PwC's accounting podcast

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 presentation and disclosure requirements for pension obligations and plan assets. Jay Seliber and Ken Stoler from our National Office are back in the guest seats to discuss key reminders with our host, Heather Horn. Topics include:1:24 - Pension costs. Jay outlines the typical six accounting components of pension and other postemployment benefit (OPEB) costs for single-employer defined benefit plans.  7:31 - Financial statement presentation. Ken explains the balance sheet and income statement and classification matters for pension and OPEB obligations. 11:02 - Disclosures. Jay highlights key objectives to consider and specific required disclosures for pensions. 24:47 - Key takeaways. Heather, Jay, and Ken close with some final advice to help make the preparation of these disclosures easier.Want to learn more? Read our Financial statement presentation and Pensions and other employee benefits guides. And listen to our podcast, Accounting for pension plans: Back to the basics with 5 things to know. 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 to the FASB's Emerging Issues Task Force.Ken Stoler is a partner in PwC’s National Office with over 15 years of experience. He helps companies to address one of their most fundamental concerns, how they should compensate their employees and executives. Helping companies navigate their employee issues during an IPO, spin off, acquisition, or other major transaction or event, Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. 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.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Special-purpose acquisition companies (SPACs) have been around for a long time, but in the last 24 months, the SPAC market has seen an unprecedented amount of activity. In our Facts on SPACs mini-series, we cut through the noise to tell you exactly what you need to know about this boom. This week we’re kicking off this series with a SPAC lifecycle overview. Mike Bellin, PwC’s IPO Services co-leader, is in the guest seat to give the what, why, and how of SPAC transactions, including a few of the latest trends emerging in 2021. Topics include:0:53 - Defining a SPAC. Mike introduces what a SPAC transaction is, what it accomplishes, and what’s driving its popularity. 11:27 - SPACs versus IPOs. Most companies are familiar with traditional IPOs. Mike describes the similarities and differences in the processes that make SPACs a popular choice, and the differences in risk. 18:23 - The current landscape. Mike highlights what’s happening in the SPAC market currently, including “divestiture-to-SPAC” and “up-SPAC” transactions, along with key accounting and reporting considerations.24:40 - Key takeaways. Heather and Mike close with some final remarks around where CFOs and controllers can focus their preparation when contemplating various liquidity scenarios. If going public is on the table, it’s important to put investment into the organization now - Mike explains.Want to learn more? Listen to our podcast Forecast 2021: Operational readiness for IPOs, SPACs, and spins, and read our In depth: Domestic SPAC mergers - financial reporting and accounting considerations.Mike Bellin is a PwC Deals partner and co-leads PwC’s IPO Services practice. Mike focuses on IPOs, SPACs, accounting for carve-outs/spin-offs, purchase accounting, pro forma financial statements, stock compensation, the SEC registration process, and much more. In addition, he frequently advises on IPOs, helping his clients with their initial registration process and operational readiness.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.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

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 presentation and disclosure requirements for stock-based compensation awards. Jay Seliber and Ken Stoler from our National Office are joining us to share helpful insights with our host, Heather Horn. Topics include:1:21 - Balance sheet. Jay opens with balance sheet presentation and classification matters for stock-based compensation awards.5:02 - Income statement. Jay explains the income statement presentation requirements for stock-based compensation expense and the related SEC comment letter trends.8:22 - Statement of cash flows. Ken walks through the impact of stock-based compensation awards on the statement of cash flows.14:31 - Statement of stockholders’ equity. Ken highlights the areas affected by stock-based compensation awards in the statement of stockholders’ equity. 16:29 - Disclosures. Jay and Ken discuss the required disclosures and best practices. 27:52 - Key takeaways. Heather, Jay, and Ken close with some final remarks.Want to learn more? Read our Financial statement presentation and Stock-based compensation guides. And listen to our podcast, Stock-based compensation issues in an IPO and SPAC, explained.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 to the FASB's Emerging Issues Task Force.Ken Stoler is a partner in PwC’s National Office with over 15 years of experience. He helps companies to address one of their most fundamental concerns, how they should compensate our employees and executives. Helping companies navigate their employee issues during an IPO, spin off, acquisition, or other major transaction or event, Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. 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.comDid you enjoy this episode? Text us your thoughts and be sure to include the episode name.

