PwC's accounting podcast

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. This week, Heather Horn was joined by Alan McGill, a partner in PwC’s Global Sustainability, Reporting, Measurement and Assurance practice, and PwC Global sustainability topic team leader Andreas Ohl to discuss the measurement of and reporting on the topics of nature and biodiversity.In this episode, you’ll hear discussion of:2:05 - The current state of company readiness to report on nature and biodiversity8:19 - How all types of businesses exhibit indirect dependencies on nature and exposure to nature risks14:08 - Measuring biodiversity-related value in your company’s operations21:07 - Definition of natural capital and overview of its financial impacts30:11 - The importance to businesses in every sector of developing nature positive strategies36:21 - Assurance on data and metrics on nature and biodiversity topics45:43 - Final advice for organizations wanting to become nature positiveInterested in more background on the business value drivers inherent in nature and biodiversity? Listen to our previous podcast in this series, and check out PwC’s global nature hub here.Alan McGill is a partner in PwC UK and is the Global Sustainability Reporting, Measurements, and Assurance Leader. With over 15 years’ experience delivering sustainable business projects, Alan’s work focuses on the impact of sustainability issues on business, and providing organizations with attestation services over their reporting on relevant sustainability issues.Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.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 the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. This week, Heather Horn was joined by Tom Beagent, a partner in PwC’s Global Sustainability and Climate Change practice, and PwC National Office partner and Global sustainability topic team leader Andreas Ohl. They bring the vantage point of the CFO to bear on the topics of nature and biodiversity and highlight the drivers of sustainable business value embedded in these topics.In this episode, you’ll hear discussion of:2:28 - Perspectives from conversations with CFOs on biodiversity and nature6:53 - Defining nature and the interconnected relationships among the economy, the value chain of business, and nature17:47 - Identifying nature- and biodiversity-related risks – and opportunities – in your company’s operations19:28 - How market prices charged for using natural resources today may be well below the ultimate cost to the global economy25:13 - The differences between “Net Positive” nature and biodiversity initiatives and “Net Zero” climate policies34:26 - Investors’ interest in natural resources and biodiversity, and the metrics companies can use to disclose their dependencies on nature46:56 - Where companies should start in contemplating risks and opportunities in this spaceInterested in more background on the main issues related to nature and biodiversity? Listen to our previous podcast in this series, and check out PwC’s global nature hub here.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. Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.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 avaiDid you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Every Tuesday in April, Pat Durbin took over the podcast to share insights and go back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.In this episode, Heather Horn and Pat are joined by Jay Seliber to discuss identifying whether a service arrangement with a public-sector grantor would be in scope of ASC 853 on service concessions. They cover the accounting challenges that are associated with private-sector enterprises operating public infrastructure.In this episode, you’ll hear discussion of:1:54 - What a service concession is, and who and what is in scope of the ASC 853 guidance 14:22 - Common types of private-public service arrangements 18:30 - How to think about applying the revenue recognition model to these arrangements and challenges when there are multiple performance obligations and variable fees 32:24 - How to recognize different types of expenses under the guidance 39:25 - The development of the US GAAP guidance and a comparison to IFRS45:03 - Final advice when accounting for service concessions For more information, read the service concessions chapter in both our revenue recognition guide and our IFRS and US GAAP: similarities and differences guide. Additionally, listen to our revenue toolkit podcast miniseries.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.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.

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. Given the breadth of the topic of biodiversity, understanding the issues that it encompasses can pose a challenge for preparers.This week, Heather Horn was joined by Will Evison, director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, to continue the conversation on biodiversity in our series, “Becoming nature positive,” and provide a more robust understanding of the issues of land, water, and other nature topics.In this episode, you’ll hear discussion of:5:14 - Why biodiversity is increasingly important to business14:25 - How current land development and agriculture practices contribute to biodiversity challenges26:04 - The differences between physical and economic water scarcity and how these impact business risks at a regional level37:13 - Examples of individuals’ and businesses’ choices that can have positive and negative impacts on nature40:49 - The differences between nature positive and net zero targets and goals47:21 - Advice to companies who are just getting started on understanding the issue of biodiversityInterested in more background on why companies are beginning to focus on biodiversity? Listen to our previous podcast in this series. Also check out PwC’s global nature hub here.Will Evison is a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, specializing in integrating natural and social capital analysis into decision making. With over 18 years’ experience delivering climate and nature-related projects with businesses, investment firms and public sector organizations across more than 20 countries, he also led the development of PwC’s Total Impact Measurement and Management methodologies (TIMM), and now manages PwC’s global TIMM center of excellence. These methodologies utilize predictive analytics, health economics, and wellbeing techniques to model outcomes.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 April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.In this episode, Heather Horn and Pat discuss key accounting concepts and judgments in accounting for and valuing inventory. In this episode, you’ll hear discussion of:1:34 - Different methods to determine inventory costs and the art of inventory cost accounting 19:27 - How to account for changes in cost flow assumptions or composition of costs25:55 - Key judgments in valuation and impairment of inventory 33:19 - New ways to finance inventory 35:29 - Final advice for accounting for inventory For more information, read our Inventory guide. 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.