’s global working group on developing our comments.

In this episode, you’ll hear discussion of:

1:58 - The importance of governance of the GHG Protocol for long-term operability
10:38 - Our view that measurement, recognition, and baseline disclosures should form the building blocks of the standards
16:40 - Suggestions for structuring and organizing the standards for ease of use
19:17 - Dealing with disparities in data quality and availability through transparent disclosures
23:51 - The importance of aligning organizational boundaries, lease accounting, and other areas in the Protocol with financial reporting
32:21 - Recommendations to improve Scope 2 reporting
39:57 - Final perspectives on aligning GHG reporting with financial reporting

Interested in the contents of our comment letter to the GHG protocol? Read it here.

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’s focused extensively within PwC’s National Office on greenhouse gas and sustainability reporting.

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

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Talking ESG: How the TCFD is shaping today’s reporting landscape

Thu, 09 Feb 2023 14:00:00 -0500

The Task Force for Climate Related Financial Disclosures (TCFD) framework underpins each of the “big 3" sustainability disclosure proposals issued in 2022. But before it was incorporated in any of these proposals, TCFD was a heavyweight in its own right in terms of the breadth of its adoption. How did TCFD become what it is today?

Heather Horn was joined by Jon Williams, PwC partner and TCFD member, to unpack the history of the TCFD and look ahead to how the framework may continue to shape sustainability reporting in the future.

In this episode, you’ll hear discussion of:

2:40 - The TCFD’s history and why it was initially formed
12:07 - How the TCFD works to achieve stakeholder consensus on its framework recommendations
16:10 - Updates on where adoption of the TCFD framework stands at five years from its founding
20:43 - Perspectives on how regulators are raising the bar on TCFD disclosures
24:35 - How the TCFD was designed to interact with other existing frameworks, including the Climate Disclosure Project (CDP)
29:53 - Updates on the TCFD’s work plan for 2023
36:55 - Advice for companies who will be subject to mandatory TCFD disclosures in the future

Looking for more information on TCFD reporting and scenario analysis? Check out our previous podcast on Leveraging TCFD for climate-related disclosures.

Jon Williams is a member of the TCFD and co-leads the PwC UK’s Sustainability & Climate Change practice. With over three decades of experience in sustainable finance and strategy, Jon focuses on issues relating to climate change, biodiversity, water, and poverty alleviation. His clients include financial institutions in both developed and developing economies as well as companies in the retail, consumer goods, healthcare, energy, and mining sectors.

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

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Fixed asset toolkit: Assets held for sale

Tue, 25 Oct 2022 14:00:00 -0400

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering fixed assets – from acquisitions and capitalization to disposals.

In this episode, Heather Horn was joined by Reto Micheluzzi from PwC’s National Office to discuss asset disposals by sale and key judgments in assessing the held-for-sale criteria.

In this episode, you will hear:

1:09 - An overview of the six criteria that need to be met for held-for-sale classification
4:24 - Key judgments involved in assessing the criteria and potential exceptions to the rule
12:28 - Measurement complexities including the order of impairment testing
16:49 - Triggers that cause an asset to no longer be considered as held for sale
19:49 - Final reminder when classifying assets as held for sale

Want to learn more? Read our chapter on assets held for sale in our PP&E and other assets guide.

Reto Micheluzzi is a partner in PwC’s National Office with over 25 years of experience solving companies’ most complex accounting and financial reporting issues, creating a path through the dense regulatory framework and bodies of rules. He has a deep understanding of the demands associated with today’s accounting complexities and potential SEC reporting issues, primarily related to M&A, consolidation, reorganizations, and income taxes.

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

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Talking ESG: Lessons from the UK's mandatory TCFD reporting

Thu, 20 Oct 2022 12:00:00 -0400

The Task Force on Climate-related Financial Disclosures (TCFD) framework forms the basis of climate-related rules within each of the major ESG disclosure proposals released this year. The UK is the first jurisdiction to mandate reporting under the TCFD for listed companies. This requirement was effective for 2021, meaning these reports were available for the first time in 2022.

Heather Horn sat down with Mark O’Sullivan, PwC UK’s Head of Corporate Reporting, and Hilary Eastman, Director of Investor Engagement at PwC, to discuss PwC’s observations on our review of the first 50 companies that reported under this mandate, as well as investor perspectives related to the filings.

In this episode, our guests discuss:

3:23 - Overview of our review of TCFD reporting in the UK
10:06 - What we know about investor views on the importance of climate risk management
17:08 - The areas investors want to understand, including the relevance of climate risk to the business, and the related financial impacts
26:03 - Key challenges faced by companies when reporting under the TCFD framework
31:40 - How companies in different industries approached the disclosures
42:24 - The areas cited in reviews by the UK’s Financial Reporting Council (FRC) and Financial Conduct Authority (FCA)
47:09 - Advice for companies contemplating how best to prepare for future ESG disclosures

Want to learn more about developments in ESG and TCFD? Read PwC UK’s report, The green shoots of TCFD reporting, along with our previous podcast on leveraging TCFD for climate-related disclosures. Also see the FRC’s and FCA’s reports on their reviews of TCFD disclosures, as well as the FRC’s lab report on net zero disclosures.

Hilary Eastman leads global investor engagement at PwC and has extensive experience advising on ESG reporting strategy. She manages the firm’s relationships with the investment community in the UK and globally. In her role, Hilary works with investors and analysts to get their views on a variety of corporate reporting and governance matters to help companies improve their reporting to the capital markets.

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

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Fixed asset toolkit: What can I capitalize?

Tue, 18 Oct 2022 14:00:00 -0400

Jay Seliber, PwC National Office partner, is back in the guest seat to share insights on the capitalization of assets with our host, Heather Horn.

In this episode, you will hear about:

4:39 - The first three capitalization stages: (1) preliminary exploration, (2) pre-acquisition, and (3) construction, and the types of costs that can be capitalized in each
13:42 - Capitalized interest - key considerations on timing and capitalization rate
20:10 - The fourth stage of capitalization: placing an asset in-service and the accounting for related costs
22:59 - The accounting for major maintenance
29:30 - Asset depreciation methods and key judgments in reassessing useful life
35:25 - Final reminders when capitalizing and depreciating fixed assets

Want to learn more? Listen to our previous podcast in this series on asset acquisitions and read about the capitalization of costs in our PP&E and other assets guide. Aircraft major maintenance is discussed in the AICPA’s Airlines guide.

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

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Fixed asset toolkit: Asset acquisitions

Tue, 04 Oct 2022 13:00:00 -0400

In this episode, Heather Horn was joined by Beth Paul from PwC’s National Office to discuss the accounting guidance for asset acquisitions, including distinguishing an acquisition of an asset from the acquisition of a business, along with complexities that may be faced when accounting for asset acquisitions.

In this episode, you will hear:

1:24 - An overview of the asset acquisition and business combination models
4:17 - How to use the screen test to identify asset acquisitions
9:21 - How to record asset acquisitions, and related transactions recognized separately
18:03 - Complexities faced by the buyer, including contingent consideration
24:06 - Key reminders for a seller when accounting for the disposal of an asset
26:01 - Final advice for those beginning the asset acquisition process

Want to learn more? Listen to our podcast discussing the complexities faced in business combinations and asset acquisitions, and read our chapters on asset acquisitions in our PP&E and other assets guide and how to identify a business using the screen test in our Business combinations guide.

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. Prior to this role, Beth was the Strategic Thought Leader in PwC’s National office, working closely with firm leadership to determine PwC’s position on emerging trends in auditing, accounting, and financial reporting matters.

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

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Impairment toolkit: Financial instruments

Tue, 13 Sep 2022 14:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering impairments – a complex topic with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by Bret Dooley, a partner in the National Office, and Shannon Detling, a partner in the Financial Markets practice, to discuss key considerations when working through the impairment accounting framework for financial instruments.

In this episode, you will hear them discuss:

0:38 - An overview of the impairment model for equity and available-for-sale debt securities
6:07 - How current market conditions are impacting impairment assessments
11:15 - Highlights of the current expected credit losses (CECL) model for amortized cost assets
17:12 - Effect of macroeconomic trends when determining credit losses under CECL
29:03 - Consideration of risks and relevant controls in the credit loss estimation process
33:16 - Credit outlook for the future based on current trends
38:12 - Key reminders for companies thinking through the impairment model for financial instruments

Want to learn more? Refer to the first episode in our impairment toolkit series on inventory and other current assets, along with previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions. Stay tuned for more insightful episodes in the coming weeks.

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.

