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

In this episode, we discuss:

• 2:40 – How to determine whether a change in terms or conditions should be accounted for as a modification
• 5:00 – The stock-based compensation modification framework
• 8:29 – Four types of modifications related to vesting conditions
• 18:39 – Modifications that change classification
• 22:15 – Modifications of performance conditions

For more information, see chapter 4 of our Stock-based compensation guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

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

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

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

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We continue our miniseries on software costs. They are accounted for using two different models depending on whether the software is used internally or externally. In this episode, we discuss the internal-use model applicable to software developed or obtained to meet the reporting entities’ internal needs.

In this episode, we discuss:

• 3:24 – The scope of internal-use software
• 10:29 – The three stages of software development
• 14:07 – Cloud computing arrangements
• 17:50 – Practical challenges in applying this model
• 25:05 – An overview and update on the FASB's current software costs project

For more information, see chapter 3 of our Software costs guide. Also, check out our other episode in this miniseries, Accounting for the cost of externally marketed software. Additionally, follow this podcast on your favorite podcast app for more episodes.

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

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

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

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

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Our revenue miniseries continues with identifying the contract, the first step in the five-step model in the revenue standard. It's important to get this step right to appropriately apply the model for recognizing revenue. 

In this episode, we discuss:

• 4:10 – The five criteria to have a contract with a customer under the revenue standard 
• 8:23 – The impact of master services agreements and enforceable rights
• 16:03 – Assessing collectibility of the consideration in the contract
• 27:08 – Determining the contract term 

For more information, read chapter 2 of our Revenue guide. Also, to hear more on revenue topics, listen to the first episode in this miniseries, Gross versus net revenue: Is your company the principal or agent?. Additionally, follow this podcast on your favorite podcast app for more episodes.

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

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

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

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

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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 credits
• 7:45 - The different pathways to realization of tax credits
• 11:45 - How companies should allocate consideration paid for IRA credits
• 17:07 - The difference between renewable energy credits (RECs) and IRA credits
• 24:32 - Accounting for tax credits by analogy to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance
• 43:16 - Accounting for tax credits using under the ASC 740, Income Taxes, model
• 56:44 - Tax credit disclosure and control considerations

Looking 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.

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Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.

In this episode, Bret is joined by John Horan, a managing director in PwC’s National office with a focus on financial instruments, to break down what we need to know on earnings per share (EPS).

In this episode, you’ll hear:

• 2:20 - Reminders on the basic EPS calculation, including considerations for participating securities and application of the the two-class method
• 11:45 - The impact of mezzanine equity on the basic EPS calculation
• 15:12 - The impact of new FASB guidance (ASU 2020-06) on EPS calculations for contracts that can be settled in cash or shares 
• 20:01 - Complexities in the dilution calculation for liability-classified warrants and convertible debt with bifurcated conversion options
• 21:48 - Why companies should evaluate repurchased convertible instruments separately

For more information, read chapter 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this mini series.

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

Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.

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

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

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Every Tuesday in 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 use
• 6:38 - The impact of new accounting guidance for convertible instruments in ASU 2020-06 
• 9:49 - Key information when accounting for induced conversions
• 12:10 - Down round provisions in equity-linked instruments
• 19:27 - Judgments involved in determining whether to separate the conversion option and account for it as an embedded derivative 

For more information, read chapter 6 of our Financing transactions guide and chapter 3 of our Derivatives and hedging guide. Additionally, check out a prior podcast in this mini series.

Chip Currie is a partner in PwC’s National office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial services clients on treasury-related matters.

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.

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

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 CECL
• 3:34 - Insights on the impacts of CECL across industries
• 7:03 - A discussion of how to apply CECL to various asset classes, considerations on estimation methodologies, and why companies should seek continuous improvement in the application of CECL
• 9:32 - Key information to consider when preparing CECL disclosures 
• 11:22 - How subsequent events could impact CECL estimates
• 20:43 - An overview of the FASB’s exposure draft that proposes changes to the accounting for purchased credit deteriorated assets

For more information, read chapter 7 of our Loans and investments guide. Additionally, check out the prior podcast in this mini series.

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

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

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

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Every Tuesday in August, Bret Dooley is taking over the podcast to share insights on financial instruments hot topics. In each episode, Bret will discuss 5 things you need to know in 25 minutes.

To kick off the series, Bret shares insights on accounting for investment securities, a topic of recent headlines. He breaks down the complexities of held-to-maturity and available-for-sale securities, and touches on foreign currency bonds.

In this episode, you’ll hear discussion of:

• 2:05 - Key reminders for identifying and accounting for debt securities
• 6:32 - Accounting for held-to-maturity (HTM) securities and the long-term implications of HTM designation
• 12:30 - Tips on accounting for unrealized losses on available-for-sale (AFS) securities
• 17:18 - An overview of accounting for foreign currency bonds
• 19:25 - Complexities in the application of the measurement alternative model for equity securities 

For more information, read chapters 2, 3, and 8 of our Loans and investments guide. 

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.

