Even as mandatory sustainability reporting regulations near effective dates in jurisdictions around the world, voluntary reporting remains an important part of many companies’ disclosures. With more than 10,000 companies around the world using its standards, the Global Reporting Initiative (GRI) remains a key standard setter in the impact reporting space.Today’s guest makes the case that there are myriad benefits to voluntary reporting – not the least of which is preparation for mandatory reporting. Host Heather Horn sits down with Eelco van der Enden, CEO of GRI, to discuss GRI's recent accomplishments and the path ahead for sustainability reporting around the world.In this episode, you’ll hear them discuss:1:05 - GRI’s accomplishments in the past year6:29 - The development of a digital taxonomy that will facilitate interoperability between the European Sustainability Reporting Standards (ESRS) and GRI12:16 - The overlap between impact reporting and financial materiality, and the importance of considering demographic challenges, climate change, and related legislation in impact reporting17:45 - The collaboration between GRI and the International Sustainability Standards Board (ISSB) in launching a Sustainability Innovation Lab in Singapore30:53 – How GRI is innovating to support small and medium company reporting39:16 – The launch of GRI’s new disclosure standard on biodiversity41:15 – How standard setters are working together to address the challenges faced by companies in complying with multiple reporting regimesLooking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards. Eelco van der Enden is the CEO of the Global Reporting Initiative. Prior to this role, Eelco led PwC’s global ESG platform for the Tax & Legal and People Services, and PwC's Tax Administration Consulting practice. Eelco is also Chairman of the Tax Policy Group of Accountancy Europe, and has published multiple articles on tax governance and reporting. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

This week, we begin a collaboration with another popular PwC podcast. Host Heather Horn is joined by Doug McHoney, PwC International Tax Services Global Leader and host of the “Cross-border Tax Talks” podcast. Doug shares insights on the revolutionary new global tax system — the Organisation for Economic Cooperation and Development (OECD) Pillar Two framework — and its impact on companies worldwide.The objective of Pillar Two is for large multinational enterprises to pay a minimum level of tax (a threshold effective tax rate of 15%) on the income arising in each jurisdiction where they operate. Doug joins us to shed light on the judgments involved and what companies can do to prepare.In this episode, you will hear:3:15 - A refresher on Pillar Two, the first global tax system for multinational companies, including:4:30 - A breakdown of the four operating rules prescribed by the framework and the breadth of impact on companies worldwide11:00 - An overview of enactment timing and the three-year transitional safe harbor provisions13:35 - A discussion of the intersection between Pillar Two and US tax policy, including the impact on US companies18:09 - A comparison of the mechanics of Pillar Two and current practice, including an overview of key tax adjustments28:50 - Practical considerations, including materiality considerations, for companies preparing to comply with Pillar Two36:15 - Data and controls implications as companies revamp tax policies and procedures41:50 - Final advice for companies looking to achieve operational readiness for Pillar TwoFor more on OECD’s Pillar Two, read our publication, Global taxation: More than an idea - what it means for you now, as well as our prior podcast, Tax policy update - OECD and domestic minimum taxes. Additionally, check out PwC International Tax Services’ “Cross-border Tax Talks” podcast, and follow both podcasts on your favorite podcast app for upcoming episodes.Doug McHoney is PwC's Global International Tax Services Leader, helping clients worldwide understand a wide range of global and local tax policy developments and providing technology-enabled consulting services. Doug also hosts the Cross-border Tax Talks podcast series, providing listeners with the latest trends in taxation.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. This week, host Heather Horn is joined by Pete Driscoll, PwC National Office partner, to break down the SEC’s 2023 enforcement action results, which set a record with 784 enforcement actions filed in 2023. Pete unpacks the themes and trends within those enforcement actions and shares advice on what companies can do to avoid some common pitfalls. Listener note: Although we summarize key themes from allegations as described by SEC orders and complaints, it is important to note that companies have neither admitted nor denied wrongdoing in these cases.In this episode, you will hear:2:15 - Key themes in the SEC's 2023 enforcement action results, including a discussion of the SEC’s priorities and approach to enforcement11:10 - A discussion of the increased focus on cybersecurity, including rulemaking considerations 12:30 - An analysis of financial reporting and misstatement cases, including internal control considerations18:50 - Insight into the SEC's interest in the digital asset space, including cases involving cryptocurrencies and non-fungible tokens (NFTs)23:30 - The importance of maintaining adequate books and records, including a discussion of cases brought in this area27:20 - Final insights on the long-term implications of SEC enforcement actions and advice for companies reviewing their business practicesPete Driscoll is a partner in PwC’s National Office focusing on SEC regulations, reporting, and compliance. Prior to his role at PwC, Pete held several roles at the SEC, including Director of the Division of Examinations and Chief Risk and Strategy Officer.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Follow this podcast on your favorite podcast app for other episodes in our Year-end toolkit series. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. In this episode, guest host Kevin Vaughn, PwC National Office partner, sits down with Suzanne Stephani, PwC National Office director, to discuss the significance of the statement of cash flows, focusing on the practical challenges and judgments involved in the classification of cash flows.In this episode, you will hear:2:05 - Frequent challenges and restatements related to the statement of cash flows 5:10 - Insights from the SEC Chief Accountant, Paul Munter, on risk management and controls related to the statement of cash flows as well as considerations for assessing the materiality of cash flow restatements14:15 - Fundamental principles of the statement of cash flows, including the identification of cash equivalents and related disclosure considerations 21:40 - Gross versus net presentation on the statement of cash flows, including considerations for non-cash and nonrecurring transactions27:25 - Key areas of judgment, including:27:25 - Applying the concept of constructive receipts and disbursements when dealing with third-party or agent transactions32:58 - The impact of debt transactions, including debt extinguishments and restructurings, on the statement of cash flows40:50 - Considerations when dealing with lease modifications, business combinations, discontinued operations, and classification of cash flows associated with treasury billsFor more information, read chapter 6 of our Financial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series.Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In each episode of ourYear-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. In this episode, guest host Kevin Vaughn, PwC National Office partner, sits down with Suzanne Stephani, PwC National Office director, to discuss the judgments and complexities involved in the balance sheet classification of debt, focusing on the challenges arising more frequently in today’s macroeconomic environment.In this episode, you will hear: 1:26 - A refresher on the importance of balance sheet classification of debt, including the impact of current economic conditions on debt and credit risk 4:10 - Key considerations for classifying debt, including: 6:11 - Reminders for dealing with refinancing arrangements 8:20 - The implications of subjective acceleration clauses (SAC) in financing agreements 11:32 - The implications of covenant violation waivers on balance sheet classification 15:30 - Other facts and circumstances impacting debt classification 23:10 - A discussion of the increased prominence of revolving debt arrangements and reminders for companies dealing with revolving agreements 30:05 - Final advice for preparers on navigating debt classification and managing covenant violations For more information, read chapter 12 of our Financial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series. Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions. Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

XBRL is an open international standard for digital business reporting that allows information to move between organizations rapidly and with accuracy. While XBRL is a mature component of today’s financial reporting ecosystem, a shared digital reporting language may also be critical for the future of sustainability reporting.  In this episode, host Heather Horn sits down with John Turner, CEO of XBRL International, the global consortium that manages and promotes XBRL, to discuss the framework’s role in enhancing the quality and usefulness of sustainability disclosures. In this episode, you’ll hear: 4:02 - Defining digital taxonomies, digital languages, and XBRL 9:49 - How standard setters interact with digital taxonomies 16:27 - How accurate digital tagging of financial data is crucial to robust investment analysis 22:10 - Approaches on digitally tagging qualitative information and footnotes 25:38 - How digital taxonomies could impact sustainability reporting 28:30 - Anticipated challenges in aligning digital reporting across differing sustainability standards 40:23 - Digital readiness considerations for issuers planning for mandatory sustainability reporting 45:03 - The importance of issuers voicing feedback to regulators as standards are set Looking for more information on XBRL? Check out our previous podcast episode, What’s next in tech for finance? XBRL, your competitive advantage, as well as PwC’s XBRL service offerings. Additionally, follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.  John Turner is the CEO of XBRL International. In his role, John is responsible for enhancing reporting under regulatory standards and supporting the adoption of XBRL globally. Throughout his career, he has been focused on improving business reporting and analytics, having been a leading member of the XBRL community since 2001 when it was founded, and also serving in roles within the consulting and regulation spaces. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with PwC’s US Trust Solutions Quality Management leader, Michael Mullen, to help us navigate materiality judgments in a challenging financial environment.In this episode, you’ll hear: 2:10 - A discussion of the guiding principles of SAB 99 and its importance in the current macroeconomic environment 5:41 - A refresher on the framework for evaluating materiality and errors in financial statements, including both quantitative and qualitative aspects 7:05 - Observations on the increase in SEC staff comments and requests for SAB 99 analyses to support materiality judgments 8:40 - Recent SEC statements on the increased trends in restatements and revisions, including considerations for preparers and auditors working through materiality assessments and reminders on the control implications 15:55 - A discussion of the role of the audit committee and the importance of proactively engaging with those charged with governance when dealing with materiality judgments 17:45 - Key takeaways for preparers and auditors in navigating the heightened risk of fraud and the significance of understanding the role of each stakeholder in the financial reporting process  21:40 - Final advice for preparers on improving processes and controls to effectively avoid errors For more information on key SEC rules, refer to our publications on cybersecurity disclosures and cybersecurity materiality assessments. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series. Michael Mullen is PwC’s US Trust Solutions Quality Management leader. In this role, he oversees complex client issues, providing technical insights and expertise in support of overall quality. With over 30 years of client service experience, Michael has led numerous global client engagements. Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

The European Green Deal is a package of policy initiatives introduced by the European Commission (EC) in December 2019 with objectives to achieve “no net emissions of greenhouse gases by 2050, economic growth decoupled from resource use, and no person and no place left behind.” Many companies are already focused on one aspect of the Green Deal — the Corporate Sustainability Reporting Directive (CSRD). But the CSRD is far from the only EU regulation needing immediate attention. This audio companion details several other pressing and broadly applicable EU regulations that would also be newly applicable — or possibly already applicable — for both EU and non-EU companies. In this episode, podcast host Heather Horn brings you an audio version of our publication covering the EU regulations beyond CSRD. In this podcast, we cover: 1:00 - Overview of the EU regulatory landscape 7:01 – EU Taxonomy30:54 – Sustainable finance disclosure regulation38:17 – Carbon Border Adjustment Mechanism44:06 – Foreign Subsidies Regulation49:13 – Corporate Sustainability Due Diligence Directive54:16 – Final thoughts Looking for more information on the CSRD and other EU reporting requirements? Check out our publications  European Union regulations beyond CSRD, Worldwide impact of CSRD - are you ready?, and  Take the next step - decide how to report under CSRD  for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process.  In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with Stephen Parker, a partner in PwC’s Governance Insights Center, to discuss the ways that finance teams can effectively communicate with those charged with governance and share insights on key areas of focus for audit committees. In this episode, you’ll hear discussion of: 2:00 - The challenges facing both management teams and audit committee members, including the breadth of issues raised to audit committees 7:50 - The top issues finance teams should be prepared to discuss with audit committees, including keeping up with the regulatory and compliance landscape, the evolution of ESG discussions, and the intersection of risk management and strategy 17:58 - Preparing to effectively address new SEC cybersecurity disclosure rules 20:05 - Key insights on feedback heard from audit committees and boards of directors as well as an overview of the results of the Center for Audit Quality (CAQ) 2023 Audit Committee Transparency Barometer report 27:10 -Final advice for management teams engaging with those charged with governance  For more information on key SEC rules, refer to our publications on cybersecurity disclosures and cybersecurity materiality assessments.  Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series. Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has advised boards of directors on a variety of complex financial reporting matters. Stephen’s client service experience includes energy and utility companies, financial services companies, and nonprofits. Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.  

