PwC's accounting podcast

PwC

Our accounting podcast features PwC specialists discussing today's most compelling accounting, regulatory and financial reporting issues. From the new leases and revenue standards to CECL to LIBOR rate replacement, PwC Partner Heather Horn hosts each episode tackling a single topic and providing listeners with key takeaways to stay informed on these important accounting matters.

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GRI: Why voluntary ESG reporting still matters to investors
4d ago
GRI: Why voluntary ESG reporting still matters to investors
The Global Reporting Initiative (GRI)  is celebrating its 25th anniversary this year. In this special episode, host Heather Horn was joined by Eelco van der Enden, CEO of GRI, and Nadja Picard, PwC’s Global Reporting Leader, to discuss the voluntary ESG reporting landscape and why it matters to investors.In this episode, you will hear them discuss:0:45 - The 25th anniversary of GRI and increased adoption of its voluntary reporting standards4:22 - An overview of the main pillars of GRI12:22 - Why investors are asking for GRI reporting15:56 - The future of impact reporting24:40 - The importance of complete, rather than selective, reporting32:15 - Targets and goals: why transparent reporting matters38:02 - Looking ahead to the new ESG reporting landscapeFor more information about recent developments in ESG strategy and reporting, listen to our previous podcasts that detail ESG incentives in the Inflation Reduction Act and provide insights on ESG disclosures that matter to investors. Eelco van der Enden is the CEO of the Global Reporting Initiative. Prior to this role, Eelco led PwC’s global ESG platform for the Tax & Legal and People Services, and PwC's Tax Administration Consulting practice. Eelco is also Chairman of the Tax Policy Group of Accountancy Europe, and has published multiple articles on tax governance and reporting. Nadja Picard is PwC’s Global Reporting Leader. In this role she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
GRI: Why voluntary ESG reporting still matters to investors
4d ago
GRI: Why voluntary ESG reporting still matters to investors
The Global Reporting Initiative (GRI)  is celebrating its 25th anniversary this year. In this special episode, host Heather Horn was joined by Eelco van der Enden, CEO of GRI, and Nadja Picard, PwC’s Global Reporting Leader, to discuss the voluntary ESG reporting landscape and why it matters to investors.In this episode, you will hear them discuss:0:45 - The 25th anniversary of GRI and increased adoption of its voluntary reporting standards4:22 - An overview of the main pillars of GRI12:22 - Why investors are asking for GRI reporting15:56 - The future of impact reporting24:40 - The importance of complete, rather than selective, reporting32:15 - Targets and goals: why transparent reporting matters38:02 - Looking ahead to the new ESG reporting landscapeFor more information about recent developments in ESG strategy and reporting, listen to our previous podcasts that detail ESG incentives in the Inflation Reduction Act and provide insights on ESG disclosures that matter to investors. Eelco van der Enden is the CEO of the Global Reporting Initiative. Prior to this role, Eelco led PwC’s global ESG platform for the Tax & Legal and People Services, and PwC's Tax Administration Consulting practice. Eelco is also Chairman of the Tax Policy Group of Accountancy Europe, and has published multiple articles on tax governance and reporting. Nadja Picard is PwC’s Global Reporting Leader. In this role she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Impairment toolkit: Goodwill and intangibles
6d ago
Impairment toolkit: Goodwill and intangibles
In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering impairments – a complex topic with a variety of accounting and reporting considerations.In this episode, Heather Horn was joined by PwC National Office partner Andreas Ohl and PwC managing director Adam Smith to dive into goodwill and indefinite-lived intangible asset impairments, including the impact of current economic conditions on that assessment. In this episode, you will hear them discuss:1:26 - Goodwill from an economic lens7:23 - Measuring goodwill impairment at the appropriate unit of account17:02 - Reminders for assessing triggering events and performing the quantitative test 29:12 - Key challenges seen in practice32:32 - Assessing indefinite-lived intangible assets39:34 - Final advice on assessing goodwill for impairmentWant to learn more? Listen to other episodes in our impairment toolkit series on long-lived assets, inventory and other current assets, and financial instruments, along with previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions. For episodes on segments that address the identification of reporting units, check out disclosure requirements for segments, and 5 things to know about segment reporting.Adam Smith is a managing director with over 20 years of experience related to performing valuations of businesses, business interests, intangible assets, and derivatives. Adam’s valuation specialization supports a wide range of purposes, including financial reporting, litigation support, corporate planning and consulting, and mergers and acquisitions.Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Audio: Navigating the ESG landscape
