PwC's accounting podcast (PwC)

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Inflation is not a new economic feature, but it has become more pronounced in recent months, causing central banks and businesses alike to carefully evaluate the path forward through a landscape of supply chain issues, labor shortages, and an ongoing global pandemic. This week Heather Horn sat down with David Shebay, PwC Consulting Solutions partner, to discuss the factors that remain in companies’ control in the midst of the ongoing uncertainty driven by inflation.

In this episode you’ll find:

• 2:03 - Inflation scenarios that could happen in 2022
• 8:34 - Overview of the four levers that CFOs can pull in an inflationary environment
• 10:48 - Cost control strategies and how to weigh supplier pricing dynamics
• 13:47 - Considering raising prices? How to determine trigger points for price increases and the impact on customer loyalty
• 16:50 - Evaluating whether investment targets are set up to withstand inflationary pressures
• 18:20 - Integrating inflationary considerations into the FP&A cycle

Want to learn more?

• Check out our previous special episode on the business environment in 2022, Geopolitical and economic outlook for 2022.

David Shebay is a partner in PwC’s Consulting Solutions practice, focused on serving clients in the US energy and chemicals sectors. David’s work includes CFO advisory, modern finance, and the intersection of ESG with finance and systems transformation. Prior to joining PwC, David served as CFO of a managed IT services company.

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 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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In our Finance 2025 podcast series, we give listeners a look at the future of finance and the evolutionary road to get there. We’re asking: what will the modern finance organization look like in the year 2025?

This week Heather Horn sat down with Debra Skorupka, a partner in PwC’s finance transformation practice, to discuss what companies with the shortest windows of time between the balance sheet date and filing of reports do differently that allows them to achieve quality results.

In this episode, you’ll find:

• 3:52 - Trends transforming the dynamics of the close process
• 6:58 - How to break down the close process into components that can be optimized individually and holistically
• 13:28 - Real-time close and continuous close: the possibilities beyond the traditional one-time close
• 17:52 - The role of qualitative and quantitative reporting through the lens of the company’s overall strategy
• 22:12 - Addressing change management issues resulting from data-driven transformation
• 27:16 - How to jumpstart transformation with minimal effort
• 31:18 - The future of the close and reporting process

Want to learn more?

• Check out PwC’s Tech Effect, a digital resource for busy leaders.
• Listen to our previous podcasts in the series, Finance 2025: Transformation made practical, Finance 2025: Transforming with a people-first mindset, and Finance 2025: How to unlock the promise of automation.

Debra Skorupka is a partner in PwC’s finance transformation practice. With over 18 years of client service experience, she advises on large-scale transformation projects that result from mergers/IPOs and other significant business changes. Debra leads the Finance & Infrastructure practice for the firm’s Technology, Media, and Telecommunications 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. 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.

In our Finance 2025 podcast series, we give listeners insight into the future of finance and the evolutionary road to get there. We’re asking: what will the modern finance organization look like in the year 2025?

This week Heather Horn was joined by Jeff Mandler and Blake Cooper, partners in PwC’s finance transformation practice, to discuss how to leverage the latest technology to implement enterprise resource planning (ERP) systems in a holistic way that delivers growth capability across the business.

In this episode, you will find:

• 04:15 - The factors influencing companies to take a holistic, cross-functional approach toward ERP transformation
• 10:59 - The timelines of an ERP implementation and how smart companies leverage people and technology when changing pivotal elements of their infrastructure
• 16:23 - How technological advancement has accelerated the adoption of ERP systems that enable the company’s strategy and decision-making
• 26:33 - The importance of contemplating risk management in connection with an ERP transformation
• 34:48 - Looking ahead to the future of ERP
• 39:12 - Key takeaways on a successful ERP transformation

Want to learn more? 

• Check out PwC’s Tech Effect, a digital resource for busy leaders.
• Listen to our previous podcasts in the series:
  • Finance 2025: Transformation made practical
  • Finance 2025: Transforming with a people-first mindset
  • Finance 2025: How to unlock the promise of automation.
  • Finance 2025: Optimizing the close-to-report window

Jeff Mandler is a partner in PwC’s finance transformation practice with over 22 years of experience in large-scale transformations enabled by ERP. He focuses on serving the technology sector and is involved with addressing emerging accounting matters as part of PwC’s cloud and digital team.

Blake Cooper is a partner in PwC’s finance transformation practice with over 21 years of experience, focused on transformation initiatives for the energy, power, and utilities sector and utilizing his expertise in core finance process improvement and enterprise performance management.

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.

In our Finance 2025 podcast series, we give listeners insight into the future of finance and the evolutionary road to get there. We’re asking: what will the modern finance organization look like in the year 2025?

This week, Heather Horn was joined by Satyen Popat, partner in PwC’s finance transformation practice, to discuss the key practices of a leading enterprise planning management (EPM) function, and how a well-designed process can deliver sustainable growth not only through data-driven assessments, but also by integrating the perspectives of multiple functions from across the business.

In this episode, you will hear about:

• 5:05 - Challenges companies face as they start financial planning in an uncertain environment
• 20:40 - What a leading FP&A organization looks like, and how the strongest planning models integrate multiple functions of the business
• 27:55 - Practices for data management success when faced with escalating volumes of information
• 32:14 - The evolution of human capital requirements for effective planning functions
• 34:40 - The view from the top - questions that CFOs and business leaders are asking in the planning process
• 39:33 - At a glance: the future of FP&A

Want to learn more? Listen to previous podcasts in the Finance 2025 series where we discuss other key elements of transformation, including the importance of having people at the top of your transformation agenda, how to realize the promise of automation, and some of the latest trends in ERP transformation.

Satyen Popat is a partner in PwC’s finance transformation practice with over 15 years of experience in shared services, acquisition integration, and finance systems, including enterprise performance management and ERP strategy. He focuses on serving the technology sector and is part of PwC’s cloud and digital team.

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.

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.

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 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.

In our Finance 2025 podcast series, we give listeners insight into the future of finance and the evolutionary road to get there. We’re asking: what will the modern finance organization look like in the year 2025?

This week, Heather Horn was joined by Kaiser Kaiserani, director in PwC’s finance transformation practice, to discuss how machine learning is becoming an integrative solution for some of the major challenges facing today's finance organizations.

In this episode, you will hear about:

• 4:06 - Artificial intelligence, machine learning, and what these concepts mean
• 12:11 - Differentiating supervised and unsupervised machine learning, and the practical applications of each
• 21:13 - The definition of an “insight equation” and how to effectively select specific data applications for meaningful process improvements
• 23:34 - How machine learning can reduce bias in the process of analyzing multiple data inputs
• 28:11 - How to leverage machine learning for real time “heavy lifting” of supply, demand, and other core business data
• 38:29 - Steps to enable machine learning and accelerate your process transformation
• 42:18 - At a glance: machine learning as a key component of the finance organization of the future

Want to learn more? Listen to some of the previous podcasts in the Finance 2025 series where we discuss other key elements of transformation, such as how to realize the promise of automation, trends in ERP transformation, and how to leverage FP&A to drive business agility.

Kaiser Kaiserani is a Director in PwC’s Finance Transformation practice with over 15 years of experience at the intersection of Finance and Technology. With prior experience in industry in various roles such as accounting, FP&A and shared services, combined with over 10 years of Consulting experience, he brings both strategic and executional approach to his client engagements. Over the past 5 years, he has been focused on the digital strategy and transformation of the Finance function and most recently has been devoted to evangelizing Machine Learning to our Finance leaders at global companies.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, 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.

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.

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.

Mike Coleman is a partner in PwC's National Office with over 30 years of experience. Mike specializes in accounting for revenue and software arrangements and has served technology clients for much of his career. In addition, Mike has represented the firm on the AICPA Software Task Force. 

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, 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.

PwC’s accounting podcast became a book club this week as Heather Horn was joined by Matt Mani and Paul Leinwand of PwC's Strategy&—co-authors of the book: Beyond Digital: How Great Leaders Transform Their Organizations and Shape the Future. Together they discuss seven imperatives of leadership that have enabled successful large-scale business transformations, and the lessons that today’s finance organizations can learn from these transformations.

In this episode, you will hear:

• 4:40 - The leadership imperatives that companies should focus on, including how they can begin to reimagine their place in the world and create value via ecosystems
• 16:06 - What it means to build a system of privileged insights with customers and how it helps to make your organization outcome-oriented
• 20:42 - Reinventing engagement and the social contract with your people to address emerging challenges, such as the great resignation
• 26:16 - Inverting the focus of organizational leadership to drive transformation in a dynamic and collaborative way
• 30:48 - Disrupting your own leadership to grow your skill sets and begin change from within
• 38:02 - Key lessons to jumpstart your overall transformation

Want to learn more? The Beyond Digital landing page has links to additional resources, reviews, and where to find the book.

Matt Mani is a partner for PwC’s Strategy& consulting practice. With over 29 years of experience, he focuses on helping companies achieve business model, cost, and performance transformations. He is the co-author of the book Beyond Digital: How Great Leaders Transform Their Organizations and Shape the Future, and multiple articles in Harvard Business Review and Strategy+business magazine.

Paul Leinwand is a thought leader on strategy, growth, and capability building for PwC’s Strategy& consulting practice. With over 24 years of experience, he has authored numerous books, as well as articles in the Harvard Business Review and Strategy+business magazine. He currently teaches at Kellogg School of Management as an Adjunct Professor of Strategy.

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.

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!.

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.

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.

In our Finance 2025 podcast series, we give listeners insight into the future of finance and the evolutionary road to get there. We’re asking: what will the modern finance organization look like in the year 2025?

This week, Heather Horn was joined by David Shebay, a partner in PwC’s Consulting Solutions practice, and Brigham McNaughton,  a managing director in PwC’s ESG practice, to discuss how leading organizations are evolving their finance functions to respond to the challenges of ESG reporting.