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with PwC National Office leader Tim Carey and PwC National Office partner Kevin Vaughn to discuss rulemaking priorities and provide helpful reminders for public companies navigating SEC developments as they head into year end. 4:08 - The active pace of rulemaking and how that demonstrates the SEC’s priorities 11:00 - Key new and proposed SEC rules: 11:20 - Insights on the new executive incentive compensation clawback rule and the interaction with navigating accounting errors 17:45 - Judgments involved in the new cybersecurity disclosure rule and considerations when assessing materiality for evaluating incidents  26:05 - The impact of new rules on companies preparing for year-end reporting 28:35 - A status update on pending SEC rules, including the human capital and climate proposals 34:20 - The integral role that transparent disclosures play in investor protection  39:00 - Other year-end SEC reporting reminders, including the impact of MD&A in communicating business performance and challenges, insights on pay versus performance disclosures, and reminders on non-GAAP disclosures 48:20 - Final advice for companies preparing for year-end reporting, including takeaways on new FASB standards on segment reporting, crypto assets, and income taxes For more information on key SEC rules, refer to our publications on clawbacks, cybersecurity disclosures, cybersecurity materiality assessments, and the vacated SEC share repurchase rule. Also listen to our 2023 SEC comment letter podcast series for more insights related to SEC reporting.  Tim Carey is PwC’s National Office leader, with 30+ years of experience in complex accounting, tax, and reporting issues. Tim has led large-scale teams on a wide range of projects including financial statement audits, transaction structuring, financial due diligence, and post-merger integration. Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance. Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. To kick off the series, guest host Valerie Wieman, PwC National Office partner, welcomes three of our deputy chief accountants to discuss what is top of mind for each of them this year end. In this episode, you will hear discussion of: 3:41 - Contingent consideration in a business combination, including the impact on the statement of cash flows 6:20 - Equity method investments and recording basis differences  10:08 - Disposing of a business, including when to apply the held-for-sale model 15:34 - Revenue contract modifications 18:40 - Avoiding common pitfalls with debt restructurings in a rising interest rate environment 23:55 - Fair value measurement after compensation and incentive arrangement modifications and the impact of the SEC’s new clawback rule 35:39 - Updates on segment reporting  37:31 - Impact of the current macroeconomic environment on impairment analyses 39:58 - Tax implications of nonrecurring transactions and accounting for Inflation Reduction Act (IRA) credits 47:20 - Cash flow presentation of other financing sources, including revolving debt agreements and supplier finance programs For more information on presentation and disclosure requirements, read our Financial statement presentation  guide, and for further insights on the latest accounting, financial reporting and regulatory updates, read our Q4 2023 quarter close. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series, and for disclosure reminders on supplier finance programs, listen to our previous podcast.  Bret Dooley is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has over 25 years of experience specializing in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues relating to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters. Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS. Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.  Continuing our CSRD series, this week we dive into a core component of reporting under the directive: the value chain. The CSRD will extend reporting to a company’s direct and indirect business relationships and activities across its value chain, which is expected to be one of the more challenging areas of compliance. In this episode, host Heather Horn is joined by PwC sustainability director Luca Bonaccorsi to discuss the concept of value chain reporting and what companies can do to navigate this “quantum leap” in reporting. In this episode, you’ll hear: 3:00 - What the value chain is, and its importance in the context of CSRD and sustainability reporting 6:27 – The importance of upstream and downstream (i.e., across the whole product life cycle from manufacturing to end use) value chain considerations 13:27 - How to assess the relevance of information from the different levels of the value chain 18:28 - The role of materiality in identifying and disclosing value chain risks 21:19 - Where to start in gathering information for impact reporting 23:59 – Updates on implementation guidance from the European Financial Reporting Advisory Group (EFRAG) 29:07 - Key benefits companies can gain from value chain reporting 32:42 – Actions companies can take to improve the quality of value chain data during the CSRD transitional provision period 40:34 - Best practices to navigate uncertainty when preparing for final effectiveness of reporting Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership. Luca Bonaccorsi is a sustainability director at PwC based in Belgium. Prior to joining the firm, he previously served in ESG and sustainable finance roles, and had career experience in investment banking and investigative journalism. He is a co-author of the EU Taxonomy technical criteria, and serves as a member of the Sustainability Reporting Technical Expert Group (SRT) at EFRAG. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, guest host Kevin Vaughn, a partner in PwC’s National Office, sat down with fellow PwC National Office partner Jay Seliber to discuss the latest trends in SEC comment letters on segment reporting and share insights on the FASB’s new segment reporting standard. In this episode, you’ll hear:2:05 - An overview of the trends in comment letters related to segment reporting, including discussion of the identification of operating segments6:37 - A discussion of aggregation of operating segments, including the significance of quantitative and qualitative characteristics analysis11:57 - Insights on comments related to multiple measures of segment profit or loss13:35 - A breakdown of new guidance under ASU 2023-07 Segment Reporting, including:17:53 - Disclosure requirements of significant segment expenses22:06 – Reporting multiple measures of segment profit or loss and the intersection with guidance on non-GAAP measures 30:20 - Considerations for single reportable segment entities34:00 - Information regularly provided to the chief operating decision maker (CODM)40:31 - Effective date and retrospective application of the new standard42:09 - What’s ahead for segment reporting and best practices for enhancing disclosuresWant to learn more? Check out our analysis of SEC comments on segment reporting. For further information on segment disclosures read our publication FASB updates segments guidance and our Financial statement presentation guide. Also follow this podcast on your favorite podcast app for more episodes in this comment letter series. Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In the fourth quarter 2023 edition of The quarter close, we provide year-end reminders on perennial favorites, including SEC reporting, income taxes, and the statement of cash flows. We also provide the latest on sustainability reporting and the FASB’s standard-setting activities. Read or listen to The quarter close for these and other relevant accounting and reporting topics you should consider as 2023 comes to a close.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.  Continuing our CSRD series, in this episode we discuss how the investor community views and benchmarks sustainability requirements. This week, host Heather Horn is joined by Claire Berthier, CEO of French asset management firm Trusteam Finance, to share her viewpoint on how companies can align their sustainability reporting and corporate strategy to meet investor needs.  In this episode, you’ll hear: 3:35 - Background on why investors look for enhanced sustainability disclosures 10:11 - The explanation of strategy, mission, and other key initiatives in sustainability disclosures  19:52 - The importance of communications among investors, companies, and other stakeholders 32:22 - How the EU’s Green Taxonomy regulation data points support certain investor needs 37:13 - Converting ESG risk to opportunity 40:05 - Recommendations for companies that are early in their sustainability reporting journeys 45:22 - Key messages and themes that Claire believes investors want to hear from companies in their sustainability reporting Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership. Claire Berthier is the CEO of Trusteam Finance, an investment and asset management firm based in Paris, France. With a background in M&A investment banking and private equity, she currently focuses on responsible investing and has co-founded a social impact start-up. She regularly shares her financial and non-financial ESG analysis expertise with fellow investors.  Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership.  Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance. This week, host Heather Horn is joined by PwC National Office partner Ryan Spencer to discuss the continued focus in SEC comment letters on Management’s Discussion and Analysis (MD&A) and share insights for preparers on how to avoid the common pitfalls.In this episode, you’ll hear: 0:52 - An overview of the trends in comment letters related to MD&A, including sector-specific insights 3:59 - A refresher on MD&A reporting requirements and a deep dive into comment letter themes, including: 5:04 - Insights on the concentration of comments related to disclosures on the results of operations and the need for forward-looking discussions 8:05 - The focus on performance metrics and their connection to corporate strategy 10:56 - The rise in comments related to management’s analysis and quantification of material fluctuations 12:45 - Why preparers need to evaluate current events and macroeconomic conditions 14:45 - Discussion of the focus on liquidity and capital resources disclosures, including near-term and long-term considerations 16:48 - Key reminders for critical accounting estimates and sensitivity disclosures 21:39 - Best practices for enhancing MD&A disclosures Want to learn more? Check out our analysis of SEC comments on MD&A, and follow this podcast on your favorite podcast app for more episodes in this comment letter series.  Ryan Spencer is a partner at PwC's National Office specializing in SEC financial reporting. He has over 20 years of experience serving clients and is a frequent contributor to PwC’s publications and communications. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership.  Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. This week we zoom out to review the broader landscape of EU regulations. Introduced as a result of the European Green Deal strategic policy initiative, these regulations will have impacts on topics from carbon pricing, to foreign subsidy disclosures, to corporate governance, and more. In this episode, Heather Horn is joined by PwC Netherlands partners Niels Muller and Linda Thonen to review these regulations, and how they will impact entities that are in scope. In this episode, you’ll hear:4:05 - Background on the European Green Deal6:42 - The Carbon Border Adjustment Mechanism (CBAM) and its impact to carbon pricing on EU imports16:25 - The Foreign Subsidies Regulation (FSR) and its interaction with the Inflation Reduction Act (IRA)23:29 - How corporate strategy and investment decisions are changing due to green regulations 34:53 - Legal risk management, and the role of directors and those charged with governance 41:15 - How CSRD scoping and reporting decisions impact compliance with other regulations45:15 - The proposed Corporate Sustainability Due Diligence Directive (CSDDD) and its far-reaching requirements47:16 - What companies can do today to prepare for upcoming regulationsLooking for more information on these EU regulations and their reporting requirements? Check out our publication European Union regulations beyond CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight series, and subscribe to our weekly newsletter to get all of our thought leadership.Niels Muller is a PwC partner based in the Netherlands specializing in energy transitions and sustainable energy. In this role he advises institutional investors, financial institutions, and utility companies as well as governments and non-governmental organizations on sustainability and tax projects.Linda Thonen is a PwC legal services partner based in the Netherlands specializing in corporate and sustainability matters. With over 15 years as a legal practitioner, Linda’s experience has centered around corporate law, corporate governance, with a focus on M&A and cross-border transactions. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, host Heather Horn is joined by PwC Deputy Chief Accountant Beth Paul to discuss the rise in SEC comment letters on business combinations and share insights for preparers on how to avoid the common pitfalls. In this episode, you’ll hear:2:35 - Insights into the increase in comment letters related to business combinations, including sector observations6:34 - An overview of the themes and trends in comment letters related to business combinations11:44 - A deep dive into SEC staff comments as well as reminders on disclosure and filing requirements, including significance tests and pro forma reporting21:07 - A summary of comment letter trends related to fair value 23:22 - Considerations on goodwill impairment tests and market cap reconciliations29:32 - Final advice for preparers dealing with business combinationsWant to learn more? Check out our analysis of SEC comments on business combinations, as well as our Business combinations and Financial statement presentation guides. Also, listen to a previous podcast on business combination accounting.  Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The Task Force on Climate-related Financial Disclosures (TCFD) framework serves as a foundation for the major ESG disclosure frameworks, and also the basis for the California SB 261 climate disclosure rules recently signed into law. The UK first mandated reporting under the TCFD for listed companies beginning in 2021, and as such, there are two years of reports and insights available in 2023.  In today’s podcast, host Heather Horn sat down with Mark O’Sullivan, PwC UK’s Head of Corporate Reporting, to discuss PwC’s review of the second year of mandatory TCFD reporting for certain companies in the UK, and how insights from this review can help companies looking to start or enhance their climate-related disclosures. In this episode, you’ll hear:4:44 - Our review findings for year two of mandatory TCFD reporting in the UK10:12 - Current challenges, including the understanding and expectation gaps faced by companies required to “comply or explain”18:09 - Observations and trends by industry 24:01 - Key takeaways from year two for companies looking to start or enhance their own TCFD reporting30:09 - Regulatory findings from the UK’s Financial Reporting Council (FRC) on metrics and targets34:36 - What’s coming next for TCFD, and its relationship with other ESG frameworks that are becoming mandatory39:39 - Discussion of materiality assessments and the FRC’s recent findings44:30 - Advice for companies preparing for mandatory UK, California, or other ESG reporting rulesWant to learn more about developments in ESG and TCFD? Read PwC UK’s publications, The green shoots of TCFD reporting, and Still early days: A review of year two of TCFD reporting, along with our previous podcast on how TCFD is shaping today’s reporting landscape. Additionally, refer to the FRC’s latest report on its reviews of TCFD disclosures, as well as the FRC Lab’s recent articles on materiality assessments and applications. Mark O’Sullivan is PwC UK’s Head of Corporate Reporting. He has more than 15 years of experience advising leading organizations on current and best practices in reporting and the implementation of new reporting strategies to meet the needs of the capital markets. Mark also oversees PwC’s annual review of corporate reporting practices in the FTSE 350.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, host Heather Horn sat down with PwC National Office partner Mike Coleman to discuss common issues noted in the SEC staff’s comments on revenue, and why it consistently remains a top area of focus.In this episode, you’ll hear:2:03 - An overview of comment letter themes related to revenue and a discussion of the prominence of revenue in financial reporting6:53 - Key considerations in determining performance obligations and the significance of judgments made14:19 - Insights on the continued focus on revenue estimates, including challenges related to recognizing variable consideration and determining standalone selling prices when estimates are embedded in transaction prices20:46 - Common pitfalls with revenue disclosures27:26 - Important reminders on principal-versus-agent considerations30:54 - Sector-specific insights and trends and the value in competitor benchmarking 35:48 - Best practices for preparers on avoiding or responding to SEC staff comments on revenueWant to learn more? Check out our analysis of SEC comments on revenue, as well as our Revenue guide. Also, listen to a previous podcast on trends in revenue more broadly and read our guide on accounting for revenue.  Mike Coleman is a partner in PwC's National Office with over 30 years of experience. Mike specializes in accounting for revenue and software arrangements and has served technology clients for much of his career. In addition, Mike has represented the firm on the AICPA Software Task Force.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. Continuing our CSRD series, this week we discuss the topic of “double materiality,” which represents the intersection between impact materiality and financial materiality. In this episode, Heather Horn is joined by Cécile Saint-Martin, PwC’s Global ESG Assurance Leader, to go over this critical element in determining the applicable impacts, risks, and opportunities, as well as extent of disclosures under CSRD.In this episode, you’ll hear:3:09 - Lessons learned from legacy reporting under the Non-financial Reporting Directive (NFRD), the predecessor to CSRD4:32 - Introduction to double materiality 10:17 - Examples of the double materiality assessment for specific topics17:29 - The interplay between ESRS and other standards and the double materiality assessment24:53 - Evaluation of double materiality with a governance and strategy lens26:52 - Stakeholder considerations31:28 - Steps for identifying material matters39:24 - Advice on aggregating information for process disclosure and reporting purposes44:09 - Next steps and recommendations for preparersLooking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.Cécile Saint-Martin is PwC’s Global ESG Assurance Leader, leading the firm’s global initiative to deliver high quality and relevant assurance over ESG reporting. Based in France, she has executed assurance engagements on European corporations, and currently leads interpretation and implementation efforts on CSRD. Cécile has over 25 years of experience at PwC, also serving as an audit partner on global accounts within the Industry & Services sector. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, host Heather Horn sat down with PwC National Office partner Kevin Vaughn to discuss the SEC staff’s continued focus on non-GAAP measures, the area with the highest number of comments.In this episode, you’ll hear:3:06 - The significance of non-GAAP measures and why they continue to be a focus area for the SEC7:50 - Updates on new and amended compliance and disclosure interpretations (C&DIs) related to non-GAAP measures and their impact on comment letters18:19 - Advice for preparers when responding to SEC staff comments20:08 - Insights on pervasive comment letter themes, including:20:27 - Undue prominence of non-GAAP measures21:40 - Reconciliation of non-GAAP measures and the differentiation between recurring and non-recurring expenses27:10 - Other top comment letter themes in non-GAAP comments, including nature of non-GAAP adjustments, disclosure requirements for non-GAAP measures, and labeling and identification of non-GAAP measures35:23 - Recent enforcement actions related to non-GAAP measures37:52 - Final advice on non-GAAP measures ahead to year-end reportingWant to learn more? Check out our analysis of SEC comments on non-GAAP measures and our publication on non-GAAP, which includes links to the updated C&DIs. Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letters series, and subscribe to our weekly newsletter to get all of our thought leadership.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. Continuing our CSRD series, this week we dive deeper into the EU’s “green” taxonomy regulation, which requires disclosure of certain metrics related to a company’s environmentally sustainable activities as early as 2024. In this episode, Heather Horn welcomes back PwC Germany senior manager Martin Schönberger to address common questions related to interpretation of the rules, eligibility of the activities, and calculation of the metrics as they apply to non-financial services companies. In this episode, you’ll hear discussion of:2:32 - The evolution of EU green taxonomy reporting from the original two objectives to the current six12:15 - Using the promulgated reporting templates as a tool to align activities to the taxonomy19:29 - Timeline for assurance requirements21:46 - “Eligible” versus “aligned” activities25:27 - The importance of educating and involving the procurement function and value chain participants33:10 - Challenges in reporting key performance indicators (KPIs)38:09 - Potential pitfalls in disclosures related to planned and aligned activities for sustainable capital expenditures50:02 - What’s coming next for taxonomy reportersLooking for more information on the EU Taxonomy? Check out the European Commission website for the official legislation and released delegated acts. For the basics on EU Taxonomy, listen to our earlier podcast episode, CSRD spotlight: Get up to speed on required EU taxonomy disclosures. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.Martin Schönberger is a senior manager in the National Office at PwC Germany, focusing on sustainability reporting. His work includes interpreting the latest regulations from European legislators and developing publications and trainings to communicate thought leadership to practitioners. Martin is also part of the Taxonomy Working Group, which coordinates technical issues regarding the EU Taxonomy within the PwC network. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

On October 7, 2023, California Governor Gavin Newsom signed into law two landmark climate-disclosure bills that are poised to change the landscape of climate reporting in the United States. Over 10,000 US companies - including both public and private companies as well as subsidiaries of non-US headquartered companies - will be subject to the climate disclosure requirements in the near term.In this episode, podcast host Heather Horn brings you an audio version of our publication covering the expansive impact of these new laws. In this podcast, you’ll hear:1:38 - Background and introduction7:13 - Who would be subject to the new laws, and applicability of AB 1305: Voluntary carbon market disclosures15:44 - Disclosure requirements28:43 - Monitoring31:24 - SB 54: Venture capital diversity disclosures32:34 - What’s nextRefer also to the print version, California's not waiting for the SEC's climate disclosure rules.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

With year-end reporting around the corner, we kick off our 2023 SEC comment letter trends series, in which our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, Heather Horn is joined by Kyle Moffatt, PwC National Office Professional Practice Leader, to share an overview of the 2023 comment letter trends, a breakdown of the SEC’s review process, and insights into the SEC staff’s key priorities.In this episode, you’ll hear:2:01 - A breakdown of the SEC review process, including the staff’s current priorities, review timing, and key enforcement actions18:28 - The impact of a potential government shutdown on the SEC’s review process and on the capital markets more broadly22:43 - An overview of the the top SEC comment letter trends in 202329:14 - Insights into changes in the SEC’s priorities and volume of comment letters, updates on the climate disclosure proposal, and 2024 enforcement priorities34:11 - Key insights into what preparers should focus on, including the importance of “Dear Issuer” letters and reminders for new rules that are effective in 202439:13 - Final advice for preparers entering the year-end reporting seasonWant to learn more? Check out our analysis of SEC comment letter trends. Additionally, follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letters series, and subscribe to our weekly newsletter to get all of our thought leadership. Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.Heather 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.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. Continuing our CSRD miniseries, this week we discuss the EU’s “green” taxonomy regulation, which requires disclosure of certain metrics related to a company’s  environmentally sustainable activities. Under these rules, companies that are in the scope of CSRD will be further required to identify and disclose the extent of their operations that align with the promulgated classification of sustainable activities. In this episode, Heather Horn is joined by PwC Germany senior manager Martin Schönberger to discuss the essentials of the regulation, including an overview of sustainable activities, how to determine whether activities are “aligned” with environmentally sustainable objectives, and disclosure requirements. In this episode, you’ll hear discussion of:2:54 - Context of and impetus for the regulation5:11 - Scoping criteria8:34 - Identifying sustainable activities, qualifying conditions, and underlying objectives 15:57 - The importance of considering whether your company engages in eligible activities, regardless of what sector your business is in18:39 - How to consider the “substantial contribution” and “do no significant harm” criteria in aligning activities with the taxonomy29:13 - Disclosure requirements, including reporting of KPIs (i.e., green net turnover, green capital expenditures, green operating expenses)47:04 - Where companies should start on their journey to compliance with the taxonomy regulationLooking for more information on the EU Taxonomy? Check out the European Commission website for the official legislation and released delegated acts. For a refresher on CSRD scoping requirements, take a listen to our earlier podcast episode, CSRD spotlight: Updates and essentials for preparers, as well as our publication Worldwide impact of CSRD - are you ready? Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.Martin Schönberger is a Senior Manager within the National Office at PwC Germany, focusing on sustainability reporting. His work includes interpreting the latest regulations from European legislators, and developing publications and trainings to communicate thought leadership to practitioners. Martin is also part of the Taxonomy Working Group, which coordinates technical issues regarding the EU Taxonomy within the PwC network. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