Sep 22 2022
Audio: Navigating the ESG landscape
After years of increasingly vocal demand for enhanced transparency about ESG matters from investors and other stakeholders, regulators and standard setters in various jurisdictions issued definitive proposals to transform ESG reporting in 2022.So far this year, proposed ESG disclosures have been released in the European Union (EU) as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the US by the SEC.These “big three” proposals would each require expansive sustainability disclosures — although their proposed scopes and other details vary. In this episode, Heather Horn, partner in PwC’s National Office, brings you an audio version of our In the loop comparing the three proposals. In this podcast, you’ll hear:1:01 - Background on the “big three” proposals12:45 - Comparison of the general features of the proposals17:30 - Differences in concepts of materiality22:01 - Overview of respective targets and transition plan disclosure requirements26:31 - Overview of respective greenhouse gas (GHG) emissions reporting requirements31:01 - Comparison of GHG scope 1 and scope 2 disclosures35:43 - Comparison of GHG scope 3 disclosures39:02 - Comparison of assurance requirements43:01 - Overview of effective dates and transitionRefer also to the print version, Navigating the ESG landscape. For further insights, see:The SEC wants me to disclose what? The SEC’s climate disclosure proposalWhat's CSRD? You should already knowWhat you need to know about the ISSB's Exposure DraftsHeather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
The quarter close - third quarter 2022
Sep 21 2022
The quarter close - third quarter 2022
PwC provides a summary of the latest accounting, financial reporting, and regulatory updates to support your quarterly reporting.In the third quarter of 2022, President Biden signed the Inflation Reduction Act into law, billed as the largest climate legislation in US history. In addition to extending and creating numerous tax credits and incentives, the legislation enacts a new corporate alternative minimum tax and an excise tax on stock buybacks. We take a closer look at the provisions with potential financial reporting implications. Additionally, you’ll want to make note of the SEC’s recently finalized rules on executive compensation disclosures that may impact your next proxy.Many companies are thinking about goodwill impairment testing, either in connection with their annual test or triggered by current economic conditions. In Ask the National Office, we provide timely reminders on impairment testing, including how rising costs and interest rates could have an impact. On the regulatory front, we provide updates on ESG reporting proposals and highlight steps you should take now to prepare for climate reporting. In standard-setting updates, we summarize the FASB’s activities this quarter, including the latest on the segment reporting project.In this edition of The quarter close, we highlight these and other relevant accounting and reporting topics you should consider as you close out the third quarter of 2022.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Impairment toolkit: Long-lived assets
Sep 20 2022
Impairment toolkit: Long-lived assets
In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering impairments – a complex topic with a variety of accounting and reporting considerations.In this episode, Heather Horn was joined by PwC National Office partner Matt Sabatini and PwC managing director Adam Smith to discuss another common area for impairment questions: long-lived assets. In this episode, you will hear them discuss:1:20 - An overview of the impairment model for long-lived assets7:53 - How to identify an asset group when performing an impairment test on assets to be held and used11:58 - Types of impairment triggers and the two-step impairment test for assets to be held and used31:42 - Right-of-use asset impairment considerations33:14 - Impairment accounting under the held-for-sale model36:44 - Key reminders for companies assessing the potential impairment of long-lived assetsWant to learn more? Listen to other episodes in our impairment toolkit series on inventory and other current assets and financial instruments, along with previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions.Adam Smith is a managing director at PwC with over 20 years of valuation experience. His experience includes performing valuations of businesses, business interests, intangible assets, and derivatives. Adam’s valuation specialization supports a wide range of purposes, including financial reporting, litigation support, corporate planning and consulting, and mergers and acquisitions. Matt Sabatini is a partner in PwC's National Office with over 20 years of experience helping clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, corporate reorganizations, recapitalizations, joint ventures, and other investments.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Impairment toolkit: Financial instruments
Sep 13 2022
Impairment toolkit: Financial instruments