In this episode, you will hear:

• 3:23 - How to identify your current state of ESG reporting readiness, and the importance of an implementation strategy to keep you outcome-oriented
• 9:54 - How to look at reporting from the stakeholder’s perspective
• 13:24 - The role that investors have had in enhancing incremental disclosures, and how the SEC is responding to investor demands
• 17:52 - How ESG factors are influencing the overall mainstream credit process
• 23:37 - How the demand for ESG measures is impacting internal reporting, and the implications for the finance function
• 35:21 - Key changes needed from a process, controls, and technology perspective, and final advice

Want to learn more? Listen to some of our previous podcasts that cover the current finance transformation landscape, and hear an overview of upcoming ESG rules in Talking ESG: Demystifying the reporting landscape.

David Shebay is a partner in PwC’s Consulting Solutions practice, focused on serving clients in the US energy and chemicals sectors. David’s work includes CFO advisory, modern finance, and the intersection of ESG with finance and systems transformation. Prior to joining PwC, David served as CFO of a managed IT services company.

Brigham McNaughton is a managing director in PwC’s ESG practice. He has served global clients in a range of industries including utilities, automotive, and financial services, advising on core ESG strategy development and stakeholder engagement. Brigham has worked closely with the Sustainability Accounting Standards Board (SASB) on a variety of reporting initiatives.

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.

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. 

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.

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.

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.

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.

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

In the first of four episodes covering the implications of the war in Ukraine, we focus on the geopolitical and macroeconomic impacts that are likely to occur as the conflict continues. 

Heather Horn was joined by Craig Stronberg, a director in PwC Intelligence, to take us through potential scenarios to expect in the near term.

In this episode, you will hear:

• 1:41 - How the business environment is responding to global themes of fragmentation, regulation, and reorientation
• 9:36 - Reasons why countries are generally aligned in their responses to the conflict
• 13:56 - Broad impacts from the conflict that have implications for the future
• 16:48 - Offshoring versus “re”-shoring: expectations for US industrial policy
• 26:12 - Access to products produced in Russia and Ukraine, and the challenges posed by restrictions and conflict
• 34:08 - Key elements for companies to focus on to navigate through the months ahead
• 37:20 - Important questions for the CFO to consider
• 40:12 - Green initiatives and the impact of the conflict on transition

Want to learn more? Check out our previous podcasts with PwC Intelligence, Special episode: Geopolitical and economic outlook for 2022.  

Craig Stronberg leads the Business Acumean capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times. His focus has been on numerous areas, including counterintelligence, economic espionage, counterterrorism, cyber threats, political-military issues, special operations integration, and support for major events such as the Olympic Games.

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.

In the second of four episodes covering the implications of the war in Ukraine, we focus on understanding the nature of sanctions that have been imposed on Russia, and their implications for businesses.

Heather Horn was joined by Eric Lorber, a principal in PwC’s Cyber, Risk & Regulatory Consulting Solutions practice and Jeannette Chu, a Managing Director in PwC’s Export Controls and Trade Sanctions group, who took a deep dive into US and other government sanctions, with some important insights for finance professionals to consider.

In this episode, you will hear:

• 3:12 - The reasons countries have moved quickly and in a multilateral fashion to enact current sanctions
• 6:03 - Comparison of the current sanctions with those imposed on Russia in 2014
• 12:26 - Overview of the different categories of restrictions that have been put into place since the beginning of the conflict
• 16:03 - Explanations of specific export and import controls
• 19:50 - Perspectives on the challenges of sanctions for companies and what’s driving the most compliance questions
• 26:44 - What potential expulsion from the G20 would mean for Russia, and discussion of the overall intent and objectives of the sanctions
• 34:54 - Viewpoints on the effectiveness of sanctions in achieving the desired result
• 41:14 - Important next steps for the finance organization, including reviews of compliance programs and other key action items

Want to learn more? Check out our previous podcast covering the geopolitical implications of the war in Ukraine.

Eric Lorber is a Principal in PwC’s Cyber, Risk, & Regulatory practice who advises financial institutions, fintech firms, and other global clients on issues related to compliance with sanctions, anti-money laundering, and anti-terrorism financing rules. Prior to joining PwC, he was a senior advisor to the Undersecretary for Terrorism and Financial Intelligence at the United States Department of the Treasury.

Jeannette Chu is a Managing Director in PwC’s Export Controls and Trade Sanctions group, helping companies address compliance risks and challenges. She was formerly a senior US diplomat with leadership positions at the US mission in China for over twelve years, serving as the key subject matter expert on a broad range of complex policy issues, including strategic trade, export controls, and immigration. 

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.

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

In the third of four episodes covering the implications of the war in Ukraine, we focus on accounting considerations for operations that have been impacted by the conflict.

In this episode, Heather Horn was joined by Jay Seliber and Reto Micheluzzi, partners in PwC’s National Office, to discuss some of the specific accounting topics and questions companies may need to consider.

In this episode, you will hear:

• 1:52 - Factors that determine whether deconsolidation of impacted subsidiaries may be necessary
• 7:12 - How to account for deconsolidation
• 14:18 - Impairment considerations for non-financial assets
• 18:46 - Devaluation of the Ruble and related foreign currency impacts
• 22:10 - When to present operations in Russia as assets held for sale
• 26:25 - Other areas to revisit for impairment assessments, including inventory and equity method investments
• 29:11 - How the war in Ukraine is exacerbating supply chain disruptions, and the related accounting implications
• 32:48 - The importance of quality information as well as transparent and timely disclosures about material issues

Want to learn more? Check out our previous podcasts covering the geopolitical implications of the war in Ukraine and an overview of the current state of sanctions, and read our publication, Implications of the Russian government's invasion of Ukraine.

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 to the FASB's Emerging Issues Task Force.

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.

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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In the last of our four-episode series covering the implications of the war in Ukraine, we focus on accounting considerations for indirect impacts of the conflict, such as those related to customers.

In this episode, Heather Horn was joined by Angela Fergason and Bret Dooley, partners in PwC’s National Office, to discuss some of the specific, but indirect, accounting topics and questions companies should consider.

In this episode, you will hear:

• 1:52 - How to perform collectibility assessments for transactions with impacted customers
• 8:12 - Broad credit risk considerations that go beyond customers’ financial health
• 10:32 - Accounting considerations when a company chooses to discontinue customer relationships
• 13:25 - Dealing with payables to vendors in Russia when payment cannot be tendered due to sanctions
• 14:55 - Impairment and valuation considerations for financial assets
• 20:08 - Considerations for designated hedge transactions when the forecasted transaction may no longer be probable
• 23:22 - Key reminders: disclosures on collectibility and impairments, and careful consideration of any non-GAAP adjustments

Want to learn more? Check out our previous podcasts covering the geopolitical implications of the war in Ukraine, an overview of the current state of sanctions, and accounting for impacted operations. Also read our publication, Implications of the Russian government's invasion of Ukraine.

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.

Bret Dooley is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader, 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, 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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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 digital assets–from the total landscape to the accounting and reporting impacts.

In this episode, Heather Horn was joined by Vikram Panjwani, a partner in PwC’s Digital Assurance and Transparency practice, to discuss the history, evolution, and current state of digital assets.

In this episode, you will hear:

• 1:27 - An overview of types of digital assets
• 7:23 - A historical perspective on cryptocurrency assets and appreciation of coins
• 13:31 - Stablecoins and a deep dive into the pros and cons of cryptocurrency as a method of payment
• 25:20 - Non-fungible tokens (NFTs): definitions, uses, and features
• 32:21 - Risk management within cryptocurrency ecosystems–explained from the user, investor, and regulatory perspectives
• 38:08 - How ESG is influencing decision makers and the cryptocurrencies market
• 41:18 - The future of money: how crypto could shape everyday transactions

Want to learn more? Listen to our previous podcast, Cryptocurrency? Digital asset? What’s the accounting?, read our recent publication on new SEC rules for crypto-assets, and read our Crypto assets guide.

Vikram Panjwani is a partner in PwC’s Digital Assurance and Transparency practice with over 20 years of experience helping clients address internal control, technology, and operational issues. He leverages assurance and controls assessments to help clients transform operations, reduce technology risks, and prepare for what’s around the corner.

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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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 digital assets–from the total landscape to the accounting and reporting impacts.

In this episode, Heather Horn was joined by Beth Paul, Kevin Jackson, and Reto Micheluzzi, to discuss the accounting models for holding crypto.

In this episode, you will find:

• 1:44 - A refresher on the types of cryptocurrencies and related accounting models
• 6:52 - A deep dive into the intangible assets guidance as the primary model to account for cryptocurrencies
• 10:09 - The challenges when determining the fair value of digital assets
• 19:36 - Impairment considerations when assessing the value of digital assets
• 26:36 - How to calculate the gain or loss on disposal when digital assets are sold
• 27:40 - The current state of standard-setting for digital assets
• 33:54 - The SEC’s focus areas for digital assets

Want to learn more? Listen to our previous podcast in the Crypto toolkit series, Getting smarter on digital assets, and read our chapters on Holding crypto assets, crypto fair value measurement. Also check out our recent publication on new SEC rules for crypto-assets.

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.

Kevin Jackson is a director in PwC’s Capital Markets Accounting Advisory Services practice with over ten years of experience assisting clients with complex accounting and financial reporting issues. Kevin is also a member of the AICPA's Digital Assets Working Group, which provides interpretive guidance on how to account for digital assets.

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.

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

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In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and deeper into areas that require judgment. This month, we have covered digital assets–from the overall landscape to the accounting and reporting impacts.

In this episode, Heather Horn was joined by Craig Stronberg and Nataly Yackanich, directors in PwC’s Intelligence group, to wrap our crypto series with a discussion of central bank digital currencies (CBDCs).

In this episode, you will hear:

• 1:58 - The current stance of the Federal Reserve towards CBDCs
• 4:53 - The benefits and potential implications of having CBDCs as an available form of payment
• 10:38 - An outlook of the current state of CBDCs in other countries
• 13:18 - Challenges central banks face in implementing CBDCs
• 20:02 - The pros and cons of CBDCs from the perspectives of multiple stakeholder groups
• 34:27 - How CBDCs are impacted by geopolitical considerations
• 38:18 - How creating digital currency can impact the climate
• 39:24 - A look at the future of CBDCs

Want to learn more? Listen to our previous podcasts in the Crypto toolkit series, Getting smarter on digital assets, Accounting for holding digital assets, and Transacting using digital assets. Also, read our Crypto assets guide, and check out our recent publication on new SEC rules for crypto-assets.