With increasing costs of living and an unpredictable economic environment, the concept of paying a “living wage” is gaining attention from businesses and governments around the world. As pay adequacy becomes a mandated disclosure for many companies via the European Union’s Corporate Sustainability Reporting Directive (CSRD), paying a living wage is becoming a growing priority for organizations that are focused on creating a sustainable business.PwC recently published the inaugural Global Living Wage survey to provide deeper insights on this topic and its impact to businesses. In this episode, host Heather Horn welcomes PwC partners Barry Murphy and Paula Letorey to discuss the survey results, market trends, and key steps organizations should take now to prepare for market and regulatory movement.In this episode, you’ll hear discussion of:4:43 - Why PwC conducted the Global Living Wage survey7:13 - Defining a “living wage”9:45 - Key findings from the survey17:01 - Common challenges to adopting a living wage22:28 - The relationships among living wage, workplace fairness, and pay equity24:58 - Reporting and disclosure considerations28:47 - The impact of suppliers and the value chain31:19 - What investors are looking for in living wage strategy and disclosures36:35 - The role of the finance team in supporting and engaging with the business on this topicFor our findings and takeaways on the survey, check out our publication, Living Wage: An Emerging Standard. Further, check out PwC UK’s Workforce Hopes and Fears Survey for more insights on workforce transformation, trends, and disruptors, and how business leaders are navigating its changing nature.Barry Murphy is PwC’s Global ESG leader for Tax and Legal Services. Based in the UK, he has 20 years of experience advising clients on their domestic and international tax affairs. He is also focused on driving compliance solutions with a “digital first” approach. Paula Letorey is a partner within PwC UK’s Workforce practice. She has over 15 years of experience advising clients on matters relating to employment taxes and broader pay governance and regulation. She has developed robust risk management solutions for areas such as domestic employment tax on a global basis, off-payroll working, national minimum wage, and holiday pay.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

As the end of the year approaches, it is helpful to understand what is top of mind under International Financial Reporting Standards (IFRS) and what lies ahead from the International Accounting Standards Board (IASB).In this episode, Heather Horn was joined by Gary Berchowitz, a leader in PwC’s Global Assurance Quality - Corporate Reporting Services group, and Laura Kennedy, a director in the Corporate Reporting Services group, to discuss key reminders for year-end reporting under IFRS as well as some timely updates on new IFRS initiatives on the horizon.In this episode, you’ll hear:2:37 - An overview of the current status of IFRS Accounting Standards and what’s to come, including:4:29 - A breakdown of IFRS 17, Insurance Contracts, which became effective in 2023 and applies to non-insurers as well as insurers5:50 - New amended requirements for currency transactions8:10 - The global political and economic outlook and its impact on reporting, including assumptions for accounting determinations such as impairments 13:12 - Status of other IFRS Accounting Standards updates and what to expect in 2024:15:40 - Primary Financial Statements17:15 - Management Performance Measures20:16 - Retrospective reporting and restatement reconciliation requirements if a new standard is adopted  23:46 - A discussion of the interconnectedness between sustainability and financial reporting, and coordinated standard setting by both the IASB and International Sustainability Standards Board (ISSB)30:18 - Details on sustainability projects impacting the financial services sector, including accounting for loans and power purchase agreements for renewable energy37:34 - Other IASB priorities and initiatives on the horizonFor more on IFRS 17, check out our publication. Additionally, refer to our global IFRS accounting reminders, refreshed quarterly. Lastly, follow our PwC sister podcast IFRS Talks for more insights on IFRS topics.Gary Berchowitz is the non-financial instruments leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings nearly 20 years of financial accounting experience, working to drive quality and connectivity throughout the PwC network and help local teams solve complex accounting issues in a practical way. Gary contributes to the firm’s global view on a variety of financial reporting matters.Laura Kennedy is a director in PwC’s Global Assurance Quality - Corporate Reporting Services group. She also serves as the host of the global PwC IFRS Talks podcast. Prior to joining PwC, Laura was a technical staff member at the International Accounting Standards Board, focusing on topical issues impacting corporate reporting. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. Continuing our miniseries focused on the essentials of the CSRD, this week we discuss options a company may have in its approach to reporting. In this episode, Heather welcomes back Emily Kirsch, director in PwC’s sustainability practice, to share practical considerations in a company’s determination of the most effective reporting approach for its organization. In this episode, you’ll hear discussion of:5:03 - Scope requirements under the CSRD7:37 - Available reporting exemptions 11:46 - Initial considerations for deciding the level of reporting, and whom to involve16:19 - How to consider data availability, IT systems, and organizational structure23:27 - Timing of reporting deadlines and phase-in reliefs for smaller companies26:18 - How existing voluntary reporting may be insufficient to meet CSRD requirements30:28 - Alignment between sustainability reporting, corporate strategy, and stakeholder communications34:07 - Key next steps in making a reporting decision, including the importance of evaluating benefits and trade-offs Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.Emily Kirsch is a director in PwC's sustainability practice focused on sustainability reporting and standard setting in the EU. She advises both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Continuing our October all-star series, Tom Barbieri, PwC US Chief Accountant, shares insights on the financial reporting ecosystem and how to stay engaged amid ongoing developments in the landscape.Tom is joined by Kevin Vaughn, PwC National Office partner, and Ying Compton, PwC managing director, to unpack the financial reporting ecosystem, including the key players, how they work together, and the critical role they play in the capital markets.In this episode, you’ll hear:4:58 - An overview of the key players in the financial reporting ecosystem and their significance to the investor-driven reporting mission11:28 - How standard setting, application, and enforcement drive the US reporting environment13:22 - The roles and composition of both the SEC and the FASB 17:44 - Interaction between the SEC and FASB and the opportunities for preparers to collaborate with each21:34 - Why preparers should pay attention to PCAOB developments23:35 - A comparison of the rule-making processes across standard-setters and regulators, including the balance between high-quality reporting and its associated costs30:14 - Final advice for preparers on engaging with other players in the ecosystem to enhance reporting quality and efficiencyTom Barbieri is PwC’s US Chief Accountant. He has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. Tom leads the Accounting & SEC Services Group within the National Office, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. He is also a member of the Financial Accounting Standards Advisory Council.Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.Ying Compton is a PwC managing director in the office of the vice chair. Prior to joining PwC,  Ying was a senior accounting and economic advisor in the Office of the Chief Accountant (OCA) at the SEC. She also holds a PhD in accounting from Massachusetts Institute of Technology (MIT). Heather 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.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) became effective in January 2023 and the European Sustainability Reporting Standards (ESRS) are now final. With impacts to both EU and non-EU headquartered companies, now is the time to understand the applicability and scope of these reporting requirements.To launch our podcast miniseries on the CSRD, host Heather Horn is joined by Emily Kirsch, director in PwC’s sustainability practice, and Soné Beyers, director in PwC’s National Office, to provide a refresher course on the basic requirements and applicability of the EU’s sweeping sustainability reporting directive.In this episode, you’ll hear discussion of:4:04 - Background and latest developments on the CSRD12:54 - The final set of 12 ESRS, which will be effective starting in 2024 15:36 - What companies are within the scope of the CSRD and required to follow ESRS21:32 - Key dates for CSRD effectiveness, scoping threshold applicability, and required reporting26:30 - Additional reporting requirements for non-EU parents of an EU subsidiary28:55 - Available reporting exemptions34:59 - Potential impacts from the ongoing transposition of the directive into member state laws37:35 - Recent developments regarding ESRS implementation guidance and forthcoming sector-specific standards from the European Financial Reporting Advisory Group (EFRAG)46:06 - Interoperability of other reporting frameworks and key takeawaysLooking for more information on the CSRD and other sustainability reporting frameworks? Check out our publications Worldwide impact of CSRD - are you ready? and Navigating the ESG landscape for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight series, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.Emily Kirsch is a director in PwC's sustainability practice focused on sustainability reporting and standard setting in the EU. She advises both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization.Soné Beyers is a director in PwC’s National Office with accounting experience in both professional services and academia. With a career spanning three continents, she has developed a strong background in IFRS reporting, which has extended to her current focus on global sustainability frameworks and standard setting in the EU.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Assessing whether a company is in scope of the European Union (EU) Corporate Sustainability Reporting Directive (CSRD) has some inherent complexities. The scope of companies directly impacted is expansive — including US and other non-EU headquartered companies — making scoping a question that merits priority focus by companies with operations in the EU.A company may have options in its approach to fulfilling its CSRD reporting requirements, and there are practical considerations that may inform a company’s determination of the most effective reporting approach for its organization under the CSRD. In this episode, Heather Horn brings you an audio version of our In the loop publication discussing these scoping and reporting approaches under the CSRD. In this podcast, you’ll hear:1:15 - Background and introduction4:52 - Four steps to decide on how to report9:20 - What is the scope of reporting obligations, and are there any exemptions?13:35 - What information needs to be gathered?26:32 - What is the timing of reporting?29:27 - How do CSRD reporting requirements relate to other expected sustainability standards?38:02 - How does corporate strategy and objectives interplay with reporting?41:50 - What are pros and cons between some of the common reporting scenarios?47:07 - What’s next?Refer also to the print version, Take the next step - decide how to report under CSRD. Also, join our upcoming Q4 2023 Quarterly sustainability webcast.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Integrating sustainability in business strategy may increase the attractiveness of business to lenders, investors, and customers. However, with the multitude of sustainability reporting frameworks for multinational companies, it can be difficult to determine the best way to tell a unified story to all stakeholders that is consistent with the company’s overall sustainability strategy.In this episode, host Heather Horn welcomes Esther An, Chief Sustainability Officer of Singapore-based real estate firm City Developments Limited, to discuss how companies can manage multiple disclosure frameworks while utilizing sustainability reporting as a catalyst for business innovation, investment, and impact. In this episode, you’ll hear discussion of:5:02 - Esther’s professional background and sustainability leadership in Singapore12:06 - How COVID-19 accelerated awareness of sustainability17:35 - Creating business value through sustainability and achieving the “triple bottom line” of profit, people, and planet20:58 - Four pillars — integration, innovation, investment, and impact — to shift sustainability from a compliance exercise to a winning business strategy24:11 - The importance of truthful sustainability reporting and how to manage multiple frameworks29:37 - The challenge of obtaining an approved target from the Science Based Targets initiative (SBTi)32:20 - Common questions investors pose related to sustainability reporting35:05 - How sustainability as a business strategy attracts greater investment37:27 - Tips to enhance sustainability reporting practicesLooking for more information on getting ready for mandatory ESG reporting? Check out our publication, Preparing for tomorrow's rules today. Additionally, listen to our previous podcast on how investments in technology that support sustainability reporting can also drive business value. Esther An is the Chief Sustainability Officer of City Developments Limited (CDL). For over two decades, she has advocated for ESG principles underlying sustainable development within her home base of Singapore and abroad. She has helped set global benchmarks for green construction and sustainability, and initiated sustainability reporting in Singapore a decade ago. Esther is involved in many sustainability organizations, including as a founding and current member of the Business Council for Sustainable Development Singapore; a member of the property working group of the United Nations Environment Programme – Finance Initiative; and part of the corporate advisory board of the World Green Building Council in London.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

As effective dates for sustainability reporting requirements inch closer, companies face pressure to stand up reporting workstreams before it is too late. With multiple frameworks coming into play in the near term, managing the data gathering, aggregation, and reporting of numerous metrics is a manual exercise for many companies. But is there technology that can help?In today’s episode, host Heather Horn is joined by Sammy Lakshmanan, principal in PwC’s Sustainability Consulting Solutions practice, to discuss the ways that leading companies are integrating technology into their sustainability reporting work plans. Sammy provides insights on how companies can leverage the power of technology to generate value that goes beyond compliance. In this episode, you’ll hear discussion of:4:02 - Expected impacts of the shift from voluntary to mandatory ESG reporting7:47 - The current landscape of sustainability reporting technology solutions 10:29 - A roadmap for digital transformation, including the sequencing of events, and which stakeholders to involve16:04 - The importance of controllership and governance over reporting26:32 - Harnessing technology investments to report and provide value through data analytics36:14 - Using technology to capture, aggregate, and organize data for different reporting frameworks42:36 - Crowdsourcing ideas from peers and partners to address similar challenges45:34 - Three things companies should consider to maximize technology enablement for sustainability reportingLooking for more information on getting ready for mandatory ESG reporting? Check out our publication,  Preparing for tomorrow's rules today. Additionally, refer to our Navigating the ESG landscape publication for the latest updates on major global sustainability frameworks.Sammy Lakshmanan is a principal in PwC’s Sustainability Consulting Solutions practice. With over 20 years of experience helping companies shape their ESG and sustainability strategies leveraging technology and data to operationalize sustainability, he helps customers develop and execute strategies to shift from a compliance-driven to a value-driven approach. Sammy also serves as co-chair for the Open Footprint Forum, which is developing a data standard for carbon-management data.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

New York City Climate Week brings together international business leaders, policymakers, and other civic leaders to help drive progress and speed transition on climate-related issues. This year’s event highlighted the sustainability advancements made over the past year – with a look ahead to the actions companies need to take next to prepare for net zero.This week, host Heather Horn is joined by Will Jackson-Moore, PwC’s Global Sustainability Leader, to discuss some of the bigger themes that emerged from the week, from energy transition and demand reduction to the impact of emerging sustainability reporting regimes around the world.In this episode, you’ll hear discussion of:3:04 - An overview of the current sustainability landscape and the challenges that companies face with decarbonization8:00 - The relative priority companies are assigning to climate actions and progress10:32 - How organizations are executing strategic planning and reporting on climate15:44 - The time runway for companies to transform their businesses and assets for resilience22:13 - The role of reporting in driving climate action26:09 - The evolving prominence of the chief sustainability officer role34:38 - How meaningful demand reduction progress can be made by embedding energy efficiency in strategy beginning with the C-suite Looking for more information on sustainability strategy and reporting? Check out our previous podcasts on TNFD, CSRD, and the sustainability expectation gap in reporting. Will Jackson-Moore is PwC’s Global Sustainability Leader, responsible for leadership of our sustainability teams, technology, alliances, and methodologies.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

As companies move forward with clean energy investments and decarbonization projects, many face questions about which of these projects qualify for tax incentives under the Inflation Reduction Act (IRA), and how best to utilize the act’s credits and other green initiatives. In today’s episode, Heather Horn welcomes back Matt Haskins, PwC principal, to discuss the latest IRS guidance for IRA initiatives, marketplace transactions, and further considerations for companies looking to take advantage of the IRA. In this episode, you’ll hear discussion of:5:06 - Advanced energy project credits under IRS Section 48C, and the status of the current allocation of the $10 billion budgeted pool9:09 - Transferability and timing considerations of tax credits 12:07 - Choosing between investment tax credits and production tax credits14:55 - Risk of recapture of paid tax credits and relevant mitigating strategies23:53 - How a government shutdown would impact IRA initiatives27:59 - Market developments in the hydrogen production tax credit33:07 - The interplay between the IRA and European Union regulations, including the impact of the Carbon Border Adjustment Mechanism (CBAM)36:05 - The importance of evaluating decarbonization costs on an after-tax basisLooking for more information on the European Union’s Carbon Border Adjustment Mechanism? Check out our previous podcast on how the CBAM may impact your company.Looking for more information on transferability of IRA credits? Check out our latest publication on accounting for IRA credits and our podcast on renewable energy credits for more information.Matt Haskins is a principal in PwC’s Washington National Tax Services, where he leads the firm's Cleantech tax practice, focusing on renewable energy financing and M&A transactions. In addition to writing and speaking on issues in the renewable energy industry, Matt has co-chaired the energy and environmental taxes working group for the US Council on International Business and served as a delegate for key energy initiatives of the Organization for Economic Cooperation and Development.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Last year brought proposed ESG disclosures from the European Union (EU) as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the US by the SEC.The sustainability disclosures required by the ISSB and in the EU were finalized in June and July 2023, respectively. And while the final SEC rule is still pending, two bills signed into law by the California Governor in October 2023 are poised to change the landscape of climate reporting in the US.These “big three” proposals would each require expansive sustainability disclosures — although their proposed scopes and other details vary. In this episode, Heather Horn brings you an audio version of our In the loop comparing the three proposals. In this podcast, you’ll hear:1:50 - Background on the “big three” proposals19:26 - Overview of California climate disclosure rules23:27 - Comparison of the general features of the proposals28:15 - Differences in concepts of materiality33:31 - Overview of respective targets and transition plan disclosure requirements38:29 - Overview of respective greenhouse gas (GHG) emissions reporting requirements42:32 - Comparison of GHG scope 1 and scope 2 disclosures47:33 - Comparison of GHG scope 3 disclosures51:55 - Comparison of assurance requirements56:35 - Overview of effective dates and transitionRefer also to the print version, Navigating the ESG landscape. For further insights, see:The SEC wants me to disclose what? The SEC’s climate disclosure proposalWhat's CSRD? It's important to knowIFRS Sustainability Disclosure Standards have been releasedCalifornia's not waiting for the SEC's climate disclosure rulesQ4 2023 Quarterly sustainability webcastHeather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

Continuing our October all-star series, Tom Barbieri, PwC US Chief Accountant, shares insights on critical accounting and reporting topics.Tom is joined by Nick Milone, a PwC practice partner with experience advising clients on hedging strategies, to discuss effective hedging strategies for various types of macroeconomic and business risks.In this episode, you’ll hear:2:47 - An overview of the theory and purpose of hedge accounting6:04 - Initial considerations for applying hedge accounting, including an overview of the effectiveness assessment10:07 - A breakdown of the three most common hedge strategies and why companies might use them10:21 - Cash flow hedges12:23 - Fair value hedges14:33 - Net investment hedges17:49 - Common examples of and questions related to hedging strategies 22:02 - Common pitfalls in applying hedge accounting27:57 - An overview of other hedging strategies, their purpose and how to use them28:04 - Forecasted debt issuance hedges35:29 - Foreign currency hedges39:04 - Hedging strategies for companies with foreign subsidiaries42:42 - Commodity hedges47:05 - Hedging strategies that do not qualify for hedge accounting50:22 - Final reporting considerations and key reminders for companies using hedge accountingFor more information, read our Derivatives and hedging guide. Tom Barbieri is PwC’s Chief Accountant. He has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. Tom leads the Accounting & SEC Services Group within the National Office, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. He is also a member of the Financial Accounting Standards Advisory Council.Nick Milone is a partner in PwC’s Financial Markets practice, and formerly a practice fellow at the Financial Accounting Standards Board (FASB), with a wealth of experience advising clients on structured transactions, derivatives and hedging activities, transfers of financial assets, securitizations, financings, investments, valuation and other issues. Heather 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.