Shannon Detling is a Partner within PwC’s Financial Markets group, specializing in financial instruments, financial risk management, and financing transactions. He has extensive knowledge of capital markets, changing regulation and policy, and evolving market conditions. Shannon advises clients on how to achieve their objectives and assists them in execution from strategy through to operations, valuation, and reporting, including design, implementation, and integration of systems, processes, and controls.

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

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Impairment toolkit: Inventory and other current assets

Tue, 06 Sep 2022 14:00:00 -0400

In this episode, Heather Horn was joined by PwC partner Pat Durbin to discuss key considerations when working through the impairment accounting framework, including a focus on impairment considerations for inventory and other current assets.

In this episode, you will hear them discuss:

1:05 - An overview of current macroeconomic factors that contribute to the impairment of assets
5:32 - An introduction to the impairment framework
12:01 - Impairment triggers for non-financial assets, including examples seen in practice
22:38 - Sector-specific considerations to keep in mind
25:10 - The inventory impairment model
31:53 - Impairment accounting for other current assets
38:43 - Key reminders as companies think through the impairment model

Want to learn more? Refer to our previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions. Stay tuned for more insightful episodes in the coming weeks.

Pat Durbin is a Deputy Chief Accountant, leading the revenue and liabilities division 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.

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

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Compensation toolkit: Impact of M&A activity on awards

Tue, 30 Aug 2022 14:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering stock-based compensation – a complex subject with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by PwC partners Gina Klein and Jay Seliber to discuss the complexities of stock-based compensation accounting arising from merger and acquisition activity.

In this episode, you will hear them discuss:

1:49 - Key business issues associated with stock-based awards in a transaction
6:14 - Accounting considerations for awards from the sale of a business
11:03 - Modifying awards in response to a planned change in control
20:36 - Considerations for vesting conditions tied to the closing of a transaction
24:05 - Transactions where the buyer replaces the seller’s awards
29:24 - Other common examples of award structuring as part of M&A activity
40:25 - Key points when accounting for stock-based awards during transactions

Want to learn more? Refer to previous episodes in our Compensation toolkit series on challenges for private company awards, making sense of stock award modifications, equity or liability classification, and unraveling complex vesting conditions. Also refer to our Stock-based compensation guide for more helpful information.

Gina Klein is a partner leading PwC’s HR Accounting Advisory practice in Workforce Transformation where she works with companies to address the financial reporting, design, and operational issues associated with employee compensation, including stock compensation, pension plans, and other employee benefit arrangements. Gina has also spent time in PwC’s National Office, advising clients on complex accounting matters related to employee compensation under both IFRS and US GAAP.

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

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Compensation toolkit: Challenges for private company awards

Tue, 23 Aug 2022 14:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering stock-based compensation – a complex subject with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by PwC National Office partners Jay Seliber and Ken Stoler to discuss private company-specific accounting considerations for stock compensation.

In this episode, you will hear them discuss:

1:30 - Key differences between public and private companies when accounting for equity-classified stock awards
9:03 - Private company accounting considerations for liability-classified stock awards
13:38 - An overview of profits interest awards commonly seen at private companies
21:20 - Equity restructurings and key points to keep in mind
33:08 - Accounting for loans given to employees to purchase stock
50:18 - Where to find more information on stock compensation for private companies

Want to learn more? Refer to previous episodes in our Compensation toolkit series on making sense of stock award modifications, equity or liability classification and unraveling complex vesting conditions. Also refer to our Stock-based compensation guide for more helpful information.

Ken Stoler is a partner in PwC’s National Office with over 25 years of experience. Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits, helping companies navigate their employee compensation issues during an IPO, spin off, acquisition, or other major transaction or event.

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

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Compensation toolkit: Making sense of stock award modifications

Tue, 16 Aug 2022 14:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering stock-based compensation – a complex subject with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by PwC National Office partners Jay Seliber and Ken Stoler to discuss a number of scenarios and accounting considerations related to stock-based compensation award modifications.

In this episode, you will hear them discuss:

1:22 - An overview of stock option modifications
12:20 - Four types of modifications to awards with vesting conditions
29:22 - How to think through changes to the classification of an award
37:34 - Accounting for changes to performance conditions
45:52 - Working through changes to market conditions
53:22 - Final advice for companies dealing with stock option modifications

Want to learn more? Refer to previous episodes in our Compensation toolkit series on equity or liability classification and unraveling complex vesting conditions, along with earlier podcasts on stock-based compensation including back to basics and presentation and disclosure. See also our Stock-based compensation guide. Stay tuned for more insightful episodes in the coming weeks.

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

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Compensation toolkit: Classifying awards as equity or liability

Tue, 09 Aug 2022 13:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering stock-based compensation – a complex subject with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by PwC National Office subject matter specialists Jay Seliber and Nicole Berman to discuss the challenging topic of classifying stock option awards as equity or a liability.

In this episode, you will hear them discuss:

1:32 - An overview of equity and liability classification of stock options and their key differences
5:26 - Common examples of exceptions to the general classification rules
16:31 - Accounting for awards with redemption features
30:30 - How to think about awards with put or call features
36:56 - Accounting for awards with repurchase features
43:27 - Final advice for dealing with equity and liability classification of stock options

Want to learn more? Refer to the first episode in our compensation toolkit series on unraveling complex vesting conditions, along with earlier podcasts on stock-based compensation podcasts including back to basics, award modifications and presentation and disclosure. For more on stock-based compensation, refer to our Stock-based compensation guide. Stay tuned for more insightful episodes in the coming weeks.

Nicole Berman is a Director in PwC's National Office. She advises clients on the accounting for complex transactions related to revenue recognition and employee compensation matters, including stock-based compensation, pensions, OPEB, and restructurings, under both US GAAP and IFRS.

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

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Compensation toolkit: Unraveling complex vesting conditions

Tue, 02 Aug 2022 14:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering stock-based compensation – a complex subject with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by Jay Seliber and Ken Stoler, partners from our National Office, who share accounting insights for stock-based compensation awards with vesting conditions.

In this episode, you will hear them discuss:

1:47 - An overview of vesting conditions
11:04 - How different vesting conditions impact the measurement of an award and related expense recognition
17:36 - Typical types of performance vesting conditions and the related accounting
26:14 - The complexities of market vesting conditions and accounting
36:45 - How to think about awards with both performance and market conditions
45:52 - Final advice on accounting for stock-based compensation awards with vesting conditions

Want to learn more? Refer to our previous podcasts on stock-based compensation, including back to basics, award modifications and presentation and disclosure, as well as our Stock-based compensation guide. Stay tuned for more insightful episodes in the coming weeks.

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

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Derivative toolkit: Deciphering foreign currency hedging

Tue, 19 Jul 2022 14:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month we are covering derivatives–a complicated area that generates numerous questions.

In this episode, Heather Horn was joined by Bret Dooley and Chris Gerdau from PwC’s National Office to dive into the complexities of applying hedge accounting to foreign currency hedges.

In this episode, you will hear them discuss:

1:02 - An overview of foreign currency accounting
10:35 - Hedging of forecasted foreign currency transactions
18:26 - Net investment hedging and excluded components (“forward points”)
27:01 - What to focus on with hedges of foreign currency denominated debt
31:37 - Final advice and resources for more information

Want to learn more? Listen to other episodes in our derivative toolkit series Do I have a derivative? and Hedging debt with derivatives, and refer to our Derivatives and hedging and Financial statement presentation guides.

Chris 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. With over 25 years of experience, Chris’s client service expertise includes the banking, capital markets, and insurance industries.

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 to us_podcast@pwc.com.

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Derivative toolkit: Hedging debt with derivatives

Tue, 12 Jul 2022 09:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering derivatives–a complicated area that generates numerous questions.

In this episode, Heather Horn was joined by Bret Dooley and Chip Currie from our National Office to dive into the complexities of accounting for hedges of debt.

In this episode, you will hear them discuss:

1:30 - The economics of debt issuance and risk management decisions
4:01 - How derivatives fit into these decisions
8:55 - What to think about from a hedge accounting perspective
11:30 - Cash flow and fair value hedge models
20:46 - The impact of debt not denominated in your functional currency
24:03 - Advice for dealing with the complexities of applying hedge accounting

Want to learn more? Listen to the first episode in our derivative toolkit series, Do I have a derivative?, and refer to our Derivatives and hedging and Financial statement presentation guides. Stay tuned for more insightful episodes in the coming weeks.

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

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Derivative toolkit: Do I have a derivative?

Tue, 05 Jul 2022 14:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering derivatives – a complicated area that generates numerous questions.

In this episode, Heather Horn was joined by Bret Dooley and Chris Gerdau from our National Office to dive into how to identify derivatives, explaining how to navigate through the definition, scope exceptions, and embedded derivative analysis.