Nataly Yackanich is the lead financial services analyst for PwC Intelligence. She advises stakeholders on the business implications of emerging issues in the financial services industry. She is a CFA charterholder with significant buy- and sell-side experience covering multiple industries, including financial services, industrials, and technology.

Craig Stronberg leads the Business Acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times. His focus has been on numerous areas, including counterintelligence, economic espionage, counterterrorism, cyber threats, political-military issues, special operations integration, and support for major events such as the Olympic Games.

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.

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While market participants continue to discuss the potential impact of the SEC’s proposed climate disclosure rules, companies are currently receiving comment letters under existing SEC climate disclosure guidance.

In this episode, Heather Horn and Valerie Wieman, partners in PwC’s National Office, bring you an audio version of our In the loop on the existing guidance, including:

• 1:35 - Background on SEC climate disclosure guidance, including its historical timeline
• 6:49 - The specific Regulation S-K items drawing the attention of the staff today
• 10:50 - Examples of the types of events that may require disclosure
• 15:21 - Example original and follow-up comments from the SEC staff about climate disclosures

Refer also to the print version, Don’t wait until the SEC staff asks you about climate change. For more on the proposed guidance, refer to our publication, The SEC wants me to disclose what? The SEC’s climate disclosure proposal. Also, listen to our previous podcasts giving you a closer look at the proposal, along with legal and regulatory perspectives.

Valerie Wieman is PwC’s National Office Editor-in-chief. She is involved in the creation, development, and publication of our brand-defining thought leadership, with a recent focus on ESG reporting. Prior to this role, she was part of PwC’s National Office SEC Services group, helping clients navigate SEC rules and regulations.

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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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.

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 significant experience addressing complex technical accounting matters as part of the firm’s 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. 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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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.

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.

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 significant experience addressing complex technical accounting matters as part of the firm’s 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. 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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On March 21, the SEC published a widely anticipated proposed rule addressing companies’ climate-related disclosures. One of the disclosures that would be required under the proposal is greenhouse gas (GHG) Scope 1 and Scope 2 emissions, as defined in the GHG Protocol.

In this episode, Heather Horn was joined by Rich Goode, principal in PwC’s ESG practice, to take a deeper dive into a few of the key issues and questions that registrants may have when measuring and reporting GHG scopes 1 and 2, as required by the proposal.

In this episode, you will hear:

• 1:07 - An overview of the GHG Protocol and the types of emissions included and excluded from its scope
• 7:06 - Overview of the process to measure Scope 1 emissions
• 10:54 - A deeper dive into the importance of data quality, and how to increase it
• 18:12 -Why disaggregated disclosures of constituent gasses could matter to users
• 22:21 - How companies can effectively address emissions factors required by different authorities
• 26:48 - Key considerations when calculating Scope 2 emissions, including the role of renewable energy credits
• 32:46 - Using carbon offsets effectively and how they fit into the SEC’s current proposal
• 37:01 - The importance of a GHG inventory management plan, and final advice on disclosure readiness

Want to learn more? Refer to the text or audio version of our In the loop, The SEC wants me to disclose what? and read the proposed rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors, as well as the related fact sheet. 

Rich Goode is a principal in PwC's ESG practice where he assists clients in the technology, media, and telecommunications sectors navigate key environmental, social, and governance issues. Leveraging 30 years of experience, Rich also currently serves as an Adjunct Lecturer for Harvard University.

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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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.

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.

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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On March 21, the SEC published a widely anticipated proposed rule addressing companies’ climate-related disclosures. Among them are new disclosures related to greenhouse gas (GHG) emissions. While not all companies will need to disclose Scope 3, companies will still need an understanding of Scope 3 volume and sources to determine whether they meet the disclosure threshold.

In this episode, Heather Horn was joined by Rich Goode, principal in PwC’s ESG practice, to take a deeper dive into a few of the key issues and questions that registrants may have when measuring and reporting GHG Scope 3.

In this episode, you will hear:

• 1:08 - A refresher of the types of emissions included within each scope under the GHG Protocol
• 5:12 - An overview of the emissions categories within Scope 3 and how companies can determine which categories apply to their business
• 12:18 - How the broader term “value chain” is eclipsing “supply chain” in terms of sustainability reporting
• 14:17 - Concepts and tools to help navigate the complexities of calculating Scope 3 emissions
• 21:22 - Key considerations for how to develop an emissions inventory management plan
• 29:50 - The history of the GHG Protocol, and additional industry-specific resources
• 36:56 - How renewable energy credits and carbon offsets fit into the disclosure of emissions, and insights on the broader significance of environmental disclosures

Want to learn more? Listen to our previous podcast, Getting smarter on GHG emissions: Scope 1 and Scope 2. Also, read the related GHG Corporate Value Chain Accounting and Reporting Standard on Scope 3 emissions. For more on the SEC’s proposal, refer to the text or audio version of our In the loop, The SEC wants me to disclose what?  

Rich Goode is a principal in PwC's ESG practice where he assists clients in the technology, media, and telecommunications sectors navigate key environmental, social, and governance issues. Leveraging 30 years of experience, Rich also currently serves as an Adjunct Lecturer for Harvard University. 

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.

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

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 the specific fact patterns that often cause preparers to question which guidance to apply to their tax transaction.

In this episode, you will hear:

• 1:17 - An overview of the GAAP guidance and what counts as an “income tax”
• 5:03 - Specific considerations for partnerships and pass-through entities
• 9:38 - Withholding taxes from the perspectives of the entities paying and receiving a dividend
• 13:12 - Accounting for tax credits and other tax incentives
• 18:22 - Key facts that determine whether digital service taxes are in the scope of ASC 740
• 20:43 - Takeaways on how to effectively navigate the global tax landscape and establish appropriate monitoring

Want to learn more? Listen to the previous podcasts in our Tax toolkit in which we discuss how to work with uncertain tax positions, separate company financial statements, and divestitures. Also, refer to our chapter on Scope of ASC 740 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.

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. 

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

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.

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. 

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

In this episode, Heather Horn was joined by Rich Goode from PwC's ESG practice and Jillian Pearce from PwC's National Office to focus on the accounting and reporting for carbon offsets and renewable energy credits (RECs), including how they’re addressed in the SEC’s climate disclosure proposal.

In this episode, you will hear:

• 1:49 - An overview of RECs and carbon offsets
• 7:37 - What is renewable energy?
• 8:49 - Rich’s RSIO framework - reduce, switch, innovate, offset 
• 11:56 - A refresher on scope 1, 2, and 3 greenhouse gasses in the GHG Protocol and how RECs and carbon offsets can be used to offset them
• 14:49 - RECs and carbon offsets in the SEC climate disclosure proposal
• 23:12 - Accounting for RECs and carbon offsets
• 34:27 - Why companies using only RECs and carbon offsets may be missing out
• 36:58 - Final advice for companies on use of offsets and RECs

Want to learn more? Read our publication Accounting for your company’s zero-carbon future. And listen to our previous podcasts where we deep dive into GHG scope 1, scope 2, and scope 3. 

Rich Goode is a principal in PwC's ESG practice where he assists clients in the technology, media, and telecommunications sectors navigate key environmental, social, and governance issues. Leveraging 30 years of experience, Rich also currently serves as an Adjunct Lecturer at Harvard University.

Jillian Pearce is a Partner in PwC's National Office, providing advice on financial instruments and other technical accounting issues to power and utilities clients. She was a Professional Accounting Fellow in the Office of the Chief Accountant at the SEC, and has over 15 years of auditing experience.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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

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.

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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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 C.J. Finn, a partner in PwC’s private company services group and Chad Soares and Marc Jerusalem from our National Office to discuss lessons learned and key judgments that need to be made for private company adoption.

In this episode, you will hear:

• 1:12 - An overview of an effective adoption approach
• 6:03 - What previous adopters have learned about allocating the appropriate resources 
• 11:19 - The definition of a lease under ASC 842 and recognition of lease and non-lease components
• 20:24 - Transition and practical expedients 
• 29:18 - FASB standard setting activity to ease the burden of implementation
• 35:55 - Common legacy accounting issues that are challenging under the new standard
• 40:40 - Final advice on how to drive an effective implementation of ASC 842

Want to learn more? Listen to our previous podcast in our Leasing toolkit on how to get lease measurements and modifications right. Also, see our flowchart to think through lease classification in our Leases guide.

C.J. Finn, PwC’s private company accounting change leader, has 18 years of experience working with public and private companies. He has advised large multinational clients on complex accounting areas, SEC reporting, system development, mergers and acquisitions, and purchase accounting and valuation.

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.

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.

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. 

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

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.

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.

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.

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

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.

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. 

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

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.

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.

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. 

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

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.

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.

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.

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. 

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

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. 

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.

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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The SEC has released a proposal to promote consistent, comparable, and reliable ESG disclosures by investment funds and advisors. This week, Heather Horn was joined by Pete Driscoll, a partner in PwC’s National Office and former SEC Director of Examinations, to review and discuss important considerations on the proposal.

In this episode, you will hear:

• 1:14 - A broad introduction to recent SEC proposals impacting investment funds and advisors
• 6:48 - An overview of the types of funds impacted by the proposal
• 16:55 - A summary of the proposed disclosure requirements
• 27:54 - Initial reactions from impacted funds and the expected challenges of meeting the proposed requirements
• 35:56 - Advice on what impacted funds should start thinking about now

Want to learn more about this proposal? Refer to the SEC’s proposed rule and related fact sheet or read our In brief. 

Pete Driscoll is a partner in PwC’s National Office focusing on SEC regulations, reporting, and compliance. Prior to his role at PwC, Pete held several roles at the SEC, including Director of the Division of Examinations and Chief Risk and Strategy Officer.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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.

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, partners in PwC’s National Office, and Nick Milone, a partner in PwC’s Financial Markets practice, to share practical insights for navigating the implications of reference rate reform on LIBOR-based derivatives.