The Taskforce on Nature-related Financial Disclosures (TNFD) released its final disclosure recommendations for nature-related dependencies, impacts, risks and opportunities on September 18. Given the interrelationship between climate and nature — and the dependence of business on nature — companies may want to consider this new framework as a tool in communicating their full sustainability story.This week, Heather Horn is joined by Daniel O’Brien, PwC Canada’s Sustainable Business Solutions leader and TNFD member, to discuss what companies should do now to prepare to make effective nature-related disclosures.In this episode, you’ll hear discussion of:4:18 - Background on the TNFD, including how the taskforce was formed and its mission8:11 - The key principles of the TNFD framework and interoperability of the TCFD framework with existing climate reporting frameworks13:36 - Complexities in critical areas of the TNFD framework 20:08 - Recommendations for how companies should approach TNFD disclosures29:29 - How companies should approach data collection for qualitative and quantitative nature disclosures31:10 - Best practices and common pitfalls in reporting nature-related disclosures37:33 - Final thoughts on why companies should consider utilizing the TNFD frameworkLooking for more information on nature related reporting? Check out a podcast from our “Becoming nature positive” series on Committing, measuring, and reporting. Daniel O'Brien is PwC Canada’s Sustainable Business Solutions leader, helping clients to align their business strategies with the environmental and social challenges and opportunities of the future economy. Daniel has over 18 years of experience in environmental consulting and management. He is also a member of the Taskforce on Nature-related Financial Disclosures (TNFD).Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

From inflation to labor markets to monetary policy, the economy has faced some unexpected headwinds in 2023. This week, host Heather Horn is joined by Chris Benko, PwC Intelligence chief economist, for an economic update to help companies prepare for the end of the year.In this episode, you’ll hear:2:53 - An overview of the current state of the economy, including the balance between inflation and recession12:58 - A discussion of market factors, including the impacts of federal monetary policy and unemployment, as well as the definition of a “soft landing”25:48 - Instability indicators companies should consider, including:28:10 - Domestic politics29:38 - The global economy32:01 - Geopolitics33:36 - Insights on markets for companies looking to stay ahead of the curve as they head into the final quarter of the calendar yearWant to hear more about the geopolitical and macroeconomic factors impacting the global economy? Tune into the prior podcast in this mini series.Chris Benko is PwC Intelligence chief economist, providing the firm and its clients with economic analysis and commentary. Chris leads a team of business and sector analysts, economists, and data scientists, leveraging data and analytics to develop points of view and inform strategic decision-making.Heather 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.

In this episode, we discuss the SEC’s new cybersecurity disclosure rules finalized in July. The new disclosure rules expand registrants’ annual disclosures and require timely reporting for material cybersecurity incidents. With these significant changes and the implementation approaching, companies should not wait to get ready. This week, Heather Horn is joined by Kyle Moffatt, PwC National Office Professional Practice Leader, and Matt Gorham, PwC Cyber & Privacy Innovation Institute Leader, to discuss what companies can do to prepare now for the new requirements.In this episode, you’ll hear discussion of:4:28 - Why cybersecurity is an area of focus for the SEC 8:03 - A summary of the SEC’s new cybersecurity rules and disclosure requirements10:21 - Types of cyber incidents, including what’s required to be disclosed in the Form 8-K and how companies should think about “material” impacts12:58 - The importance of developing relationships with federal law enforcement and how smaller companies can start to build those relationships20:19 - An ideal sequence of action steps when a cyber incident occurs24:32 - Top considerations when preparing to disclose in accordance with the SEC’s cybersecurity rules33:10 - Key takeaways for companies reviewing their processes and preparing for the new disclosure requirementsLooking for more information on cybersecurity? Check out our publication and register for our Q3 2023 Quarterly accounting webcast for a detailed discussion of the SEC’s cybersecurity rules with Kyle; PwC Vice Chair, Wes Bricker; and Raquel Fox, Partner & Co-Head of SEC Reporting and Compliance; Capital Markets; M&A; Corporate Governance at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates. Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.Matt Gorham is PwC Cyber & Privacy Innovation Institute Leader, providing thought leadership, perspective, and analysis on trends affecting all aspects of cybersecurity and privacy. He has over three decades of experience mitigating threats through building and leading cross functional teams. Before PwC, Matt spent 25 years with the FBI as the Assistant Director of Cyber.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Tom Barbieri, PwC’s Chief Accountant, is accelerating the first episode in our October all-star series to share insights on critical accounting and reporting topics.To kick off the series, Tom is joined by Gary Sardo, Financial Accounting Standards Board (FASB) practice fellow, to discuss FASB’s disaggregation of income statement expenses (DISE) project.In this episode, you’ll hear:3:51 - An overview of investor feedback and background on the FASB’s decision to propose enhancing the disclosure requirements for income statement expenses7:54 - Companies impacted by the proposed standards10:32 - A breakdown of the proposed disclosure requirements, including:13:42 - Defining “relevant expense captions,” distinguishing features of each caption and the associated proposed requirements16:22 - Materiality considerations17:30 - Investor and preparer feedback on the proposed standard, including practical challenges in the inventory expense breakdown21:26 - Details on the proposal to further break down inventory and manufacturing expense24:00 - Operability challenges and data needs that companies should be considering now24:42 - Details on the proposed disclosure requirements for:24:44 - “Other” expense categories29:59 - Selling expenses32:26 - A summary of the proposed reporting requirements, including timing considerations and how companies can prepare for the transition37:53 - Next steps on the FASB’s agenda and final advice for companies who seek to get prepared and engaged prior to the end of the comment periodFor more on the status and details of the project, refer to the exposure draft on the FASB website. Additionally, tune into PwC’s Q3 2023 quarterly accounting webcast for more on the DISE project.Tom Barbieri is PwC’s Chief Accountant. He has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. Tom leads the Accounting & SEC Services Group within the National Office, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. He is also a member of the Financial Accounting Standards Advisory Council.Gary Sardo is a practice fellow at the Financial Accounting Standards Board. Prior to his role at the FASB, Gary was a director at PwC with over 15 years of experience, most recently in PwC’s Deals practice specializing in capital markets and accounting advisory services.Heather 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 us_podcast@pwc.com

In the last days of its legislative session that ended September 14, 2023, the California Legislature approved two landmark climate-disclosure bills that are poised to change the landscape of climate reporting in the United States. If the bills are not vetoed by the California Governor prior to October 14, 2023, they will become law and over 10,000 US companies — including both public and private companies as well as subsidiaries of non-US headquartered companies — would be subject to climate disclosure requirements in the near term, with reporting beginning in 2026 on 2025 information. In this episode, podcast host Heather Horn brings you an audio version of our publication covering the expansive impact of California Climate Bills SB 253 ad SB 261. In this podcast, you’ll hear:1:15 - Background and introduction6:10 - Who would be subject to the new laws?12:20 - What are the disclosure requirements?22:28 - Monitoring24:23 - What’s next?Refer also to the print version, California's not waiting for the SEC's climate disclosure rules.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In the third quarter 2023 edition of The quarter close, we highlight the SEC’s final rule on cybersecurity, which will require new reporting and disclosures for many companies beginning next quarter. We also provide key reminders when accounting for debt restructurings, updates on sustainability reporting, and the latest FASB standard-setting developments. Read or listen to The quarter close for these and other relevant accounting and reporting topics you should consider as you close out the third quarter of 2023.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in September, Craig Stronberg, PwC’s Macro Intelligence Leader, is taking over the podcast to share insights on how geopolitical and macroeconomic trends, forces, and movements are likely to impact your business.To continue the series, Craig is joined by Zain Siddiqui, PwC senior economist, to discuss the current state of the global supply chain and how companies should evaluate their supply chain strategies.In this episode, you’ll hear a discussion of:2:07 - The current state of the global supply chain5:55 - How companies should think about their supply chain business strategies in light of external factors and risks11:21 - The impact of government policy on economic policy and the incentives for domestic production21:02 - Sector- and geographic-specific insights on supply chain challenges and opportunities, including:28:55 - The impact of geographical diversification on supply-chain resiliency30:55 - Expectations for long-term trends in the global supply chain33:54 - Final advice for companies managing supply chain strategiesWant to hear more about the geopolitical and macroeconomic factors impacting the global economy? Tune into a prior podcast in this miniseries.Craig Stronberg leads the business acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times. Zain Siddiqui is a senior economist for PwC Intelligence with a specialty in macroeconomics and finance. He advises stakeholders and clients on the business implications of emerging macro and geopolitical vulnerabilities, and helps them shape business strategy. His research has appeared in books on international economic policy and macroeconomic journals.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In today’s episode, sustainability and financial reporting intersect. We discuss accounting for green incentives that arise from the Inflation Reduction Act (IRA). The IRA, signed into law in August 2022, provides climate and clean energy tax credits. With many types of credits available in the IRA, companies have raised questions about the financial accounting implications of the credits given the unique features that these credits have compared to past federal incentives. This week, Heather Horn is joined by Pat Durbin, a Deputy Chief Accountant in PwC’s National Office, and Jillian Pearce, a partner in our utilities practice, both of whom have closely followed accounting for the credits, to discuss what to look out for in accounting for IRA tax credits.In this episode, you’ll hear discussion of:2:38 - The background, including the breadth, scope, and structure of available IRA credits7:45 - The different pathways to realization of tax credits11:45 - How companies should allocate consideration paid for IRA credits17:07 - The difference between renewable energy credits (RECs) and IRA credits24:32 - Accounting for tax credits by analogy to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance43:16 - Accounting for tax credits using under the ASC 740, Income Taxes, model56:44 - Tax credit disclosure and control considerationsLooking for more information on accounting for IRA energy incentives? Check out our latest publication on IRA credits. Additionally, check out our podcast episode on renewable energy credits for more information.Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.Jillian Pearce is a partner in PwC's National Office, providing advice on financial instruments and other technical accounting issues to power and utilities clients. She was a Professional Accounting Fellow in the Office of the Chief Accountant at the SEC, and has over 15 years of auditing experience.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in September, Craig Stronberg, PwC’s Macro Intelligence Leader, is taking over the podcast to share insights on how geopolitical and macroeconomic trends, forces, and movements are likely to impact your business.To continue the series, Craig is joined by Zain Siddiqui, PwC Intelligence senior economist, to discuss India’s economy and the risks and opportunities it presents for companies worldwide.In this episode, you’ll hear a discussion of:4:50 - India’s evolving role as a key player in the global economy10:54 - The driving factors, including population growth and its impact on the labor market, contributing to India’s positioning as a global force 16:54 - Considerations that are key to understanding India’s economy, its influence and challenges, including:18:15 - Human capital - education, job creation, and equal opportunities in India27:50 - India’s economic tendencies as a domestic-driven, consumption heavy, services economy32:12 - India’s business sentiment and power to influence the global economy37:46 - Sector-specific insights45:17 - Advice for companies navigating the risks and opportunities present in India’s economyWant to hear more about the geopolitical and macroeconomic factors impacting the global economy? Tune into the prior podcast in this mini series.Craig Stronberg leads the business acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times. Zain Siddiqui is a senior economist for PwC Intelligence with a specialty in macroeconomics and finance. He advises stakeholders and clients on the business implications of emerging macro and geopolitical vulnerabilities, and helps them shape business strategy. His research has appeared in books on international economic policy and macroeconomic journals.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in September, Craig Stronberg, PwC’s Macro Intelligence Leader, is taking over the podcast to share insights on how geopolitical and macroeconomic trends, forces, and movements are likely to impact your business.To kick off the series, Craig provides an overview of the global macroeconomic and geopolitical forces — the true “tectonic” forces — impacting companies in the near and longer term.In this episode, you’ll hear a discussion of:3:52 - Disequilibrium - what it means, where it stands, and what comes next8:29 - Identifying and understanding the forces impacting the global economy 15:02 - Why it’s important for companies to understand their business assumptions and how those assumptions may be changing20:49 - Assessing major global forces and their impacts on our economy, including:20:55 - Geopolitical disruption, protectionism, and the impact on free trade28:39 - Polarization and its impact on risk management and business decisions38:06 - Balancing between trust and distrust in governments and markets41:57 - How global forces are creating new opportunities for markets and companiesWant to identify how different macroeconomic trends could impact your accounting and reporting? Refer to our interactive tool, Accounting in uncertain economic times. Craig Stronberg leads the business acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times. Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.In this episode, Bret is joined by John Horan, a managing director in PwC’s National office with a focus on financial instruments, to break down what we need to know on earnings per share (EPS).In this episode, you’ll hear:2:20 - Reminders on the basic EPS calculation, including considerations for participating securities and application of the the two-class method11:45 - The impact of mezzanine equity on the basic EPS calculation15:12 - The impact of new FASB guidance (ASU 2020-06) on EPS calculations for contracts that can be settled in cash or shares 20:01 - Complexities in the dilution calculation for liability-classified warrants and convertible debt with bifurcated conversion options21:48 - Why companies should evaluate repurchased convertible instruments separatelyFor more information, read chapter 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this mini series.John Horan is a managing director in PwC’s National office where he assists clients with complex accounting issues in the areas of foreign currency, liabilities and equity, earnings per share, and derivatives and hedging. John specializes in large capital transactions and initial public offerings.Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.In this episode, Bret is joined by Chip Currie, another partner in PwC’s National office with a focus on financial instruments, to discuss convertible instruments and the impacts of updated accounting guidance in this area.In this episode, you’ll hear discussion of:1:38 - Why companies use convertible instruments and the complex financial decisions accompanying their use6:38 - The impact of new accounting guidance for convertible instruments in ASU 2020-06 9:49 - Key information when accounting for induced conversions12:10 - Down round provisions in equity-linked instruments19:27 - Judgments involved in determining whether to separate the conversion option and account for it as an embedded derivative For more information, read chapter 6 of our Financing transactions guide and chapter 3 of our Derivatives and hedging guide. Additionally, check out a prior podcast in this mini series.Chip Currie is a partner in PwC’s National office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial services clients on treasury-related matters.Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The transformation of ESG reporting accelerated in 2022 with the release of major proposals in the European Union (EU) and the United States (US), as well as globally by the International Sustainability Standards Board (ISSB).Although all of these proposals have the potential to impact multinational companies, the Corporate Sustainability Reporting Directive (CSRD) from the EU that applies to many multinational companies perhaps requires the most immediate attention. In this episode, Heather Horn brings you an audio version of our In the loop covering the CSRD. In this podcast, you’ll hear:3:12 - Past, present, and future of EU sustainability reporting8:48 - Scope and timing29:45 - Reporting under the CSRD50:43 - Requirement for third-party assurance51:24 - Filing requirements of the CSRD59:54 - What’s next?Refer also to the print version, Worldwide impact of CSRD - are you ready? Also, join our upcoming Q4 2023 Quarterly sustainability webcast.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.In this episode, Bret shares insights on the current expected credit loss model, or CECL, and why it’s not just for banks. All companies, regardless of industry, need to understand the requirements.In this episode, you’ll hear:1:50 - A refresher on CECL3:34 - Insights on the impacts of CECL across industries7:03 - A discussion of how to apply CECL to various asset classes, considerations on estimation methodologies, and why companies should seek continuous improvement in the application of CECL9:32 - Key information to consider when preparing CECL disclosures 11:22 - How subsequent events could impact CECL estimates20:43 - An overview of the FASB’s exposure draft that proposes changes to the accounting for purchased credit deteriorated assetsFor more information, read chapter 7 of our Loans and investments guide. Additionally, check out the prior podcast in this mini series.Bret Dooley is a Deputy Chief Accountant in PwC’s National office and leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in August, Bret Dooley is taking over the podcast to share insights on financial instruments hot topics. In each episode, Bret will discuss 5 things you need to know in 25 minutes.To kick off the series, Bret shares insights on accounting for investment securities, a topic of recent headlines. He breaks down the complexities of held-to-maturity and available-for-sale securities, and touches on foreign currency bonds.In this episode, you’ll hear discussion of:2:05 - Key reminders for identifying and accounting for debt securities6:32 - Accounting for held-to-maturity (HTM) securities and the long-term implications of HTM designation12:30 - Tips on accounting for unrealized losses on available-for-sale (AFS) securities17:18 - An overview of accounting for foreign currency bonds19:25 - Complexities in the application of the measurement alternative model for equity securities For more information, read chapters 2, 3, and 8 of our Loans and investments guide. Bret Dooley is a Deputy Chief Accountant in PwC’s National office and leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.To continue the series, Heather and Jay are joined by Ryan Spencer, a PwC National office partner who specializes in SEC reporting, to break down the SEC filing requirements for business combinations, including the application of significance tests used to determine the reporting requirements.In this episode, you’ll hear:2:02 - A breakdown of the SEC filing requirements for business combinations7:10 - A discussion of significance tests and how they help to determine filing requirements17:36 - A summary of financial statement requirements, including considerations on timing and the age of financial information23:38 - An overview of the unique guidelines for a company filing (1) a new registration statement, (2) transactional proxy statements, and (3)  reverse-merger information32:30 - A summary of pro forma reporting requirements, including timing considerations43:36 - The distinction between the SEC and US GAAP disclosure requirements47:06 - Final advice for companies navigating the filing requirements for a business combinationFor more information, read chapter 17 of our Financial statement presentation guide and the SEC Financial Reporting Manual. Also check out the prior podcast in this miniseries on business combinations. Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Ryan Spencer is a partner at PwC's National office specializing in SEC financial reporting. He has over 20 years of experience serving clients and is a frequent contributor to PwC’s publications and communications.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Sustainability disclosure regulations around the world are evolving rapidly, and as this reporting begins to proliferate, so does the potential for a mismatch between the expectations of investors and other stakeholders compared with the reality of what’s actually happening.Are there expectation gaps in sustainability reporting, and if so, what are they? This week, Heather Horn was joined by Gilly Lord, PwC’s Global Leader for Public Policy and Regulatory Affairs, to discuss the current global regulatory landscape, the evolving sustainability reporting ecosystem, and the importance of regulators and other ecosystem participants finding common ground in the areas that matter most for reliable sustainability reporting.In this episode, you’ll hear discussion of:2:20 - Sustainability expectation gaps - what are they?14:24 - How the breadth of sustainability reporting is partially responsible for expectation gaps25:50 - How assurance standards are evolving, and what elements of future standards may help to address expectation gaps30:00 - The importance of regulatory oversight, independence, and quality management in sustainability accounting, reporting, and assurance30:37 - Key considerations when adopting sustainability reporting frameworks48:04 - How companies can participate in shaping the global sustainability regulatory landscapeLooking for more information on global ESG reporting? Check out our latest podcast and publication on what’s inside the final ISSB standards. Gilly Lord is PwC’s Global Leader for Public Policy and Regulatory Affairs. Based in the UK, she has over 20 years of experience advising clients on the application of regulation and liaising with regulators in jurisdictions around the world.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.To continue the series, Heather and Jay are joined by Chip Currie, another partner in PwC’s National Office, to share insights on the intersection between contingent consideration and acquisition accounting, as well as the key decision points in the multi-step accounting model.In this episode, you’ll hear:2:25 - An overview of the accounting framework for contingent consideration arrangements from the buyer’s perspective, including:7:01 - The criteria for meeting the definition of contingent consideration12:04 - An assessment of whether the arrangement is part of the purchase price16:03 - A discussion of common pitfalls in the performing the assessment23:19 - An analysis of the accounting for contingent consideration arrangements classified as compensation expense24:25 - A discussion of the multi-step analysis of contingent consideration arrangements that is not classified as compensation expense, including:24:38 - Liability-classified contingent consideration and applying the liability versus equity accounting model29:59 - Equity-classified contingent consideration and applying the derivative accounting model 41:56 - An overview of the impact of contingent consideration on earnings per share and the statement of cash flows 48:40 - Final advice for clients dealing contingent consideration in a business combinationFor more information, read chapters 2 and 3 of our Business combinations guide, chapter 5 of our Financing guide, and chapters 6 and 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this miniseries. Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Chip Currie is a Partner in PwC’s National Office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The International Sustainability Standards Board (ISSB) published its Consultation on Agenda Priorities in May 2023. Now that the final IFRS S1 and S2 standards have been issued, the ISSB is asking constituents to weigh in on the board’s focus areas and research projects for the next two years.What should companies consider when preparing to comment on this request? This week, Heather Horn was joined by Andreas Ohl, PwC’s Global Sustainability Technical Leader, to discuss the options laid out in the board’s agenda consultation, and the factors companies may want to contemplate in their responses.In this episode, you’ll hear discussion of:2:15 - What the ISSB says it is looking to accomplish with this agenda consultation6:52 - A potential research project on biodiversity, ecosystems, and ecosystem services15:02 - A potential research project on human capital17:56 - A potential research project on human rights25:19 - Previous feedback the ISSB and IASB received to consider ways to work jointly on key projects30:18 - The ISSB’s separate consultation on enhancing the international applicability of the SASB® Standards32:43 - Final advice for companies wanting to comment on the ISSB agenda consultationLooking for more information on the ISSB and ESG reporting? Check out our podcast with ISSB Vice-Chair Sue Lloyd on the launch of the final ISSB standards. For more on the final standards, read our In brief. 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.