In this episode, you will hear them discuss:

1:30 - How broad the definition of a derivative is and lesser known examples
4:21 - Applying the three criteria needed to meet the definition
14:15 - Understanding the scope exceptions
25:45 - What you need to know about the criteria for bifurcating embedded derivatives
32:00 - Common examples of embedded derivatives and “hidden” features that need to be assessed
35:10 - A summary of key takeaways and an update on derivative standard setting

Want to learn more? Refer to our Derivatives and hedging guide and our Financial statement presentation guide, and stay tuned for more insightful episodes in the coming weeks.

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

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Leasing toolkit: Spotting embedded leases

Tue, 28 Jun 2022 12:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering leasing–a multifaceted area that generates numerous questions.

In this episode, Heather Horn was joined by Jillian Pearce and Marc Jerusalem from our National Office to dive into how to detect potential embedded leases in service or supply contracts and assess contract terms in the context of the leasing criteria.

In this episode, you will hear them discuss:

1:28 - The definition of a lease
4:53 - How to think about the “in exchange for consideration” part of the definition and “free” leases
10:34 - The identified asset criteria and “floating” leases
15:47 - The substitution rights criteria and how to assess the ability to economically benefit from substitution
20:52 - Common questions on understanding the right to substantially all economic benefits criteria
27:03 - The right to direct the use of the asset criteria and predetermined rights
38:07 - Common examples where embedded leases are found and final advice

Want to learn more? Listen to our previous podcasts in our Leasing toolkit series on demystifying sale-leasebacks and build-to-suit arrangements, private company adoption and how to get lease measurements and modifications right.

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.

Marc Jerusalem is a Director in PwC’s National Office specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.

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

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Leasing toolkit: Demystifying sale-leasebacks and build-to-suits

Tue, 21 Jun 2022 13:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering leasing–a multifaceted area that generates numerous questions.

In this episode, Heather Horn was joined by Chad Soares and Marc Jerusalem from our National Office to breakdown the complexities of sale-leaseback transactions and build-to-suit lease arrangements.

In this episode, you will hear:

1:24 - An overview of sale-leaseback transactions, including how the accounting changed in the updated leases standard
7:59 - A deeper dive into meeting the risks and rewards of ownership criteria and the treatment of purchase and put options
18:50 - Accounting for sale-leasebacks and questions about fair value
24:50 - What to do when transactions don’t qualify for sale-leaseback accounting
31:10 - An overview of build-to-suit arrangements and changes from the more form driven prior guidance
39:42 - Things to look out for in sale-leaseback and build-to-suit transactions
42:18 - Final advice for dealing with these complex arrangements

Want to learn more? Listen to our previous podcasts in our Leasing toolkit series on private company adoption and how to get lease measurements and modifications right.

Chad Soares is a partner in PwC's National Office focused on leasing and financing arrangements. He was a primary author of PwC’s Leases guide and continues to contribute to a variety of thought leadership related to leasing and financial instruments.

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

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Leasing toolkit: Getting lease measurements/modifications right

Tue, 07 Jun 2022 13:00:00 -0400

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering leasing–a multifaceted area that generates numerous questions.

In this episode, Heather Horn was joined by Suzanne Stephani and Marc Jerusalem, Directors from PwC’s National Office, to discuss the accounting guidance for some of the primary measurement and lease modification judgments that need to be made.

In this episode, you will hear:

2:20 - Common questions related to lease measurement
7:38 - Considerations around variable payments
10:08 - Key concepts and tools when accounting for lease incentives
16:38 - Determining the lease term when there are automatic renewals
21:59 - The importance of periodic reassessment of the lease term for lessees
31:10 - How to select the correct discount rate
37:09 - Lease modifications: what they are and how to account for them

Want to learn more? Listen to our previous podcast, Full disclosure: Leases, and read our chapter on modification and remeasurement of a lease in our Leases guide.

Suzanne Stephani is a Director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to financing and leasing transactions as well as the cash flow statement.

Marc Jerusalem is a Director in PwC’s National Office specializing in leasing. Marc consults with clients on complex lease accounting issues and is a contributor to many related PwC National Office publications.

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

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Tax toolkit: Valuation allowances, weighing the evidence

Tue, 31 May 2022 12:00:00 -0400

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering income taxes–an area that generates numerous technical questions.

In this episode, Heather Horn was joined by Jenn Spang and Matt McCann, partners in PwC’s National Office, to discuss valuation allowances, an often challenging topic that contains multiple decision points and requires ongoing evaluation.

In this episode, you will hear:

2:02 - The definition of a valuation allowance
4:28 - An overview of the applicable accounting guidance
7:08 - Tips on when a timely scheduling analysis may be helpful
10:38 - Negative evidence represented by cumulative losses in recent years
16:05 - The relative weight of projections of future income
24:23 - How tax planning strategies factor into available evidence
31:24 - Common misconceptions in performing valuation allowance assessments
36:16 - Navigating reversals of valuation allowances: timing, documentation, and disclosures
42:04 - Takeaways on improving the process of performing valuation allowance assessments

Want to learn more? Listen to the previous podcasts in our Tax toolkit in which we discuss how to consider uncertain tax positions, separate company financial statements, divestitures, and the scope of ASC 740. Also, refer to the chapter on valuation allowances in our Income taxes guide.

Jenn Spang is a partner in PwC’s National Office and serves as the income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Matt McCann is a partner in PwC's National Office who provides consultation in the areas of revenue recognition and income taxes. He has over 25 years of experience and previously served as the leader of the Consumer & Industrial Products Sector Assurance Practice in North Texas.

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

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Tax toolkit: Separate company financial statements

Tue, 17 May 2022 13:00:00 -0400

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering income taxes–an area that generates numerous technical questions.

Companies prepare separate financial statements of subsidiaries for various reasons, such as spin offs, regulatory requirements, or compliance with debt covenants. In this episode, Heather Horn was joined by Jenn Spang and Matt McCann, partners in PwC’s National Office, to discuss the accounting guidance for income tax provisions in separate company financial statements.

In this episode, you will hear:

1:15 - An overview of guidance for allocating a tax provision to subsidiaries under ASC 740
6:26 - An introduction to the separate return method
12:15 - Common modifications to the separate return method, including benefits-for-losses
17:50 - How tax sharing agreements impact the provision and related balance sheet accounts
25:22 - How to account for uncertain tax positions in separate company financial statements
27:59 - Specific considerations for carve-out financial statements
35:33 - Final advice on how to effectively navigate the complexities of separate financial statements

Want to learn more? Listen to our previous podcasts, Working with uncertain tax positions, and read about separate company financial statements in our Income taxes guide.

Matt McCann, is a partner in PwC's National Office who provides consultation in the areas of revenue recognition and income taxes. He has over 25 years of experience and previously served as the leader of the Consumer & Industrial Products Sector Assurance Practice in North Texas.

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

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Tax toolkit: Navigating divestitures effectively

Tue, 10 May 2022 11:00:00 -0400

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering income taxes–a multifaceted area that generates numerous technical questions.

In this episode, Heather Horn was joined by Jenn Spang and Kassie Bauman from PwC’s National Office to discuss the accounting guidance for divestitures, focusing on some of the primary judgments.

In this episode, you will hear:

4:06 - Considerations during the period of time that a company is contemplating a divestiture
8:38 - Key judgments when assessing valuation allowances before a divestiture is classified as held-for-sale
17:56 - How the timing of deferred tax liability reversals could impact valuation allowances
20:26 - Held-for-sale accounting: how to determine whether deferred taxes are included in the disposal group
28:32 - Financial statement presentation considerations for after the divestiture has occurred
42:20 - Additional focus areas to keep in mind for successful divestiture tax accounting

Want to learn more? Listen to our previous podcast, Working with uncertain tax positions, and read about how a disposal impacts Valuation allowances in our Income taxes guide.

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

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Tax toolkit: Working with uncertain tax positions

Tue, 03 May 2022 15:00:00 -0400

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering income taxes–a multifaceted area that generates numerous technical questions.

In this episode, Heather Horn was joined by Jennifer Spang and Kassie Bauman from PwC’s National Office to discuss the accounting guidance for uncertain tax positions, focusing on some of the primary judgments that need to be made.

In this episode, you will hear:

1:32 - What constitutes an uncertain tax position (UTP)
5:11 - Rules covering the measurement and recognition of UTPs
9:32 - How to assess multiple outcomes and cumulative probability when recording UTPs
15:07 - Key judgments to exercise when evaluating the consistency of a position with administrative practice and precedence
23:58 - The importance of periodic reassessment and continuing to evaluate new information that could impact how UTPs are recorded
33:59 - Disclosure considerations
40:33 - Final advice on preparing disclosures and related documentation

Want to learn more? Listen to our previous podcast, Uncertain tax positions: the basics, and read our chapter on Accounting for uncertainty in income taxes in our Income taxes guide.

