The European Green Deal is a package of policy initiatives introduced by the European Commission (EC) in December 2019 with objectives to achieve “no net emissions of greenhouse gases by 2050, economic growth decoupled from resource use, and no person and no place left behind.” Many companies are already focused on one aspect of the Green Deal — the Corporate Sustainability Reporting Directive (CSRD). But the CSRD is far from the only EU regulation needing immediate attention. This audio companion details several other pressing and broadly applicable EU regulations that would also be newly applicable — or possibly already applicable — for both EU and non-EU companies. In this episode, podcast host Heather Horn brings you an audio version of our publication covering the EU regulations beyond CSRD. 

In this podcast, we cover: 1:00 - Overview of the EU regulatory landscape 7:01 – EU Taxonomy30:54 – Sustainable finance disclosure regulation38:17 – Carbon Border Adjustment Mechanism44:06 – Foreign Subsidies Regulation49:13 – Corporate Sustainability Due Diligence Directive54:16 – Final thoughts Looking for more information on the CSRD and other EU reporting requirements? Check out our publications  European Union regulations beyond CSRD, Worldwide impact of CSRD - are you ready?, and  Take the next step - decide how to report under CSRD  for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership. 

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.

Audio: European Union regulations beyond CSRD

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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.com. 

Talking ESG: FAQs on the SEC climate disclosure rules

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. 

New income tax disclosure requirements – getting ready

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 frameworks31:29 - 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. 

Talking ESG: Interoperability across multiple reporting frameworks

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. 

Identifying embedded leases in your contracts

A critical step in getting ready for new sustainability reporting requirements is building a comprehensive governance framework. In this episode, host Heather Horn sits down with Stephen Parker and Matt DiGuiseppe of PwC’s Governance Insights Center to discuss the new regulatory environment and what it means for board members looking to discharge their oversight responsibilities effectively and management looking to get the board ready.

In this episode, we discuss:2:21 - Reactions to new sustainability reporting frameworks from senior management and boards6:13 - Strategies for managing the “noise” around new rules and how best to proceed despite uncertainty10:43 - The need to upskill board members so that they are capable of performing their fiduciary responsibility related to oversight of sustainability processes and disclosures18:43 - How management can best help the board prioritize its time given the increase in its responsibilities23:15 - Whether the market has begun to consider a board candidate’s knowledge of climate during board selection processes and the level of expertise required27:39 - How boards are performing their responsibilities with respect to climate information33:55 - Working through the challenges of presenting sustainability information to the board given tight timelines and other reporting responsibilities39:25 - Best practices for governance over sustainability matters at the board and management levelsLooking 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. 

Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has advised boards of directors on a variety of complex financial reporting matters. Stephen’s client service experience includes energy and utility companies, financial services companies, and nonprofits.

Matt DiGuiseppe is a managing director in PwC’s Governance Insights Center, which helps stakeholders navigate the evolving governance landscape. Matt has participated in numerous industry groups and was the founding chairperson of the Investor Stewardship Group (ISG), which advanced a set of corporate governance and stewardship principles for the US market.

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.

Audio: European Union regulations beyond CSRD

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