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.To continue the series, Heather and Jay are joined by Matt Sabatini to share insights on the identification of the accounting acquirer, a key judgment that impacts the remaining accounting conclusions in the acquisition model.In this episode, you’ll hear:1:46 - A discussion of the importance of determining the account acquirer as the starting point, and the downstream implications of that determination3:50 - An overview of the accounting framework from the acquirer’s perspective and the intersection with consolidation standards 6:18 - Insights on performing a control assessment and a discussion of key indicators of control17:30 - Accounting for the newco created as a result of a business combination25:01 - The distinction between the legal acquirer versus accounting acquirer, including the financial reporting implications of that distinction, and the complexities of “reverse mergers”34:40 - Final advice for clients dealing with business combinationsFor more information, read chapter 2 of our Business combinations guide. Additionally, check out our prior podcasts on the VIE accounting model and the prior podcast in this miniseries. Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Matt Sabatini is a partner in PwC's National office who helps clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, corporate reorganizations, recapitalizations, joint ventures, and other investments.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The International Sustainability Standards Board (ISSB) issued final IFRS® Sustainability Disclosure Standards on June 26, 2023. While IFRS Sustainability Disclosure Standards are not yet required in any jurisdiction, multiple jurisdictions around the world have already signaled their intent to adopt the new standards, with additional jurisdictions expected to do so now that the standards are final.What can companies find inside the new Sustainability Disclosure Standards? This week, Heather Horn was joined by Katie Woods, PwC UK director, to discuss the expected breadth of adoption internationally and the important considerations in advance of adoption.In this episode, you’ll hear discussion of:1:48 - The final IFRS Sustainability Disclosure Standards: IFRS S1 and IFRS S27:06 - The current status of adoption of the Sustainability Disclosure Standards in international territories11:43 - The interconnectivity between IFRS Sustainability Disclosure Standards and IFRS Accounting Standards19:12 - Key changes between the exposure drafts and the final standards26:42 - Factors to consider when identifying and disclosing sustainability risks and opportunities38:35 - Final advice for companies looking to prepare for adoption of these standardsLooking for more information on the ISSB and ESG reporting? Check out our podcast with ISSB Vice-Chair Sue Lloyd on the launch of the final ISSB standards. For more on the final standards, read our In brief. Katie Woods is a Director in PwC's Global Accounting Consulting Services group and advises on ESG and international accounting standards. Katie specializes in the new and emerging ESG reporting frameworks, working across the PwC Network. Katie is a frequent speaker on a range of ESG and accounting topics at national and international seminars.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas— identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC. To kick off the series, Jay shares insights on the foundations of acquisition accounting, including key areas of judgment in the model.In this episode, you’ll hear discussion of:1:58 - The importance of understanding acquisition accounting, even in times of low deal volume3:50 - The foundational accounting considerations for business combinations, including the determination of which transactions qualify as business combinations, and the implications on the control assessment8:04 - The acquisition method, including how to account for the various forms of consideration exchanged in a transaction12:40 - The complexities involved in step acquisitions and partial acquisitions as well as their impact on the application of acquisition accounting17:46 - Insights on the measurement of assets and liabilities acquired in a business combination21:24 - The measurement and allocation of goodwill acquired in a business combination, including tips for bookkeeping of goodwill29:43 - Reminders related to measurement period and conforming accounting policies38:17 - Final advice for getting prepared and dealing with a live dealFor more information, read our Business combinations guide and listen to our prior podcast on disclosures required in business combinations. Additionally, refer to our In the loop on the impact of acquiring an asset vs. a business.Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Union’s (EU’s) Foreign Subsidies Regulation (FSR) was enacted to extend existing EU state aid rules, which govern the fairness of trade among states within the EU, to subsidies received from jurisdictions outside the EU, and includes incentives such as those provided by the US Inflation Reduction Act (IRA).What are the parameters of the new regulation, and how could it impact the realizability of climate incentives for your company? Heather Horn was joined by Barry Murphy and Allard Knook, PwC partners, to unpack these questions and provide the latest insights on the FSR, as well as available EU tax incentives.In this episode, you’ll hear discussion of:2:38 - How the US IRA has shaped global regulatory agendas for state aid8:13 - How the EU is providing its own incentives currently17:14 - An overview of the Green Deal Industrial Plan24:02 - The FSR rules, and their potential impact to non-EU companies36:33 - The underlying policy objectives of the FSR, and how the FSR complements EU climate incentive funds43:07 - Final advice to companies affected by the new regulation and four steps they can take to prepareLooking for more information on the FSR? Register for our upcoming webcast on July 12. For more information on the IRA, check out our previous podcast on ESG incentives in the Inflation Reduction Act and read our In depth. Barry Murphy is PwC’s Global ESG leader for Tax and Legal Services. Based in the UK, he has 20 years of experience advising clients on their domestic and international tax affairs. He is also focused on driving compliance solutions with the digital first approach. Allard Knook is the Public Sector Legal leader for PwC Netherlands, with over 20 years experience in government finance, including subsidy programs both at the national and European level.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The International Sustainability Standards Board (ISSB) issued final IFRS® Sustainability Disclosure Standards on June 26. This included IFRS S1, which provides the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity’s value chain, and IFRS S2, which is the first thematic standard issued that sets out requirements for entities to disclose information about climate-related risks and opportunities.What’s ahead for sustainability reporting globally now that these standards are final? This week, Heather Horn was joined by Sue Lloyd, Vice-Chair of the ISSB, to discuss the complex process of finalizing its global baseline standards, the forthcoming impact to companies, and the expected breadth of adoption internationally.In this episode, you’ll hear discussion of:1:26 - How the ISSB brought the standards to the finish line, including the biggest obstacles along the way10:12 - Noteworthy changes from the initial draft standards to the final versions17:06 - The importance of interoperability across jurisdictions and regulatory frameworks21:39 - The status of jurisdictional adoption of the standards26:08 - The barriers to building capacity for reporting under the new IFRS Sustainability Disclosure Standards across global value chains29:10 - How the investor focus of the IFRS Sustainability Disclosure Standards provides an important reason for companies to consider adoption33:07 - How the key features of IFRS S1 and IFRS S2 relate to each other and to other sustainability reporting standards37:03 - The current and future outlook of the ISSB agenda consultationWant to hear more about the ISSB? Listen to our previous podcasts on its capacity building. And for more on the final standards, read our In brief and refer to additional resources on IFRS S1 and IFRS S2 linked inside from the ISSB.Sue Lloyd is the Vice-Chair of the ISSB and played a leading role in its establishment. Previously she served as a member and then Vice-Chair of the International Accounting Standards Board (IASB), and as Chair of the IFRS Interpretations Committee. Prior to becoming an IASB member, Ms. Lloyd worked for the IFRS Foundation as a senior technical director, leading the development of new IFRS Accounting Standards, and as director of capital markets with responsibility for the IASB’s reform of accounting for financial instruments.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.To continue the series, Angela shares insights on some accounting implications of workforce restructuring, including the different accounting models available for termination benefits.In this episode, you’ll hear:1:08 - An overview of the various accounting models applicable to workforce restructuring eventsInsights on accounting for:3:55 - One-time involuntary benefits, including severance payments8:54 - Termination benefits under an existing plan14:50 - Voluntary termination benefits and other benefit combinations 20:03 - Modifications of stock-based compensation awards, including both vested and unvested awards28:36 - Extending the exercise period of stock-based compensation awards31:14 - Final advice on accounting for workforce restructuring events, including non-GAAP measures and restructuring chargesFor more information on severance payment arrangements and stock-based compensation awards, read Chapter 8 of our Pensions and employee benefits guide. For more information on modifications of stock-based compensation awards, read Chapter 4 of our Stock-based compensation guide. Additionally, check out our prior podcast on non-GAAP measures.Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

PwC recently conducted research based on our most recent Global CEO Survey and Global Investor Survey to understand a key question: how much alignment is there between company leadership and the expectations of investors on ESG issues? The results were insightful, and might even surprise you. This week, Heather Horn was joined by Nadja Picard, PwC Global Reporting Leader, to break down the results and discuss the differing expectations between CEOs and investors. They also address how CFOs and their teams can help companies better meet investor expectations on sustainability.In this episode, you’ll hear discussion of:1:36 - The research: What the data from the Global Investor Survey and CEO Survey says15:14 - Where there may be gaps in what investors are expecting, and the importance of creating a strategy to progress in closing the gaps22:08 - How companies are embedding sustainability reporting in their processes and systems      32:30 - How CFOs and their organizations are leading in communicating progress on climate38:06 - The reporting landscape: A look at other important sustainability topics (besides climate) that will drive action42:16 - Final advice for companies looking for better alignment with investor expectations Nadja Picard is PwC’s Global Reporting Leader. In this role, she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

