PwC's accounting podcast

We continue our podcast series focused on financial statement presentation.In this episode, host Heather Horn sits down with Bret Dooley, Deputy Chief Accountant in PwC’s National Office leading our financial instruments team, for a refresher on restricted cash – a focus area due to its impact on liquidity and the recent statement from the SEC Chief Accountant on the cash flow statement. Together, they break down the judgments in identifying and presenting restricted cash.In this episode, you’ll hear:2:10 - A refresher on restricted cash, including its not-so-simple definition, its impact on liquidity ratios, and its relevance in the current economic environment9:30 - A discussion of the various types of restrictions imposed on cash and its impact on the classification and reporting of restricted cash, including:10:35 - Distinguishing between self-imposed and legal restrictions15:02 - Contractual restrictions19:39 - Cash collected or remitted on behalf of others 24:45 - How to consider the types of restrictions imposed on cash equivalents27:28 - Final reporting reminders for companies dealing with restricted cash or cash equivalentsFor more information, read chapter 6 of our Financial statement presentation guide or listen to another podcast on the statement of cash flows, 2023 Year-end toolkit: Conquering the statement of cash flows. Additionally, follow this podcast on your favorite podcast app for more episodes.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.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.Continuing our CSRD series, this week Heather Horn is joined by PwC Netherlands partner Kees-Jan de Vries to discuss the topic of the EU’s green taxonomy disclosures for financial institutions, including how the metrics and key performance indicators differ from the baseline taxonomy disclosures, as well as what financial institutions should be doing to prepare. In this episode, you’ll hear:2:31 - Explanation of the European Union's green taxonomy and its implications9:14 - Discussion on how the green taxonomy is different for financial institutions12:17 - Breakdown of key performance indicators (KPIs)18:58 - Challenges financial institutions face in reporting on the green taxonomy22:03 - Expectations for banks and insurance companies to seek out more data due to the green taxonomy27:10 - The shift from the Non-Financial Reporting Directive (NFRD) to the Corporate Sustainability Reporting Directive (CSRD) and its impact30:34 - How adoption of taxonomy disclosures requires similar oversight and controls as adoptions of other accounting rules and disclosure frameworksKees-Jan de Vries is a sustainability partner for PwC Netherlands, specializing in reporting for banks and insurance companies. He serves as chair of PwC's international Financial Services Sustainable Reporting Working Group that interprets EU Taxonomy, CSRD, ESRS, and SFDR requirements.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly 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.

We continue our month of podcasts focused on financial statement presentation.In this episode, host Heather Horn sits down with Bret Dooley, Deputy Chief Accountant in PwC’s National Office leading our financial instruments team, for a refresher on a topic that is fundamental to financial reporting for its impact on financial statement ratios – balance sheet offsetting. Together, they break down the complexities involved in determining whether and how to offset balance sheet amounts. In this episode, you’ll hear:1:30 – A refresher on balance sheet offsetting, including its purpose and significance to financial statement users6:15 – A discussion of the general accounting framework, including the four conditions to determine whether a right of setoff exists15:33 – An explanation of the different offsetting arrangements for derivatives 19:11 – A breakdown of the six criteria for balance sheet offsetting of reverse repurchase and repurchase agreements22:59 – Final accounting reminders for companies navigating balance sheet offsettingFor more information, read chapters 19 and 22 of our Financial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for more episodes.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.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.Continuing our CSRD series, this week Heather Horn is joined by Peter Flick and Nina Schäfer to discuss the topics of reporting boundaries and other common CSRD implementation questions companies are facing.In this episode, you’ll hear:3:30 – Explanation of the concepts of reporting boundaries and value chain in sustainability reporting8:59 – An analogy of concentric circles to explain the concept of own operations and value chain12:24 – A discussion on the importance of considering subsidiaries in ESG reporting23:01 – Insights on the impacts of leasing contracts and special purpose entities on sustainability reporting33:16 – Context for the implementation guidance provided by EFRAG for companies starting with their adoption of CSRD reportingLooking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards. Peter Flick is the Sustainability Reporting Technical Leader for PwC Germany, where he oversees a team focused on sustainability reporting issues in the National Office. Prior to taking on sustainability reporting, Peter consulted with clients on complex financial instrument accounting under IFRS and German GAAP.Nina Schäfer is a Director in PwC Germany’s National Office, where she focuses on sustainability reporting technical issues and consultations.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly 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.