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

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 combinations
• 7:10 - A discussion of significance tests and how they help to determine filing requirements
• 17:36 - A summary of financial statement requirements, including considerations on timing and the age of financial information
• 23:38 - An overview of the unique guidelines for a company filing (1) a new registration statement, (2) transactional proxy statements, and (3)  reverse-merger information
• 32:30 - A summary of pro forma reporting requirements, including timing considerations
• 43:36 - The distinction between the SEC and US GAAP disclosure requirements
• 47:06 - Final advice for companies navigating the filing requirements for a business combination

For more information, read chapter 17 of our Financial statement presentation guide and the SEC Financial Reporting Manual. Also check out the prior podcast in this miniseries on business combinations. 

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

Ryan Spencer is a partner at PwC's National office specializing in SEC financial reporting. He has over 20 years of experience serving clients and is a frequent contributor to PwC’s publications and communications.

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

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

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Host Heather Horn welcomes back Will Evison, a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, to provide an update on the work of PwC’s Centre for Nature Positive Business and discuss the relationship between nature positive business strategy and reporting. 

In this episode, they discuss: 

• 2:18– The purpose and progress of PwC’s Centre for Nature Positive Business 
• 8:57 – The impact of the Corporate Sustainability Reporting Directive adoption on company strategies 
• 10:45 – The importance of nature positive business
• 12:58 – Nature reporting developments, including those related to the European Sustainability Reporting Standards and the Task Force on Nature Related Financial Disclosures (TNFD)
• 23:27 – Insights on how companies can combine nature strategy and reporting
• 28:55 – What’s on the horizon for nature positive business 

Interested in more background on measuring and reporting nature and biodiversity? Listen to our previous podcasts in the “Becoming nature positive” series (Committing, measuring and reporting and Strategizing and implementing) and check out PwC’s global nature hub here. 

Also, referenced in the podcast, is the Nature Strategy Handbook developed by Business for Nature in collaboration with PwC UK (official partner of the campaign), as well as Managing natures risks: from understanding to action, a follow-up to an earlier analysis of the nature dependence of industries’ direct operations that was carried out by PwC as part of the World Economic Forum’s New Nature Economy Report Series and published in the Nature Risk Rising report in 2020. 

Will Evison is a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, specializing in integrating natural and social capital analysis into decision making. With over 18 years’ experience delivering climate and nature-related projects with businesses, investment firms and public sector organizations across more than 20 countries, he also led the development of PwC’s Total Impact Measurement and Management methodologies (TIMM), and now manages PwC’s global TIMM center of excellence. These methodologies utilize predictive analytics, health economics, and wellbeing techniques to model outcomes.

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

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

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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 gaps
• 25:50 - How assurance standards are evolving, and what elements of future standards may help to address expectation gaps
• 30:00 - The importance of regulatory oversight, independence, and quality management in sustainability accounting, reporting, and assurance
• 30:37 - Key considerations when adopting sustainability reporting frameworks
• 48:04 - How companies can participate in shaping the global sustainability regulatory landscape

Looking for more information on global ESG reporting? Check out our latest podcast and publication on what’s inside the final ISSB standards. 

Gilly Lord is PwC’s Global Leader for Public Policy and Regulatory Affairs. Based in the UK, she has over 20 years of experience advising clients on the application of regulation and liaising with regulators in jurisdictions around the world.

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

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

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

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.

To continue the series, Heather and Jay are joined by Chip Currie, another partner in PwC’s National Office, to share insights on the intersection between contingent consideration and acquisition accounting, as well as the key decision points in the multi-step accounting model.

In this episode, you’ll hear:

• 2:25 - An overview of the accounting framework for contingent consideration arrangements from the buyer’s perspective, including:
  • 7:01 - The criteria for meeting the definition of contingent consideration
  • 12:04 - An assessment of whether the arrangement is part of the purchase price
  • 16:03 - A discussion of common pitfalls in the performing the assessment
• 23:19 - An analysis of the accounting for contingent consideration arrangements classified as compensation expense
• 24:25 - A discussion of the multi-step analysis of contingent consideration arrangements that is not classified as compensation expense, including:
  • 24:38 - Liability-classified contingent consideration and applying the liability versus equity accounting model
  • 29:59 - Equity-classified contingent consideration and applying the derivative accounting model 
• 41:56 - An overview of the impact of contingent consideration on earnings per share and the statement of cash flows 
• 48:40 - Final advice for clients dealing contingent consideration in a business combination

For more information, read chapters 2 and 3 of our Business combinations guide, chapter 5 of our Financing guide, and chapters 6 and 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this miniseries. 

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

Chip Currie is a Partner in PwC’s National Office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.

Transcripts

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Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.

To continue the series, Heather and Jay are joined by Matt Sabatini to share insights on the identification of the accounting acquirer, a key judgment that impacts the remaining accounting conclusions in the acquisition model.

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 determination
• 3:50 - 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 control
• 17:30 - Accounting for the newco created as a result of a business combination
• 25:01 - The distinction between the legal acquirer versus accounting acquirer, including the financial reporting implications of that distinction, and the complexities of “reverse mergers”
• 34:40 - Final advice for clients dealing with business combinations

For 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.

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

The International Sustainability Standards Board (ISSB) issued final IFRS® Sustainability Disclosure Standards on June 26, 2023. While IFRS Sustainability Disclosure Standards are not yet required in any jurisdiction, multiple jurisdictions around the world have already signaled their intent to adopt the new standards, with additional jurisdictions expected to do so now that the standards are final.