In this episode, you will hear them discuss:

• 1:20 - The background on reference rate reform and how the discontinuation of LIBOR will impact companies
• 6:22 - The FASB’s response to reference rate reform (ASC 848) and its interaction with hedge accounting guidance
• 12:56 - How to think about LIBOR-based cash flow hedges
• 22:55 - How to think about LIBOR-based fair value hedges
• 33:12 - The FASB’s proposed extension of ASC 848 and final advice for companies with LIBOR-based derivatives

Want to learn more? Listen to other episodes in our derivative toolkit series, Do I have a derivative?, Hedging debt with derivatives, and Deciphering foreign currency hedging. For more on reference rate reform, listen to our podcast and refer to our Reference rate reform guide. 

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.

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.

Nick Milone is a partner in PwC’s Financial Markets practice where he advises companies on current financial instruments issues and the application of accounting standards. Prior to this role, Nick was a Practice Fellow on the financial instruments team at the FASB, where he helped lead the hedge accounting and recognition and measurement projects.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. 

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

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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.

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.

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. 

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. 

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

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.

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.

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.

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.

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

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.

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.

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. 

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. 

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

The Inflation Reduction Act (the Act), signed into law on August 16, includes a number of green initiatives and incentives – but what are they, and how will they impact businesses? In this special episode, host Heather Horn was joined by Casey Herman and Matt Haskins, specialists in PwC’s ESG groups, to discuss the ESG initiatives that companies will have to consider as part of the Act.

In this episode, you will hear them discuss:

• 2:25 - Background on the Act, and how it is structured to prioritize incentives rather than penalties for green innovation
• 7:58 - An overview of the major areas of credits in the law
• 16:09 - Perspective on the breadth of impact of the Act to the overall economy
• 19:32 - How electricity storage technology is needed to enable broader adoption of renewable electricity
• 26:33 - Examples of how companies in a variety of industries could be impacted by the Act
• 35:34 - The expected impacts of the Act in reducing greenhouse gas emissions
• 36:27 - Opportunities for entities not directly involved in generating tax credits to benefit from the Act
• 42:12 - Looking at the social incentives in the Act, and how these unlock additional credit dollars
• 48:24 - Constraints that companies will face as they work to take advantage of the incentives in the Act

For more information about developments in ESG, listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?

Matt Haskins is a principal in PwC’s Washington National Tax Services, where he leads the firm's Cleantech tax practice, focusing on renewable energy financing and M&A transactions. In addition to writing and speaking on issues in the renewable energy industry, Matt has co-chaired the energy and environmental taxes working group for the US Council on International Business and served as a delegate for key energy initiatives of the Organization for Economic Cooperation and Development.

Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.

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. 

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

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.

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.

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. 

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.

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

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.

Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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

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 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.

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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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.

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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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 PwC National Office partner Matt Sabatini and PwC managing director Adam Smith to discuss another common area for impairment questions: long-lived assets. 

In this episode, you will hear them discuss:

• 1:20 - An overview of the impairment model for long-lived assets
• 7:53 - How to identify an asset group when performing an impairment test on assets to be held and used
• 11:58 - Types of impairment triggers and the two-step impairment test for assets to be held and used
• 31:42 - Right-of-use asset impairment considerations
• 33:14 - Impairment accounting under the held-for-sale model
• 36:44 - Key reminders for companies assessing the potential impairment of long-lived assets

Want to learn more? Listen to other episodes in our impairment toolkit series on inventory and other current assets and financial instruments, along with previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions.

Adam Smith is a managing director at PwC with over 20 years of valuation experience. His experience includes 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. 

Matt Sabatini is a partner in PwC's National Office with over 20 years of experience helping clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, corporate reorganizations, recapitalizations, joint ventures, and other investments.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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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 PwC National Office partner Andreas Ohl and PwC managing director Adam Smith to dive into goodwill and indefinite-lived intangible asset impairments, including the impact of current economic conditions on that assessment. 

In this episode, you will hear them discuss:

• 1:26 - Goodwill from an economic lens
• 7:23 - Measuring goodwill impairment at the appropriate unit of account
• 17:02 - Reminders for assessing triggering events and performing the quantitative test 
• 29:12 - Key challenges seen in practice
• 32:32 - Assessing indefinite-lived intangible assets
• 39:34 - Final advice on assessing goodwill for impairment

Want to learn more? Listen to other episodes in our impairment toolkit series on long-lived assets, inventory and other current assets, and financial instruments, along with previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions. For episodes on segments that address the identification of reporting units, check out disclosure requirements for segments, and 5 things to know about segment reporting.

Adam Smith is a managing director with over 20 years of 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.

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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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 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.

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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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.

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. 

Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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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.

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.

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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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.

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 current international tax landscape has been in place for decades. But now dramatic changes may be on the horizon. The Organisation for Economic Cooperation and Development (OECD), backed by countries around the world, has been pursuing a “Two-Pillar Solution” aimed at alleviating certain global tax challenges that it believes arose from the “digitalisation of the economy.”

This OECD two-pillar framework will significantly alter many international tax practices we follow today with a related impact on reported earnings. In preparation, all companies should begin to assess what the OECD’s proposed framework will mean to them. 

In this episode, Heather Horn, partner in PwC’s National Office, brings you an audio version of our In the loop on the OECD framework. 

In this podcast, you’ll hear:

• 1:01 - The OECD’s agenda and a description of the two-pillar proposal
• 6:45 - How a US company could be scoped into Pillar 2
• 8:51 - Key requirements of the Pillar 2 Model Rules
• 12:01 - How to account for “top-up taxes”
• 13:04 - What’s next in the implementation of the proposed rules
• 15:05 - A description of the key terms used in the framework

Refer also to the print version, The OECD minimum tax: What US companies need to know. 

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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In each episode of our What’s trending in SEC comments series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance for the most common topical areas of the financial statements.

To kick off the series, this week Heather Horn sat down with Kyle Moffatt, a partner in PwC’s National Office, to provide an overview of the 2022 comment letter trends, insights into the key priorities of the SEC, and what we can expect to see in the future based on the SEC’s agenda. 

In this episode you’ll hear discussion of:

• 1:41 - The SEC’s priorities and how they influence comment letters
• 10:38 - The top comment letter trends in 2022 
• 16:03 - How companies should consider “Dear Issuer” letters in their year-end reporting
• 23:13 - The SEC staff’s approach to comment letters and what we expect in the near future
• 28:06 - The SEC staff’s comments in proxy statements
• 30:49 - Kyle’s advice for SEC registrants on what to do if they receive a comment letter

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series.

Kyle Moffatt is a partner in PwC's National Office where he 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 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 US enacted the Sarbanes-Oxley Act of 2002 (SOX) two decades ago. In this special episode, host Heather Horn was joined by Wes Bricker, PwC’s Vice Chair and Trust Solutions Co-Leader for the US and Mexico, and Sandy Peters, the CFA Institute’s Senior Head of Global Advocacy, to reflect on how SOX has impacted the public company reporting ecosystem during that time, and what investors think of the regulatory framework.

In this episode, you will hear them discuss:

• 1:47 - What led to the enactment of SOX
• 9:52 - How management and auditor responsibilities have evolved since 2002
• 14:35 - The increasing importance of transparency for investors
• 21:51 - How SOX enhanced investors’ understanding of the financial reporting process
• 26:34 - How increased scrutiny over data, process, and controls resulted in increase investor confidence
• 36:49 - The evolution of ESG reporting and the importance of trust in ESG disclosures
• 49:25 - The future corporate reporting and importance of internal controls over nonfinancial and “pre-financial” data

Wes Bricker is PwC’s Vice Chair and Trust Solutions Co-Leader for the US and Mexico. In this role he oversees the largest Trust platform in the world, bringing together the firm’s combined Audit, ESG, Digital Assurance, and Tax Reporting capabilities to best help clients as they seek to build trust with their stakeholders. As co-leader, Wes is responsible for the quality of service, excellence in the work performed by over 21,000 partners and staff, developing diverse teams and driving innovation. 

Sandy Peters is the Senior Head of Global Advocacy at the CFA Institute. In this role, she leads the advocacy and regulatory affairs global efforts, including corporate disclosures, financial reporting, accounting and ESG/sustainability. Sandy also serves as a CFA Institute spokesperson to key regulators and standard setters, and works with stakeholders in the policymaking process. 

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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In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, Heather Horn sat down with Angela Fergason, a partner in PwC’s National Office, who shared her insights on the comments on the top line of the income statement, revenue, from the SEC staff to registrants this year.

In this episode you’ll hear discussion of:

• 1:24 - Trends noted in the volume and type of comments on revenue
• 6:04 - The increased focus on judgments made in disaggregated revenue disclosures
• 10:25 - Presentation of revenue and cost of revenue in the income statement 
• 15:52 - The continued SEC staff focus on gross vs. net presentation and identification of performance obligations
• 19:52 - Comments on common industry-specific revenue arrangements 
• 22:54 - Angela’s advice for listeners when looking ahead to year-end

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. We also have episodes specific to revenue, such as our revenue toolkit podcast miniseries that goes step by step through the revenue recognition model.

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.

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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ESG is a frequent topic of conversation across all industries; real estate is no exception – and it’s a space that impacts most companies, whether as an investor, or an occupant. Tune in this week to hear Heather Horn and Byron Carlock, PwC’s Real Estate practice leader, discuss current market trends and ESG strategy considerations in the real estate sector.

In this episode, our guests discuss:

• 1:46 - Interest rates, inflation, and other key market trends impacting the real estate sector
• 7:58 - Effects of the hybrid work model on companies’ real estate needs and office space transformation plans
• 10:12 - What landlords and tenants look to gain from ESG-focused imperatives
• 14:50 - How infrastructure can enable the environmental benefits of population density
• 19:14 - The lifestyle changes and zoning rule updates that are impacting the real estate industry
• 22:39 - New construction trends and office space strategy considerations at the C-suite level
• 37:32 - How the Inflation Reduction Act may impact the real estate sector
• 39:15 - Final thoughts on ESG and real estate

Want to learn more about developments in ESG? Listen to our Q4 2022 Quarterly ESG webcast, along with our previous podcast focused on ESG reporting within the real estate industry. 

Byron Carlock is PwC’s US Real Estate Practice leader. He brings years of knowledge of and exposure to the various aspects of the real estate life cycle, including the capital markets, acquisitions, M&A, development, dispositions, and capital structuring.

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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In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, Heather Horn sat down with Jay Seliber, a partner in PwC’s National Office, to discuss key themes noted in segment reporting comment letters. Jay also shared his insights on some of the challenges companies face with segment reporting. 

