Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes.
This week we focus on the fair value disclosure requirements for other liabilities—specifically payables, contingencies, and asset retirement obligations (AROs). Pat Durbin and John Brittain are in the guest seats to share helpful insights and key reminders
Topics include:
- 1:23 - Accounts and notes payable. Pat and John explain the presentation and disclosure requirements for payables and highlights key requirements in S-X Rule 5-02.
- 9:02 - Contingencies. Pat dives into accounting considerations for environmental liabilities as well as general presentation and disclosure matters for other contingencies.
- 20:19 - AROs. John breaks down the disclosure requirements for AROs and what to do when they cannot be reasonably estimated.
- 24:45 - Wrap up. Heather tries to stump Pat and John with two challenging questions, and Pat and John provide some final advice to companies to consider while preparing their financial statements.
Want to learn more? Read our Financial statement presentation guide on other liabilities and contingencies.
Pat Durbin is a Deputy Chief Accountant, leading the revenue and liabilities division in PwC’s National Office. He has nearly 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.
John Brittain is a partner in PwC's National Office with over 30 years of experience helping clients and engagement teams navigate the accounting and financial reporting considerations related to business combinations, as well as issues in the energy and utilities sector.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
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