What can companies find inside the new Sustainability Disclosure Standards? This week, Heather Horn was joined by Katie Woods, PwC UK director, to discuss the expected breadth of adoption internationally and the important considerations in advance of adoption.

In this episode, you’ll hear discussion of:

• 1:48 - The final IFRS Sustainability Disclosure Standards: IFRS S1 and IFRS S2
• 7:06 - The current status of adoption of the Sustainability Disclosure Standards in international territories
• 11:43 - The interconnectivity between IFRS Sustainability Disclosure Standards and IFRS Accounting Standards
• 19:12 - Key changes between the exposure drafts and the final standards
• 26:42 - Factors to consider when identifying and disclosing sustainability risks and opportunities
• 38:35 - Final advice for companies looking to prepare for adoption of these standards

Looking for more information on the ISSB and ESG reporting? Check out our podcast with ISSB Vice-Chair Sue Lloyd on the launch of the final ISSB standards. For more on the final standards, read our In brief. 

Katie Woods is a Director in PwC's Global Accounting Consulting Services group and advises on ESG and international accounting standards. Katie specializes in the new and emerging ESG reporting frameworks, working across the PwC Network. Katie is a frequent speaker on a range of ESG and accounting topics at national and international seminars.

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

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

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

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas— identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC. 

To kick off the series, Jay shares insights on the foundations of acquisition accounting, including key areas of judgment in the model.

In this episode, you’ll hear discussion of:

• 1:58 - The importance of understanding acquisition accounting, even in times of low deal volume
• 3:50 - The foundational accounting considerations for business combinations, including the determination of which transactions qualify as business combinations, and the implications on the control assessment
• 8:04 - The acquisition method, including how to account for the various forms of consideration exchanged in a transaction
• 12:40 - The complexities involved in step acquisitions and partial acquisitions as well as their impact on the application of acquisition accounting
• 17:46 - Insights on the measurement of assets and liabilities acquired in a business combination
• 21:24 - The measurement and allocation of goodwill acquired in a business combination, including tips for bookkeeping of goodwill
• 29:43 - Reminders related to measurement period and conforming accounting policies
• 38:17 - Final advice for getting prepared and dealing with a live deal

For more information, read our Business combinations guide and listen to our prior podcast on disclosures required in business combinations. Additionally, refer to our In the loop on the impact of acquiring an asset vs. a business.

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

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

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

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

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 aid
• 8:13 - How the EU is providing its own incentives currently
• 17:14 - An overview of the Green Deal Industrial Plan
• 24:02 - The FSR rules, and their potential impact to non-EU companies
• 36:33 - The underlying policy objectives of the FSR, and how the FSR complements EU climate incentive funds
• 43:07 - Final advice to companies affected by the new regulation and four steps they can take to prepare

Looking for more information on the FSR? Register for our upcoming webcast on July 12. For more information on the IRA, check out our previous podcast on ESG incentives in the Inflation Reduction Act and read our In depth. 

Barry Murphy is PwC’s Global ESG leader for Tax and Legal Services. Based in the UK, he has 20 years of experience advising clients on their domestic and international tax affairs. He is also focused on driving compliance solutions with the digital first approach. 

Allard Knook is the Public Sector Legal leader for PwC Netherlands, with over 20 years experience in government finance, including subsidy programs both at the national and European level.

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

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

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The International Sustainability Standards Board (ISSB) issued final IFRS® Sustainability Disclosure Standards on June 26. This included IFRS S1, which provides the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity’s value chain, and IFRS S2, which is the first thematic standard issued that sets out requirements for entities to disclose information about climate-related risks and opportunities.

What’s ahead for sustainability reporting globally now that these standards are final? This week, Heather Horn was joined by Sue Lloyd, Vice-Chair of the ISSB, to discuss the complex process of finalizing its global baseline standards, the forthcoming impact to companies, and the expected breadth of adoption internationally.

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 way
• 10:12 - Noteworthy changes from the initial draft standards to the final versions
• 17:06 - The importance of interoperability across jurisdictions and regulatory frameworks
• 21:39 - The status of jurisdictional adoption of the standards
• 26:08 - The barriers to building capacity for reporting under the new IFRS Sustainability Disclosure Standards across global value chains
• 29:10 - How the investor focus of the IFRS Sustainability Disclosure Standards provides an important reason for companies to consider adoption
• 33:07 - How the key features of IFRS S1 and IFRS S2 relate to each other and to other sustainability reporting standards
• 37:03 - The current and future outlook of the ISSB agenda consultation

Want to hear more about the ISSB? Listen to our previous podcasts on its capacity building. And for more on the final standards, read our In brief and refer to additional resources on IFRS S1 and IFRS S2 linked inside from the ISSB.

Sue Lloyd is the Vice-Chair of the ISSB and played a leading role in its establishment. Previously she served as a member and then Vice-Chair of the International Accounting Standards Board (IASB), and as Chair of the IFRS Interpretations Committee. Prior to becoming an IASB member, Ms. Lloyd worked for the IFRS Foundation as a senior technical director, leading the development of new IFRS Accounting Standards, and as director of capital markets with responsibility for the IASB’s reform of accounting for financial instruments.

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

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

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Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.

To continue the series, Angela shares insights on some accounting implications of workforce restructuring, including the different accounting models available for termination benefits.