In this episode you’ll hear discussion of:

• 1:23 - The goal and approach of the segment reporting guidance
• 8:05 - Key themes in comment letters and why segment reporting continues to be an area of focus
• 14:59 - Specific examples of SEC staff comments and key considerations when aggregating operating segments
• 21:32 - SEC staff comments related to entity-wide disclosures and multiple performance measures
• 26:21 - FASB’s proposed changes to the segment guidance 
• 32:26 - Jay’s final advice for segment reporting going into year-end 

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For further information on segment disclosures, listen to our Full disclosure podcast and read through our Financial statement presentation guide chapter on segment reporting.

Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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Regulators and standard setters around the world have proposed new disclosure requirements triggered by investor demand and, in some cases, designed to inspire efforts to combat climate change. The ESG reporting landscape is dominated by the “big three” proposals released this year: in the European Union (EU) as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the United States by the SEC.

Nearly all public companies are expected to be subject to one or more of these rules, and some may be impacted by all three. Private companies are also likely to need to report in some form whether to investors with enhanced expectations, companies in their value chain, or perhaps mandatorily in jurisdictions like the EU. With final guidance around the corner, the big question is — what should companies be doing now?

In this episode, Heather Horn, host of our podcast series, brings you an audio version of the C-suite summary on preparing for these rules. In this audio recording, you’ll hear why now is a good time for companies to:

• 3:42 - Assemble a cross functional team
• 5:52 - Understand and evaluate ESG reporting requirements
• 9:45 - Inventory existing climate disclosures and related data
• 12:30 - Create a plan to address gaps, and contemplate possible challenges and action items
• 18:24 - Understand what’s next in the implementation of the proposed rules

Refer also to the print version, ESG reporting: Preparing for tomorrow's rules today. 

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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In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, Heather Horn was joined by Valerie Wieman, a partner in PwC’s National Office, to discuss a brand new comment letter trend in 2022: climate change disclosures. Given the SEC’s ESG-focused agenda, it is not a surprise that climate takes the #3 spot on our list of top comment letter trends.

In this episode you’ll hear discussion of:

• 0:56 - The history of the SEC’s focus on climate change and the issuance of the “Dear Issuer” letter of sample comments
• 3:57 - The existing 2010 SEC interpretive guidance on climate disclosures
• 8:58 - Specific examples of the types of comments frequently issued 
• 11:53 - Lessons learned from registrant responses to the first round of staff comment letters
• 15:18 - The importance of focusing on the 2010 interpretive guidance until the SEC’s proposed climate disclosure rule is final
• 17:56 - Val’s final advice for year-end reporting

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For more information on the SEC’s disclosure requirements pertaining to climate, read Don’t wait until the SEC staff asks you about climate change or listen to the audio version. To learn more about the SEC’s proposed climate disclosure requirements, listen to our podcast on the main provisions of the proposal.

Valerie Wieman is PwC’s National Office Editor-in-chief. She is involved in the creation, development, and publication of our brand-defining thought leadership, with a focus on ESG reporting. Prior to this role, she was part of PwC’s National Office SEC Services group, helping clients navigate SEC rules and regulations.

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.

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

In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, Heather Horn sat down with Kyle Moffatt, a partner in PwC’s National Office, to discuss the SEC staff’s continued focus on non-GAAP measures and trending comment letter themes. 

In this episode you’ll hear discussion of:

• 1:15 - What non-GAAP measures are and how registrants use them
• 6:41 - The challenges and judgments associated with non-GAAP measures
• 9:32 - How the focus of the current SEC administration impacts the type and volume of comment letters
• 12:03 - The top non-GAAP comment letter trends and the importance of continuously reassessing these measures
• 20:58 - The interaction of current macroeconomic events and non-GAAP measures 
• 27:34 - What companies should focus on when looking ahead to year-end reporting
• 31:12 - Final advice when responding to SEC staff comments on non-GAAP measures

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For further information on non-GAAP measures with respect to business and market disruptions, take a look at the SEC Division of Corporate Finance’s guidance on disclosure considerations related to COVID-19.

Kyle Moffatt is a partner in PwC's National Office where he 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 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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In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

Kyle Moffatt, PwC National Office partner, is back in the guest seat with our host, Heather Horn, to share key insights on the #1 top SEC comment letter trend in 2022, MD&A.  

In this episode you’ll hear discussion of:

• 1:27 - The impact of changes to MD&A guidance 
• 8:01 - The types of MD&A comments registrants are receiving
• 11:45 - Who should be involved in telling a company’s story in MD&A
• 14:56 - How the SEC's priorities influence comments in this area 
• 19:41 - The importance of company compliance with the overarching principles of MD&A
• 24:20 - How emerging trends are impacting comment letters 
• 33:12 - Advice for companies as they prepare their year-end filings

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For more information on the SEC’s disclosure requirements pertaining to MD&A, check out our In depth on the amended rules and Topic 9 of the SEC’s Financial Reporting Manual.

Kyle Moffatt is a partner in PwC's National Office where he 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 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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In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, Heather Horn was joined by PwC partner Pat Durbin to discuss emerging comment letter trends related to current macroeconomic and geopolitical events. 

In this episode you’ll hear discussion of:

• 1:35 - An overview of the current events trending in recent SEC staff comments
• 4:16 - The importance of consistency of information across filed information and other investor communications 
• 6:43 - Key economic drivers companies should consider in the context of their business and sufficiency of quantitative and qualitative disclosures  
• 9:44 - The impacts of supply chain disruptions and common SEC staff comments
• 11:56 - Material risks resulting from inflation and trending SEC staff comments including on a company’s outlook
• 13:58 - How rising interest rates affect companies and what the SEC staff is commenting on
• 17:38 - The areas of focus in the “Dear CFO” sample letter related to the Russia-Ukraine war
• 20:10 - Advice for companies as they look ahead to year end 

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For further information on the impact of recent current events, listen to our Q3 2022 economic and geopolitical update podcast and read our In depth on accounting in uncertain economic times.

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.

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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In the fourth quarter 2022 edition of The quarter close, we provide timely reminders on topics that should be top of mind this year end. We also help you navigate the financial reporting impact of various cost-cutting measures put in motion by the current economic environment. Lastly, we provide the latest on global ESG reporting proposals and the FASB’s standard-setting activities. Listen to The quarter close for these and other relevant accounting and reporting topics you should consider as 2022 comes to a close.

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On November 22, 2022, EFRAG submitted a draft European Sustainability Reporting Standards (ESRS) to the European Commission. In this week’s special episode, Heather Horn was joined by Emily Kirsch to discuss the latest CSRD developments and how CSRD compares to other climate proposals.

In this episode, our guests discuss:

• 1:36 - An update on recent political developments and changes in the draft proposal
• 6:17 - How companies are preparing for the current proposed requirements
• 9:25 - A refresher on the requirements and topics in scope of the European sustainability reporting standards
• 16:35 - Core requirements of the ESRS climate change draft standard and how it compares to the SEC and ISSB climate proposals
• 19:54 - How EFRAG is addressing equivalency and interoperability with other draft ESG reporting requirements
• 22:58 - Recommendations for companies preparing for a final effective rule

For more information on the proposed rule, see our In brief on the submission of the draft ESRS and listen to the audio version of our C-suite summary providing background on the CSRD.

Emily Kirsch is a director in PwC's National Office focused on ESG thought leadership and standard setting. She has more than 12 years of experience advising both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization.

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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In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

To conclude the series, this week Heather Horn sat down with Pete Driscoll, a partner in PwC’s National Office, to discuss trends noted in SEC enforcement actions this year, including the increase in cases related to topics on the SEC’s current agenda, such as ESG and cybersecurity.

In this episode, you’ll hear discussion of:

• 1:43 - An overview of the SEC enforcement division and its current priorities 
• 4:43 - Noteworthy enforcement actions related to ESG
• 8:56 - Cases based on false and misleading claims and the types of monetary or disgorgement penalties issued
• 15:05 - The continuing enforcement of traditional cases against issuers, including restatements and cases for inaccurate books and records
• 19:57 - Recent SEC proposals (covered in our publication, SEC proposes new cybersecurity disclosure requirements) and enforcement actions related to cybersecurity
• 21:47 - Advice for listeners as they prepare for year-end reporting

Want to learn more? Check out our analysis of SEC comment letter trends. For additional information on recent enforcement actions, listen to our podcast on the 2022 AICPA SEC Conference.

Pete Driscoll is a partner in PwC’s National Office focusing on SEC regulations, reporting, and compliance. Prior to his role at PwC, Pete held several roles at the SEC, including Director of the Division of Examinations and Chief Risk and Strategy Officer.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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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In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process.

PwC National Quality Organization leader, Tim Carey, joins us this week to kick off the series with his advice on dealing with the impact of broad macroeconomic issues, resolving complex technical issues, and staying ahead of the curve on the year-end close.

In this episode, our guests will discuss:

• 4:54 - Where to focus efforts for this year end 
• 16:15 - How to prepare for unexpected or unusual items
• 20:21 - The importance of re-assessing the adequacy of MD&A disclosures
• 22:50 - Why connecting the dots across functions is critical for managing issues  
• 31:54 - How to best manage the time between earnings release and filings
• 36:25 - Best practices for dealing with last minute issues and changes
• 39:07 - Tim’s recommendations for managing resources and promoting team success

Stay tuned for upcoming podcasts in our Year-end toolkit series and listen to our Q4 2022 Quarter close for further insights on the latest accounting, financial reporting, and regulatory updates to support year-end reporting. And for more information on presentation and disclosure requirements, check out our Financial statement presentation guide.

Tim Carey is PwC’s National Quality Organization leader, with 30+ years 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. 

Heather Horn is PwC’s National Quality Organization 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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In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process.

In this episode, PwC National Office leaders join us to discuss what is top of mind for each of them on year-end reporting, including the impact of macroeconomic and geopolitical events. 