In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering impairments – a complex topic with a variety of accounting and reporting considerations.In this episode, Heather Horn was joined by Bret Dooley, a partner in the National Office, and Shannon Detling, a partner in the Financial Markets practice, to discuss key considerations when working through the impairment accounting framework for financial instruments. In this episode, you will hear them discuss:0:38 - An overview of the impairment model for equity and available-for-sale debt securities6:07 - How current market conditions are impacting impairment assessments11:15 - Highlights of the current expected credit losses (CECL) model for amortized cost assets17:12 - Effect of macroeconomic trends when determining credit losses under CECL29:03 - Consideration of risks and relevant controls in the credit loss estimation process33:16 - Credit outlook for the future based on current trends38:12 - Key reminders for companies thinking through the impairment model for financial instrumentsWant to learn more? Refer to the first episode in our impairment toolkit series on inventory and other current assets, along with previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions. Stay tuned for more insightful episodes in the coming weeks.Bret Dooley is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has over 25 years of experience specializing in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues relating to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.Shannon Detling is a Partner within PwC’s Financial Markets group, specializing in financial instruments, financial risk management, and financing transactions. He has extensive knowledge of capital markets, changing regulation and policy, and evolving market conditions. Shannon advises clients on how to achieve their objectives and assists them in execution from strategy through to operations, valuation, and reporting, including design, implementation, and integration of systems, processes, and controls.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
ESG industry insights: Aviation
Sep 7 2022
ESG industry insights: Aviation
With ESG top of mind for many companies, we’re continuing our podcast series looking at how the current and future reporting landscape may impact individual industries. This week, guest host Casey Herman, PwC’s US ESG leader, was joined by PwC specialists Scott Thompson and Mark Roslin to discuss the current state of climate and ESG reporting in the aviation industry and the related challenges.In this episode, our guests discuss:1:45 - Technologies on the horizon that have the potential to impact the aviation industry’s greenhouse gas emissions profile8:35 - Incentives for sustainable aviation fuel in the Inflation Reduction Act16:42 - Challenges of reporting under the SEC climate disclosure proposal for the aviation industry26:46 - Navigating social and governance considerations in the aviation industryListen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?Scott Thompson is PwC's Global Aerospace & Defense Leader, leading a team of 1,700 professionals delivering audit, tax, and advisory services to the world’s top aerospace and defense companies. Scott is a widely recognized expert in the industry, with his commentaries frequently featured in industry publications and other media outlets. Scott also hosts the annual Aerospace & Defense Finance Executive Roundtable.Mark Rosling is a director in PwC’s Trust Solutions ESG practice. Mark works with clients to establish the controls, processes, and structures needed for accurate ESG reporting, in addition to helping companies integrate ESG into their corporate reporting.Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Impairment toolkit: Inventory and other current assets
Sep 6 2022
Impairment toolkit: Inventory and other current assets
In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering impairments – a complex topic with a variety of accounting and reporting considerations.In this episode, Heather Horn was joined by PwC partner Pat Durbin to discuss key considerations when working through the impairment accounting framework, including a focus on impairment considerations for inventory and other current assets. In this episode, you will hear them discuss:1:05 - An overview of current macroeconomic factors that contribute to the impairment of assets5:32 - An introduction to the impairment framework12:01 - Impairment triggers for non-financial assets, including examples seen in practice22:38 - Sector-specific considerations to keep in mind25:10 - The inventory impairment model31:53 - Impairment accounting for other current assets38:43 - Key reminders as companies think through the impairment modelWant to learn more? Refer to our previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions. Stay tuned for more insightful episodes in the coming weeks.Pat Durbin is a Deputy Chief Accountant, leading the revenue and liabilities division in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
ESG industry insights: Banking & capital markets
Aug 31 2022
ESG industry insights: Banking & capital markets