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 presentation and disclosure requirements for debt including term debt, revolving debt, and structured payables. Chip Currie and Suzanne Stephani from our National Office are back in the guest seats to discuss key reminders with our host, Heather Horn. Topics include:1:24 - Balance sheet. Chip and Suzanne highlight balance sheet classification matters for refinancings, repayments, covenant violations, issuance costs, and more.  12:58 - Income statement. Chip explains the income statement impacts of gains and losses on debt extinguishment and common acceptable approaches to classification.14:18 - Statement of cash flows. Suzanne reminds listeners how to present debt activity in the statement of cash flows—from debt borrowings and repayments, to extinguishments and modifications. 17:09 - Disclosures. Chip highlights the key required disclosures for debt that investors are focused on. 24:19 - Structured payables. Chip explains structured payables and the related disclosure requirements. 22:33 - Key takeaways. Chip and Suzanne close with some final reminders.Want to learn more? Read Chapter 12: Debt and Section 11.3.1.5: Structured payables of our Financial statement presentation guide, and listen to our podcast, Debt classification: Back to the basics with 5 things you need to know.Chip Currie is a partner in PwC’s National Office with over 20 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to 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, 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.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

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 presentation and disclosure requirements for other assets—specifically property, plant and equipment, inventory, intangible assets, goodwill, and capitalized software. Mike Coleman and Matt Sabatini, PwC National Office partners, are back in the guest seats to share some helpful insights with our host, Heather Horn.Topics include:1:29 - Property, plant and equipment (PPE). Matt explains the presentation and disclosure requirements for PPE and highlights key areas of focus for analysts.8:29 - Inventory. Mike highlights the SEC’s and FASB’s presentation and disclosure rules, including where they differ depending on the costing method applied.15:37 - Intangible assets and goodwill. Matt and Mike take us through the presentation and disclosure requirements for intangibles and goodwill, whether acquired through a business combination or an asset acquisition, and the related impairment assessments.22:56 - Capitalized software. Mike breaks down the disclosure rules for capitalized software for both the sellers and buyers of internal and external use software.27:41 - Standard setting. Matt and Mike update listeners on the FASB’s projects on goodwill, intangibles, and inventory disclosures.30:17 - Key takeaways. Matt and Mike close with some final reminders.Want to learn more? Read:Chapter 8: Other assets of our Financial statement presentation guideSections 5.2.7.4 Presentation and disclosure–held and used impairment and 5.3.8 Presentation and disclosure (held for sale) of our PP&E and other assets guideAnd listen to our podcasts:Accounting for cloud computing costs: 5 things you need to knowBuying or developing new software? Know which guidance to useMike Coleman is a partner in PwC's National Office with over 30 years of experience specializing in accounting for revenue and software arrangements. In addition, Mike has been one of the firm's representatives on the AICPA Software Task Force. Prior to his time in National, Mike was an audit partner in the firm's NY Metro assurance practice serving technology clients.Matt Sabatini is a partner in PwC's National Office with nearly 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.Transcripts available upon request foDid you enjoy this episode? Text us your thoughts and be sure to include the episode name.

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 investments, specifically debt securities and equity instruments, as well as the related presentation and disclosure matters. Our host, Heather Horn, sat down with PwC National Office partners, Chip Currie and Bret Dooley, to share some helpful insights. Topics include:1:29 - Reminders on the accounting model. Bret and Chip open with recognition and measurement reminders for equity instruments and debt securities.6:12 - Balance sheet. Bret explains the balance sheet presentation and classification matters for these types of investments. 9:31 - Income statement. Chip highlights the income statement considerations. 13:28 - Disclosures. Chip and Bret explain the key disclosures specific to equity instruments and debt securities. They also remind companies to disclose specific portfolio information. 19:47 - Other important disclosures. Our guests describe other required disclosures for available-for-sale securities, held-to-maturity securities, credit risk, and MD&A.32:22 - Takeaways. Chip and Bret close with some final reminders. Want to learn more? Read:Chapter 9: Investments—debt and equity securities of our Financial statement presentation guideChapter 12: Presentation and disclosure of our Loans and investments guideChip Currie is a Partner in PwC’s National Office with over 20 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.Bret Dooley  is a Partner in PwC’s National Office, focusing on emerging financial reporting issues related to financial instruments and assisting clients in resolving complex accounting matters. He brings more than 25 years of experience in both public accounting and industry, including leadership roles in accounting policy, financial reporting and controllership teams at global financial institutions.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.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

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 presentation and disclosure requirements for comprehensive income and stockholders’ equity. Tom Barbieri and Jay Seliber from our National Office are joining us again to share helpful insights and key reminders with our host, Heather Horn. Topics include:0:39 - Comprehensive income. Tom and Jay break down the presentation basics of comprehensive income and dive into the elements of other comprehensive income. 14:57 - Stockholders’ equity. We run through the requirements of presenting and disclosing the changes in stockholders’ equity. 20:02 - Preferred stock. Jay and Tom explain the nuances related to the balance sheet presentation of preferred stock. 21:55 - Other common areas. Lightning round! Heather quizzes our guests on presentation and disclosure rules for mezzanine equity, treasury stock, dividends, and contracts indexed to a company’s own stock. 34:22 - Standard setting. Jay highlights some new disclosure requirements from the recent standard setting on convertible debt and warrant modifications.38:10 - Wrap up. Tom and Jay share their final advice for our listeners and key takeaways. Want to learn more? Read:Chapter 4: Reporting comprehensive income, Chapter 5: Stockholders’ equity, Chapter 21: Foreign currency, and Section 15.3.3: Temporary (mezzanine) equity of our Financial statement presentation guideChapter 7: Preferred stock and Chapter 8: Accounting for certain contracts to issue shares of our Financing transactions guideIn depth: Accounting for convertible instruments and own equity contractsTranscripts 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.