Jennifer Spang is a partner in PwC’s National Office and serves as the income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

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

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Revenue toolkit: Step five—Recognize revenue

Tue, 29 Mar 2022 14:00:00 -0400

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering each of the five steps in the revenue recognition model.

In this episode, Heather Horn was joined by Angela Fergason and Pat Durbin, partners in PwC’s National Office, to discuss step five of the model: recognizing revenue.

In this episode, you will hear:

3:15 - Over time recognition - the three criteria to determine whether control transfers over time
10:51 - Measures of progress that can be used in over time recognition
13:12 - The importance of selecting a method that best depicts the transfer of control, and when a time-based measure of progress may be appropriate
18:45 - The “right to invoice” practical expedient
22:04 - Point in time recognition and the five indicators that control has transferred
28:33 - The impact of repurchase rights in determining whether control has transferred
33:39 - Specific considerations for acceptance clauses
35:13 - Licenses of intellectual property (IP), including how functional IP and symbolic IP are treated differently

Want to learn more? Read our chapter on Recognizing revenue in our Revenue guide.

Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Angela is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office and the leader of the revenue and liabilities division. He has over 30 years of experience consulting with clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

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

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Revenue toolkit: Step four—Allocate the transaction price

Tue, 22 Mar 2022 14:00:00 -0400

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering each of the five steps in the revenue recognition model.

In this episode, Heather Horn was joined by Angela Fergason and Mike Coleman, partners in PwC’s National Office, to discuss step four of revenue recognition: allocating the transaction price.

In this episode, you will find:

01:19 - The core objective of step four: allocating based on relative standalone selling price
04:03 - Common approaches to estimating standalone selling price
10:47 - How to apply the residual approach (for use in limited circumstances)
15:03 - Special considerations for the allocation of discounts and variable consideration
20:11 - The importance of consistency
26:11 - Key tips about making judgments in your process of estimation

Want to learn more?

Listen to our previous Revenue toolkit episodes in which we discuss how to identify the contract, identify performance obligations, and determine the transaction price.
Read chapter 5, Allocating the transaction price, in our Revenue from contracts with customers guide.

Mike Coleman is a partner in PwC's National Office with over 30 years of experience. He specializes in accounting for revenue and software arrangements. Prior to his time in National, Mike was an audit partner in the firm's NY Metro assurance practice serving technology clients. In addition, he has been one of the firm's 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, as well as periodic webcasts for the power and utilities industry. 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Revenue toolkit: Step three—Determine the transaction price

Tue, 15 Mar 2022 14:00:00 -0400

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering each of the five steps in the revenue recognition model.

In this episode, Heather Horn was joined by Angela Fergason and Alexandra Pascu from PwC’s National Office, to discuss step three of revenue recognition: determining the transaction price.

In this episode, you will find:

3:18 - Determining whether the contract contains significant financing components
7:52 - How noncash and variable consideration impact the transaction price
12:32 - Methods for estimating variable consideration, and considering the measurement constraint
19:54 - The key judgments needed for service level agreements or similar arrangements
24:54 - Evaluating payments to customers as a form of variable consideration, and how they impact the transaction price
26:58 - Key takeaways: step three in a nutshell, and additional resources

Want to learn more?

Read the Determining the transaction price chapter in our Revenue guide.
Listen to our previous podcasts on Variable consideration: How it impacts your top and bottom line and Payments to customers? Receipts from vendors? Help!.

Alexandra Pascu is a director in PwC’s National Office with over 9 years of experience. She focuses on revenue recognition, software costs, stock-based compensation, and inventory. Prior to this role, Alexandra led audits of companies ranging from small emerging growth companies to public multinationals.

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, as well as periodic webcasts for the power and utilities industry. 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Revenue toolkit: Step two—Identify performance obligations

Tue, 08 Mar 2022 14:00:00 -0500

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering each of the five steps in the revenue recognition model.

This week Heather Horn was joined by Angela Fergason and Mike Coleman, partners in PwC’s National Office, to discuss revenue step two: identifying the performance obligations. Angela and Mike share the key points to consider carefully, especially because this step dictates the units of account for the entire contract.

In this episode, you will hear:

4:57 - How to find all relevant promises to the customer, and how to treat implied promises
9:29 - The criteria utilized to assess whether a good or service is “distinct”
16:30 - How to account for promises to transfer a series of distinct goods or services
22:05 - How to treat a customer’s option to purchase additional goods or services
27:20 - How selling a “solution” may comprise multiple performance obligations, and other key final reminders

Want to learn more? Read chapter 3, Identifying performance obligations, in our Revenue from contracts with customers guide.

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, as well as periodic webcasts for the power and utilities industry. 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Revenue toolkit: Step one—Identify the contract

Tue, 01 Mar 2022 13:00:00 -0500

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering each of the five steps in the revenue recognition model.

In this episode, Heather Horn was joined by Angela Fergason and Pat Durbin, partners in PwC’s National Office, to discuss step one of revenue recognition: identifying the contract. While it may appear straightforward, there are some judgments to be made and getting it right is critical for the rest of the revenue recognition process.

In this episode, you will find:

03:10 - Determining the applicability of accounting guidance for each arrangement
12:19 - The five criteria that determine whether a contract exists for accounting purposes
15:28 - Collectibility considerations
22:10 - What to do if the criteria for contract existence are met after the initial assessment
24:38 - How enforceable rights and obligations, rather than a stated term, dictate the contract term
29:49 - Key takeaway: the importance of not taking shortcuts through the step one assessment

Want to learn more? Read Chapter 2 of our Revenue guide on scope and identifying the contract.

Pat Durbin is a partner in PwC’s National Office and has over 30 years of experience. He has expertise in financial reporting and extensive experience serving board, C-suite, and senior management level executives across a variety of industries and geographies both in the US and internationally.

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, as well as periodic webcasts for the power and utilities industry. 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Talking ESG: Leveraging TCFD for climate-related disclosures

Thu, 02 Dec 2021 14:00:00 -0500

In our Talking ESG podcast series, we give an end-to-end look at what it takes to build effective ESG reporting in today’s environment. From investor to stakeholder expectations, from global frameworks to data, process, and controls—there’s something in it for everyone.

This week Heather Horn sat down with Steve Bochanski, PwC’s Climate Risk Modeling leader, to discuss ESG reporting with a focus on the Task Force on Climate-related Financial Disclosures (TCFD) and how it may affect your company.

Topics include:

6:09 - What is the TCFD? The Task Force on Climate-related Financial Disclosures was established to focus on providing stakeholders with information about climate-related risks. Heather and Steve talk through the background of the TCFD and how it’s different from other ESG reporting frameworks.
10:48 - Making a risk assessment. Most listeners will be familiar with the physical risks associated with climate change, and many companies already have processes in place to address them. But there’s also transition risk, which is less well-understood. Steve and Heather discuss how to get started assessing both of these risk categories and how correctly identifying risks upfront can improve your reporting.
19:54 - Who is adopting the TCFD recommendations? The Task Force has structured its guidance for broad adoption across industries. Steve walks listeners through the steps involved in adoption and who should be involved from the organization.
28:29 - Stakeholders and data quality. Most organizations have done more work than they think in their focus on conventional risk assessment processes that can be useful in a TCFD disclosure. Steve explains how companies can use these processes to accelerate their climate reporting process. Steve and Heather also talk through the importance of data quality.
36:57 - Advice for listeners. Steve and Heather discuss some practical advice for companies that have adopted or are planning to adopt aspects of the TCFD framework. Steve provides his perspective on what the future holds for climate-related disclosures.

Want to learn more?

Listen to our previous podcasts in this series, Talking ESG: How SEC proposals may shape future reporting, Talking ESG: A focus on the Global Reporting Initiative, and Talking ESG: How new EU rules may impact your reporting.

Steve Bochanski leads PwC's US Climate Risk Modeling team, comprising actuaries, financial engineers, and climate scientists, and other actuarial activities in the ESG space. He also leads PwC’s Actuary of the Future initiative globally, focusing on actuarial modernization, upskilling, and corporate risk modeling beyond the insurance sector.

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, 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, as well as periodic webcasts for the power and utilities industry.

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: Commitments and contingencies

Tue, 26 Oct 2021 14:00:00 -0400

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes.