In this episode, you’ll hear:

• 1:08 - An overview of the various accounting models applicable to workforce restructuring events
• Insights on accounting for:
  • 3:55 - One-time involuntary benefits, including severance payments
  • 8:54 - Termination benefits under an existing plan
  • 14:50 - Voluntary termination benefits and other benefit combinations 
  • 20:03 - Modifications of stock-based compensation awards, including both vested and unvested awards
  • 28:36 - Extending the exercise period of stock-based compensation awards
• 31:14 - Final advice on accounting for workforce restructuring events, including non-GAAP measures and restructuring charges

For more information on severance payment arrangements and stock-based compensation awards, read Chapter 8 of our Pensions and employee benefits guide. For more information on modifications of stock-based compensation awards, read Chapter 4 of our Stock-based compensation guide. Additionally, check out our prior podcast on non-GAAP measures.

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.

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PwC recently conducted research based on our most recent Global CEO Survey and Global Investor Survey to understand a key question: how much alignment is there between company leadership and the expectations of investors on ESG issues? The results were insightful, and might even surprise you. 

This week, Heather Horn was joined by Nadja Picard, PwC Global Reporting Leader, to break down the results and discuss the differing expectations between CEOs and investors. They also address how CFOs and their teams can help companies better meet investor expectations on sustainability.

In this episode, you’ll hear discussion of:

• 1:36 - The research: What the data from the Global Investor Survey and CEO Survey says
• 15:14 - Where there may be gaps in what investors are expecting, and the importance of creating a strategy to progress in closing the gaps
• 22:08 - How companies are embedding sustainability reporting in their processes and systems      
• 32:30 - How CFOs and their organizations are leading in communicating progress on climate
• 38:06 - The reporting landscape: A look at other important sustainability topics (besides climate) that will drive action
• 42:16 - 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.

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This episode begins a podcast miniseries on revenue topics with a discussion of principal versus agent (PvA) or “gross versus net” revenue. In other words, the principal in a transaction records revenue on a gross basis and the agent records revenue net. The PvA analysis can be subjective but it's important to get it right as it can materially impact a key line item in the income statement, revenue from contracts with customers.

In this episode, we discuss:

• 2:00 – An overview of the PvA model and reporting impacts
• 8:45 – Key considerations in the PvA analysis
• 9:50 – Assessing control
• 16:25 – Challenges in applying the PvA analysis to specific arrangements, including:
  • 16:59 – Healthcare services
  • 24:15 – Payment processing
• 30:12 – Additional reminders relating to the PvA analysis and related disclosures

For more information, read chapter 10 of our Revenue guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

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

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

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

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

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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 progress
• 6:17 - 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 vendor
• 14:51 - Accounting considerations from the perspective of the software buyer
• 17:03 - An update on the FASB’s project to modernize accounting for software costs
• 25:29 - Final advice to clients when accounting for software costs

For more information on accounting for software costs, read our Software costs guide. Also, to stay updated on the status of the FASB’s project to modernize software costs, refer to the FASB website.

Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. 

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

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

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

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Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.

To continue the series, Heather and Angela are joined by Mike Coleman, a partner in PwC’s National Office, to share insights on the challenges in the principal versus agent analysis.

In this episode, you’ll hear discussion of:

• 1:37 - An overview of the principal versus agent assessment
• 3:52 - Practical examples
• 7:09 - An overview of the two-step assessment of whether the company acts as the principal or agent from the perspective of the intermediary
• 17:22 - An overview of the two-step assessment of whether the company acts as the principal or agent from the perspective of the vendor
• 18:22 - Considerations when accounting for revenue based on the results of the principal versus agent analysis
• 22:35 - Final advice to clients and engagements teams when performing the principal versus agent assessment

For more information, read chapter 10 of our Revenue guide for principal versus agent considerations.

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.

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With so much focus on upcoming mandatory sustainability reporting requirements from jurisdictions around the globe, it’s sometimes easy to lose sight of the fact that many of the biggest sustainability-related topics often can and do have an impact not just on sustainability disclosures, but also on the financial statements. 

Both the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)® have provided educational materials on the topic of ESG in the financial statements under existing accounting standards – and both boards have added projects to their respective agendas that will impact accounting standards in the future.

This week, Heather Horn was joined by Scott Bandura, Valerie Wieman, and Katie Woods, who are all following sustainability-related projects from accounting standard setters, to share their insights on these projects and provide reminders under current accounting standards for reporting on ESG topics in the financial statements. Katie also addresses the topic of connectivity between sustainability reporting and financial reporting.

In this episode, you’ll hear discussion of:

• 2:13 - An overview and status of the FASB’s sustainability-related agenda projects
• 7:57 - An overview and status of the IASB’s project on climate in the financial statements
• 13:45 - The connectivity between the IASB’s climate project and sustainability reporting
• 24:20 - Challenges in reporting the impacts of sustainability related matters
• 31:24 - Definitions of “pollution mechanisms” and “carbon offsets” as well as the accounting and reporting implications of these instruments
• 36:17 - An overview of the types of power purchase agreements and their accounting and reporting implications
• 43:27 - Final advice for companies to help them stay up to speed with evolving guidance

Scott Bandura is a partner in the National and Global Accounting Consulting Services at PwC Canada with over 20 years of experience advising clients on international accounting standards. 