We begin this edition of The quarter close with a closer look at the accounting for tax credits, including those included in the Inflation Reduction Act of 2022, as more companies look for opportunities to take advantage of these incentives. Looking for an update on SEC comment letter trends? Head to Ask the National Office, where we provide the latest areas of focus along with other timely financial reporting reminders.Although the SEC has not yet released its final rules on climate disclosures, many US companies will be impacted by global sustainability reporting frameworks that are nearing finalization. We provide the latest updates and links to additional resources. In other regulatory developments, the SEC issued final rules expanding the disclosure requirements for share repurchases, which will be effective in 2023 for many registrants.In standard-setting updates, we summarize the feedback on new income tax disclosures proposed by the FASB. Meanwhile, the FASB continues to make progress on its other active projects, including accounting for software costs. We keep you up to date on recent decisions as those projects develop.In this edition of The quarter close, we highlight these and other relevant accounting and reporting topics you should consider as you close out the second quarter of 2023.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.To continue the series, Heather Horn and Angela are joined by Mike Coleman to share insights on accounting for software costs and provide an update on the FASB’s project on software costs.In this episode, you’ll hear:1:38 - Considerations when accounting for software costs across industries, including the impact of digital transformations and the possible impact of new FASB standards in progress6:17 - An overview of current guidance, including the two accounting models for software (externally marketed software and internal use software)10:13 - Accounting considerations from the perspective of the software vendor14:51 - Accounting considerations from the perspective of the software buyer17:03 - An update on the FASB’s project to modernize accounting for software costs25:29 - Final advice to clients when accounting for software costsFor more information on accounting for software costs, read our Software costs guide. Also, to stay updated on the status of the FASB’s project to modernize software costs, refer to the FASB website.Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Mike Coleman is a partner in PwC's National Office with over 30 years of experience. Mike specializes in accounting for revenue and software arrangements and has served technology clients for much of his career. In addition, Mike has represented the firm on the AICPA Software Task Force.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Commission has adopted a set of proposals, known as the European Green Deal, including the Corporate Sustainability Reporting Directive (CSRD), which marks a new era of sustainability reporting in the EU. Under the CSRD, companies will soon have to report on a wide range of environmental, social and governance matters in compliance with European Sustainability Reporting Standards (ESRS).On June 9, the European Commission released revised ESRS for public feedback. For this episode, Heather Horn was joined by Andreas Ohl, a PwC National Office Partner and Global sustainability topic team leader and Emily Kirsch, a PwC National Office Director who is following sustainability-related projects from accounting standard setters in the EU, to share their insights. Feedback is due July 7th, 2023.In this episode, you’ll hear:1:48 - An overview of the revised European Sustainability Reporting Standards7:52 - The biggest takeaways - including the changes in the proposed standards from earlier drafts12:40 - Considerations of phase-in requirements to help companies apply the standards18:45 - Considerations of interoperability with other sustainability reporting standards, including those from the ISSB, SEC, and GRI23:15 - Recommendations for companies seeking to provide input on the draft standards during the 4-week public comment period26:03 - Expectations for timing of implementation of the finalized standards28:44 - Final advice for companies preparing for implementation of the new standardsFor more information on the revised draft European Sustainability Reporting Standards, read our In brief. Additionally, a replay of the European Commission's presentation on the revised draft ESRS can be found on European Financial Reporting Advisory Group’s (EFRAG) website. Lastly, to hear more on the status of the "big three" sustainability proposals (and earn CPE credit), listen to PwC’s Q2 2023 Quarterly accounting webcast.Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.Emily Kirsch is a director in PwC's National Office focused on sustainability reporting thought leadership and standard setting in the EU. She has more than 12 years of experience advising both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.To continue the series, Heather and Angela are joined by Mike Coleman, a partner in PwC’s National Office, to share insights on the challenges in the principal versus agent analysis.In this episode, you’ll hear discussion of:1:37 - An overview of the principal versus agent assessment3:52 - Practical examples7:09 - An overview of the two-step assessment of whether the company acts as the principal or agent from the perspective of the intermediary17:22 - An overview of the two-step assessment of whether the company acts as the principal or agent from the perspective of the vendor18:22 - Considerations when accounting for revenue based on the results of the principal versus agent analysis22:35 - Final advice to clients and engagements teams when performing the principal versus agent assessmentFor more information, read chapter 10 of our Revenue guide for principal versus agent considerations.Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Mike Coleman is a partner in PwC's National Office with over 30 years of experience. Mike specializes in accounting for revenue and software arrangements and has served technology clients for much of his career. In addition, Mike has represented the firm on the AICPA Software Task Force.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

With so much focus on upcoming mandatory sustainability reporting requirements from jurisdictions around the globe, it’s sometimes easy to lose sight of the fact that many of the biggest sustainability-related topics often can and do have an impact not just on sustainability disclosures, but also on the financial statements. Both the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)® have provided educational materials on the topic of ESG in the financial statements under existing accounting standards – and both boards have added projects to their respective agendas that will impact accounting standards in the future.This week, Heather Horn was joined by Scott Bandura, Valerie Wieman, and Katie Woods, who are all following sustainability-related projects from accounting standard setters, to share their insights on these projects and provide reminders under current accounting standards for reporting on ESG topics in the financial statements. Katie also addresses the topic of connectivity between sustainability reporting and financial reporting.In this episode, you’ll hear discussion of:2:13 - An overview and status of the FASB’s sustainability-related agenda projects7:57 - An overview and status of the IASB’s project on climate in the financial statements13:45 - The connectivity between the IASB’s climate project and sustainability reporting24:20 - Challenges in reporting the impacts of sustainability related matters31:24 - Definitions of “pollution mechanisms” and “carbon offsets” as well as the accounting and reporting implications of these instruments36:17 - An overview of the types of power purchase agreements and their accounting and reporting implications43:27 - Final advice for companies to help them stay up to speed with evolving guidanceScott Bandura is a partner in the National and Global Accounting Consulting Services at PwC Canada with over 20 years of experience advising clients on international accounting standards. Valerie Wieman is PwC’s National Office Editor-in-chief. She is involved in the creation, development, and publication of our brand-defining thought leadership, with a focus on ESG reporting. Prior to this role, she was part of PwC’s National Office SEC Services group, helping clients navigate SEC rules and regulations.Katie Woods is a Director in PwC's Global Accounting Consulting Services group and advises on ESG and international accounting standards. Katie specializes in the new and emerging ESG reporting frameworks working across the PwC network. She has over 30 years of experience working with a broad range of companies. Katie speaks regularly on a range of ESG and accounting topics at national and international seminars.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.To kick off the series, Angela shares insights on current trends in the accounting for revenue transactions.In this episode, you’ll hear discussion of:1:38 - An overview of accounting for revenue4:16 - “Everything as a Service” (XaaS) arrangements and their embedded complexities, including interaction with the lease accounting model12:38 - Revenue contract modifications, including scope reductions17:32 - The non-cash consideration revenue model, including equity payments for both vendors and customers as well as interaction with stock-based compensation guidance23:04 - Considerations when revenue arrangements include significant financing26:05 - SEC comment letter trends and final advice on accounting for revenueFor more information, read our Revenue, Leases and Stock-based compensation guides. Additionally, check out our prior podcasts on the subscription economy, identifying embedded leases, and Revenue: 2022 SEC comment letter trends.Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Commission has adopted a set of proposals, known as the European Green deal, with the aim of reducing net greenhouse gas emissions in the European Union (EU) by at least 55% by 2030, and achieving zero net emissions by 2050. In addition to the Corporate Sustainability Reporting Directive (CSRD), another pillar of this policy is the creation of the Carbon Border Adjustment Mechanism (CBAM), a new border tax aimed at equalizing the price of carbon paid for EU products operating under the EU Emissions Trading System (ETS) with that of similar imported goods.CBAM is likely to impact the cost of carbon in global supply chains, and also has reporting obligations beginning as early as October of 2023, and the regulation has raised many questions. Which companies will it impact? What products are in scope? Will it impact companies that don’t do business in the EU?This week, Heather Horn was joined by Barry Murphy and Niels Muller, PwC partners who are following CBAM, to share their insights on what it means and what companies can do now to prepare.In this episode, you’ll hear discussion of:2:26 - An overview of the EU Green Deal and CBAM9:37 - How CBAM is intended to spur global alignment on carbon pricing13:26 - Effective dates, applicable products, and other details of the regulation25:58 - The current status of verification (audit) requirements and how these may evolve29:39 - How CBAM could potentially impact the cost of carbon in global supply chains33:59 - Recommendations for companies that want to begin preparing for CBAM ahead of the October 2023 effective dateWant to learn more about CBAM? Watch our webcast series.Barry Murphy is PwC’s Global ESG leader for Tax and Legal Services. Based in the UK, he has 20 years of experience advising clients on their domestic and international tax affairs. He is also focused on driving compliance solutions with the digital first approach. Niels Muller is a PwC partner based in the Netherlands specializing in energy transitions and sustainable energy. In this role he advises institutional investors, financial institutions, and utility companies as well as governments and non-governmental organizations on sustainability and tax projects.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spinoffs.To continue the series, Heather and Jenn are joined by Matt McCann, a partner in PwC’s National Office, to share insights on the practical challenges that arise in the tax accounting for spinoff transactions.In this episode, you’ll hear discussion of:1:30 - What a spinoff transaction is and the SEC filing requirements, including the preparation of carve-out financial statements7:48 - Considerations related to allocating the consolidated income tax provision to the carved-out entity 18:22 - Other practical tax challenges in carve outs including valuation allowance assessments, uncertain tax positions, and tax sharing agreements 28:30 - The importance of robust disclosures when attributes or assertions are expected to change post spin35:52 - Planning for tax complexities post spin and final advice for companies For more information, read our Income taxes and Carve-out financial statements guides. Additionally, check out our prior podcast on taxes in separate company financial statements. Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. Matthew McCann is a partner in PwC's National Office who provides consultation in the areas of revenue recognition and income taxes. He has over 25 years of experience and previously served as the leader of the Consumer & Industrial Products Sector Assurance Practice in North Texas.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.

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. But with many competing priorities, how do companies also contemplate nature issues in their strategy?This week, Heather Horn was joined by guests at the forefront of the nature space:Will Evison, director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practiceEva Zabey, CEO of Business for NatureJulie Moorad, Senior Manager of Climate Action at SalesforceOur panel shares their insights on ways companies are strategizing and integrating the topic of nature into their operating models.In this episode, you’ll hear discussion of:1:42 - Synergies between climate initiatives and nature positive policies15:11 - Transforming your nature strategy to manage risk and create value27:32 - The interrelationships among natural capital, business operations, and the broader economy37:45 - The importance of starting a nature positive path now even though strategies may evolve in the long term43:03 - The importance of building capacity in nature strategy and reporting46:44 - Final advice for companies wanting to integrate nature positive strategies into everyday operationsInterested in more background on measuring and reporting nature and biodiversity? Listen to our previous podcast in the “Becoming nature positive” series, and check out PwC’s global nature hub here.Will Evison is a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, specializing in integrating natural and social capital analysis into decision making. With over 18 years’ experience delivering climate and nature-related projects with businesses, investment firms and public sector organizations across more than 20 countries, he also led the development of PwC’s Total Impact Measurement and Management methodologies (TIMM), and now manages PwC’s global TIMM center of excellence. These methodologies utilize predictive analytics, health economics, and wellbeing techniques to model outcomes.Eva Zabey is the CEO of Business for Nature, which is a global business-led coalition aiming to reverse nature loss and restore the planet’s natural systems on which economies, wellbeing and prosperity depend. Previously, she led natural capital projects at the World Business Council for Sustainable Development for 15 years.Julie Moorad is a Senior Manager of Global Climate Action for Salesforce. Her team leads Salesforce’s international sustainability strategy, Europe, Middle East, and Africa sustainability program and developing our nature strategy, and implements nature positive policies that drive economic value firmwide and for their customers.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spin-offs.To continue the series, Heather and Jenn are joined by Kassie Bauman, a managing director in PwC’s National Office, to share their insights on income tax accounting for business combinations.In this episode, you’ll hear discussion of:2:01 - An overview of the applicable guidance and a summary of steps to take when assessing tax considerations of a business combination7:13 - The importance of the tax status of the entities involved and distinguishing between taxable and non-taxable transactions 20:53 - Identifying and measuring temporary tax differences related to business combinations23:36 - Deferred taxes associated with goodwill and considerations on the valuation allowance assessment34:26 - Other common tax accounting considerations in business combinations including the measurement period, uncertain tax positions, and indemnifications 37:32 - Final thoughts, including deal economics considering tax For more information, read our Business combinations and Income taxes guides, and check out a prior podcast on accounting for business combinations. Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. Kassie Bauman is a managing director in PwC's National Office who consults on tax accounting under US GAAP and IFRS. Kassie has more than 20 years of auditing and accounting experience addressing complex technical accounting matters. 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.

The International Sustainability Standards Board (ISSB) has been working quickly through deliberations on its proposals to create a comprehensive global baseline of sustainability disclosures. Final standards are expected by the end of Q2 2023. But implementing an effective global baseline goes beyond simply setting standards – it requires a new set of capabilities, infrastructure, knowledge, and talent in economies around the world.How will this be accomplished? This week, Heather Horn was joined by Jingdong Hua, Vice Chair of the ISSB, and Mardi McBrien, Strategic Affairs Director of the IFRS Foundation, to discuss the topic of “capacity building” and how the IFRS Foundation is focused on bringing the global reporting community along the sustainability reporting journey.In this episode, you’ll hear discussion of:2:29 - What capacity building means4:59 - How the ISSB is creating partnerships to advance its progress toward building capacity12:35 - The importance of interoperability across jurisdictions and regulatory frameworks17:50 - The ISSB’s three-part capacity building framework26:21 - How the ISSB is bringing together stakeholders with varying interests for common goals28:40 - Expectations on timing of release of final ISSB standards and resources for companies to prepareWant to hear more about the ISSB? Listen to our previous podcasts on its fast-paced deliberations as well as PwC’s responses to the ISSB exposure drafts. For more on how ISSB standards compare to other proposals, read our publication: Navigating the ESG landscape.Jingdong Hua is the Vice Chair of the ISSB. His role on the board is to develop and implement the ISSB’s strategies to support and include stakeholders in emerging and developing economies as well as small and medium-sized companies. He is the former Vice President and Treasurer of World Bank, where he specialized in sustainability bonds and developed the world’s first “green-bond.” Mardi McBrien is the Director of Strategic Affairs at the IFRS Foundation responsible for sustainability reporting. In this role she has played an active part in setting up the ISSB. Prior to the IFRS Foundation, Mardi spent over a decade leading the global ESG standard setter, the Climate Disclosure Standards Board (CDSB), in developing quality disclosure standards and thought leadership on environmental and social issues.Heather Horn is 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.

Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spin-offs.To continue the series, Heather and Jenn are joined by Kassie Bauman, managing director in PwC’s National Office, to share insights on income tax accounting for equity method investments.In this episode, you’ll hear discussion of:1:31 - An overview of the equity method of accounting under GAAP for book purposes6:21 - Book versus tax basis differences and when to record deferred taxes on equity method investments8:52 - Income tax accounting implications when an investee becomes a subsidiary (or vice versa) through changes in ownership and control13:43 - Income tax considerations related to equity method investments in partnerships, including the “look-through” policy election and inside and outside tax basis differences25:45 - Final advice and common income tax questions on equity method investmentsFor more information, read our Equity method and Income taxes guides. Additionally, check out our prior podcasts, Part 1 and Part 2, on applying the equity method.Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. Kassie Bauman is a managing director in PwC's National Office who consults on tax accounting under US GAAP and IFRS. Kassie has more than 20 years of auditing and accounting experience addressing complex technical accounting matters. 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.

With a multitude of ESG disclosure and reporting requirements coming into play around the world, it’s easy to begin viewing sustainability as nothing more than a compliance and reporting obligation – something that must be done but that doesn’t actually create value.But what if that perspective is limited? This week, Heather Horn was joined by Jamie Gamble, PwC managing director, to discuss how leading companies and their boards are viewing sustainability as an opportunity to reflect on the issues that are core to their businesses’ value creation – and integrating these issues into their strategies to create sustainable, long-term value. This is what Jamie calls “sustainable value governance.”In this episode, you’ll hear discussion of:3:20 - The marketplace factors driving demand for sustainable progress6:30 - How investors and other stakeholders are beginning to understand the long term value embedded in ESG issues14:54 - A four-part framework for sustainable value governance28:20 - How robust reporting for the board supports companies in making progress on the issues that drive sustainable value36:40 - How and why the finance function is playing a central role in the company’s sustainability policy setting and reporting42:46 - The benefits that accrue to companies from having a clear, consistent process for identifying the sustainability issues that are relevant for their businessWant to hear more from Jamie? Listen to his previous podcast on governance in the SEC’s climate disclosure proposal.Jamie Gamble is a managing director in PwC's Trust Solutions practice with over 25 years of experience focused on corporate governance, cybersecurity, workforce, and ESG-related issues. Before joining PwC, he was a litigation partner at a major law firm.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.

Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spin-offs.To continue the series, Jenn shares insights on the FASB’s recent exposure draft on improvements to income tax disclosures.In this episode, you’ll hear discussion of:1:30 - An overview of the FASB’s income tax disclosure project4:50 - The proposed disaggregated disclosures for cash taxes paid and the introduction of eight specific categories of reconciling items in the rate reconciliation 8:11 - The questions and areas of concern that have been raised by companies 15:18 - The judgment required in determining the categorizations in the rate reconciliation 19:24 - Other noteworthy proposed additions and deletions to the current required income tax disclosures22:51 - The expected effective date and transition requirements27:00 - Final advice for organizations as they assess the FASB’s proposed disclosures For more information, read our publication on the FASB’s exposure draft and check out a prior podcast on income tax disclosures.Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. 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.