In this episode, you will hear reminders on:

• 1:39 - Rising interest rates and their influence on nonfinancial asset impairment and debt modifications
• 13:36 - The effect of market volatility on debt and equity investments and stock compensation 
• 23:30 - The impact of inflation on revenue and inventory accounting
• 29:59 - The importance of robust disclosures related to macroeconomic events
• 33:49 - The effect of supply chain disruptions on the business
• 39:09 - Accounting issues that arise in business or asset dispositions as well as restructurings amid recession concerns 
• 51:15 - Assessing subsequent events

Stay tuned for the next episode in our Year-end toolkit series. Listen to our previous 2022 SEC comment letter podcast series for more insights related to SEC reporting, including comments letter trends related to current events, and our previous impairment toolkit podcast series, including financial and nonfinancial asset impairment.

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. 

Bret Dooley is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has over 25 years of experience specializing in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues relating to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.

Pat Durbin is a Deputy Chief Accountant, 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.

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 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 accommodat

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In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process.

In this episode, PwC partner Jennifer Spang joins us to discuss year-end income tax accounting reminders and what you need to know about recent tax law changes and standard setting activity. 

In this episode, you will hear reminders on:

• 1:12 - Valuation allowances and the pressure on realizability from rising interest rates
• 5:42 - Goodwill impairment and the simultaneous equation
• 8:08 - Tax law changes, including proposed foreign tax credit regulations
• 13:02 -  Developments related to the OECD’s Pillar II framework
• 17:29 - The Inflation Reduction Act and what it means for 2023 reporting
• 27:31 - Standard setting developments, including the upcoming Exposure Draft on the FASB’s income tax disclosure project 
• 36:06 - Final advice for year-end reporting and the importance of staying in front of tax law changes

Stay tuned for the next episode in our Year-end toolkit series. Listen to previous podcasts in our Tax toolkit series in which we discuss valuation allowances and uncertain tax positions. For more information read our summary of accounting considerations in uncertain times, our summary of Pillar II, and our Income taxes guide. In addition, check out our Financial statement presentation guide for information on the presentation and disclosure of income taxes.

Jennifer Spang is a partner in PwC’s National Office who 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.

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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In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process – from closing the books to finalizing reports.

In this episode, PwC National Office director Suzanne Stephani joins us to discuss the most timely issues preparers face on the statement of cash flows, focusing on the transactions and topics that are arising more frequently in today’s macroeconomic environment.

In this episode, you will hear reminders on the cash flow treatment of:

• 1:43 - Factoring of accounts receivable
• 8:42 - Supplier finance programs
• 12:51 - Cash equivalents, including Treasury Bills, commercial paper, and money market funds
• 18:52 - Foreign currency matters
• 27:51 - Discontinued operations
• 29:38 - Business combinations

Stay tuned for the next episode in our Year-end toolkit series. For more of our previous content on the statement of cash flows, check out Statement of cash flows: Back to basics and Building your cash flow statement in uncertain times.

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.

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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In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process – from closing the books to finalizing reports.

In this episode, PwC’s US Trust Solutions Quality Management leader, Michael Mullen, joins us to share his expertise managing materiality judgments and to provide insights into recent SEC activity related to materiality. 

In this episode, you’ll hear discussion of:

• 1:45 - The principle and purpose of the SEC staff’s accounting bulletin on materiality (SAB 99) 
• 5:13 - Recent SEC statements on materiality and the importance of an objective, unbiased assessment
• 10:04 - The need for a thoughtful and documented assessment of materiality before identifying an error
• 15:54 - The impact of the current macroeconomic environment on the assessment of fraud risk by management and auditors 
• 23:44 - SEC enforcement actions and expected impact of the SEC’s new compensation clawback rules
• 31:51 - Final advice and reminders for year-end materiality assessments

Check out other episodes of our Year-end toolkit series, available in our library. And listen to another podcast with Michael that takes a deeper dive on the process of making materiality assessments. 

Michael Mullen is PwC’s US Trust Solutions Quality Management leader. In this role, he oversees complex client issues, providing technical insights and expertise in support of overall quality. With over 30 years of client service experience, Michael has led numerous global client engagements.

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 International Sustainability Standards Board (ISSB) has been working quickly through deliberations on its proposals to create a comprehensive global baseline of sustainability disclosures.

Since we last covered the ISSB’s deliberations in October 2022, the Board has met four more times for redeliberations on draft standards –  and each meeting was chock full of action. This week, Heather Horn was joined by Andreas Ohl and Katie Woods to unpack the dialogue and tentative decisions reached within these meetings.

In this episode, our guests discuss:

• 1:42 - The status of the ISSB exposure drafts and progress toward finalization
• 8:27 - An overview of discussions at recent ISSB meetings
• 13:30 - How estimates may be handled in sustainability reporting
• 17:05 - Consistency of timelines between financial and sustainability reporting
• 22:21 - Clarifications the ISSB is considering on the concept of enterprise value
• 32:44 - Climate-related disclosures, including GHG intensity measures
• 42:46 - Other topics proposed for future standard-setting consideration

Looking for more information on the ISSB and ESG reporting? Check out our previous podcast on responses to the ISSB exposure drafts, as well as our In the loop on navigating the ESG landscape. 

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.

Katie Woods is a Director in PwC's Global Accounting Consulting Services group and advises on ESG and International accounting standards. Katie specializes in the new and emerging ESG reporting frameworks working across the PwC Network. She has over 30 years of experience working with a broad range of companies. Katie speaks regularly on a range of ESG and accounting topics at national and international seminars.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process – from closing the books to finalizing reports.

In this episode, Heather Horn was joined by Stephen Parker, a partner in PwC’s Governance Insights Center, to discuss the ways that finance teams can effectively communicate with those charged with governance – and for 2022, it’s all about timely discussions that are responsive to the current environment.

In this episode, you’ll hear discussion of:

• 1:51 - The core oversight responsibilities of audit committees
• 6:41 - The key issues that finance teams need to be sure they cover in their next audit committee meetings
• 16:58 - Preparing to effectively address ESG reporting questions 
• 20:55 - For directors: the importance of being proactive about sustainability disclosures and the impact of ESG matters on the business
• 32:24 - Best practices for facilitating an audit committee meeting
• 35:43 - Final advice for both directors and finance teams

Check out other episodes of our Year-end toolkit series, available in our library, including making materiality assessments and some important accounting reminders for uncertain times.

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.

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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In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process – from closing the books to finalizing reports.

In this episode, Heather Horn was joined by Gary Berchowitz, a leader in PwC’s Global Assurance Quality - Corporate Reporting Services group, to discuss the challenges and judgments needed under IFRS with regard to many of the hot button topics that we’ve been discussing in this series: Russia / Ukraine, inflation, and others key areas driven by today’s current environment.

In this episode, you’ll hear discussion of:

• 1:40 - The impact of inflation and higher interest rates on asset valuations, income statement presentation, and other accounting topics
• 11:33 - How to contemplate climate-related risks under IFRS, and the importance of bridging sustainability commitments and financial impact for investors
• 18:14 - Russia, Ukraine, and accounting for uncertainty more broadly
• 22:35 - Considerations for non-insurers with regard to the new insurance guidance, IFRS 17
• 26:10 - Updates on the OECD’s Pillar 2 global minimum tax proposal and the proposed deferred tax accommodations from the IASB
• 31:32 - The importance of updating processes to adjust to the current environment 
• 32:41 - IASB standard setting expected in 2023

Check out other episodes of our Year-end toolkit series: Managing materiality assessments and Accounting reminders for uncertain times.

Gary Berchowitz is the Non-Financial Instruments Leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings nearly 20 years of financial accounting experience, working to drive quality and connectivity throughout the PwC network and help local teams solve complex accounting issues in a practical way. Gary contributes to the firm’s global view on a variety of financial reporting matters.

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 SEC’s sweeping climate-related disclosure proposal released in March 2022 continues to be a focal point for companies and investors as stakeholders anticipate what may be included in the final release, and perhaps even more importantly, when the new rules will go into effect. Notwithstanding this pending proposal, registrants need to ensure that the SEC’s existing long-standing climate-related disclosure requirements are fully embraced in the upcoming reporting cycle.

In this episode, Heather Horn, host of our podcast series, brings you an audio version of our publication that analyzes climate disclosures in the most recent annual SEC filings from the S&P 100. In this audio recording, you’ll hear:

• 1:16 - A recap of current climate disclosure requirements
• 3:42 - An overview of our analysis of the climate disclosures of the S&P 100
• 5:54 - The six topics we identified as recurrent themes across climate disclosures
• 9:53 - A summary of the prevalence of disclosures regarding climate-related targets and goals
• 12:30 - Reminders on the importance of preparing 2023 filings with the SEC’s focus on climate in mind

Refer also to the print version, Today's SEC climate disclosures - how do you measure up?. Also, register for our Q1 2023 Quarterly ESG webcast on February 16 or March 1, 2023.

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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PwC’s 26th annual global CEO survey came out last month, and the data revealed that CEOs are facing a dual imperative in today’s uncertain environment to not only reduce costs, but also to spur growth. Businesses are facing uncertainty, and exploring options to shore up and prepare for the future. Activities may include reducing operating costs, diversifying products and services, raising prices, and implementing hiring freezes.

So which of all of these options is best for your company? Heather Horn was joined by Bhushan Sethi, PwC Strategy& partner, to discuss how finance teams can work to help their businesses weather storms in the near term, while still preparing for longer term success.

In this episode, you will hear:

• 1:59 - How macroeconomic forces have shaped CEO sentiment and optimism over the last year
• 9:03 - The impact of stakeholder capitalism on informing companies’ decisions about strategy and investments in the current downturn
• 12:01 - How businesses balance short-term performance with long-term resilience
• 20:30 - Labor market updates, and how worker preferences are evolving
• 28:19 - How companies are embracing growth in spite of near-term challenges by diversifying products and services and leveraging technology
• 32:37 - Looking ahead five to ten years: what successful companies are doing now to prepare for changes in demographics, business models, and trends in globalization

Want to hear more perspectives from our latest Global CEO Survey? Check out our summary of the survey results.

Bhushan Sethi is a partner in Strategy&, PwC’s strategy consulting business, where he’s focused on Business and Organization Transformation. Bhushan is a thought leader, public speaker, media spokesperson, and influencer on "future of work,” risk culture, workforce strategy, employee experience, and diversity & inclusion.

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.