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

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

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

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

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Every Tuesday in June, Angela Fergason is taking over the podcast to share the latest in her areas of specialty — including recent trends in revenue, how to consider whether your company is a principal or agent when recognizing revenue, software costs, and restructurings.

To kick off the series, Angela shares insights on current trends in the accounting for revenue transactions.

In this episode, you’ll hear discussion of:

• 1:38 - An overview of accounting for revenue
• 4:16 - “Everything as a Service” (XaaS) arrangements and their embedded complexities, including interaction with the lease accounting model
• 12:38 - Revenue contract modifications, including scope reductions
• 17:32 - The non-cash consideration revenue model, including equity payments for both vendors and customers as well as interaction with stock-based compensation guidance
• 23:04 - Considerations when revenue arrangements include significant financing
• 26:05 - SEC comment letter trends and final advice on accounting for revenue

For more information, read our Revenue, Leases and Stock-based compensation guides. Additionally, check out our prior podcasts on the subscription economy, identifying embedded leases, and Revenue: 2022 SEC comment letter trends.

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.

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The European Commission has adopted a set of proposals, known as the European Green deal, with the aim of reducing net greenhouse gas emissions in the European Union (EU) by at least 55% by 2030, and achieving zero net emissions by 2050. In addition to the Corporate Sustainability Reporting Directive (CSRD), another pillar of this policy is the creation of the Carbon Border Adjustment Mechanism (CBAM), a new border tax aimed at equalizing the price of carbon paid for EU products operating under the EU Emissions Trading System (ETS) with that of similar imported goods.

CBAM is likely to impact the cost of carbon in global supply chains, and also has reporting obligations beginning as early as October of 2023, and the regulation has raised many questions. Which companies will it impact? What products are in scope? Will it impact companies that don’t do business in the EU?

This week, Heather Horn was joined by Barry Murphy and Niels Muller, PwC partners who are following CBAM, to share their insights on what it means and what companies can do now to prepare.

In this episode, you’ll hear discussion of:

• 2:26 - An overview of the EU Green Deal and CBAM
• 9:37 - How CBAM is intended to spur global alignment on carbon pricing
• 13:26 - Effective dates, applicable products, and other details of the regulation
• 25:58 - The current status of verification (audit) requirements and how these may evolve
• 29:39 - How CBAM could potentially impact the cost of carbon in global supply chains
• 33:59 - Recommendations for companies that want to begin preparing for CBAM ahead of the October 2023 effective date

Want 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.

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Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spinoffs.

To continue the series, Heather and Jenn are joined by Matt McCann, a partner in PwC’s National Office, to share insights on the practical challenges that arise in the tax accounting for spinoff transactions.

In this episode, you’ll hear discussion of:

• 1:30 - What a spinoff transaction is and the SEC filing requirements, including the preparation of carve-out financial statements
• 7:48 - Considerations related to allocating the consolidated income tax provision to the carved-out entity 
• 18:22 - Other practical tax challenges in carve outs including valuation allowance assessments, uncertain tax positions, and tax sharing agreements 
• 28:30 - The importance of robust disclosures when attributes or assertions are expected to change post spin
• 35:52 - Planning for tax complexities post spin and final advice for companies 

For more information, read our Income taxes and Carve-out financial statements guides. Additionally, check out our prior podcast on taxes in separate company financial statements. 

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.

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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 practice
• Eva Zabey, CEO of Business for Nature
• Julie Moorad, Senior Manager of Climate Action at Salesforce

Our panel shares their insights on ways companies are strategizing and integrating the topic of nature into their operating models.

In this episode, you’ll hear discussion of:

• 1:42 - Synergies between climate initiatives and nature positive policies
• 15:11 - Transforming your nature strategy to manage risk and create value
• 27:32 - The interrelationships among natural capital, business operations, and the broader economy
• 37:45 - The importance of starting a nature positive path now even though strategies may evolve in the long term
• 43:03 - The importance of building capacity in nature strategy and reporting
• 46:44 - Final advice for companies wanting to integrate nature positive strategies into everyday operations

Interested in more background on measuring and reporting nature and biodiversity? Listen to our previous podcast in the “Becoming nature positive” series, and check out PwC’s global nature hub here.

Will Evison is a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, specializing in integrating natural and social capital analysis into decision making. With over 18 years’ experience delivering climate and nature-related projects with businesses, investment firms and public sector organizations across more than 20 countries, he also led the development of PwC’s Total Impact Measurement and Management methodologies (TIMM), and now manages PwC’s global TIMM center of excellence. These methodologies utilize predictive analytics, health economics, and wellbeing techniques to model outcomes.

Eva Zabey is the CEO of Business for Nature, which is a global business-led coalition aiming to reverse nature loss and restore the planet’s natural systems on which economies, wellbeing and prosperity depend. Previously, she led natural capital projects at the World Business Council for Sustainable Development for 15 years.

Julie Moorad is a Senior Manager of Global Climate Action for Salesforce. Her team leads Salesforce’s international sustainability strategy, Europe, Middle East, and Africa sustainability program and developing our nature strategy, and implements nature positive policies that drive economic value firmwide and for their customers.

