PwC's accounting podcast

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.To continue the series, Heather and Jay are joined by Matt Sabatini to share insights on the identification of the accounting acquirer, a key judgment that impacts the remaining accounting conclusions in the acquisition model.In this episode, you’ll hear:1:46 - A discussion of the importance of determining the account acquirer as the starting point, and the downstream implications of that determination3:50 - An overview of the accounting framework from the acquirer’s perspective and the intersection with consolidation standards 6:18 - Insights on performing a control assessment and a discussion of key indicators of control17:30 - Accounting for the newco created as a result of a business combination25:01 - The distinction between the legal acquirer versus accounting acquirer, including the financial reporting implications of that distinction, and the complexities of “reverse mergers”34:40 - Final advice for clients dealing with business combinationsFor more information, read chapter 2 of our Business combinations guide. Additionally, check out our prior podcasts on the VIE accounting model and the prior podcast in this miniseries. Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Matt Sabatini is a partner in PwC's National office who helps clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, corporate reorganizations, recapitalizations, joint ventures, and other investments.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.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 S27:06 - The current status of adoption of the Sustainability Disclosure Standards in international territories11:43 - The interconnectivity between IFRS Sustainability Disclosure Standards and IFRS Accounting Standards19:12 - Key changes between the exposure drafts and the final standards26:42 - Factors to consider when identifying and disclosing sustainability risks and opportunities38:35 - Final advice for companies looking to prepare for adoption of these standardsLooking for more information on the ISSB and ESG reporting? Check out our podcast with ISSB Vice-Chair Sue Lloyd on the launch of the final ISSB standards. For more on the final standards, read our In brief. Katie Woods is a Director in PwC's Global Accounting Consulting Services group and advises on ESG and international accounting standards. Katie specializes in the new and emerging ESG reporting frameworks, working across the PwC Network. Katie is a frequent speaker on a range of ESG and accounting topics at national and international seminars.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.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 volume3:50 - The foundational accounting considerations for business combinations, including the determination of which transactions qualify as business combinations, and the implications on the control assessment8:04 - The acquisition method, including how to account for the various forms of consideration exchanged in a transaction12:40 - The complexities involved in step acquisitions and partial acquisitions as well as their impact on the application of acquisition accounting17:46 - Insights on the measurement of assets and liabilities acquired in a business combination21:24 - The measurement and allocation of goodwill acquired in a business combination, including tips for bookkeeping of goodwill29:43 - Reminders related to measurement period and conforming accounting policies38:17 - Final advice for getting prepared and dealing with a live dealFor more information, read our Business combinations guide and listen to our prior podcast on disclosures required in business combinations. Additionally, refer to our In the loop on the impact of acquiring an asset vs. a business.Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Barry Murphy and Allard discuss the EU's Foreign Subsidies Regulation, its impact on climate incentives, and the Green Deal Industrial Plan. They also provide advice for companies affected by the new regulation and how to prepare for it.

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

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

PwC's podcast discusses the alignment between company leadership and investor expectations on ESG issues. They explore gaps in climate change perception, strategies to bridge gaps and increase investor engagement, challenges in communicating sustainability reporting, the CFO's role in addressing climate change, the importance of sustainability reporting for employees, and prioritizing ESG issues for thorough reporting.

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

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

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