With ESG top of mind for many companies, we’re continuing our podcast series looking at how the current and future reporting landscape may impact individual industries. This week, guest host Casey Herman, PwC’s US ESG leader, was joined by PwC partners Brittany Schmidt and David Challen to discuss the current state of climate and ESG reporting in the banking and capital markets industry, the related challenges, and how to best prepare to address them.In this episode, our guests discuss:1:37 - Why the banking and capital markets industry has been at the forefront of voluntary ESG reporting6:41 - Industry themes in responses to the SEC’s climate proposal14:37 - Key requirements of the SEC’s proposal and difficulties financial services companies may face addressing them20:39 - How financial services companies are thinking about the proposed scope 3 disclosure requirements29:39 - Forward-looking disclosure requirements and how to prepare for the proposal’s implementation35:51 - Final thoughts on the proposed disclosure requirementsListen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?Brittany Schmidt is a partner in PwC’s financial services consulting practice with over 15 years of experience helping banks and other financial services clients navigate the rapid pace of change in the regulatory and business landscape. Brittany is a firm-designated ESG champion for the financial services sector.David Challen is a partner in PwC’s banking and capital markets Trust Solutions practice with over 15 years of industry experience. He has worked with clients ranging from large, multinational banking institutions to broker-dealers and asset management advisors and funds. David is a firm-designated ESG champion for the financial services sector.Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Compensation toolkit: Impact of M&A activity on awards
Aug 30 2022
Compensation toolkit: Impact of M&A activity on awards
In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering stock-based compensation – a complex subject with a variety of accounting and reporting considerations.In this episode, Heather Horn was joined by PwC partners Gina Klein and Jay Seliber to discuss the complexities of stock-based compensation accounting arising from merger and acquisition activity. In this episode, you will hear them discuss:1:49 - Key business issues associated with stock-based awards in a transaction  6:14 - Accounting considerations for awards from the sale of a business11:03 - Modifying awards in response to a planned change in control20:36 - Considerations for vesting conditions tied to the closing of a transaction 24:05 - Transactions where the buyer replaces the seller’s awards29:24 - Other common examples of award structuring as part of M&A activity40:25 - Key points when accounting for stock-based awards during transactionsWant to learn more? Refer to previous episodes in our Compensation toolkit series on challenges for private company awards, making sense of stock award modifications, equity or liability classification, and unraveling complex vesting conditions. Also refer to our Stock-based compensation guide for more helpful information.Gina Klein is a partner leading PwC’s HR Accounting Advisory practice in Workforce Transformation where she works with companies to address the financial reporting, design, and operational issues associated with employee compensation, including stock compensation, pension plans, and other employee benefit arrangements. Gina has also spent time in PwC’s National Office, advising clients on complex accounting matters related to employee compensation under both IFRS and US GAAP.Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
ESG industry insights: Insurance
Aug 24 2022
ESG industry insights: Insurance
With ESG top of mind for many companies, we’re continuing our podcast series looking at how the current and future reporting landscape may impact individual industries. This week, guest host Casey Herman, PwC’s US ESG leader, was joined by PwC partners Jennifer Kosar and Erica Chase to discuss the current state of climate and ESG reporting in the insurance industry and the associated challenges.In this episode, our guests discuss:1:51 - The current state of climate and ESG reporting in the insurance industry and areas of focus11:35 - Challenges and concerns insurers are thinking about as they work through ESG reporting17:34 - Planning to comply with the proposed reporting requirements while protecting proprietary information23:55 - The impact of the proposed footnote disclosures on the industry and how companies are planning for the requirements31:15 - Navigating the overlapping layers of state, federal, and international reporting requirements37:41 - What industry leaders are doing now to address the new ESG reporting requirements, and what’s to comeListen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?Jennifer Kosar is a partner in PwC’s Digital Assurance and Transparency practice, helping clients in the financial services industry through the design and execution of governance, risk management, audit, and compliance programs throughout their organization. Recently, Jenn has focused on providing support to her clients on the risks and opportunities that ESG creates for the financial services industry.Erica Chace is a partner in PwC’s Trust Solutions practice, specializing in providing assurance services to insurance companies. Erica supports PwC’s Sustainability Services group, which involves helping clients develop their ESG strategy and assess relevant reporting requirements.Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Compensation toolkit: Challenges for private company awards