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

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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 combination
• 7:13 - The importance of the tax status of the entities involved and distinguishing between taxable and non-taxable transactions 
• 20:53 - Identifying and measuring temporary tax differences related to business combinations
• 23:36 - Deferred taxes associated with goodwill and considerations on the valuation allowance assessment
• 34:26 - Other common tax accounting considerations in business combinations including the measurement period, uncertain tax positions, and indemnifications 
• 37:32 - Final thoughts, including deal economics considering tax 

For more information, read our Business combinations and Income taxes guides, and check out a prior podcast on accounting for business combinations. 

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.

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This episode dives into valuation relating to goodwill impairments, long-lived asset impairments, and business combinations. We discuss:

• 1:15 – The meaning of “fair value” in financial reporting
• 5:55 – Valuation considerations and insights related
  • 6:20 – Goodwill impairments
  • 34:30 – Impairments of long-lived assets
  • 42:53 – Business combinations

For more information, read chapter 7 of our Fair value guide, chapters 2 and 9 of our Business combinations guide, and chapter 5 our Property, plant, equipment and other assets guide. Also, check out another recent podcast related to this topic, Impairment of long-lived assets held and used. Additionally, follow this podcast on your favorite podcast app for more episodes.

Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.

Adam Smith is a managing director in PwC’s Deals practice with experience related to performing valuations of businesses, business interests, intangible assets, and derivatives. Adam’s valuation specialization supports a wide range of purposes, including financial reporting, litigation support, corporate planning and consulting, and mergers and acquisitions.

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

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

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The 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 means
• 4:59 - How the ISSB is creating partnerships to advance its progress toward building capacity
• 12:35 - The importance of interoperability across jurisdictions and regulatory frameworks
• 17:50 - The ISSB’s three-part capacity building framework
• 26:21 - How the ISSB is bringing together stakeholders with varying interests for common goals
• 28:40 - Expectations on timing of release of final ISSB standards and resources for companies to prepare

Want 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.

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

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 purposes
• 6:21 - Book versus tax basis differences and when to record deferred taxes on equity method investments
• 8:52 - Income tax accounting implications when an investee becomes a subsidiary (or vice versa) through changes in ownership and control
• 13:43 - Income tax considerations related to equity method investments in partnerships, including the “look-through” policy election and inside and outside tax basis differences
• 25:45 - Final advice and common income tax questions on equity method investments

For more information, read our Equity method and Income taxes guides. Additionally, check out our prior podcasts, Part 1 and Part 2, on applying the equity method.

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.

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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 progress
• 6:30 - How investors and other stakeholders are beginning to understand the long term value embedded in ESG issues
• 14:54 - A four-part framework for sustainable value governance
• 28:20 - How robust reporting for the board supports companies in making progress on the issues that drive sustainable value
• 36:40 - How and why the finance function is playing a central role in the company’s sustainability policy setting and reporting
• 42:46 - The benefits that accrue to companies from having a clear, consistent process for identifying the sustainability issues that are relevant for their business

Want 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.

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With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. 

This week, Heather Horn was joined by Alan McGill, a partner in PwC’s Global Sustainability, Reporting, Measurement and Assurance practice, and PwC Global sustainability topic team leader Andreas Ohl to discuss the measurement of and reporting on the topics of nature and biodiversity.

In this episode, you’ll hear discussion of:

• 2:05 - The current state of company readiness to report on nature and biodiversity
• 8:19 - How all types of businesses exhibit indirect dependencies on nature and exposure to nature risks
• 14:08 - Measuring biodiversity-related value in your company’s operations
• 21:07 - Definition of natural capital and overview of its financial impacts
• 30:11 - The importance to businesses in every sector of developing nature positive strategies
• 36:21 - Assurance on data and metrics on nature and biodiversity topics
• 45:43 - Final advice for organizations wanting to become nature positive

Interested in more background on the business value drivers inherent in nature and biodiversity? Listen to our previous podcast in this series, and check out PwC’s global nature hub here.

Alan McGill is a partner in PwC UK and is the Global Sustainability Reporting, Measurements, and Assurance Leader. With over 15 years’ experience delivering sustainable business projects, Alan’s work focuses on the impact of sustainability issues on business, and providing organizations with attestation services over their reporting on relevant sustainability issues.

Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.

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

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

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With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. 

This week, Heather Horn was joined by Tom Beagent, a partner in PwC’s Global Sustainability and Climate Change practice, and PwC National Office partner and Global sustainability topic team leader Andreas Ohl. They bring the vantage point of the CFO to bear on the topics of nature and biodiversity and highlight the drivers of sustainable business value embedded in these topics.

In this episode, you’ll hear discussion of:

• 2:28 - Perspectives from conversations with CFOs on biodiversity and nature
• 6:53 - Defining nature and the interconnected relationships among the economy, the value chain of business, and nature
• 17:47 - Identifying nature- and biodiversity-related risks – and opportunities – in your company’s operations
• 19:28 - How market prices charged for using natural resources today may be well below the ultimate cost to the global economy
• 25:13 - The differences between “Net Positive” nature and biodiversity initiatives and “Net Zero” climate policies
• 34:26 - Investors’ interest in natural resources and biodiversity, and the metrics companies can use to disclose their dependencies on nature
• 46:56 - Where companies should start in contemplating risks and opportunities in this space

Interested in more background on the main issues related to nature and biodiversity? Listen to our previous podcast in this series, and check out PwC’s global nature hub here.