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. This week, Heather Horn was joined by Alan McGill, a partner in PwC’s Global Sustainability, Reporting, Measurement and Assurance practice, and PwC Global sustainability topic team leader Andreas Ohl to discuss the measurement of and reporting on the topics of nature and biodiversity.In this episode, you’ll hear discussion of:2:05 - The current state of company readiness to report on nature and biodiversity8:19 - How all types of businesses exhibit indirect dependencies on nature and exposure to nature risks14:08 - Measuring biodiversity-related value in your company’s operations21:07 - Definition of natural capital and overview of its financial impacts30:11 - The importance to businesses in every sector of developing nature positive strategies36:21 - Assurance on data and metrics on nature and biodiversity topics45:43 - Final advice for organizations wanting to become nature positiveInterested in more background on the business value drivers inherent in nature and biodiversity? Listen to our previous podcast in this series, and check out PwC’s global nature hub here.Alan McGill is a partner in PwC UK and is the Global Sustainability Reporting, Measurements, and Assurance Leader. With over 15 years’ experience delivering sustainable business projects, Alan’s work focuses on the impact of sustainability issues on business, and providing organizations with attestation services over their reporting on relevant sustainability issues.Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spin-offs.To kick off the series, Heather Horn and Jenn are joined by Pat Brown, the co-leader of PwC's Washington National Tax Services practice, to share insights on the OECD and the US minimum corporate tax legislation. In this episode, you’ll hear discussion of:2:09 - An overview of OECD’s Pillar Two model rules4:30 - The status of Pillar Two’s enactment in various jurisdictions10:48 - The differences between the US corporate alternative minimum tax and the OECD Pillar Two minimum tax20:58 - The response from the FASB and IASB to the accounting implications of Pillar Two enactment27:45 - What companies can do now considering the uncertainty of enactment of Pillar Two37:54 - The different treatment of tax credits under the Inflation Reduction Act and Pillar Two 56:19 - Final advice for organizations on global tax policyFor more information, read our publications on what you need to know about Pillar Two, the responses from standard setters, and accounting for the Inflation Reduction Act. Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. Pat Brown is PwC’s Washington National Tax Services co-leader. Prior to joining PwC, he spent 16 years in the private sector, including a role as the director of tax policy for a Fortune 50 company. Pat has also served in the US Treasury’s Office of Tax Policy as an attorney-advisor and as Associate International Tax Counsel. 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.

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 nature6:53 - Defining nature and the interconnected relationships among the economy, the value chain of business, and nature17:47 - Identifying nature- and biodiversity-related risks – and opportunities – in your company’s operations19:28 - How market prices charged for using natural resources today may be well below the ultimate cost to the global economy25:13 - The differences between “Net Positive” nature and biodiversity initiatives and “Net Zero” climate policies34:26 - Investors’ interest in natural resources and biodiversity, and the metrics companies can use to disclose their dependencies on nature46:56 - Where companies should start in contemplating risks and opportunities in this spaceInterested 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.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

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 IFRS45:03 - 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.

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 business14:25 - How current land development and agriculture practices contribute to biodiversity challenges26:04 - The differences between physical and economic water scarcity and how these impact business risks at a regional level37:13 - Examples of individuals’ and businesses’ choices that can have positive and negative impacts on nature40:49 - The differences between nature positive and net zero targets and goals47:21 - Advice to companies who are just getting started on understanding the issue of biodiversityInterested 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.

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 costs25:55 - 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.

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 biodiversity6:43 - Definitions and examples to illustrate the concepts of biodiversity and nature positivity16:22 - Why even companies outside of the agriculture industry should prioritize biodiversity24:34 - How the issues of biodiversity and climate change are related – and not related30:07 - Additional topics that will be covered in future episodes of this miniseriesWant 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.

After years of increasingly vocal demand for enhanced transparency about ESG matters from investors and other stakeholders, regulators and standard setters in various jurisdictions issued definitive proposals to transform ESG reporting in 2022.The year brought proposed ESG disclosures from the European Union (EU) as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the US by the SEC.These “big three” proposals would each require expansive sustainability disclosures — although their proposed scopes and other details vary. In this episode, Heather Horn brings you an audio version of our In the loop comparing the three proposals. In this podcast, you’ll hear:1:43 - Background on the “big three” proposals17:16 - Comparison of the general features of the proposals23:09 - Differences in concepts of materiality28:39 - Overview of respective targets and transition plan disclosure requirements33:22 - Overview of respective greenhouse gas (GHG) emissions reporting requirements37:48 - Comparison of GHG scope 1 and scope 2 disclosures42:58 - Comparison of GHG scope 3 disclosures47:32 - Comparison of assurance requirements51:31 - Overview of effective dates and transitionRefer also to the print version, Navigating the ESG landscape. For further insights, see:The SEC wants me to disclose what? The SEC’s climate disclosure proposalWhat's CSRD? It's important to knowWhat you need to know about the ISSB Exposure DraftsQ2 2023 Quarterly ESG webcastHeather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

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 events4:55 - Complexities in determining if conditions existed as of the balance sheet date11:08 - The importance of having processes and controls in place to monitor subsequent events18:27 - 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.

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 priorities11:43 - How GRI’s standards complement other ESG reporting standards20:17 - Where voluntary impact reporting fits into the dynamic landscape of ESG reporting31:12 - How the breadth of today’s value chains poses reporting challenges39:03 - How GRI is focused on innovating to solve the reporting challenges faced by companies across the value chain48:54 - Reflections on the progress of GRI over the past yearInterested 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.

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.

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 20239:27 - The impact of politics and the election cycle on the business environment16:41 - Updates on whether a recession is still anticipated this year23:45 - The interaction of consumer demand, the labor market, and inflation on the Fed’s monetary policy plans27:32 - The “long tail” of COVID and its ongoing impacts on supply chains and the global economy34:30 - How companies should prepare for longer term geopolitical uncertainty across Europe and Asia43:10 - Economic watch list items for companies to track throughout the yearWant 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.

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 restructuring19:56 - 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 restructuringFor 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.

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 202311:14 - The imperative companies face to reinvent their business models for long-term survival18:53 - How companies are integrating climate, human capital, and other ESG topics into their reinvention strategies29:26 - How the principles of candor, truth-telling, and humility instill trust in companies’ near-term and long-term goals37:20 - The importance of going beyond “check-the-box” compliance in reporting by presenting a coherent strategy and vision for the business44:40 - How the voice of the CFO organization is supporting companies in earning trustWant 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.

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.

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 waivers13:40 - What to think about when debt is modified in advance of a covenant violation17:12 - The importance of identifying cross default and cross acceleration clauses in debt agreements20:08 - 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.

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 operability10:38 - Our view that measurement, recognition, and baseline disclosures should form the building blocks of the standards16:40 - Suggestions for structuring and organizing the standards for ease of use19:17 - Dealing with disparities in data quality and availability through transparent disclosures23:51 - The importance of aligning organizational boundaries, lease accounting, and other areas in the Protocol with financial reporting32:21 - Recommendations to improve Scope 2 reporting39:57 - Final perspectives on aligning GHG reporting with financial reportingInterested 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.

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 them12:12 - Why classification on the balance sheet as either a trade payable or debt matters15:19 - 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 when38:58 - 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.

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 months8:09 - Dealing with estimation in greenhouse gas reporting14:28 - Disclosure controls and the importance of cross-functional teams21:31 - How companies are re-evaluating their governance, strategy, risks, targets, and goals as they prepare for the new disclosure requirements31:06 - Preparing for mandatory ESG reporting requirements in the European Union under the CSRD36:59 - How companies can work to build mature processes for reportingLooking 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.

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 lease14:21 - Remeasurement events that may occur more frequently during times of economic uncertainty and what assumptions may need to be updated as a result of them20:37 - Impairment of right-of-use asset considerations when a company decides to sublease or abandon a leased space31:37 - 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.

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 returns14:21 - Practical and tactical examples of opportunities identified through deals to create value through the workforce23:37 - The importance of providing a “good job” and managing the investment in the workforce31:37 - 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.

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 provisions5:35 - Updates on IRS guidance on the IRA14:05 - Manufacturing investment tax credits and the application process22:15 - Areas to consider to navigate the IRA effectively26:40 - How new methods of data modeling allow companies to assess when they may qualify for incentives32:25 - How the market is contemplating transactions for direct pay and transferable tax creditsLooking 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.

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 capital18:16 - 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 rule28:30 - Expectations on the future of human capital reporting considering proposals from the ISSB and EFRAG (CSRD) and the expected proposal from the SEC39:15 - Challenges and opportunities for companies in communicating the value of their workforceListen 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.

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 Agreement12:17 - Managing competing sustainability agendas20:50 - Climate adaptation: definitions and key actions businesses can take31:06 - Who will pay for adaptation31:39 - How measurement and disclosure of sustainability progress has evolved50:13 - Final advice for companies working to optimize their climate agendaLooking 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.

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 statements6:15 - Insights on how internal reporting can help companies measure the return on their investment in human capital11:55 - 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 today28:20 - What companies and standard setters can do to give better insights into the value of human capitalListen 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.

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 formed12:07 - How the TCFD works to achieve stakeholder consensus on its framework recommendations16:10 - Updates on where adoption of the TCFD framework stands at five years from its founding20:43 - Perspectives on how regulators are raising the bar on TCFD disclosures24:35 - 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 202336:55 - Advice for companies who will be subject to mandatory TCFD disclosures in the futureLooking 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.

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 decades7:15 - The impact of COVID on the current labor force and the fundamental shift in worker preferences12:43 - 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 businesses38:10 - Final advice when looking aheadStay 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.

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 20239:30 - Headwinds facing the deals market from the current macroeconomic and geopolitical environment14:12 - Accounting considerations for deal transactions in this type of macroeconomic environment28:36 - How successful dealmakers still find opportunities in divestitures33:58 - Final advice for companies considering deals in 2023Want 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.

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 year9:03 - The impact of stakeholder capitalism on informing companies’ decisions about strategy and investments in the current downturn12:01 - How businesses balance short-term performance with long-term resilience20:30 - Labor market updates, and how worker preferences are evolving28:19 - How companies are embracing growth in spite of near-term challenges by diversifying products and services and leveraging technology32:37 - Looking ahead five to ten years: what successful companies are doing now to prepare for changes in demographics, business models, and trends in globalizationWant 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.

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 requirements3:42 - An overview of our analysis of the climate disclosures of the S&P 1005:54 - The six topics we identified as recurrent themes across climate disclosures9:53 - A summary of the prevalence of disclosures regarding climate-related targets and goals12:30 - Reminders on the importance of preparing 2023 filings with the SEC’s focus on climate in mindRefer 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. 

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 topics11:33 - How to contemplate climate-related risks under IFRS, and the importance of bridging sustainability commitments and financial impact for investors18:14 - Russia, Ukraine, and accounting for uncertainty more broadly22:35 - Considerations for non-insurers with regard to the new insurance guidance, IFRS 1726:10 - Updates on the OECD’s Pillar 2 global minimum tax proposal and the proposed deferred tax accommodations from the IASB31:32 - The importance of updating processes to adjust to the current environment 32:41 - IASB standard setting expected in 2023Check 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

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 committees6:41 - The key issues that finance teams need to be sure they cover in their next audit committee meetings16:58 - 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 business32:24 - Best practices for facilitating an audit committee meeting35:43 - Final advice for both directors and finance teamsCheck 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.

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 finalization8:27 - An overview of discussions at recent ISSB meetings13:30 - How estimates may be handled in sustainability reporting17:05 - Consistency of timelines between financial and sustainability reporting22:21 - Clarifications the ISSB is considering on the concept of enterprise value32:44 - Climate-related disclosures, including GHG intensity measures42:46 - Other topics proposed for future standard-setting considerationLooking 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.

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 assessment10:04 - The need for a thoughtful and documented assessment of materiality before identifying an error15:54 - 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 rules31:51 - Final advice and reminders for year-end materiality assessmentsCheck 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.

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 receivable8:42 - Supplier finance programs12:51 - Cash equivalents, including Treasury Bills, commercial paper, and money market funds18:52 - Foreign currency matters27:51 - Discontinued operations29:38 - Business combinationsStay 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.

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 rates5:42 - Goodwill impairment and the simultaneous equation8:08 - Tax law changes, including proposed foreign tax credit regulations13:02 -  Developments related to the OECD’s Pillar II framework17:29 - The Inflation Reduction Act and what it means for 2023 reporting27:31 - 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 changesStay 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.

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 modifications13:36 - The effect of market volatility on debt and equity investments and stock compensation 23:30 - The impact of inflation on revenue and inventory accounting29:59 - The importance of robust disclosures related to macroeconomic events33:49 - The effect of supply chain disruptions on the business39:09 - Accounting issues that arise in business or asset dispositions as well as restructurings amid recession concerns 51:15 - Assessing subsequent eventsStay 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 accommodation. Please send requests to us_podcast@pwc.com.

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 items20:21 - The importance of re-assessing the adequacy of MD&A disclosures22:50 - Why connecting the dots across functions is critical for managing issues  31:54 - How to best manage the time between earnings release and filings36:25 - Best practices for dealing with last minute issues and changes39:07 - Tim’s recommendations for managing resources and promoting team successStay 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.

This month, PwC released its 2022 Global Investor Survey, covering a range of topics from investor priorities to the continued focus on ESG. In this week’s special episode, Heather Horn was joined by Hilary Eastman, PwC’s Head of Global Investor Engagement, to unpack the survey’s findings, including key areas of focus of those who invest in US companies.In this episode, our guests discuss:1:54 - The objectives of the 2022 investor survey and background on the population of investors included7:54 - What investors view as their top priorities in selecting investments11:04 - The top threats investors believe will affect profitability in the near term13:06 - Investor views on companies’ effectiveness in addressing and reporting on their top priorities19:10 - Why ESG continues to be a key area of focus26:58 - The factors that drive investor confidence in sustainability reporting33:42 - Next steps for listeners as they consider the investor survey resultsFor more information on proposed ESG rules, read our In the loop, ESG reporting: Preparing for tomorrow's rules today.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.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.

The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments included representatives from the SEC, PCAOB, FASB, IASB, and other market participants. Speakers provided deep dives into regulations and standards, insights on SEC areas of focus, and more. Heather Horn was joined by Angela Fergason and Kyle Moffatt, National Office partners, to discuss highlights  and takeaways from this year’s Conference.In this episode, you’ll hear discussion of:1:01 - Top themes emerging from the Conference10:53 - SEC staff perspectives shared at the Conference on how companies can enhance transparency18:33 - SEC staff comments on non-GAAP and an announcement of new guidance on these measures25:54 - The increased focus on cryptocurrency at the Conference34:20 - ESG takeaways from the Conference and our guests’ anticipated timing for the final climate rule39:43 - Key takeaways for companies going into the year-end reporting seasonWant to learn more about the SEC’s areas of focus? Read our publication summarizing the Conference, and listen to our 2022 SEC comment letter trends podcast series.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.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.

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 ESG8:56 - Cases based on false and misleading claims and the types of monetary or disgorgement penalties issued15:05 - The continuing enforcement of traditional cases against issuers, including restatements and cases for inaccurate books and records19:57 - Recent SEC proposals (covered in our publication, SEC proposes new cybersecurity disclosure requirements) and enforcement actions related to cybersecurity21:47 - Advice for listeners as they prepare for year-end reportingWant 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.

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 proposal6:17 - How companies are preparing for the current proposed requirements9:25 - A refresher on the requirements and topics in scope of the European sustainability reporting standards16:35 - Core requirements of the ESRS climate change draft standard and how it compares to the SEC and ISSB climate proposals19:54 - How EFRAG is addressing equivalency and interoperability with other draft ESG reporting requirements22:58 - Recommendations for companies preparing for a final effective ruleFor 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.

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

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 comments4:16 - 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 comments11:56 - Material risks resulting from inflation and trending SEC staff comments including on a company’s outlook13:58 - How rising interest rates affect companies and what the SEC staff is commenting on17:38 - The areas of focus in the “Dear CFO” sample letter related to the Russia-Ukraine war20:10 - 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.