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In this episode, PwC partners Chris Rhodes and Andreas Ohl join us to discuss our 2023 deals outlook and related accounting considerations. Included are insights on how dealmakers are thinking about value creation as they navigate macroeconomic uncertainties and what finance teams need to know as deals are happening. 

In this episode, you’ll hear discussion of:

• 1:21 - The current deals landscape and outlook for 2023
• 9:30 - Headwinds facing the deals market from the current macroeconomic and geopolitical environment
• 14:12 - Accounting considerations for deal transactions in this type of macroeconomic environment
• 28:36 - How successful dealmakers still find opportunities in divestitures
• 33:58 - Final advice for companies considering deals in 2023

Want to learn more about the 2023 deals outlook? Watch a replay of our webcast or read our report. And for more on accounting considerations, listen to previous podcasts on impairment accounting, including one on impairment of goodwill and other intangibles. 

Chris Rhodes is a partner in PwC's Deals practice. He provides commercial structuring, valuation, and accounting advice for a variety of transactions under both US GAAP and IFRS. He concentrates on delivering strategic transactions such as acquisitions, divestitures, and joint ventures, along with capital raising, capital restructuring, and other financial engineering, including risk management. 

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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Every Tuesday in February, Andreas Ohl, PwC’s Global ESG Technical Leader, will be taking over the podcast and talking all about a company’s most valuable intangible asset, human capital. He will discuss what it is and why it matters, how it’s treated in financial and ESG reporting, and how its value is reflected in deals. 

To kick off the series, host Heather Horn and Andreas were joined by Zain Siddiqui, a senior economist with PwC Intelligence, to break down the macroeconomic and demographic trends leading to the scarcity of human capital seen today. They’ll also discuss how companies should think about human capital (perhaps differently than before) given these trends. 

In this episode, you’ll hear discussion of:

• 2:27 - What led to the abundant labor supply of the last few decades
• 7:15 - The impact of COVID on the current labor force and the fundamental shift in worker preferences
• 12:43 - How these demographic trends impact economic growth 
• 14:44 - How to create value for your business by viewing human capital as an investment and not an expenditure 
• 25:17 - What investing in the workforce means for businesses
• 38:10 - Final advice when looking ahead

Stay tuned for upcoming podcasts in this series. Listen to our previous podcast with PwC Intelligence for a broader geopolitical and macroeconomic update.  

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.

Zain Siddiqui is a senior economist for PwC Intelligence with a specialty in macroeconomics and finance. He advises stakeholders and clients on the business implications of emerging macro and geopolitical vulnerabilities, and helps them shape business strategy. His research has appeared in books on international economic policy and macroeconomic journals.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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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.

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.

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

Every Tuesday in February, Andreas Ohl, PwC’s Global ESG Technical Leader, will be taking over the podcast and talking all about a company’s most valuable intangible asset, human capital. He will discuss what it is and why it matters, how it’s treated in financial and ESG reporting, and how its value is reflected in deals. 

In this episode, Heather Horn and Andreas discuss the current financial reporting landscape when it comes to human capital. 

In this episode, you’ll hear discussion of:

• 1:35 - How human capital is largely shown as an expense in the external financial statements
• 6:15 - Insights on how internal reporting can help companies measure the return on their investment in human capital
• 11:55 - The disconnect that may exist between a company’s market value and book value 
• 15:58 - Why this intangible asset is generally not on the balance sheet today
• 28:20 - What companies and standard setters can do to give better insights into the value of human capital

Listen to the earlier episode in this series on the impact of recent demographic trends on the investment in human capital, and stay tuned for more episodes in the series. Also read our point of view publication on making intangibles count. 

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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At the recent annual meeting of the World Economic Forum (WEF) in Davos, PwC and the WEF jointly released a report about critical moves businesses can take to prepare for risks and take advantage of opportunities in climate change adaptation (the process of preparing for, preventing, and mitigating the worst impacts of climate change).

Heather Horn was joined by Emma Cox, PwC’s Global Climate Leader, to discuss some of the key themes that came out of both our white paper as well as the 2023 annual WEF meeting, which Emma attended alongside world leaders.

In this episode, you’ll hear discussion of:

• 4:50 - How climate commitments – and progress toward them – have evolved since the 2015 Paris Agreement
• 12:17 - Managing competing sustainability agendas
• 20:50 - Climate adaptation: definitions and key actions businesses can take
• 31:06 - Who will pay for adaptation
• 31:39 - How measurement and disclosure of sustainability progress has evolved
• 50:13 - Final advice for companies working to optimize their climate agenda

Looking for more information on climate adaptation? Check out our white paper on Accelerating business action on climate change adaptation.

Emma Cox is PwC’s Global Climate Leader, driving the delivery of our client-focused global climate strategy. In addition to previously serving as PwC UK’s Head of Purpose, Emma also led its Sustainability and Climate Change practice, with a team of sustainability and climate change specialists advising public and private sector clients in the UK and internationally on sustainability, development, urbanization, and climate change-related issues.

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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Every Tuesday in February, Andreas Ohl, PwC’s Global ESG Technical Leader, will be taking over the podcast and talking all about one of a company’s most valuable intangible assets, human capital. He will discuss what it is and why it matters, how it’s treated in financial and ESG reporting, and how its value is reflected in deals. 

In this episode, Heather Horn and Andreas are joined by Sheri Wyatt, a PwC sustainability specialist, to discuss how we are seeing companies communicate the value of human capital through ESG reporting. 

In this episode, you’ll hear discussion of:

• 7:24 - Best practices in ESG reporting today  
• 11:49 - The importance of using metrics that are tied to value creation in ESG reporting on human capital
• 18:16 - How ESG reporting may bridge the gap in financial reporting (because this investment may not be on balance sheet) 
• 23:32 - Insights on human capital disclosures reported under the SEC’s current rule
• 28:30 - Expectations on the future of human capital reporting considering proposals from the ISSB and EFRAG (CSRD) and the expected proposal from the SEC
• 39:15 - Challenges and opportunities for companies in communicating the value of their workforce

Listen to earlier episodes in this series on the impact of recent demographic trends on the investment in human capital and how a company’s largest asset may not be on balance sheet. And stay tuned for one more episode in the series. 

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.

Sheri Wyatt is a partner in PwC’s Deals practice and a sustainability specialist who helps clients execute on their ESG reporting strategies, including how to navigate the evolving regulatory landscape both in the US and abroad. She has over 20 years of experience advising companies on the adoption of new accounting and financial reporting standards, from assessing current state through operationalizing compliance with new standards and policies.

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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Billed as the largest climate legislation in US history, the Inflation Reduction Act (IRA) includes tax credits, incentives, and other provisions intended to help companies tackle climate change, increase investments in renewable energy, and enhance energy efficiency.

What are the most common ways that companies are planning to take advantage of the Act? What provisions does the Act have that might benefit companies that are not in the energy industry? Heather Horn was joined by Matt Haskins, PwC principal, to unpack these questions and provide the latest updates on the IRS’ guidance process.

In this episode, you’ll hear discussion of:

• 2:45 - The IRA’s key ESG-related provisions
• 5:35 - Updates on IRS guidance on the IRA
• 14:05 - Manufacturing investment tax credits and the application process
• 22:15 - Areas to consider to navigate the IRA effectively
• 26:40 - How new methods of data modeling allow companies to assess when they may qualify for incentives
• 32:25 - How the market is contemplating transactions for direct pay and transferable tax credits

Looking for more information on the Inflation Reduction Act? Check out our previous podcast on ESG incentives in the Inflation Reduction Act.

Matt Haskins is a principal in PwC’s Washington National Tax Services, where he leads the firm's Cleantech tax practice, focusing on renewable energy financing and M&A transactions. In addition to writing and speaking on issues in the renewable energy industry, Matt has co-chaired the energy and environmental taxes working group for the US Council on International Business and served as a delegate for key energy initiatives of the Organization for Economic Cooperation and Development.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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

Every Tuesday in February, Andreas Ohl, PwC’s Global ESG Technical Leader, took over the podcast and talked all about one of a company’s most valuable intangible assets, human capital. He discussed what it is and why it matters, how it’s treated in financial and ESG reporting, and how its value is reflected in deals. 

In this final episode of the miniseries, Heather Horn and Andreas are joined by Carrie Duarte, a PwC workforce transformation specialist, to discuss how sophisticated acquirers are creating value through human capital in transactions. They also share insights on how investing in the workforce may create both social value creation (which is the “S” in ESG) and financial value creation. 

In this episode, you’ll hear discussion of:

• 6:30 - Trends in the deals market that are driving outsized returns
• 14:21 - Practical and tactical examples of opportunities identified through deals to create value through the workforce
• 23:37 - The importance of providing a “good job” and managing the investment in the workforce
• 31:37 - How reflecting the voice of the worker in the company’s labor management strategy creates social and financial value creation 

Listen to earlier episodes in this series on the impact of recent demographic trends on the investment in human capital, how a company’s largest asset may not be on balance sheet, and on communicating value through ESG reporting. 

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.

Carrie Duarte is a partner leading PwC's Organization and Workforce Transformation Deals team. Carrie helps CEOs take advantage of the catalyzing event of a transaction to transform their organizations and workforces. 

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.

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

Every Tuesday in March, Suzanne Stephani is taking over the podcast to bring you the latest on different types of financing arrangements - from debt to leases to supplier financings - including how the current macroeconomic environment impacts the accounting. 

To kick off the series, Heather Horn and Suzanne are joined by Marc Jerusalem, a PwC managing director who also specializes in leasing, to discuss how the current macroeconomic environment impacts the accounting for leases.

In this episode, you’ll hear discussion of:

• 2:23 - Recent FASB standard setting on leases between entities that are under common control 
• 7:38 - How rising interest rates may make it more challenging to use an existing borrowing rate to measure a lease
• 14:21 - Remeasurement events that may occur more frequently during times of economic uncertainty and what assumptions may need to be updated as a result of them
• 20:37 - Impairment of right-of-use asset considerations when a company decides to sublease or abandon a leased space
• 31:37 - Frequent questions on the classification of lease activity in the statement of cash flows 

For more information, listen to our other podcasts in PwC’s Leasing Toolkit series and read our publication on frequently asked questions on accounting in uncertain times. 

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 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.