Aug 23 2022
Compensation toolkit: Challenges for private company awards
In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering stock-based compensation – a complex subject with a variety of accounting and reporting considerations.In this episode, Heather Horn was joined by PwC National Office partners Jay Seliber and Ken Stoler to discuss private company-specific accounting considerations for stock compensation.In this episode, you will hear them discuss:1:30 - Key differences between public and private companies when accounting for equity-classified stock awards 9:03 - Private company accounting considerations for liability-classified stock awards13:38 - An overview of profits interest awards commonly seen at private companies21:20 - Equity restructurings and key points to keep in mind33:08 - Accounting for loans given to employees to purchase stock50:18 - Where to find more information on stock compensation for private companiesWant to learn more? Refer to previous episodes in our Compensation toolkit series on making sense of stock award modifications, equity or liability classification and unraveling complex vesting conditions. Also refer to our Stock-based compensation guide for more helpful information.Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Ken Stoler is a partner in PwC’s National Office with over 25 years of experience. Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits, helping companies navigate their employee compensation issues during an IPO, spin off, acquisition, or other major transaction or event. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Special episode: ESG incentives in the Inflation Reduction Act
Aug 18 2022
Special episode: ESG incentives in the Inflation Reduction Act
The Inflation Reduction Act (the Act), signed into law on August 16, includes a number of green initiatives and incentives – but what are they, and how will they impact businesses? In this special episode, host Heather Horn was joined by Casey Herman and Matt Haskins, specialists in PwC’s ESG groups, to discuss the ESG initiatives that companies will have to consider as part of the Act.In this episode, you will hear them discuss:2:25 - Background on the Act, and how it is structured to prioritize incentives rather than penalties for green innovation7:58 - An overview of the major areas of credits in the law16:09 - Perspective on the breadth of impact of the Act to the overall economy19:32 - How electricity storage technology is needed to enable broader adoption of renewable electricity26:33 - Examples of how companies in a variety of industries could be impacted by the Act35:34 - The expected impacts of the Act in reducing greenhouse gas emissions36:27 - Opportunities for entities not directly involved in generating tax credits to benefit from the Act42:12 - Looking at the social incentives in the Act, and how these unlock additional credit dollars48:24 - Constraints that companies will face as they work to take advantage of the incentives in the ActFor more information about developments in ESG, listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?Matt Haskins is a principal in PwC’s Washington National Tax Services, where he leads the firm's Cleantech tax practice, focusing on renewable energy financing and M&A transactions. In addition to writing and speaking on issues in the renewable energy industry, Matt has co-chaired the energy and environmental taxes working group for the US Council on International Business and served as a delegate for key energy initiatives of the Organization for Economic Cooperation and Development.Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
ESG industry insights: Technology
Aug 17 2022
ESG industry insights: Technology
With ESG top of mind for many companies, we’re continuing our new podcast series looking at how the current and future reporting landscape may impact individual industries. This week, guest host Casey Herman, PwC’s US ESG leader, was joined by Rich Goode and Robert Moline from PwC’s ESG practice to discuss the strategy and reporting challenges that technology companies face.In this episode, our guests discuss:2:20 - The current state of ESG reporting in the technology industry7:16 - An overview of the SEC’s climate proposal requirements that will impact technology companies16:49 - Effective data collection for meeting the disclosure requirements26:55 - Observations from the industry’s response letters to the SEC’s climate proposal30:09 - The challenges technology companies may face in meeting the proposed emissions disclosure requirements39:41 - Advice and recommendations for technology companies to proactively ready their reporting processesListen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?Robert Moline is a PwC Partner in our technology, media and telecommunications consulting group. Robert focuses on the transformation of global technology industry clients with a focus on sustainability and climate driven change.Rich Goode is a principal in PwC's ESG practice where he assists clients in the technology, media, and telecommunications sectors navigate key environmental, social, and governance issues. Leveraging 30 years of experience, Rich also currently serves as an Adjunct Lecturer at Harvard University.Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Compensation toolkit: Making sense of stock award modifications