The SEC climate disclosure proposal continues to be a key topic of conversation as companies work through readiness assessments and contemplate process implementations.This week, Heather Horn was joined by Valerie Wieman, a partner in PwC’s National Office, to revisit the proposal and talk through some of the most frequently asked questions we receive.In this episode, you’ll hear them discuss:1:49 - The level of granularity called for in the proposed Regulation S-K disclosures by location4:38 - The proposed disclosure requirements for board member oversight and climate expertise8:38 - What companies need to disclose when adopting a transition plan if climate risks are not material10:34 - How the GHG Protocol and the SEC proposal call for different boundaries16:07 - How companies should report GHG emissions for less than wholly-owned consolidated subsidiaries (whether existing or newly-acquired)22:24 - The disclosure requirements for Scope 3 emissions by category24:05 - Severe weather baselines in financial statement disclosures and the prohibition of climate impact netting27:44 - How to assess what to disclose as a transition activity costWant to learn more about the SEC’s climate disclosure proposal? Listen to the audio version of our In the loop summarizing the key requirements, and read PwC’s comments on 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.

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 receiving11:45 - Who should be involved in telling a company’s story in MD&A14:56 - How the SEC's priorities influence comments in this area 19:41 - The importance of company compliance with the overarching principles of MD&A24:20 - How emerging trends are impacting comment letters 33:12 - Advice for companies as they prepare their year-end filingsWant 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.

In this week's special episode, we cover some key takeaways coming out of the 2022 midterm elections. Host Heather Horn sat down with Michael O’Brien of PwC’s Office of Government, Regulatory Affairs, & Public Policy group to discuss how the midterm election outcomes may impact companies and what we can expect from Congress over the next two years.In this episode you’ll hear:1:40 - An overview of the outcome of the midterm elections 7:40 - The impact of a split Congress on President Biden’s legislative agenda13:42 - The key points companies should be aware of regarding the outcomes of state elections18:13 - What the results of the midterm elections mean for the SEC and PCAOB’s agendas22:12 - Background on the upcoming Congressional leadership elections and their influence on future legislation28:44 - Ways President Biden might accomplish his agenda with a split Congress over the next two years35:28 - What to expect from the “lame duck” Congress over the next month40:33 - Advice for companies as they navigate the current period of uncertaintyWant to learn more about recent federal actions? Check out our podcast episode on the US government’s proposal on federal contractor climate disclosures.Michael O’Brien is a Managing Director in the Office of Government, Regulatory Affairs & Public Policy. In his current role, Michael represents the firm and its interests before Congress, the Executive Branch, and Federal regulatory agencies. He has represented the firm on matters related to the implementation of Sarbanes-Oxley and Dodd-Frank, state and federal taxation, and litigation reform.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.

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 them6:41 - The challenges and judgments associated with non-GAAP measures9:32 - How the focus of the current SEC administration impacts the type and volume of comment letters12:03 - The top non-GAAP comment letter trends and the importance of continuously reassessing these measures20:58 - The interaction of current macroeconomic events and non-GAAP measures 27:34 - What companies should focus on when looking ahead to year-end reporting31:12 - Final advice when responding to SEC staff comments on non-GAAP measuresWant 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.

This month, the US federal government proposed a rule requiring government contractors to provide certain climate disclosures. In this week’s special episode, Heather Horn was joined by Valerie Wieman to discuss who the rule affects and what the key disclosure requirements are.In this episode, our guests discuss:1:37 - An overview and history behind the proposed rule4:45 - Certains exemptions to the proposed disclosure requirements 7:44 - The scope 1 and scope 2 GHG emission requirements for all contractors subject to the proposed rule9:17 - The additional requirements for “major” contractors, including climate-related financial risk factors and science-based greenhouse gas reduction targets15:23 - When the federal government expects compliance with the proposed rule17:00 - How this federal proposal compares to the SEC proposal18:45 - Timeline for comments and initial PwC thoughts on the proposed ruleFor more information on the proposed rule, see our In brief, GHG and climate risk disclosures proposed for federal contractors.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.

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 comments3:57 - The existing 2010 SEC interpretive guidance on climate disclosures8:58 - Specific examples of the types of comments frequently issued 11:53 - Lessons learned from registrant responses to the first round of staff comment letters15:18 - The importance of focusing on the 2010 interpretive guidance until the SEC’s proposed climate disclosure rule is final17:56 - Val’s final advice for year-end reportingWant 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.

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 team5:52 - Understand and evaluate ESG reporting requirements9:45 - Inventory existing climate disclosures and related data12:30 - Create a plan to address gaps, and contemplate possible challenges and action items18:24 - Understand what’s next in the implementation of the proposed rulesRefer 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. 

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 guidance8:05 - Key themes in comment letters and why segment reporting continues to be an area of focus14:59 - Specific examples of SEC staff comments and key considerations when aggregating operating segments21:32 - SEC staff comments related to entity-wide disclosures and multiple performance measures26:21 - 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.

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 sector7:58 - Effects of the hybrid work model on companies’ real estate needs and office space transformation plans10:12 - What landlords and tenants look to gain from ESG-focused imperatives14:50 - How infrastructure can enable the environmental benefits of population density19:14 - The lifestyle changes and zoning rule updates that are impacting the real estate industry22:39 - New construction trends and office space strategy considerations at the C-suite level37:32 - How the Inflation Reduction Act may impact the real estate sector39:15 - Final thoughts on ESG and real estateWant 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. 

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 revenue6:04 - The increased focus on judgments made in disaggregated revenue disclosures10:25 - 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 obligations19:52 - Comments on common industry-specific revenue arrangements 22:54 - Angela’s advice for listeners when looking ahead to year-endWant 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.

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 SOX9:52 - How management and auditor responsibilities have evolved since 200214:35 - The increasing importance of transparency for investors21:51 - How SOX enhanced investors’ understanding of the financial reporting process26:34 - How increased scrutiny over data, process, and controls resulted in increase investor confidence36:49 - The evolution of ESG reporting and the importance of trust in ESG disclosures49:25 - The future corporate reporting and importance of internal controls over nonfinancial and “pre-financial” dataWes 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. 

In March, the International Sustainability Standards Board (ISSB) released proposed disclosure standards for public comment. While not currently mandatory, when finalized, the standards are expected to form the basis for many jurisdictions’ sustainability reporting, and as such, could become mandatory for companies doing business in those jurisdictions. For this reason, companies who do business around the world will want to be watching the ISSB.This week, Heather Horn was joined by Mardi McBrien, Director of Strategic Affairs at the IFRS Foundation, to share her insights on the ISSB’s  mission and accomplishments so far. They also discuss what is next for global sustainability reporting.In this episode, you will hear them discuss:2:23 - Highlights of the ISSB’s formation and consolidation of other standard setters as well as their accomplishments in the past year9:29 - How ESG reporting standards have evolved over the last decade12:55 - How the Task Force on Climate-Related Financial Disclosures (TCFD) framework is a common thread among the “big three” ESG reporting proposals19:17 - Why TCFD is an important framework from a financial reporting lens31:22 - Key considerations for companies planning for future adoption of ISSB standards40:37 - How the standard setting organizations that were consolidated into the ISSB serve its overall objectives47:21 - Advice for companies as sustainability reporting continues to evolveFor more information on the ISSB and recent developments in ESG reporting, listen to our previous podcasts that provide background on the proposed ISSB standards and  discussion of key themes from the response letters.Mardi McBrien is the Director of Strategic Affairs at the IFRS Foundation responsible for sustainability reporting. In this role she has played an active part in setting up the ISSB. Prior to the IFRS Foundation, Mardi spent over a decade leading the global ESG standard setter, the Climate Disclosure Standards Board (CDSB), in developing quality disclosure standards and thought leadership on environmental and social issues.Heather Horn is 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. 

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 letters10:38 - The top comment letter trends in 2022 16:03 - How companies should consider “Dear Issuer” letters in their year-end reporting23:13 - The SEC staff’s approach to comment letters and what we expect in the near future28:06 - The SEC staff’s comments in proxy statements30:49 - Kyle’s advice for SEC registrants on what to do if they receive a comment letterWant 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.

The comment period has closed on the two sustainability reporting exposure drafts issued by the International Sustainability Standards Board (ISSB). What did respondents have to say on the proposals? This week, Heather Horn was joined by Andreas Ohl and Katie Woods to unpack the key themes in comment responses, and also to provide updates from the ISSB’s most recent board meeting.In this episode, our guests discuss:2:21 - An overview of the ISSB exposure drafts and their general reception by stakeholders9:13 - Key recurrent themes from the response letters, including interoperability, greenwashing, and safe harbor provisions18:55 - How organizational boundaries are delineated in the proposals23:15 - Respondents’ views on greenwashing and the importance of ensuring that disclosures are not misunderstood33:50 - A recap of the ISSB’s October 2022 meeting 42:17 - How changes in estimates pertaining to sustainability information may be treated under the proposals46:20 - Suggestions for companies that will be implementing ISSB standardsLooking for more information on the ISSB and ESG reporting? Tune in to our previous podcast discussing the two exposure drafts and our In the loop on navigating the ESG landscape. Also see the Integrated Reporting Framework for further detail on potential value drivers in sustainability reporting. For a summary of the actions taken by the board at its October 2022 meeting, refer to the ISSB’s news release.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. 

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 proposal6:45 - How a US company could be scoped into Pillar 28:51 - Key requirements of the Pillar 2 Model Rules12:01 - How to account for “top-up taxes”13:04 - What’s next in the implementation of the proposed rules15:05 - A description of the key terms used in the frameworkRefer 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. 

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 rule12:28 - Measurement complexities including the order of impairment testing16:49 - Triggers that cause an asset to no longer be considered as held for sale19:49 - Final reminder when classifying assets as held for saleWant 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. 

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 UK10:06 - What we know about investor views on the importance of climate risk management17:08 - The areas investors want to understand, including the relevance of climate risk to the business, and the related financial impacts26:03 - Key challenges faced by companies when reporting under the TCFD framework31:40 - How companies in different industries approached the disclosures42:24 - 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 disclosuresWant 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.

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 each13:42 - Capitalized interest - key considerations on timing and capitalization rate20:10 - 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 assetsWant 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.

In this week's special episode, we are discussing the deals market in 2022. Host Heather Horn sat down with Mike Bellin and John Vanosdall, partners in PwC’s Deals practice, to get some insight on current deals trends and how companies can prepare for IPOs, M&A’s, and other capital market transactions in today’s environment.In this episode you’ll hear:1:37 - Key impacts on the deals market from inflation, interest rates, supply chain, and geopolitical events6:30 - How companies are structuring deals and M&A transactions to maximize value given current market conditions17:49 - How this year’s deals market has impacted the diligence process20:40 - The importance of managing regulatory, accounting, and impairment considerations proactively28:13 - How geopolitics and ESG continue to be at the forefront of discussions in getting transactions done31:52 - Insights on how companies can manage IPO and deal readiness in the midst of volatilityWant to learn more? Check out the Q3 capital markets watch, learn more on transformation in the M&A market, and sign up to receive a copy of our Deals 2023 outlook report.Mike Bellin is a PwC Deals partner and co-leads PwC’s IPO Services practice. Mike focuses on IPOs, SPACs, accounting for carve-outs/spin-offs, purchase accounting, pro forma financial statements, stock compensation, the SEC registration process, and much more. In addition, he frequently advises on IPOs, helping his clients with their initial registration process and operational readiness.John Vanosdall is a partner in PwC’s Deals practice. He has 10+ years of experience providing corporate and private equity clients in the technology sector with advice on complex M&A accounting issues, including business combinations, disposal transactions, and fair value measurements. John spent 4 years working at the SEC, two of those years as Deputy Chief Accountant, where he led the SEC staff's work to oversee the Financial Accounting Standards Board.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.

From continued tightening central bank monetary policies to a looming energy crisis in Europe, companies continue to adapt to a rapidly changing macroeconomic and geopolitical environment. This week, Heather Horn was joined by Craig Stronberg and Zain Siddiqui, directors in PwC Intelligence, to discuss the latest geopolitical developments and how companies should be thinking ahead when it comes to the state of the economy and volatility in the global market.In this episode you’ll hear:1:41 - An update on geopolitical developments in Q3 20225:18 - Looking ahead: possible future impacts of a global slowdown in Europe and China10:22 - How Chinese policies and regulations are affecting business operations19:25 - The impact of continued “reshoring” of productive capacity25:49 - Are we facing a potential recession? Thoughts on current drivers of inflation and the Fed’s monetary policy29:10 - Currency volatility: the increasing strength of the dollar and its effect on business operations30:50 - How the longevity of the Russia-Ukraine war is impacting the global economy50:26 - Advice for companies when dealing with current geopolitical uncertaintyWant to learn more? Check out some of our previous podcasts with PwC Intelligence: Crypto toolkit: Decoding central bank digital currencies and Russian invasion of Ukraine: Global outlook and implications.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 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.

Now more than ever, companies are looking for ways not only to attract and retain top talent, but also to enhance and create ESG capabilities within their workforce. This week, Heather Horn sat down with Bhushan Sethi, the joint global leader of PwC’s People & Organization practice, to discuss how leading companies are integrating their ESG goals with their talent strategy.In this episode, our guests discuss:2:28 - How the topics of ESG and workforce interact with each other13:16 - Transparency in the workplace and how companies are building shared values with their employees 18:46 - Upskilling talent to manage the “E” imperatives in a company’s ESG agenda22:43 - The trust agenda: integrating stakeholder demands and a company’s purpose28:18 - What is top of mind for companies as they determine how best to embed ESG priorities in their organization33:31 - Recommendations for companies looking to attract and retain the best talent while meeting their commitmentsWant to learn more about recent developments in ESG? Listen to our Q3 2022 Quarterly ESG webcast and catch Bhushan on how finance teams can work toward a company’s ESG vision. Also refer to our resource on climate change strategy as a differentiator for talent.Bhushan Sethi is a joint global leader of PwC’s People & Organization group, where he shapes and drives the firm’s global network strategy, delivering standalone and integrated solutions across strategy, management, technology, and tax consulting disciplines. 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.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

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 models4:17 - How to use the screen test to identify asset acquisitions 9:21 - How to record asset acquisitions, and related transactions recognized separately18:03 - Complexities faced by the buyer, including contingent consideration24:06 - Key reminders for a seller when accounting for the disposal of an asset26:01 - Final advice for those beginning the asset acquisition processWant 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.

The Global Reporting Initiative (GRI)  is celebrating its 25th anniversary this year. In this special episode, host Heather Horn was joined by Eelco van der Enden, CEO of GRI, and Nadja Picard, PwC’s Global Reporting Leader, to discuss the voluntary ESG reporting landscape and why it matters to investors.In this episode, you will hear them discuss:0:45 - The 25th anniversary of GRI and increased adoption of its voluntary reporting standards4:22 - An overview of the main pillars of GRI12:22 - Why investors are asking for GRI reporting15:56 - The future of impact reporting24:40 - The importance of complete, rather than selective, reporting32:15 - Targets and goals: why transparent reporting matters38:02 - Looking ahead to the new ESG reporting landscapeFor more information about recent developments in ESG strategy and reporting, listen to our previous podcasts that detail ESG incentives in the Inflation Reduction Act and provide insights on ESG disclosures that matter to investors. 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. Nadja Picard is PwC’s Global Reporting Leader. In this role she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

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 lens7:23 - Measuring goodwill impairment at the appropriate unit of account17:02 - Reminders for assessing triggering events and performing the quantitative test 29:12 - Key challenges seen in practice32:32 - Assessing indefinite-lived intangible assets39:34 - Final advice on assessing goodwill for impairmentWant 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.

PwC provides a summary of the latest accounting, financial reporting, and regulatory updates to support your quarterly reporting.In the third quarter of 2022, President Biden signed the Inflation Reduction Act into law, billed as the largest climate legislation in US history. In addition to extending and creating numerous tax credits and incentives, the legislation enacts a new corporate alternative minimum tax and an excise tax on stock buybacks. We take a closer look at the provisions with potential financial reporting implications. Additionally, you’ll want to make note of the SEC’s recently finalized rules on executive compensation disclosures that may impact your next proxy.Many companies are thinking about goodwill impairment testing, either in connection with their annual test or triggered by current economic conditions. In Ask the National Office, we provide timely reminders on impairment testing, including how rising costs and interest rates could have an impact. On the regulatory front, we provide updates on ESG reporting proposals and highlight steps you should take now to prepare for climate reporting. In standard-setting updates, we summarize the FASB’s activities this quarter, including the latest on the segment reporting project.In this edition of The quarter close, we highlight these and other relevant accounting and reporting topics you should consider as you close out the third quarter of 2022.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.