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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After 2022 brought proposed ESG disclosures from the EU as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the US by the Securities and Exchange Commission (SEC), many companies began in earnest to mock up potential disclosures, understand gaps in information quality and availability, and establish work plans for creating consistent, reliable reporting. 

This month marks one year since the SEC’s proposal was released, and we wanted to ask – how have companies been preparing over the past year, and what should they be doing for the next year as we move toward mandatory ESG reporting in many jurisdictions? Heather Horn was joined by Brigham McNaughton, a PwC ESG Services & Strategy partner, to unpack these questions and provide the latest updates on what companies can do now to be prepared for upcoming requirements.

In this episode, you’ll hear discussion of:

• 1:54 - Where companies have focused their readiness efforts over the last twelve months
• 8:09 - Dealing with estimation in greenhouse gas reporting
• 14:28 - Disclosure controls and the importance of cross-functional teams
• 21:31 - How companies are re-evaluating their governance, strategy, risks, targets, and goals as they prepare for the new disclosure requirements
• 31:06 - Preparing for mandatory ESG reporting requirements in the European Union under the CSRD
• 36:59 - How companies can work to build mature processes for reporting

Looking for more information on getting ready for mandatory ESG reporting? Check out our publication, Preparing for tomorrow's rules today.

Brigham McNaughton is a partner in PwC’s ESG practice. He has served global clients in a range of industries including utilities, automotive, and financial services, advising on core ESG strategy development and stakeholder engagement. Brigham has also worked closely with the Sustainability Accounting Standards Board on a variety of reporting initiatives.

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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Every Tuesday in March, Suzanne Stephani is taking over the podcast to bring you the latest on different types of financing arrangements—from debt to leases to supplier finance programs—including how the current macroeconomic environment may impact the accounting. 

In this episode, Heather Horn and Suzanne are joined by Bret Dooley, a PwC partner who leads our team advising clients on the accounting for financial instruments. Suzanne and Bret explain what supplier finance programs are, share insights on assessing the balance sheet classification, and break down the new disclosure requirements from the FASB that are now (generally) effective for calendar year-end companies.  

In this episode, you’ll hear discussion of:

• 2:32 - The broad range of supplier finance programs that exist in the market and why companies enter into them
• 12:12 - Why classification on the balance sheet as either a trade payable or debt matters
• 15:19 - Indicators commonly used in practice to assess classification and key judgments to consider 
• 32:42 - What’s required to be disclosed under the FASB’s new guidance and when
• 38:58 - Final advice on thinking through the accounting and reporting for these programs 

For more information on the accounting and disclosure of supplier finance programs, check out our Financial statement presentation guide. 

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.

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.

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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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.

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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Every Tuesday in March, Suzanne Stephani, is taking over the podcast to bring you the latest on different types of financing arrangements - from debt to leases to supplier financings - including how the current macroeconomic environment impacts the accounting. 

In this episode, Heather Horn and Suzanne will discuss the impact of the current macroeconomic environment on the classification of debt as current or noncurrent.

In this episode, you’ll hear discussion of:

• 4:44 - Key judgments in assessing the impact of covenant violations when there are grace periods and waivers
• 13:40 - What to think about when debt is modified in advance of a covenant violation
• 17:12 - The importance of identifying cross default and cross acceleration clauses in debt agreements
• 20:08 - What you need to know about subjective acceleration clauses (SACs), especially in the current economic environment  
• 25:38 - Frequent debt refinancing questions and how SACs within refinancing agreements impact the ability to use them to achieve noncurrent classification 

For more information, listen to our previous podcast on the presentation and disclosure of debt, and stayed tuned for our next podcast in this miniseries, on debt restructuring. Also read our Financial statement presentation guide and frequently asked questions on accounting in uncertain times. 

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.

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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In the first quarter 2023 edition of The quarter close, we highlight newly effective standards for 2023, featuring new required disclosures for supplier finance programs. We also take a closer look at the accounting and reporting implications of changes to reportable segments. Lastly, we provide the latest updates on ESG reporting proposals and the FASB’s standard-setting projects. Read or listen to The quarter close for these and other relevant accounting and reporting topics you should consider as you close out the first quarter of 2023.

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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As we approach the end of 2023’s first quarter, we wanted to take time today to zoom out to the broader business environment that finance organizations are navigating. Between a tightening money supply, inflation, and ongoing demands from investors and stakeholders to grow in a sustainable way – we wanted to ask, how are companies managing it all? What are their near term and long-term priorities, and how are these changing in the current environment?

Heather Horn was joined by Wes Bricker, PwC’s Vice Chair and Trust Solutions Co-Leader, to discuss these questions and more based on his business leadership within PwC and extensive client experience.

In this episode, you will hear:

• 2:11 - The three areas of uncertainty that businesses are navigating in 2023
• 11:14 - The imperative companies face to reinvent their business models for long-term survival
• 18:53 - How companies are integrating climate, human capital, and other ESG topics into their reinvention strategies
• 29:26 - How the principles of candor, truth-telling, and humility instill trust in companies’ near-term and long-term goals
• 37:20 - The importance of going beyond “check-the-box” compliance in reporting by presenting a coherent strategy and vision for the business
• 44:40 - How the voice of the CFO organization is supporting companies in earning trust

Want to hear more perspectives from our latest Global CEO survey? Check out our summary of the survey results.

Wes Bricker is PwC’s Vice Chair and Trust Solutions Co-Leader for the US and Mexico. In this role he oversees the largest Trust platform in the world, bringing together the firm’s combined Audit, ESG, Digital Assurance, and Tax Reporting capabilities to best help clients as they seek to build trust with their stakeholders. As co-leader, Wes is responsible for the quality of service, excellence in the work performed by over 21,000 partners and staff, developing diverse teams, and driving innovation.

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.

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

Every Tuesday in March, Suzanne Stephani took over the podcast to bring you the latest on different types of financing arrangements — from debt to leases to supplier financings — including how the current macroeconomic environment impacts the accounting. 

In this episode, Heather Horn and Suzanne are joined by Brian Staniszewski, a PwC partner who advises clients on debt transactions. Brian and Suzanne share observations and insights on recent debt restructurings in this time of economic uncertainty. They also share reminders on how to navigate the different accounting models for debt restructurings.

In this episode, you’ll hear discussion of:

• 2:00 - Common themes among debt restructurings taking place in the current economic environment 
• 6:38 - An overview of the different accounting models for debt restructurings and why it matters to get the accounting model right 
• 17:12 - The key judgments required in determining whether a restructuring is a troubled debt restructuring
• 19:56 - Common issues in the non-troubled debt restructuring model 
• 34:58 - Financial statement presentation of debt restructurings 
• 38:40 - Final advice when dealing with a debt restructuring

For more information, listen to our previous podcasts on the classification of debt in an uncertain economic environment and on the presentation and disclosure of debt. Also read related guidance in our Financial statement presentation guide, Financing guide, and frequently asked questions on accounting in uncertain times. 

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.

Brian Staniszewski is partner in PwC’s capital markets and accounting advisory group specializing in advising clients on accounting and financial reporting issues related to capital restructuring and capital raising transactions, financial instruments, business combinations, consolidation, and minority investments. He previously completed a fellowship in the SEC's Office of the Chief Accountant. 

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

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

Will 2023’s economy be substantially different from last year’s? This week, Heather Horn was joined by Craig Stronberg and Zain Siddiqui, directors in PwC Intelligence, to discuss the latest macroeconomic and geopolitical developments. Craig and Zain share insights on why companies should be thinking ahead when it comes to the state of the economy and volatility in the global markets.

In this episode, you’ll hear discussion of:

• 2:20 - The forces shaping the economic outlook for the rest of 2023
• 9:27 - The impact of politics and the election cycle on the business environment
• 16:41 - Updates on whether a recession is still anticipated this year
• 23:45 - The interaction of consumer demand, the labor market, and inflation on the Fed’s monetary policy plans
• 27:32 - The “long tail” of COVID and its ongoing impacts on supply chains and the global economy
• 34:30 - How companies should prepare for longer term geopolitical uncertainty across Europe and Asia
• 43:10 - Economic watch list items for companies to track throughout the year

Want to identify how different macroeconomic trends could impact your accounting and reporting? We've created an interactive tool, Accounting in uncertain economic times. Use it to better understand potential challenges and locate additional resources. 

Craig Stronberg leads the Business Acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times. His focus has been on numerous areas, including counterintelligence, economic espionage, counterterrorism, cyber threats, political-military issues, special operations integration, and support for major events such as the Olympic Games.

Zain Siddiqui is a senior economist for PwC Intelligence with a specialty in macroeconomics and finance. He advises stakeholders and clients on the business implications of emerging macro and geopolitical vulnerabilities, and helps them shape business strategy. His research has appeared in books on international economic policy and macroeconomic journals.

Heather Horn is 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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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.

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. 

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.

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.

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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With more than 10,000 companies around the world using its standards, the Global Reporting Initiative (GRI), focused on “impact reporting” (reporting of a company’s impact on ESG issues), continues to be a major player in the ESG reporting space, even with the advancement of mandatory reporting proposals based on other frameworks. So what is ahead for the organization strategically and what role will impact reporting play in the future ESG reporting ecosystem?

This week, Heather Horn was joined by Eelco van der Enden, CEO of GRI, to discuss the organization’s key strategic initiatives, including how it is managing the current pace of change in the ESG reporting landscape, and what’s ahead for voluntary impact reporting.

In this episode, you’ll hear discussion of:

• 2:05 - What’s top of mind for GRI’s C-suite in managing its near-term priorities
• 11:43 - How GRI’s standards complement other ESG reporting standards
• 20:17 - Where voluntary impact reporting fits into the dynamic landscape of ESG reporting
• 31:12 - How the breadth of today’s value chains poses reporting challenges
• 39:03 - How GRI is focused on innovating to solve the reporting challenges faced by companies across the value chain
• 48:54 - Reflections on the progress of GRI over the past year

Interested in more background on why investors care about voluntary ESG reporting? Listen to our previous podcast with Eelco.

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.

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

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 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. 

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.

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. 

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.

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

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. 

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.

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

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. 

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.

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.

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.

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 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.

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

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.

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.

Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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

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 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.

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.

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