This week we focus on the presentation and disclosure requirements for commitments and contingencies. Jay Seliber, PwC National Office partner, is back in the guest seat to share helpful insights and key reminders with our host, Heather Horn.

Topics include:

1:22 - Background. Jay and Heather discuss the scope of the commitments and contingencies guidance, including discussion of guarantees.
4:43 - Presentation on the balance sheet and income statement. Jay walks listeners through when commitments need to be recognized. He also covers the contingency model and related presentation, including insurance recoveries.
20:03 - Disclosure requirements. Jay takes us through the disclosure requirements for commitments and contingencies in the financial statements, including some of the areas that require more judgment.
39:42 - Closing remarks. Jay closes with areas of GAAP where disclosures of other types of commitments are required. Heather tries to stump Jay with some niche accounting questions.

Want to learn more?

Financial statement presentation guide Chapter 23: Commitments, contingencies, and guarantees

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, as well as periodic webcasts for the power and utilities industry. 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: Business combinations

Tue, 05 Oct 2021 14:00:00 -0400

This week we focus on the presentation and disclosure requirements for business combinations. Jay Seliber, PwC National Office partner, is back in the guest seat to share some helpful insights with our host, Heather Horn.

Topics include:

1:15 - Scope of business combinations. Jay explains the applicability of the business combinations guidance to different types of transactions.
3:24 - Balance sheet. Jay highlights the presentation rules on the balance sheet and addresses a common question about the classification of contingent consideration.
6:30 - Income statement. Jay takes us through the presentation requirements for business combinations on the income statement, including some of the areas that require more judgment - think previously held equity interests, mark-to-market adjustments on contingent consideration, and tax indemnifications.
10:23 - Statement of cash flows. Jay breaks down the cash flow presentation rules for common aspects of business combinations transactions, including debt financing and contingent consideration.
18:21 - Disclosure requirements. Jay outlines both GAAP and SEC disclosure requirements on business combinations.
41:20 - Key takeaways. Jay closes with final reminders. Heather tries to stump Jay with some accounting history questions.

Want to learn more? Read:

Chapter 17: Business combinations of our Financial statement presentation guide.
In depth, SEC amends disclosure rules for acquired and disposed businesses
In depth, Domestic SPAC mergers - financial reporting and accounting considerations

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, as well as periodic webcasts for the power and utilities industry. 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: Leases

Tue, 21 Sep 2021 14:00:00 -0400

This week we focus on a lessee’s presentation and disclosure requirements for leases. Suzanne Stephani and Marc Jerusalem, PwC National Office directors, are back in the guest seats to share helpful insights and key reminders.

Topics include:

1:15 - Balance sheet and income statement. Marc and Suzanne start with the balance sheet and income statement, highlighting the presentation for finance vs. operating leases, current vs. non-current, and more.
10:55 - Statement of cash flows. Suzanne explains how to avoid common stumbling blocks when presenting lease transactions in the statement of cash flows.
15:33 - Disclosure requirements. Lessees have a long list of qualitative and quantitative disclosure requirements that need to be met. Marc details where to start and what to watch out for.
24:11 - Leases in light of current events. The current economic environment has disrupted some companies’ leasing strategies. Marc and Suzanne provide some insight on how this may impact their presentation and disclosures.
29:47 - Wrap-up. Heather tries to stump Suzanne and Marc with a few trivia questions before they provide final reminders and advice for companies accounting under ASC 842.

Want to learn more? Read our guides for those who have adopted ASC 842 and those still applying ASC 840.

Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to financing and leasing transactions as well as the cash flow statement.

Marc Jerusalem is a director in PwC’s National Office specializing in leasing. Marc consults with clients on complex lease accounting issues and is a contributor to many related PwC National Office publications.

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, 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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

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Full disclosure: Loans and credit losses (updated January 23, 2025)

Tue, 07 Sep 2021 15:00:00 -0400

This week we focus on loans and receivables, including how the credit losses standard, with its current expected credit loss (CECL) model, changed the presentation and disclosure requirements. Tom Barbieri and Bret Dooley, PwC National Office partners, sat down with our host, Heather Horn, to share insights and reminders in the post-adoption world.

Topics include:

2:05 - Balance sheet and income statement. Tom and Bret begin with an overview of what to present on two of the primary financial statements for loans and receivables.
10:08 - Disclosure requirements. Tom highlights key disclosures for companies with loans receivable assets. He addresses requirements from accounting policies through credit quality indicators.
18:53 - Allowance for credit losses. Bret dives into the required disclosures for companies that develop an allowance reserve estimate and explains the information that financial statements users need to understand non-performing receivables.
26:08 - Cash flows. Tom gives a few key reminders for getting the right geography when presenting loans in your statement of cash flows.
28:05 - SEC filings and comment trends. Tom and Bret discuss interim presentation and disclosure requirements and comment trends from the SEC after the first year of CECL.
32:31 - Wrap up. Heather tries to stump Tom and Bret with a few questions from pre-CECL periods before Tom and Bret provide some advice and resources when preparing credit disclosures.

Want to hear more about CECL? Check out some of our past podcasts and videos:

Tom Barbieri is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has nearly 30 years of experience advising clients on complex accounting and financial reporting issues relating to financial instruments. During Tom’s tenure in the National Office, he has been at the forefront of emerging accounting issues and has regular interactions with the FASB, SEC, and other regulators and standard setters.

Bret Dooley is a Partner in PwC’s National Office with over 25 years of experience specializing in the financial services, banking and capital markets industries. He focuses on emerging financial reporting issues relating to financial instruments.

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

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Full disclosure: Revenue

Tue, 31 Aug 2021 14:00:00 -0400

This week we focus on the presentation and disclosure requirements for revenue. Angela Fergason is joining us again to break down revenue from contracts with customers and what needs to be included in your financial statements.

Topics include:

1:15 - Income statement and balance sheet. Angela opens with a quick overview of how to present revenue on the income statement and balance sheet, and a few reminders of key requirements.
11:29 - Disaggregated revenue. Angela gives an overview of the five major disclosure areas for revenue and dives into requirements around disaggregating revenue.
16:23 - Performance obligations. Angela explains the quantitative and qualitative disclosure requirements for performance obligations, paying particular attention to those related to remaining performance obligations—which are often the most time consuming to prepare.
21:27 - Remaining disclosures. Angela covers the final three primary areas of disclosures for public companies: significant judgments, contract balances, and cost to obtain or fulfill a contract
27:47 - Non-public companies. Angela highlights which disclosures apply to non-public companies, and which don’t.
29:05 - Closing. Heather tries to stump Angela with a few revenue and ASC 606 trivia questions before Angela provides some final advice and reminders to companies evaluating their disclosures.

Want to hear more about revenue from Angela? Check out some of our past podcasts:

Also listen to Full disclosure: The balance sheet to learn more about balance sheet offsetting and see our Financial statement presentation guide for more details on presentation and disclosure for revenue.

Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

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

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Full disclosure: Other liabilities

Tue, 24 Aug 2021 14:00:00 -0400

This week we focus on the fair value disclosure requirements for other liabilities—specifically payables, contingencies, and asset retirement obligations (AROs). Pat Durbin and John Brittain are in the guest seats to share helpful insights and key reminders

Topics include:

1:23 - Accounts and notes payable. Pat and John explain the presentation and disclosure requirements for payables and highlights key requirements in S-X Rule 5-02.
9:02 - Contingencies. Pat dives into accounting considerations for environmental liabilities as well as general presentation and disclosure matters for other contingencies.
20:19 - AROs. John breaks down the disclosure requirements for AROs and what to do when they cannot be reasonably estimated.
24:45 - Wrap up. Heather tries to stump Pat and John with two challenging questions, and Pat and John provide some final advice to companies to consider while preparing their financial statements.

Want to learn more? Read our Financial statement presentation guide on other liabilities and contingencies.

Pat Durbin is a Deputy Chief Accountant, leading the revenue and liabilities division in PwC’s National Office. He has nearly 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.

John Brittain is a partner in PwC's National Office with over 30 years of experience helping clients and engagement teams navigate the accounting and financial reporting considerations related to business combinations, as well as issues in the energy and utilities 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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

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Full disclosure: Fair value

Tue, 17 Aug 2021 14:00:00 -0400

This week we focus on the fair value disclosure requirements. Chip Currie from our National Office is back in the guest seat to discuss key reminders with our host, Heather Horn.

Topics include:

1:10 - The Basics. Chip and Heather begin by discussing some of the “core” fair value disclosure requirements and how the requirements evolved into their current state.
9:32 - Leveling. Chip explains the objectives of fair value leveling classifications, how they’re determined by their inputs, and their presentation in the footnotes.
23:58 - Additional requirements. Chip dives into additional required disclosures for public business entities and companies electing the fair value option.
32:12 - Wrap up. Heather tries to stump Chip with two challenging questions, and Chip provides pointers on where to find additional resources as companies hone their fair value disclosures.