Tom Beagent is a partner in PwC UK's Global Sustainability and Climate Change practice, specializing in integrating natural and social capital analysis into decision making for sustainable growth. With over 20 years’ experience delivering sustainable business projects, he also co-developed PwC’s Total Impact Measurement and Management methodologies (TIMM), which allows organizations to measure and value the social, environmental, economic, and fiscal impacts resulting from their operations, as well as their extended value chains. 

Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.

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

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Every Tuesday in April, Pat Durbin took over the podcast to share insights and go back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.

In this episode, Heather Horn and Pat are joined by Jay Seliber to discuss identifying whether a service arrangement with a public-sector grantor would be in scope of ASC 853 on service concessions. They cover the accounting challenges that are associated with private-sector enterprises operating public infrastructure.

In this episode, you’ll hear discussion of:

• 1:54 - What a service concession is, and who and what is in scope of the ASC 853 guidance 
• 14:22 - Common types of private-public service arrangements 
• 18:30 - How to think about applying the revenue recognition model to these arrangements and challenges when there are multiple performance obligations and variable fees 
• 32:24 - How to recognize different types of expenses under the guidance 
• 39:25 - The development of the US GAAP guidance and a comparison to IFRS
• 45:03 - Final advice when accounting for service concessions 

For more information, read the service concessions chapter in both our revenue recognition guide and our IFRS and US GAAP: similarities and differences guide. Additionally, listen to our revenue toolkit podcast miniseries.

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

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

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

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

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With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. Given the breadth of the topic of biodiversity, understanding the issues that it encompasses can pose a challenge for preparers.

This week, Heather Horn was joined by Will Evison, director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, to continue the conversation on biodiversity in our series, “Becoming nature positive,” and provide a more robust understanding of the issues of land, water, and other nature topics.

In this episode, you’ll hear discussion of:

• 5:14 - Why biodiversity is increasingly important to business
• 14:25 - How current land development and agriculture practices contribute to biodiversity challenges
• 26:04 - The differences between physical and economic water scarcity and how these impact business risks at a regional level
• 37:13 - Examples of individuals’ and businesses’ choices that can have positive and negative impacts on nature
• 40:49 - The differences between nature positive and net zero targets and goals
• 47:21 - Advice to companies who are just getting started on understanding the issue of biodiversity

Interested in more background on why companies are beginning to focus on biodiversity? Listen to our previous podcast in this series. Also check out PwC’s global nature hub here.

Will Evison is a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, specializing in integrating natural and social capital analysis into decision making. With over 18 years’ experience delivering climate and nature-related projects with businesses, investment firms and public sector organizations across more than 20 countries, he also led the development of PwC’s Total Impact Measurement and Management methodologies (TIMM), and now manages PwC’s global TIMM center of excellence. These methodologies utilize predictive analytics, health economics, and wellbeing techniques to model outcomes.

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

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

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Every Tuesday in April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.

In this episode, Heather Horn and Pat discuss key accounting concepts and judgments in accounting for and valuing inventory. 

In this episode, you’ll hear discussion of:

• 1:34 - Different methods to determine inventory costs and the art of inventory cost accounting 
• 19:27 - How to account for changes in cost flow assumptions or composition of costs
• 25:55 - Key judgments in valuation and impairment of inventory 
• 33:19 - New ways to finance inventory 
• 35:29 - Final advice for accounting for inventory 

For more information, read our Inventory guide. 

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

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

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

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With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. The sustainability reporting standards that many companies will need to apply, such as the European Sustainability Reporting Standards and the International Sustainability Reporting Standards, include disclosure requirements on biodiversity. 

This week, Heather Horn was joined by PwC National Office partner and Global sustainability topic team leader, Andreas Ohl, to kick off a new podcast miniseries, “Becoming nature positive.” This first episode illuminates the types of issues that the term “biodiversity” encompasses and previews the rest of the series.

In this episode, you’ll hear discussion of:

• 2:10 - The drivers behind the increasing importance of biodiversity
• 6:43 - Definitions and examples to illustrate the concepts of biodiversity and nature positivity
• 16:22 - Why even companies outside of the agriculture industry should prioritize biodiversity
• 24:34 - How the issues of biodiversity and climate change are related – and not related
• 30:07 - Additional topics that will be covered in future episodes of this miniseries

Want to learn more? PwC recently commented on the revisions to the GRI biodiversity standard. 

Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.

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

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

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Every Tuesday in April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.

In this episode, Heather Horn and Pat are joined by Latina Fauconier to share insights on how to identify and evaluate subsequent events. Assessing whether information received between the balance sheet date and the issuance of the financial statements needs to be accounted for and/or disclosed can be challenging, and is more important than ever in this current environment. 

In this episode, you’ll hear discussion of:

• 1:43 - An overview of the accounting guidance and key judgments in evaluating subsequent events
• 4:55 - Complexities in determining if conditions existed as of the balance sheet date
• 11:08 - The importance of having processes and controls in place to monitor subsequent events
• 18:27 - Common examples of subsequent events and the impact on forward-looking estimates and assessments 
• 29:04 - Considerations for disclosures 
• 33:34 - Final advice for identifying and evaluating subsequent events 

For more information, listen to our previous podcast on subsequent events and read the subsequent events chapter of our Financial statement presentation guide. 

