PwC's accounting podcast

In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process – from closing the books to finalizing reports.In this episode, PwC National Office director Suzanne Stephani joins us to discuss the most timely issues preparers face on the statement of cash flows, focusing on the transactions and topics that are arising more frequently in today’s macroeconomic environment.In this episode, you will hear reminders on the cash flow treatment of:1:43 - Factoring of accounts receivable8:42 - Supplier finance programs12:51 - Cash equivalents, including Treasury Bills, commercial paper, and money market funds18:52 - Foreign currency matters27:51 - Discontinued operations29:38 - Business combinationsStay tuned for the next episode in our Year-end toolkit series. For more of our previous content on the statement of cash flows, check out Statement of cash flows: Back to basics and Building your cash flow statement 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.

In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process.PwC National Quality Organization leader, Tim Carey, joins us this week to kick off the series with his advice on dealing with the impact of broad macroeconomic issues, resolving complex technical issues, and staying ahead of the curve on the year-end close.In this episode, our guests will discuss:4:54 - Where to focus efforts for this year end 16:15 - How to prepare for unexpected or unusual items20:21 - The importance of re-assessing the adequacy of MD&A disclosures22:50 - Why connecting the dots across functions is critical for managing issues  31:54 - How to best manage the time between earnings release and filings36:25 - Best practices for dealing with last minute issues and changes39:07 - Tim’s recommendations for managing resources and promoting team successStay tuned for upcoming podcasts in our Year-end toolkit series and listen to our Q4 2022 Quarter close for further insights on the latest accounting, financial reporting, and regulatory updates to support year-end reporting. And for more information on presentation and disclosure requirements, check out our Financial statement presentation guide.Tim Carey is PwC’s National Quality Organization leader, with 30+ years experience in complex accounting, tax and reporting issues. Tim has led large-scale teams on a wide range of projects including financial statement audits, transaction structuring, financial due diligence, and post-merger integration. Heather Horn is PwC’s National Quality Organization 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.

In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.To conclude the series, this week Heather Horn sat down with Pete Driscoll, a partner in PwC’s National Office, to discuss trends noted in SEC enforcement actions this year, including the increase in cases related to topics on the SEC’s current agenda, such as ESG and cybersecurity.In this episode, you’ll hear discussion of:1:43 - An overview of the SEC enforcement division and its current priorities 4:43 - Noteworthy enforcement actions related to ESG8:56 - Cases based on false and misleading claims and the types of monetary or disgorgement penalties issued15:05 - The continuing enforcement of traditional cases against issuers, including restatements and cases for inaccurate books and records19:57 - Recent SEC proposals (covered in our publication, SEC proposes new cybersecurity disclosure requirements) and enforcement actions related to cybersecurity21:47 - Advice for listeners as they prepare for year-end reportingWant to learn more? Check out our analysis of SEC comment letter trends. For additional information on recent enforcement actions, listen to our podcast on the 2022 AICPA SEC Conference.Pete Driscoll is a partner in PwC’s National Office focusing on SEC regulations, reporting, and compliance. Prior to his role at PwC, Pete held several roles at the SEC, including Director of the Division of Examinations and Chief Risk and Strategy Officer.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.

In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.Kyle Moffatt, PwC National Office partner, is back in the guest seat with our host, Heather Horn, to share key insights on the #1 top SEC comment letter trend in 2022, MD&A.  In this episode you’ll hear discussion of:1:27 - The impact of changes to MD&A guidance 8:01 - The types of MD&A comments registrants are receiving11:45 - Who should be involved in telling a company’s story in MD&A14:56 - How the SEC's priorities influence comments in this area 19:41 - The importance of company compliance with the overarching principles of MD&A24:20 - How emerging trends are impacting comment letters 33:12 - Advice for companies as they prepare their year-end filingsWant to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For more information on the SEC’s disclosure requirements pertaining to MD&A, check out our In depth on the amended rules and Topic 9 of the SEC’s Financial Reporting Manual.Kyle Moffatt is a partner in PwC's National Office where he 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.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.

In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, Heather Horn sat down with Kyle Moffatt, a partner in PwC’s National Office, to discuss the SEC staff’s continued focus on non-GAAP measures and trending comment letter themes. In this episode you’ll hear discussion of:1:15 - What non-GAAP measures are and how registrants use them6:41 - The challenges and judgments associated with non-GAAP measures9:32 - How the focus of the current SEC administration impacts the type and volume of comment letters12:03 - The top non-GAAP comment letter trends and the importance of continuously reassessing these measures20:58 - The interaction of current macroeconomic events and non-GAAP measures 27:34 - What companies should focus on when looking ahead to year-end reporting31:12 - Final advice when responding to SEC staff comments on non-GAAP measuresWant to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For further information on non-GAAP measures with respect to business and market disruptions, take a look at the SEC Division of Corporate Finance’s guidance on disclosure considerations related to COVID-19.Kyle Moffatt is a partner in PwC's National Office where he 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.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.