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 presentation and disclosure requirements for earnings per share. John Horan and Jay Seliber from our National Office are joining us again to share helpful insights and key reminders with our host, Heather Horn. Topics include:1:18 - The basics. Jay and John set the stage for today’s discussion with a refresher on the type of entities that are required to calculate EPS and the presentation and disclosure requirements for basic and diluted EPS. 8:41 - Basic EPS. We break down how to calculate basic EPS, potential adjustments to the numerator and denominator, and how to calculate weighted average shares outstanding. 19:04 - Diluted EPS and convertible instruments. Jay and John discuss how to calculate diluted EPS and the various methods used. 28:30 - Potential common shares. Our guests explain what potential common stock share instruments are anti-dilutive and how to consider them in the EPS calculation. 32:09 - Quarterly versus annual EPS. Jay gives us a refresher on how EPS is presented on a quarterly and annual (or year-to-date) basis. 36:21 - Wrap up. Our guests give us their final remarks and key takeaways. Want to learn more? Read:Chapter 7: Earnings per share of our Financial statement presentation guideSection 6.6 of our Carve-out financial statements guideSections 2.6.5.3, 2.10.5 and 6.4.2.2 of our Business combinations and noncontrolling interests guideOur In depth: Domestic SPAC mergers - financial reporting and accounting considerationsAnd listen to our podcasts, Got EPS questions? We've got answers and Earnings per share: 5 things you need to know.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.

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 statement of cash flows and the common classification matters. Suzanne Stephani from our National Office is back in the guest seat to share helpful insights and key reminders with our host, Heather Horn.Topics include:1:14 - The basics. Suzanne sets the stage for today’s discussion with a refresher on the types of cash, cash equivalents and restricted cash to include in the statement of cash flows, and the related disclosures.7:02 - General classification model. Suzanne reminds us of what the direct and indirect methods are and breaks down the three cash flow buckets on this statement: operating, investing, and financing activities. She also highlights what investors are focused on.  12:15 - Gross versus net. We discuss the requirements to present investing or financing inflows and outflows as gross, and what the specific criteria is for when a net presentation is permissible. 15:10 - Noncash investing and financing. Suzanne highlights the required disclosures for noncash activities and provides helpful examples. 19:11 - Common classification issues. We go through a lightning round of questions on common classification issues such as insurance claim proceeds, noncontrolling interest cash flows, repayment of debt that was issued at a discount, payment-in-kind notes, debt extinguishment costs, and structured payables.29:20 - Close out. Suzanne gives us her final remarks and reminds us of the upcoming PwC Q2 Quarterly accounting webcast on emerging issues. Want to learn more? Read Chapter 6: Statement of cash flows of our Financial statement presentation guide.And listen to our podcasts:Building your cash flow statement in uncertain timesStatement of cash flows: back to basicsSuzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to 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, 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.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

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.Our second episode in this series focuses on the income statement. Valerie Wieman and Ashleigh Pierce from our National office join host Heather Horn to share helpful insights and key reminders.Topics include:1:28 - General presentation reminders. Valerie sets the stage for today’s discussion with a breakdown of the general income statement presentation requirements.6:31 - Revenue presentation. Valerie and Ashleigh take us through the SEC requirements for presenting revenue and how to distinguish between revenues and gains.11:55 - Cost of sales and operating expenses reminders. Valerie and Ashleigh remind us of the judgment involved when allocating your expenses between cost of sales and operating expenses.18:52 - Operating measures and subtotals. Ashleigh provides some key reminders for companies that choose to present an operating measure on their income statement.21:20 - SEC comment letters. Valerie highlights relevant SEC comment letter trends, including cost classification, depreciation and amortization, and gross profit subtotals.23:24 - Other specific presentation requirements. Our guests walk through presentation and disclosure of research and development costs, collaborative arrangements, long-lived asset impairments and non-operating income and expenses.30:27 - Government grants. Ashleigh shares presentation and disclosure reminders related to the receipt of government grants.35:54 - Standard setting update. Ashleigh and Valerie wrap up by highlighting projects on the FASB’s technical agenda that impact the income statement and related disclosures.Want to learn more? Read Chapter 3: Income statement of our Financial statement presentation guide.And listen to our Podcast: Disaggregated expense disclosures – The FASB’s new DISE standardValerie Wieman is PwC’s National office Editor-in-chief. She manages the creation, development, and publication of our brand-defining thought leadership. Prior to that role, she was part of PwC’s National office SEC services group, helping clients navigate SEC rules and regulations.Ashleigh Pierce is a director in PwC’s National office specializing in technical accounting matters, strategic thought leadership, and podcast content. She has experience serving multinational clients, both public and private, primarily in the consumer markets, healthcare, not-for-profit, higher education, and industrial products sectors.Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, 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 diDid you enjoy this episode? Text us your thoughts and be sure to include the episode name.