Aug 16 2022
Compensation toolkit: Making sense of stock award modifications
In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering stock-based compensation – a complex subject with a variety of accounting and reporting considerations.In this episode, Heather Horn was joined by PwC National Office partners Jay Seliber and Ken Stoler to discuss a number of scenarios and accounting considerations related to stock-based compensation award modifications.In this episode, you will hear them discuss:1:22 - An overview of stock option modifications 12:20 - Four types of modifications to awards with vesting conditions29:22 - How to think through changes to the classification of an award 37:34 - Accounting for changes to performance conditions45:52 - Working through changes to market conditions53:22 - Final advice for companies dealing with stock option modificationsWant to learn more? Refer to previous episodes in our Compensation toolkit series on equity or liability classification and unraveling complex vesting conditions, along with earlier podcasts on stock-based compensation including back to basics and presentation and disclosure. See also our Stock-based compensation guide. Stay tuned for more insightful episodes in the coming weeks.Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Ken Stoler is a partner in PwC’s National Office with over 25 years of experience. Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits, helping companies navigate their employee compensation issues during an IPO, spin off, acquisition, or other major transaction or event. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Audio: In the loop - What's CSRD? You should already know
Aug 11 2022
Audio: In the loop - What's CSRD? You should already know
US companies with operations or listed securities in Europe are likely to be affected by the European Commission's mandatory ESG reporting regulation. They extend far beyond the SEC's climate disclosure proposal. PwC explains what you need to know in this audio version of our In the loop, What's CSRD? You should already know.In this episode, you will hear:2:55 - Key requirements of the CSRD6:15 - What determines if a multinational company is in the scope of the CSRD?9:50 - What reporting standards would an in-scope company apply?11:20 - When would companies need to start reporting under the CSRD?12:45 - What sustainability disclosures would be required under the CSRD?16:40 - How do the EFRAG’s proposed climate disclosure requirements differ from the SEC’s proposed climate rules?18:55 - What information would a company be required to disclose about its value chain?20:15 - How would materiality be determined? 21:30 - Is any relief expected for companies reporting under another framework (e.g., the SEC’s requirements)? 22:35 - Would third-party assurance be required?24:25 - What’s next?Want to learn more about developments in ESG? Register for our upcoming Q3 2022 Quarterly ESG webcast, and listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
ESG industry insights: Real estate
Aug 10 2022
ESG industry insights: Real estate
With ESG top of mind for many companies, we’re continuing our new podcast series looking at how the current and future reporting landscape may impact individual industries. This week, guest host Casey Herman, PwC’s US ESG leader, was joined by Dan Sullivan and Randy Hoff, specialists in PwC’s Financial Markets & Real Estate practice, to discuss the strategy and reporting challenges and opportunities for real estate companies. In addition, any company that owns or rents space for its business would benefit from it.In this episode, our guests discuss:2:19 - Current areas of focus in financing real estate ESG initiatives10:22 - Why the real estate industry is motivated to invest in the “E” of ESG18:46 - Trends in the real estate industry’s comment letters on the SEC’s climate proposal23:52 - Industry themes in ESG reporting goals29:42 - Availability of new sustainability-focused financing instruments33:31 - Advice for real estate businesses working through ESG challengesWant to learn more about developments in ESG? Register for our upcoming Q3 2022 Quarterly ESG webcast, and listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?Dan Sullivan is PwC’s Financial Markets & Real Estate leader. Dan has 18 years experience assisting clients with capital markets challenges driven by owning, originating, and investing in complex financial products and real estate. He helps clients navigate rapidly changing ESG demands to create innovative product and market strategies that lead the way in sustainability finance. Randy Hoff is a Principal in PwC's Financial Markets & Real Estate team with over 20 years experience.  He provides a wide range of innovative and tech-forward ESG solutions to Commercial and Industrial occupiers and investors.  Randy helps clients achieve Net Zero and other emissions reduction goals through technology, advanced analytics and engineering.Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Compensation toolkit: Classifying awards as equity or liability
Aug 9 2022
Compensation toolkit: Classifying awards as equity or liability