Want to learn more? Read our Financial statement presentation and Fair value measurements guides. And listen to our podcast, Full disclosure: Investments—debt and equity securities.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

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Full disclosure: Pension and other postemployment benefits

Tue, 10 Aug 2021 14:00:00 -0400

This week we focus on the presentation and disclosure requirements for pension obligations and plan assets. Jay Seliber and Ken Stoler from our National Office are back in the guest seats to discuss key reminders with our host, Heather Horn.

Topics include:

1:24 - Pension costs. Jay outlines the typical six accounting components of pension and other postemployment benefit (OPEB) costs for single-employer defined benefit plans.
7:31 - Financial statement presentation. Ken explains the balance sheet and income statement and classification matters for pension and OPEB obligations.
11:02 - Disclosures. Jay highlights key objectives to consider and specific required disclosures for pensions.
24:47 - Key takeaways. Heather, Jay, and Ken close with some final advice to help make the preparation of these disclosures easier.

Want to learn more? Read our Financial statement presentation and Pensions and other employee benefits guides. And listen to our podcast, Accounting for pension plans: Back to the basics with 5 things to know.

Ken Stoler is a partner in PwC’s National Office with over 15 years of experience. He helps companies to address one of their most fundamental concerns, how they should compensate their employees and executives. Helping companies navigate their employee issues during an IPO, spin off, acquisition, or other major transaction or event, Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: Stock-based compensation

Tue, 03 Aug 2021 14:00:00 -0400

This week we focus on the presentation and disclosure requirements for stock-based compensation awards. Jay Seliber and Ken Stoler from our National Office are joining us to share helpful insights with our host, Heather Horn.

Topics include:

1:21 - Balance sheet. Jay opens with balance sheet presentation and classification matters for stock-based compensation awards.
5:02 - Income statement. Jay explains the income statement presentation requirements for stock-based compensation expense and the related SEC comment letter trends.
8:22 - Statement of cash flows. Ken walks through the impact of stock-based compensation awards on the statement of cash flows.
14:31 - Statement of stockholders’ equity. Ken highlights the areas affected by stock-based compensation awards in the statement of stockholders’ equity.
16:29 - Disclosures. Jay and Ken discuss the required disclosures and best practices.
27:52 - Key takeaways. Heather, Jay, and Ken close with some final remarks.

Want to learn more? Read our Financial statement presentation and Stock-based compensation guides. And listen to our podcast, Stock-based compensation issues in an IPO and SPAC, explained.

Ken Stoler is a partner in PwC’s National Office with over 15 years of experience. He helps companies to address one of their most fundamental concerns, how they should compensate our employees and executives. Helping companies navigate their employee issues during an IPO, spin off, acquisition, or other major transaction or event, Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: Debt

Tue, 27 Jul 2021 13:00:00 -0400

This week we focus on the presentation and disclosure requirements for debt including term debt, revolving debt, and structured payables. Chip Currie and Suzanne Stephani from our National Office are back in the guest seats to discuss key reminders with our host, Heather Horn.

Topics include:

1:24 - Balance sheet. Chip and Suzanne highlight balance sheet classification matters for refinancings, repayments, covenant violations, issuance costs, and more.
12:58 - Income statement. Chip explains the income statement impacts of gains and losses on debt extinguishment and common acceptable approaches to classification.
14:18 - Statement of cash flows. Suzanne reminds listeners how to present debt activity in the statement of cash flows—from debt borrowings and repayments, to extinguishments and modifications.
17:09 - Disclosures. Chip highlights the key required disclosures for debt that investors are focused on.
24:19 - Structured payables. Chip explains structured payables and the related disclosure requirements.
22:33 - Key takeaways. Chip and Suzanne close with some final reminders.

Want to learn more? Read Chapter 12: Debt and Section 11.3.1.5: Structured payables of our Financial statement presentation guide, and listen to our podcast, Debt classification: Back to the basics with 5 things you need to know.

Chip Currie is a partner in PwC’s National Office with over 20 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.

Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to 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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: Investments—debt and equity securities

Tue, 13 Jul 2021 14:00:00 -0400

This week we focus on investments, specifically debt securities and equity instruments, as well as the related presentation and disclosure matters. Our host, Heather Horn, sat down with PwC National Office partners, Chip Currie and Bret Dooley, to share some helpful insights.

Topics include:

1:29 - Reminders on the accounting model. Bret and Chip open with recognition and measurement reminders for equity instruments and debt securities.
6:12 - Balance sheet. Bret explains the balance sheet presentation and classification matters for these types of investments.
9:31 - Income statement. Chip highlights the income statement considerations.
13:28 - Disclosures. Chip and Bret explain the key disclosures specific to equity instruments and debt securities. They also remind companies to disclose specific portfolio information.
19:47 - Other important disclosures. Our guests describe other required disclosures for available-for-sale securities, held-to-maturity securities, credit risk, and MD&A.
32:22 - Takeaways. Chip and Bret close with some final reminders.

Want to learn more? Read:

Chapter 9: Investments—debt and equity securities of our Financial statement presentation guide
Chapter 12: Presentation and disclosure of our Loans and investments guide

Chip Currie is a Partner in PwC’s National Office with over 20 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.

Bret Dooley is a Partner in PwC’s National Office, focusing on emerging financial reporting issues related to financial instruments and assisting clients in resolving complex accounting matters. He brings more than 25 years of experience in both public accounting and industry, including leadership roles in accounting policy, financial reporting and controllership teams at global financial institutions.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: Comprehensive income and stockholders' equity

Tue, 29 Jun 2021 14:00:00 -0400

This week we focus on the presentation and disclosure requirements for comprehensive income and stockholders’ equity. Tom Barbieri and Jay Seliber from our National Office are joining us again to share helpful insights and key reminders with our host, Heather Horn.

Topics include:

0:39 - Comprehensive income. Tom and Jay break down the presentation basics of comprehensive income and dive into the elements of other comprehensive income.
14:57 - Stockholders’ equity. We run through the requirements of presenting and disclosing the changes in stockholders’ equity.
20:02 - Preferred stock. Jay and Tom explain the nuances related to the balance sheet presentation of preferred stock.
21:55 - Other common areas. Lightning round! Heather quizzes our guests on presentation and disclosure rules for mezzanine equity, treasury stock, dividends, and contracts indexed to a company’s own stock.
34:22 - Standard setting. Jay highlights some new disclosure requirements from the recent standard setting on convertible debt and warrant modifications.
38:10 - Wrap up. Tom and Jay share their final advice for our listeners and key takeaways.

Want to learn more? Read:

Chapter 4: Reporting comprehensive income, Chapter 5: Stockholders’ equity, Chapter 21: Foreign currency, and Section 15.3.3: Temporary (mezzanine) equity of our Financial statement presentation guide
Chapter 7: Preferred stock and Chapter 8: Accounting for certain contracts to issue shares of our Financing transactions guide
In depth: Accounting for convertible instruments and own equity contracts

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

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Full disclosure: Earnings per share (EPS)

Tue, 22 Jun 2021 14:00:00 -0400

This week we focus on the presentation and disclosure requirements for earnings per share. John Horan and Jay Seliber from our National Office are joining us again to share helpful insights and key reminders with our host, Heather Horn.

Topics include:

1:18 - The basics. Jay and John set the stage for today’s discussion with a refresher on the type of entities that are required to calculate EPS and the presentation and disclosure requirements for basic and diluted EPS.
8:41 - Basic EPS. We break down how to calculate basic EPS, potential adjustments to the numerator and denominator, and how to calculate weighted average shares outstanding.
19:04 - Diluted EPS and convertible instruments. Jay and John discuss how to calculate diluted EPS and the various methods used.
28:30 - Potential common shares. Our guests explain what potential common stock share instruments are anti-dilutive and how to consider them in the EPS calculation.
32:09 - Quarterly versus annual EPS. Jay gives us a refresher on how EPS is presented on a quarterly and annual (or year-to-date) basis.
36:21 - Wrap up. Our guests give us their final remarks and key takeaways.

Want to learn more? Read:

Chapter 7: Earnings per share of our Financial statement presentation guide
Section 6.6 of our Carve-out financial statements guide
Sections 2.6.5.3, 2.10.5 and 6.4.2.2 of our Business combinations and noncontrolling interests guide
Our In depth: Domestic SPAC mergers - financial reporting and accounting considerations

And listen to our podcasts, Got EPS questions? We've got answers and Earnings per share: 5 things you need to know.