We continue our month of podcasts focused on financial statement presentation.In this episode, host Heather Horn sits down with Jay Seliber, a partner in PwC’s National Office specializing in business combinations, to share insights on the accounting and reporting considerations for discontinued operations. Together, they unpack the judgments and practical challenges in navigating discontinued operations, an area of increased focus given the current economic environment in which many companies are considering disposing of portions of their businesses.In this episode, you’ll hear:2:27 – An overview of the criteria and qualifications for discontinued operations, including highlights of the key areas of judgment, timing considerations, and implications for businesses13:05 – Insights on the qualifications for held-for-sale treatment 18:40 – Key questions on presentation and classification of discontinued operations after meeting the gating criteria, including:19:01 – Impact to the balance sheet and income statement21:45 – Debt and income tax implications25:25 – Impact on earnings per share (EPS) computations28:55 – Statement of cash flows implications30:50 – Overview of the SEC filing requirements related to discontinued operations36:16 – Final advice for preparers on presenting discontinued operationsFor more information, read chapter 27 of our Financial statement presentation guide and chapter 12 of our Income taxes guide. Additionally, follow this podcast on your favorite podcast app for more episodes.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.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly 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 (SDS) in June of 2023. Multiple jurisdictions around the world have signaled their intent to adopt the new standards, including some with fulsome legislative or regulatory proposals.To capture the latest updates regarding the adoption of ISSB standards, Heather Horn sat down with Katie Woods, PwC UK Senior Director, to discuss measures advancing the standards in specific jurisdictions, as well as other important updates on the standard setter’s recent activities.In this episode, you’ll hear discussion of:3:15 – The International Sustainability Standards Board (ISSB) and its role in the global framework4:00 – The first two standards issued by the ISSB, including the general disclosure standard and the climate standard4:19 – Countries moving forward with potential adoption of ISSB standards7:32 – Updates on Singapore's adoption of ISSB standards and its impact on public and large private companies in Singapore8:12 – An update on the UK's approach to sustainability disclosure standards as well as a rundown of other countries’ recent measures on sustainability reporting14:45 – The ISSB’s work to internationalize Sustainability Accounting Standards Board (SASB) standards, and its recently issued educational materials20:42 - The focus of the ISSB's next thematic standards and the importance of the digital taxonomy in sustainability reporting27:10 – The importance of understanding multiple reporting frameworks to keep up with the rapid pace of change in sustainability reportingLooking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership on sustainability standards. Katie Woods is a Senior Director in PwC's Global Corporate Reporting Services - sustainability group advising on ESG and International accounting standards. Katie specializes in the new and emerging ESG reporting frameworks working across the PwC Network. She has over 30 years of experience working with a broad range of companies. Katie speaks regularly on a range of ESG and accounting topics at national and international seminars.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

We continue our month of podcasts focused on financial statement presentation hot topics. In this episode, host Heather Horn sits down with Pat Durbin, a deputy chief accountant in PwC’s National Office, and Felix Perez, a partner in PwC’s National Office specializing in SEC reporting, to discuss the significance of income statement presentation to the investor community and standard setters. Together, they break down key areas of judgment and the practical challenges involved in income statement presentation and classification.In this episode, you’ll hear:1:34 - The significance of income statement presentation and classification in portraying financial performance, including general reporting considerations and the interaction between income statement presentation and non-GAAP metrics8:50 - The SEC's rules on the form and content of income statements, including considerations for financial institutions21:44 - Income and expense disaggregation reminders, including classification of operating versus non-operating expenses as well as considerations for cost of sales, depreciation, and amortization33:50 - The complexities of income statement classification in collaborative arrangements, discontinued operations, and impairments42:05 - An update on the FASB project on disaggregation of income statement expenses (DISE) projectFor more information, read chapter 3 of our Financial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for more episodes.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.Felix Perez is a partner in PwC’s National Office specializing in SEC reporting. He has over 25 years of experience serving clients and engagement teams across financial services and technology sectors.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.

Investors today want to better understand how companies are managing crises and staying resilient, while creating and protecting long-term value in today’s fracturing world. They are looking closely at two areas—emerging technology and sustainability—to gauge whether companies can seize opportunities for reinvention and business transformation, or whether they will instead succumb to rivals.  That’s according to PwC’s most recent Global Investor Survey, which is now in its third consecutive year. To break down some of the survey’s results and their implications for preparers, Heather Horn sat down with Nadja Picard, PwC’s global reporting leader. In this episode, you’ll hear: 3:19 - The importance of sustainability in the context of broader business activity and how it is no longer a siloed topic 5:54 – How investors prioritize agility in managing long-term risks and opportunities 17:25 - The challenges companies face in collecting and managing sustainability data and the importance of having a well-defined data strategy 18:19 - The importance of credibility in sustainability reporting and how investors are looking for strategies that are underpinned by good plans 24:43 - Investor perspectives and beliefs on corporate greenwashing, per our survey 29:41 - The learning journey of companies in implementing sustainability reporting and the role of regulators in this process 32:58 - The future of sustainability reporting and the role of technology in improving data collection and reporting Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.  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. Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

We kick off another month of podcasts, this time focused on financial statement presentation hot topics. Drumroll please... This week we are presenting EPS.In this episode, host Heather Horn sits down with John Horan, PwC National Office managing director, to discuss the significance of earnings per share (EPS), focusing on the practical challenges and judgments involved in this not-so-simple, but very closely-watched, computation.In this episode, you’ll hear:00:56 - The significance of EPS to the analyst and investor community02:59 - A refresher of the differences between basic and diluted EPS and a discussion of judgments involved in the computation, including redeemable securities9:50 - A discussion of the impact of changes in capital structure and reorganizations, including stock dividends, stock splits, and IPOs, on the EPS computation20:25 - Reporting reminders, including disclosure requirements and considerations related to subsequent eventsFor more information, read chapter 7 of our Financial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for more episodes.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.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly 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.

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