In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering stock-based compensation – a complex subject with a variety of accounting and reporting considerations.In this episode, Heather Horn was joined by PwC National Office subject matter specialists Jay Seliber and Nicole Berman to discuss the challenging topic of classifying stock option awards as equity or a liability.In this episode, you will hear them discuss:1:32 - An overview of equity and liability classification of stock options and their key differences5:26 - Common examples of exceptions to the general classification rules16:31 - Accounting for awards with redemption features30:30 - How to think about awards with put or call features36:56 - Accounting for awards with repurchase features43:27 - Final advice for dealing with equity and liability classification of stock optionsWant to learn more? Refer to the first episode in our compensation toolkit series on unraveling complex vesting conditions, along with earlier podcasts on stock-based compensation podcasts including back to basics, award modifications and presentation and disclosure. For more on stock-based compensation, refer to our Stock-based compensation guide. Stay tuned for more insightful episodes in the coming weeks.Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Nicole Berman is a Director in PwC's National Office. She advises clients on the accounting for complex transactions related to revenue recognition and employee compensation matters, including stock-based compensation, pensions, OPEB, and restructurings, under both US GAAP and IFRS.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
Diving deeper into the ISSB's ESG reporting proposal
Aug 4 2022
Diving deeper into the ISSB's ESG reporting proposal
The International Sustainability Standards Board (ISSB) has issued its first two ESG reporting exposure drafts for comment: one on general disclosure requirements and one on climate-related disclosure requirements. This week, Heather Horn was joined by Andreas Ohl, a partner in PwC’s National Office, to dive into the proposal and why they matter for US companies.In this episode, you will hear:1:17 - Background on the ISSB’s international role and where it fits in the global ESG reporting landscape7:43 - An overview of the general themes and goals in the ISSB’s first two exposure drafts19:54 - An explanation of how the concept of enterprise value is used in the proposal24:05 - The types of information companies would be required to disclose under each proposal29:36 - How the ISSB proposal incorporates industry-specific metrics and disclosures33:31 - A discussion of the proposed GHG emission requirements40:51 - Final thoughts and financial reporting considerations across the SEC, ISSB, and CSRD proposalsWant to learn more about the proposals? Listen to our previous podcasts that compare the SEC proposal to the ISSB and CSRD proposals, provide PwC’s perspective on the SEC's proposal, and related implementation considerations. 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.
ESG industry insights: Retail and consumer markets
Aug 3 2022
ESG industry insights: Retail and consumer markets
With ESG top of mind for many companies, we’re starting a new podcast series looking at how the current and future reporting landscape may impact individual industries. This week, guest host Casey Herman was joined by Julie Bogas and John DeRose, partners in PwC’s ESG practice, to discuss the reporting and strategy-related challenges and opportunities that exist for companies that operate in retail and other consumer-facing businesses.In this episode, you will hear them discuss:3:40 - An overview of why SEC’s climate disclosure proposal matters to companies that do business directly with consumers11:19 - The current state of voluntary ESG reporting in the industry14:55 - The biggest challenges consumer-focused companies are facing as they prepare for the expected new SEC rules22:08 - Difficulties shared by companies in gathering and reporting emissions data33:42 - Common physical and transition risks seen in the industry and how companies are managing them40:23 - Typical ESG goals and targets set by companies in the industry, along with the outlook for achieving themWant to learn more about developments in ESG? Register for our upcoming Q3 2022 Quarterly ESG webcast, and listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?Julie Bogas is a partner in PwC’s ESG Consulting Solutions practice with more than 21 years of experience helping clients in a variety of industries undertake ambitious programs to successfully transform their sustainability, finance, IT, and risk and compliance capabilities. For 11 years she has been helping clients build ESG and sustainability capabilities, including ESG strategy, value chain impact assessment, goal setting, training, disclosure and reporting, and data governance and technology.John DeRose is a partner in PwC’s ESG Trust Solutions practice with more than 20 years of reporting, assurance, compliance, and risk management experience serving large multinational organizations. He works with companies across all industries, including technology, telecommunications, manufacturing, apparel and footwear, and banking.Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.