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: The statement of cash flows

Tue, 15 Jun 2021 13:00:00 -0400

This week we focus on the statement of cash flows and the common classification matters. Suzanne Stephani from our National Office is back in the guest seat to share helpful insights and key reminders with our host, Heather Horn.

Topics include:

1:14 - The basics. Suzanne sets the stage for today’s discussion with a refresher on the types of cash, cash equivalents and restricted cash to include in the statement of cash flows, and the related disclosures.
7:02 - General classification model. Suzanne reminds us of what the direct and indirect methods are and breaks down the three cash flow buckets on this statement: operating, investing, and financing activities. She also highlights what investors are focused on.
12:15 - Gross versus net. We discuss the requirements to present investing or financing inflows and outflows as gross, and what the specific criteria is for when a net presentation is permissible.
15:10 - Noncash investing and financing. Suzanne highlights the required disclosures for noncash activities and provides helpful examples.
19:11 - Common classification issues. We go through a lightning round of questions on common classification issues such as insurance claim proceeds, noncontrolling interest cash flows, repayment of debt that was issued at a discount, payment-in-kind notes, debt extinguishment costs, and structured payables.
29:20 - Close out. Suzanne gives us her final remarks and reminds us of the upcoming PwC Q2 Quarterly accounting webcast on emerging issues.

Want to learn more? Read Chapter 6: Statement of cash flows of our Financial statement presentation guide.

And listen to our podcasts:

Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to 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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: The income statement

Tue, 08 Jun 2021 14:00:00 -0400

Our second episode in this series focuses on the income statement. Valerie Wieman and Ashleigh Pierce from our National office join host Heather Horn to share helpful insights and key reminders.

Topics include:

1:28 - General presentation reminders. Valerie sets the stage for today’s discussion with a breakdown of the general income statement presentation requirements.
6:31 - Revenue presentation. Valerie and Ashleigh take us through the SEC requirements for presenting revenue and how to distinguish between revenues and gains.
11:55 - Cost of sales and operating expenses reminders. Valerie and Ashleigh remind us of the judgment involved when allocating your expenses between cost of sales and operating expenses.
18:52 - Operating measures and subtotals. Ashleigh provides some key reminders for companies that choose to present an operating measure on their income statement.
21:20 - SEC comment letters. Valerie highlights relevant SEC comment letter trends, including cost classification, depreciation and amortization, and gross profit subtotals.
23:24 - Other specific presentation requirements. Our guests walk through presentation and disclosure of research and development costs, collaborative arrangements, long-lived asset impairments and non-operating income and expenses.
30:27 - Government grants. Ashleigh shares presentation and disclosure reminders related to the receipt of government grants.
35:54 - Standard setting update. Ashleigh and Valerie wrap up by highlighting projects on the FASB’s technical agenda that impact the income statement and related disclosures.

Want to learn more? Read Chapter 3: Income statement of our Financial statement presentation guide.

And listen to our Podcast: Disaggregated expense disclosures – The FASB’s new DISE standard

Valerie Wieman is PwC’s National office Editor-in-chief. She manages the creation, development, and publication of our brand-defining thought leadership. Prior to that role, she was part of PwC’s National office SEC services group, helping clients navigate SEC rules and regulations.

Ashleigh Pierce is a director in PwC’s National office specializing in technical accounting matters, strategic thought leadership, and podcast content. She has experience serving multinational clients, both public and private, primarily in the consumer markets, healthcare, not-for-profit, higher education, and industrial products sectors.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Full disclosure: The balance sheet

Tue, 01 Jun 2021 15:00:00 -0400

In our Full disclosure podcast series, we’re bringing you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes.

Our inaugural episode this week focuses on general reporting and balance sheet presentation requirements. Kyle Moffatt, a partner in our National Office, is back in the guest seat to set the stage for the series with our host, Heather Horn.

Topics include:

1:32 - General presentation reminders. GAAP comes first. Kyle reminds our listeners of the FASB codification guidance for interim and annual financial statement presentation for both public and private companies, as well as the incremental guidance from the SEC for public companies.
2:37 - Significant accounting policies. Kyle reminds companies how to determine which accounting policies are significant, and encourages listeners to take a fresh look at their disclosures.
9:13 - Significant account balances. Kyle outlines the SEC rules regarding when balances should be broken out and presented separately on the balance sheet.
14:53 - Balance sheet classification. Reporting entities are required to present a classified balance sheet. Kyle explains the requirements and how they provide insights for the users of the financial statements.
17:55 - Balance sheet offsetting. Kyle breaks down the key criteria that must be met to determine whether you can offset assets and liabilities on the balance sheet.
22:00 - Other considerations. We discuss other important considerations for balance sheet presentation, what the SEC staff focuses on, and key takeaways.

Want to learn more? Read the following chapters from our Financial statement presentation guide:

Kyle Moffatt is a partner in PwC's National Office where he consults with engagement teams and audit clients on SEC reporting matters. He joined PwC in 2020 after spending almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Identifying performance obligations: PwC breaks it down

Tue, 18 May 2021 13:00:00 -0400

Identifying performance obligations in revenue contracts continues to be a hot topic as more companies are exploring business models that include a combination of products and services. In this week’s episode, Mike Coleman and Angela Fergason, partners in PwC’s National Office, join host Heather Horn to help navigate the accounting guidance in this area.

Topics include:

1:04 - Background. The most critical step in the ASC 606 5-step model for recognizing revenue is identifying performance obligations, as it determines the unit of account to apply to the rest of the model. Mike breaks down why we are talking about this now.
3:35 - Identifying performance obligations: an overview of the accounting model. Angela provides an overview of the guidance and criteria around identifying performance obligations.
- 5:45 - Separately identifiable. Angela highlights some of the indicators that a good or service might not be separately identifiable.
9:50 - Real life example: Sale of equipment with installation and consulting services. Mike walks us through a real life example and how to apply the guidance to determine whether there are separate performance obligations.
13:30 - Real life example: Licenses of software. Angela and Mike explain some other real life examples commonly seen with software licenses and how these could impact the identification of performance obligations.
22:14 - Real life example: Hardware and software. We talk about scenarios where products are also sold with software and how companies should determine whether the software is integral to the functionality of the equipment. We also discuss when the product is sold with cloud-based subscription services and whether to combine these elements into a bundled performance obligation.
26:24 - Key takeaways. Diligence and outreach across your organization is necessary to understand your contracts and get the right accounting and disclosure.

Want to learn more? Read chapter 3 of our Revenue from contracts with customers guide.

Mike Coleman is a partner in PwC's National Office with over 30 years of experience specializing in accounting for revenue and software arrangements. In addition, Mike has been one of the firm's representatives on the AICPA Software Task Force. Prior to his time in National, Mike was an audit partner in the firm's NY Metro assurance practice serving technology clients.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Stock-based compensation issues in an IPO and SPAC, explained

Tue, 11 May 2021 14:00:00 -0400

There are many challenging financial reporting considerations a company faces as it goes through the process of becoming public, including those related to stock-based compensation. Stock-based compensation in traditional IPOs and SPAC mergers is also an area where the SEC has issued comment letters.

In this week’s episode, Jay Seliber, a partner in PwC’s National Office, joins host Heather Horn to discuss the compensation-related financial reporting matters for companies to consider as they go public.

Topics include:

0:58 - Cheap stock valuation. Jay opens with a discussion on what companies should think about as they are measuring the fair value of awards in the period leading up to the IPO, including what circumstances might warrant revisiting the initial valuations.
8:44 - Recognition of compensation awards that vest upon an IPO. Jay breaks down what to consider when recognizing compensation for awards where the vesting is contingent upon an IPO, including considerations in the quarterly filings leading up to the IPO.
13:30 - Employee stock purchase plans. Some companies will have employee stock purchase plans (ESPPs) that give employees the right to have money withheld from their paycheck in order to purchase stock at a discount in the future. Jay covers the accounting for ESPPs in an IPO.
17:55 - Earnings per share. Newly-public companies will have to incorporate earnings per share in their filings. Jay explains some of the complexities, including calculating the weighted average shares outstanding needed to disclose earnings per share for each period presented as required by the SEC.
24:58 - Mezzanine equity. Lastly, Jay walks us through mezzanine equity—what it is and what companies going public need to be thinking about.

Want to learn more? Read:

Our Stock-based compensation guide
Section 7.3.4 of our Financing transactions guide
Chapter 7 and Chapter 15 of our Financial statement presentation guide
Our Observations from the front lines: Avoiding "cheap stock" SEC scrutiny

And listen to our Podcast: Got EPS questions? We've got answers.