In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, Heather Horn was joined by Valerie Wieman, a partner in PwC’s National Office, to discuss a brand new comment letter trend in 2022: climate change disclosures. Given the SEC’s ESG-focused agenda, it is not a surprise that climate takes the #3 spot on our list of top comment letter trends.In this episode you’ll hear discussion of:0:56 - The history of the SEC’s focus on climate change and the issuance of the “Dear Issuer” letter of sample comments3:57 - The existing 2010 SEC interpretive guidance on climate disclosures8:58 - Specific examples of the types of comments frequently issued 11:53 - Lessons learned from registrant responses to the first round of staff comment letters15:18 - The importance of focusing on the 2010 interpretive guidance until the SEC’s proposed climate disclosure rule is final17:56 - Val’s final advice for year-end reportingWant to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For more information on the SEC’s disclosure requirements pertaining to climate, read Don’t wait until the SEC staff asks you about climate change or listen to the audio version. To learn more about the SEC’s proposed climate disclosure requirements, listen to our podcast on the main provisions of the proposal.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.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.

In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, Heather Horn sat down with Jay Seliber, a partner in PwC’s National Office, to discuss key themes noted in segment reporting comment letters. Jay also shared his insights on some of the challenges companies face with segment reporting. In this episode you’ll hear discussion of:1:23 - The goal and approach of the segment reporting guidance8:05 - Key themes in comment letters and why segment reporting continues to be an area of focus14:59 - Specific examples of SEC staff comments and key considerations when aggregating operating segments21:32 - SEC staff comments related to entity-wide disclosures and multiple performance measures26:21 - FASB’s proposed changes to the segment guidance 32:26 - Jay’s final advice for segment reporting going into year-end Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For further information on segment disclosures, listen to our Full disclosure podcast and read through our Financial statement presentation guide chapter on segment reporting.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.

In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, Heather Horn sat down with Angela Fergason, a partner in PwC’s National Office, who shared her insights on the comments on the top line of the income statement, revenue, from the SEC staff to registrants this year.In this episode you’ll hear discussion of:1:24 - Trends noted in the volume and type of comments on revenue6:04 - The increased focus on judgments made in disaggregated revenue disclosures10:25 - Presentation of revenue and cost of revenue in the income statement 15:52 - The continued SEC staff focus on gross vs. net presentation and identification of performance obligations19:52 - Comments on common industry-specific revenue arrangements 22:54 - Angela’s advice for listeners when looking ahead to year-endWant to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. We also have episodes specific to revenue, such as our revenue toolkit podcast miniseries that goes step by step through the revenue recognition model.Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Angela is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.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.

In each episode of our What’s trending in SEC comments series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance for the most common topical areas of the financial statements.To kick off the series, this week Heather Horn sat down with Kyle Moffatt, a partner in PwC’s National Office, to provide an overview of the 2022 comment letter trends, insights into the key priorities of the SEC, and what we can expect to see in the future based on the SEC’s agenda. In this episode you’ll hear discussion of:1:41 - The SEC’s priorities and how they influence comment letters10:38 - The top comment letter trends in 2022 16:03 - How companies should consider “Dear Issuer” letters in their year-end reporting23:13 - The SEC staff’s approach to comment letters and what we expect in the near future28:06 - The SEC staff’s comments in proxy statements30:49 - Kyle’s advice for SEC registrants on what to do if they receive a comment letterWant to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series.Kyle Moffatt is a partner in PwC's National Office where he 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. 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.

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering fixed assets – from acquisitions and capitalization to disposals.In this episode, Heather Horn was joined by Reto Micheluzzi from PwC’s National Office to discuss asset disposals by sale and key judgments in assessing the held-for-sale criteria. In this episode, you will hear:1:09 - An overview of the six criteria that need to be met for held-for-sale classification 4:24 - Key judgments involved in assessing the criteria and potential exceptions to the rule12:28 - Measurement complexities including the order of impairment testing16:49 - Triggers that cause an asset to no longer be considered as held for sale19:49 - Final reminder when classifying assets as held for saleWant to learn more? Read our chapter on assets held for sale in our PP&E and other assets guide.Reto Micheluzzi is a partner in PwC’s National Office with over 25 years of experience solving companies’ most complex accounting and financial reporting issues, creating a path through the dense regulatory framework and bodies of rules. He has a deep understanding of the demands associated with today’s accounting complexities and potential SEC reporting issues, primarily related to M&A, consolidation, reorganizations, and income taxes.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.