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 the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. The sustainability reporting standards that many companies will need to apply, such as the European Sustainability Reporting Standards and the International Sustainability Reporting Standards, include disclosure requirements on biodiversity. This week, Heather Horn was joined by PwC National Office partner and Global sustainability topic team leader, Andreas Ohl, to kick off a new podcast miniseries, “Becoming nature positive.” This first episode illuminates the types of issues that the term “biodiversity” encompasses and previews the rest of the series.In this episode, you’ll hear discussion of:2:10 - The drivers behind the increasing importance of biodiversity6:43 - Definitions and examples to illustrate the concepts of biodiversity and nature positivity16:22 - Why even companies outside of the agriculture industry should prioritize biodiversity24:34 - How the issues of biodiversity and climate change are related – and not related30:07 - Additional topics that will be covered in future episodes of this miniseriesWant to learn more? PwC recently commented on the revisions to the GRI biodiversity standard. Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.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 April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.In this episode, Heather Horn and Pat are joined by Latina Fauconier to share insights on how to identify and evaluate subsequent events. Assessing whether information received between the balance sheet date and the issuance of the financial statements needs to be accounted for and/or disclosed can be challenging, and is more important than ever in this current environment. In this episode, you’ll hear discussion of:1:43 - An overview of the accounting guidance and key judgments in evaluating subsequent events4:55 - Complexities in determining if conditions existed as of the balance sheet date11:08 - The importance of having processes and controls in place to monitor subsequent events18:27 - Common examples of subsequent events and the impact on forward-looking estimates and assessments 29:04 - Considerations for disclosures 33:34 - Final advice for identifying and evaluating subsequent events For more information, listen to our previous podcast on subsequent events and read the subsequent events chapter of our Financial statement presentation guide. 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.Latina Fauconier is a partner on tour in PwC’s National Office, focusing on revenue and compensation matters. She advises clients and engagement teams on a wide range of complex accounting and financial reporting matters under US GAAP and IFRS. She was previously a Professional Accounting Fellow in the Office of the Chief Accountant at the SEC. 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 April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.To kick off the series, Heather Horn and Pat are joined by Tom Barbieri, our US Chief Accountant, to bring you the latest on one of the oldest and most foundational standards, FAS 5, which is now Topic 450, Contingencies.  In this episode, you’ll hear discussion of:6:03 - An overview of the accounting framework and key judgments in assessing the likelihood of loss 10:21 - What to consider when measuring a loss contingency  16:06 - Recognition and presentation of insurance recoveries 18:49 - When gain contingencies may be recognized  27:04 - What companies should consider in disclosing contingencies 32:00 - Final advice when accounting for and disclosing contingencies For more information, read the Contingencies chapter of our Financial statement presentation guide. 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.Tom Barbieri is the Chief Accountant in the Firm’s National Office and has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. He leads the Accounting & SEC Services Group, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. Tom is also a member of the Financial Accounting Standards Advisory Council.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 March, Suzanne Stephani took over the podcast to bring you the latest on different types of financing arrangements — from debt to leases to supplier financings — including how the current macroeconomic environment impacts the accounting. In this episode, Heather Horn and Suzanne are joined by Brian Staniszewski, a PwC partner who advises clients on debt transactions. Brian and Suzanne share observations and insights on recent debt restructurings in this time of economic uncertainty. They also share reminders on how to navigate the different accounting models for debt restructurings.In this episode, you’ll hear discussion of:2:00 - Common themes among debt restructurings taking place in the current economic environment 6:38 - An overview of the different accounting models for debt restructurings and why it matters to get the accounting model right 17:12 - The key judgments required in determining whether a restructuring is a troubled debt restructuring19:56 - Common issues in the non-troubled debt restructuring model 34:58 - Financial statement presentation of debt restructurings 38:40 - Final advice when dealing with a debt restructuringFor more information, listen to our previous podcasts on the classification of debt in an uncertain economic environment and on the presentation and disclosure of debt. Also read related guidance in our Financial statement presentation guide, Financing guide, and frequently asked questions on accounting in uncertain times. Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.Brian Staniszewski is partner in PwC’s capital markets and accounting advisory group specializing in advising clients on accounting and financial reporting issues related to capital restructuring and capital raising transactions, financial instruments, business combinations, consolidation, and minority investments. He previously completed a fellowship in the SEC's Office of the Chief Accountant. 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.comDid you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Every Tuesday in March, Suzanne Stephani, is taking over the podcast to bring you the latest on different types of financing arrangements - from debt to leases to supplier financings - including how the current macroeconomic environment impacts the accounting. In this episode, Heather Horn and Suzanne will discuss the impact of the current macroeconomic environment on the classification of debt as current or noncurrent.In this episode, you’ll hear discussion of:4:44 - Key judgments in assessing the impact of covenant violations when there are grace periods and waivers13:40 - What to think about when debt is modified in advance of a covenant violation17:12 - The importance of identifying cross default and cross acceleration clauses in debt agreements20:08 - What you need to know about subjective acceleration clauses (SACs), especially in the current economic environment  25:38 - Frequent debt refinancing questions and how SACs within refinancing agreements impact the ability to use them to achieve noncurrent classification For more information, listen to our previous podcast on the presentation and disclosure of debt, and stayed tuned for our next podcast in this miniseries, on debt restructuring. Also read our Financial statement presentation guide and frequently asked questions on accounting in uncertain times. Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing 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.