Jay Seliber is a partner in PwC’s National Office with over 30 years of experience. He helps clients with their most complex accounting matters, particularly in the areas of stock compensation, revenue recognition, M&A, 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.

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

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Identifying embedded leases: What you need to know

Tue, 20 Apr 2021 14:00:00 -0400

Finding embedded leases in your contracts is important to avoid misstating the balance sheet, and a lot of judgment is involved. Here to answer common questions, host Heather Horn is joined by Chad Soares and Marc Jerusalem to walk through the steps to identify embedded leases.

Topics include:

0:47 - Guidance reminder. Before we get into how to identify embedded leases, Marc gives a refresher on the accounting and why this topic is top of mind for companies.
4:17 - Identifying embedded leases. As a general rule, an embedded lease exists if there is an explicit or implicit identified asset in the contract and the customer controls use of the asset. Chad and Marc walk through assessing if an arrangement contains an embedded lease, and covers related topics such as:
- 7:09 - Substitution rights
- 12:54 - Customer control over the use of the asset
22:08 - You have an embedded lease. Now what? Once you identify an embedded lease, the contract needs to be separated into its lease and nonlease components. Chad walks through the steps and key considerations.
28:25 - Final reminders. There are a lot of contracts that aren’t called a “lease,” but that still fall within this guidance. Marc and Chad close with some reminders and some other key takeaways.

Chad Soares is a partner in PwC's National Office focused on leasing and financing arrangements. He was a primary author of PwC’s lease accounting guide and contributes to a variety of thought leadership related to leasing and financial instruments.

Marc Jerusalem is a director in PwC’s National Office specializing in leasing. As a leasing specialist, Marc consults with clients on complex lease accounting issues and is a contributor to many related PwC National office publications.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

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Accounting for income taxes in interim periods: back to basics

Tue, 23 Mar 2021 15:00:00 -0400

As we wrap up the first quarter of the new year, join host Heather Horn and PwC tax specialists, Jenn Spang and Kassie Bauman, as they discuss some of the key considerations and complexities in accounting for income taxes during interim periods.

Topics include:

0:51 - How it works. We begin with an overview of how to calculate a quarterly income tax provision, including how to estimate the annual effective tax rate (AETR).
7:39 - Ordinary income. What does ordinary income mean in the context of your interim tax provision? Jenn explains.
10:21 - Discrete items. Kassie shares examples of what qualifies for treatment as a discrete item and the judgment involved.
16:51 - Exceptions and limitations. Kassie and Jenn discuss a few exceptions to using the worldwide estimated AETR.
22:55 - Roll of the controller. Setting the AETR involves more than just the tax department—it is a cross-specialty process. We close by discussing the importance of engaging the right people from the beginning and working together to apply the right controls and processes.

Jennifer Spang is a tax partner in PwC's National Office specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigating complex tax accounting matters.

Kassie Bauman is a managing director in PwC's National Office who consults on tax accounting under US GAAP and IFRS. Kassie has more than 20 years of auditing and accounting experience, including almost a decade of experience addressing complex technical accounting matters as part of our National Office.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

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Change in estimate? Change in accounting principle? What it means

Tue, 09 Mar 2021 14:00:00 -0500

Distinguishing between a change in accounting principle and a change in estimate can be difficult, but the distinction is critical to applying the correct guidance. To help think through the accounting, host Heather Horn is joined by Pat Durbin and Tom Barbieri, Deputy Chief Accountants in PwC’s National Office.

Topics include:

0:41 - Background. We start with an overview of the different types of accounting changes and provide examples of each.
4:33 - Change in accounting principle. Pat walks through the steps that companies should take when changing an accounting principle, and how to navigate the preferability assessment.
18:03 - Accounting for changes in accounting principles. Once you’ve identified a change in principle, how is that reflected in the financial statements? Tom explains the two step process and shares thoughts on disclosures.
30:21 - Change in estimate. Changes in estimate frequently come up as a result of new information or modifications to estimating techniques. Pat highlights the accounting considerations.
35:33 - Key reminders. Don’t wait! Tom covers key reminders, including preferability letters and capturing the appropriate disclosures.

Want to learn more? Read chapter 30 of our Financial statement presentation guide.

Tom Barbieri is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has nearly 30 years of experience advising clients on complex accounting and financial reporting issues relating to financial instruments. During Tom’s tenure in National, he has been at the forefront of emerging accounting issues and has regular interactions with the FASB, SEC, and other regulators and standard setters.

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office and the leader of the revenue and liabilities division. He has nearly 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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

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Variable consideration: How it impacts your top and bottom line

Tue, 02 Mar 2021 14:00:00 -0500

Variable consideration in revenue contracts is more common than you might think, and the accounting for it can require a considerable amount of judgment. To help make sure you have the right revenue recognition, we’ve asked Angela Fergason, a partner in our National Office, to join host Heather Horn to walk through the guidance.

Topics include:

0:47 - The many forms of variable consideration. We begin with an overview of variable consideration under the new revenue guidance and share some common examples of the common types of variable consideration in a revenue contract.
6:25 - Estimating variable consideration. We cover the two methods for estimating variable consideration at contract inception: the “expected value” method and the “most likely amount” method.
9:36 - Constraint on variable consideration. An estimate of variable consideration is subject to a constraint. Listen as Angela breaks down what exactly this means.
15:49 - Exceptions for estimating variable consideration upfront. There are a few situations when you might not have to estimate variable consideration upfront. Angela walks through a few of the scenarios.
23:24 - Revenue vs lease components. We frequently see contracts with revenue and lease components. Angela explains how the revenue and lease models differ when contracts have variable fees.
25:38 - Reminders and disclosures. We close by wrapping-up with key takeaways and an overview of the multiple disclosure requirements.

Want to learn more? See chapter 4 of PwC’s Revenue from contracts with customers guide.

Angela Fergason is a partner in PwC's National Office with over 20 years of experience, specializing in accounting for revenue and employee compensation arrangements. She is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

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Got EPS questions? We've got answers

Tue, 02 Feb 2021 20:00:00 -0500

2020 has brought us a global pandemic, an election, and adoption of some major new accounting standards. So what does it all mean for your EPS calculations? In this episode, John Horan, a PwC managing director in our national office, joins host Heather Horn to discuss some important EPS reminders for companies to think about for their year-end reporting.

Topics include:

0:45 - Basic EPS:
- 2:13 - Participating securities—John describes what they are and why you may need to consider them in your EPS calculations.
- 11:53 - Mezzanine securities—John walks through how having securities classified here impacts EPS.
16:58 - Diluted EPS:
- 18:45 - Settlements in cash or shares—how it settles makes a difference to EPS - we give examples on each.
- 23:08 - Liability classified warrants—warrants classified as liabilities can be dilutive to EPS - even in periods of loss.
- 26:09 - New convertible debt standard—how does the new FASB standard on liabilities and equity change the presumption of share settlement? John brings you the inside scoop.

Want to learn more? See chapter 7 of our Financial statement presentation guide and listen to our podcast on Earnings per share: 5 things to know.

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Building your cash flow statement in uncertain times

Tue, 26 Jan 2021 15:00:00 -0500

While financial statements users have always placed a lot of importance on the statement of cash flows, the focus has sharpened in today’s turbulent environment. Listen as host Heather Horn and Suzanne Stephani, a director in PwC’s national office, discuss frequently asked questions and share useful reminders for those in the process of preparing the cash flow statement for their year-end reporting.

Topics include:

0:16 - Debt restructuring. Debt restructuring often brings fees. We look at a few reporting scenarios and discuss the presentation of these fees.
7:04 - Borrowings and repayments under revolvers. Some companies are drawing down on their revolvers as a way to access liquidity. We discuss whether the borrowings and repayments under a revolver should be presented gross or net on the cash flow statement and share other key reminders.
9:48 - Supply chain financing. As a result of liquidity struggles, companies have gotten creative with pushing out payment terms in a variety of ways—and this raises questions on the statement of cash flows. Through practical examples, we look at how these transactions should be presented and discuss the FASB’s project on the disclosure of supply chain finance programs.
16:38 - Lease modifications/terminations. During 2020, many companies made changes to their lease agreements, especially real estate leases. We talk through presentation considerations in this area.
18:42 - Sale of accounts receivables. What are the cash flow considerations when a company sells or factors their trade receivables? Suzanne explains.

Have more cash flow presentation questions? Read our Financial statement presentation guide and listen to our podcast, Statement of cash flows: Back to basics.

About our guest

Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to financing transactions.

About our host

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, as well as periodic webcasts for the power and utilities industry. With nearly 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 to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.