PwC's accounting podcast

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.With the finalization of the SEC’s climate disclosure rules and subsequent stay, along with other developments in the sustainability reporting landscape, the pace of change can seem dizzying. In this podcast, host Heather Horn sits down with Kyle Moffat, PwC National Office partner, and Casey Herman, PwC Sustainability partner, to take stock of the landscape and consider what companies can and should be doing now to navigate the uncertainty and prepare for future compliance.In this episode, we discuss:2:24 - Status of the SEC’s climate disclosure rules and actions taken by the Commission since the rules were finalized in March5:57 - The uncertainties and potential outcomes related to the rules11:06 – Other climate disclosure frameworks and compliance requirements that will move forward regardless of the SEC rules13:25 - The increased awareness of climate risks at the board level and the importance of accuracy in climate reporting16:05 - The continued commitment of companies to their sustainability goals despite regulatory uncertainties18:10 - Why companies continue to set sustainability goals and evaluate climate risks25:15 - What companies should focus on next in today’s complex regulatory environmentLooking 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. Also, listen to our deep dive on the SEC climate rules here.Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.Casey Herman is a PwC Sustainability partner, leading a firmwide, cross functional team that assists companies with important ESG and sustainability matters. His team’s work spans from accurately reporting ESG data and progress to designing and implementing sustainable business strategies. Casey has more than 35 years of experience providing trust and consulting services to energy and utility companies. Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.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.Next up in our miniseries on accounting for financing transactions is mezzanine equity. When an instrument is presented as mezzanine equity, it is not permanent equity or a liability. We explain what that means and provide an overview of how to account for it as well as the financial statement impacts.In this episode, we discuss:1:56 - Background and the associated SEC guidance on mezzanine equity3:52 - When mezzanine equity presentation is appropriate 27:20 - Measurement36:20 - Extinguishment38:13 - EPS impactsFor more information on these topics, read chapter 7 of our Financing transactions guide. Also, check out other episodes in our miniseries covering Accounting for preferred stock from issuance to retirement and Share repurchases – The type of arrangement matters. Additionally, follow this podcast on your favorite podcast app for more episodes.Chip Currie is a partner in PwC’s National office with nearly 30 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 services clients on treasury-related matters.Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.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.While the Inflation Reduction Act (IRA) was enacted into law in 2022, the Department of the Treasury continues to provide guidance to taxpayers on how to utilize the provisions of the law. Such guidance has been issued with increasing volume in recent months. In this episode, host Heather Horn sits down with Matt Haskins, principal in PwC's Washington National Tax Services office who focuses on renewable energy transactions, to discuss the latest IRA guidance and the implications for businesses.In this episode, we discuss:2:18 - Highlights of recent updates regarding the IRA and a look ahead at the political landscape7:14 - Clarifications on the prevailing wage and apprenticeship and domestic content requirements (and an update on additional guidance released by the IRS related to the Domestic Content Bonus Credit)20:52 - Updates on the transferable tax credit market and activities28:25 - Final regulations on transferability of energy credits32:21 - The latest news on “green” hydrogen requirements42:55 - Guidance on sustainable aviation fuel and its potential impact on the aviation industry45:41 - Final electric vehicle regulations and their implications for the automotive industry49:30 - Advice for companies looking to maximize the benefit of the IRALooking 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. Matt Haskins is a principal in PwC’s Washington National Tax Services, 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.Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.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 miniseries on accounting for financing transactions with a focus on preferred shares. In this episode we provide an overview and walk through the key judgments in accounting for different types of preferred stock.In this episode, we discuss:2:01 - An overview of preferred stock, common features, and reasons companies may issue it over other forms of financing9:40 - The accounting model for preferred stock14:30 - Classification, recognition, and measurement of preferred stock30:55 - Dividends33:34 - Extinguishment or modification accountingFor more information on these topics, read chapter 7 of our Financing transactions guide. Also, for more on the EPS implications of preferred stock, listen to our podcast, Presenting earnings per share (EPS). 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.Christopher Gerdau is a partner in PwC’s National Office specializing in accounting for financial instruments and banking-related topics. Chris also conducts technical reviews of SEC filings and provides technical support to PwC’s practice offices. Chris’s client service expertise includes the banking, capital markets, and insurance industries.Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.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 concept of a circular economy emphasizes reducing, reusing, repairing, and recycling to minimize waste and maximize resource use in the context of a planet with finite resources. And as you’ll hear in this episode, circularity is increasingly becoming a business issue, both a challenge and opportunity, that interacts with multiple sustainability topics.This week, Heather Horn is joined by Tom Beagent, a partner in PwC UK’s Global Sustainability and Climate Change practice, to discuss the circular economy, a sustainable alternative to the traditional linear economy model.In this episode, we discuss:3:02 - The concept of a circular economy and its importance in the context of finite resources7:52 - The relationship between a circular economy, net zero emissions, and biodiversity9:07 - The scale of change required, and the steps involved to transition to a circular economy13:18 - Examples of industries and products that would benefit the most from transitioning to a circular economy 19:18 - Consumer practices that fit within a circular economy24:21 - Why regulators are stepping in to mandate change26:40 - The business opportunities that arise from solving problems related to waste and resource use28:34 - The challenge of changing consumer behavior and perceptions of abundance31:58 - Reporting under the EU's ESRS E5 standard and insights from the related dataLooking 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.Tom Beagent is a partner in PwC UK’s Global Sustainability and Climate Change practice, specializing in integrating natural and social capital analysis into decision making for sustainable growth. With over 20 years’ experience delivering sustainable business projects, he also co-developed PwC’s Total Impact Measurement and Management methodologies (TIMM), which allows organizations to measure and value the social, environmental, economic, and fiscal impacts resulting from their operations, as well as their extended value chains.Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.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 our miniseries on accounting for financing transactions with a focus on share repurchases. We provide an overview of the different methods and reasons companies may repurchase their own shares as well as the accounting implications. Spoiler alert – the type of arrangement really matters as it dictates the accounting.In this episode, we discuss:3:38 – An overview of the different methods and reasons companies repurchase shares11:43 – Accounting implications depending on the method of repurchase:11:55 – Spot repurchases15:07 – 10B5-1 plans16:26 – Forward repurchases18:56 – Prepaid repurchases20:30 – Tender offers24:08 – Accelerated share repurchases30:40 – Accounting for treasury stockFor more information on these topics, read chapter 9 of our Financing transactions 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 the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.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.While the SEC has stayed its climate disclosure rule for now, our team is still fielding many questions as preparers work toward complying with global sustainability reporting regulations. In this episode, host Heather Horn sits down with PwC National Office partners Kevin Vaughn, Diana Stoltzfus, and Valerie Wieman to break down some frequently asked questions on the SEC climate-related disclosures rules. In this episode, we discuss:2:05 - The implications of the SEC staying the new climate disclosure rules, and how the rules fit into an environment with multiple reporting frameworks5:17 - The continued applicability of previously issued interpretive guidance on climate-related disclosures7:05 - The scope of the SEC’s new climate disclosure rules10:11 - Impacts of the disclosure rules to management certifications and internal controls11:20 - Frequently asked questions from SEC filers about:11:25 - Scenario analysis13:53 - Materiality15:31 - Targets and goals21:10 - Renewable energy certificates and carbon offsets23:51 - Financial statement impacts30:26 - Severe weather events and other natural conditions33:56 - Advice and action steps for preparersLooking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to for the latest thought leadership on sustainability standards. Also, refer to the SEC staff’s Dear Issuer Letter for sample comments on a company’s climate-related disclosures.Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.Diana Stoltzfus is a partner in the National Office. Diana helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings, and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the Professional Practices Group within the OCA.Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.c

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.This episode provides an overview of new FASB income tax guidance requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as income taxes paid. The FASB’s updates are intended to benefit investors by providing more detailed income tax disclosures that may be useful in making capital allocation decisions.In this episode, we discuss:0:20 - Background on and an overview of the new guidance6:50 - Disaggregated rate reconciliation disclosures 26:16 - Disaggregated income taxes paid disclosures33:15 - Other changes to existing income tax disclosures35:18 - Effective dates and transitionFor more information, read our publication, FASB issues guidance on income tax disclosures. Additionally, follow this podcast on your favorite podcast app for more episodes.Jennifer Spang is the PwC National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 30 years of experience helping companies in a variety of industries navigate complex tax accounting matters.Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.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.Companies subject to multiple sustainability reporting regulations are sorting through how best to meet each framework’s requirements in an effective and efficient manner. In this episode, host Heather Horn sits down with Valerie Wieman, PwC National Office Partner, to discuss the concepts of interoperability and equivalence across global sustainability reporting frameworks as well as the importance of a data-driven assessment.In this episode, we discuss:2:31 - Defining the concepts of interoperability and equivalence3:29 - What a “data first” approach means when it comes to preparing for compliance4:51 - Overview of interoperability and equivalence in the major frameworks14:00 - Timing considerations across frameworks19:18 - Differences in scope and materiality among frameworks24:59 - Attestation and assurance requirements across frameworks31:25 - Getting started on compliance and how best to leverage interoperability opportunitiesLooking 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.Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.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 final episode in our lease accounting miniseries focuses on embedded leases. Although it may not be explicitly stated, your contract may contain a lease that needs to be accounted for. We cover some of the key considerations and common difficulties.In this episode, we discuss:1:35 - Embedded leases, including examples7:43 - The model used to identify an embedded lease08:56 - Identified asset considerations16:52 - Control considerations30:18 - Identification of lease versus non-lease components and allocation of considerationFor more information on these topics, read chapter 2 of our Leases guide. Also, check out other episodes in our miniseries covering Lease classification, "Day 2" lease accounting, and lessee accounting for real estate leases. Additionally, follow this podcast on your favorite podcast app for more episodes.Marc Jerusalem is a PwC National Office managing director specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.