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

Latina Fauconier is a partner on tour in PwC’s National Office, focusing on revenue and compensation matters. She advises clients and engagement teams on a wide range of complex accounting and financial reporting matters under US GAAP and IFRS. She was previously a Professional Accounting Fellow in the Office of the Chief Accountant at the SEC. 

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

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

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Every Tuesday in April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.

To kick off the series, Heather Horn and Pat are joined by Tom Barbieri, our US Chief Accountant, to bring you the latest on one of the oldest and most foundational standards, FAS 5, which is now Topic 450, Contingencies.  

In this episode, you’ll hear discussion of:

• 6:03 - An overview of the accounting framework and key judgments in assessing the likelihood of loss 
• 10:21 - What to consider when measuring a loss contingency  
• 16:06 - Recognition and presentation of insurance recoveries 
• 18:49 - When gain contingencies may be recognized  
• 27:04 - What companies should consider in disclosing contingencies 
• 32:00 - Final advice when accounting for and disclosing contingencies 

For more information, read the Contingencies chapter of our Financial statement presentation guide. 

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

Tom Barbieri is the Chief Accountant in the Firm’s National Office and has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. He leads the Accounting & SEC Services Group, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. Tom is also a member of the Financial Accounting Standards Advisory Council.

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

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

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

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

In this episode, you’ll hear discussion of:

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

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

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.

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

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

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

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

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

In this episode, you’ll hear discussion of:

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

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

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.

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

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

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GHG Protocol is one of the most widely known and applied sustainability reporting frameworks. Even as ESG reporting continues to increase in prominence with proposed disclosures from the European Union as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the United States by the Securities and Exchange Commission (SEC), the criticality of GHG Protocol is reinforced by its incorporation in each of these “big three” proposals.

In light of this changing landscape, the GHG Protocol has undertaken a process to survey stakeholders and determine what updates are needed to its protocol, standards, and guidance. Heather Horn was joined by Marcin Olewinski, a PwC Trust Solutions partner, to unpack the key points of feedback contained in PwC’s comment letter on the GHG Protocol’s open consultation. Heather and Marcin both led PwC’s global working group on developing our comments.

In this episode, you’ll hear discussion of:

• 1:58 - The importance of governance of the GHG Protocol for long-term operability
• 10:38 - Our view that measurement, recognition, and baseline disclosures should form the building blocks of the standards
• 16:40 - Suggestions for structuring and organizing the standards for ease of use
• 19:17 - Dealing with disparities in data quality and availability through transparent disclosures
• 23:51 - The importance of aligning organizational boundaries, lease accounting, and other areas in the Protocol with financial reporting
• 32:21 - Recommendations to improve Scope 2 reporting
• 39:57 - Final perspectives on aligning GHG reporting with financial reporting

Interested in the contents of our comment letter to the GHG protocol? Read it here.

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

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

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

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

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

In this episode, you’ll hear discussion of:

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

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

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.

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

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

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

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This episode covers the latest developments in the world of crypto assets from the current landscape to the regulatory environment to the accounting. In this episode, we discuss: 

• 4:13 – An overview of the market
• 8:42 – US legislative activity related to SEC Staff Accounting Bulletin 121
• 14:30 – Use cases for crypto assets and related technology
• 19:15 – Accounting for crypto assets and recent guidance from the FASB
• 31:15 – Key disclosure requirements
• 36:07 – SEC guidance related to lending arrangements and custodians of crypto assets 

For more information on this topic, read our Crypto assets guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

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

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

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

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

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

In this episode, you’ll hear discussion of:

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

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

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.

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

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

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

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

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

In this episode, you’ll hear discussion of:

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

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

Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.

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

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

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

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

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

In this episode, you’ll hear discussion of:

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

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

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

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

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

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

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

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

In this episode, you’ll hear discussion of:

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

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

Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.

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

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

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

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The Task Force for Climate Related Financial Disclosures (TCFD) framework underpins each of the “big 3" sustainability disclosure proposals issued in 2022. But before it was incorporated in any of these proposals, TCFD was a heavyweight in its own right in terms of the breadth of its adoption. How did TCFD become what it is today?

Heather Horn was joined by Jon Williams, PwC partner and TCFD member, to unpack the history of the TCFD and look ahead to how the framework may continue to shape sustainability reporting in the future.

In this episode, you’ll hear discussion of:

• 2:40 - The TCFD’s history and why it was initially formed
• 12:07 - How the TCFD works to achieve stakeholder consensus on its framework recommendations
• 16:10 - Updates on where adoption of the TCFD framework stands at five years from its founding
• 20:43 - Perspectives on how regulators are raising the bar on TCFD disclosures
• 24:35 - How the TCFD was designed to interact with other existing frameworks, including the Climate Disclosure Project (CDP)
• 29:53 - Updates on the TCFD’s work plan for 2023
• 36:55 - Advice for companies who will be subject to mandatory TCFD disclosures in the future

Looking for more information on TCFD reporting and scenario analysis? Check out our previous podcast on Leveraging TCFD for climate-related disclosures.

Jon Williams is a member of the TCFD and co-leads the PwC UK’s Sustainability & Climate Change practice. With over three decades of experience in sustainable finance and strategy, Jon focuses on issues relating to climate change, biodiversity, water, and poverty alleviation. His clients include financial institutions in both developed and developing economies as well as companies in the retail, consumer goods, healthcare, energy, and mining sectors.

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

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

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