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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

To kick off the series, host Heather Horn is joined by Tim Carey, PwC National Office leader, and Kyle Moffatt, PwC National Office Professional Practice leader, to reflect on the key developments of 2024 from their perspectives and look ahead at what’s to come in 2025. 

In this episode, we discuss:

• 1:45 – External factors impacting accounting and reporting, including the presidential election and the recent AICPA/SEC conference
• 10:11 – Supreme Court case rulings impacting financial regulation and rulemaking from the year
• 15:17 – What’s on the horizon for cryptocurrency accounting and the latest on the cybersecurity disclosure rule
• 27:32 – Notable regulatory activity from the PCAOB, including the costs and benefits of current proposed rules
• 40:21 – What role the FASB plays in the current regulatory and rulemaking landscape
• 47:12 – SEC climate disclosure rule and other sustainability requirements
• 53:30 – What’s in store for 2025

Tim Carey is PwC’s National Office leader, with 30+ years of 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.

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.

Heather Horn is the PwC National Office Sustainability and 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 [email protected]. 

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This final episode of our 2024 SEC comment letter podcast miniseries discusses non-GAAP measures. Non-GAAP measures are commonly used by companies as supplements to their financial statements to deepen investors’ understanding of their performance or financial condition. Given their importance, not only does non-GAAP top the list this year, but it’s been a top focus area for the SEC staff in the last several years, and we expect that trend to continue. We discuss the issues most frequently raised by the SEC staff and offer advice to preparers for getting ahead of them.  

In this episode, we discuss: 

• 3:11 – Overview of non-GAAP comment letter trends 
• 9:09 – Insights into comments on basic compliance areas 
• 22:24 – Individually tailored accounting principles   
• 27:27 – Adjustments for cash operating expenses that are normal and recurring
• 41:17 – Controls over non-GAAP measures
• 46:12 – Advice and other considerations when responding to comment letters
• 51:38 – Potential post-election impacts on the SEC 

For more information, see our full analysis of  SEC comment letter trends and our publication Earnings with a twist: 2024 update on SEC non-GAAP comment trends. Also, check out our other episodes in this miniseries.  

Kevin Vaughn is a PwC National Office partner specializing in SEC reporting matters. Kevin leverages his extensive experience to support PwC public company and pre-IPO clients on accounting and SEC reporting matters. Prior to joining PwC in 2023, Kevin spent over 18 years at the SEC, most recently serving on the leadership team in the SEC’s Office of the Chief Accountant where he focused on technical accounting consultations, SEC rulemakings, and standard setting matters.

Lindsay McCord is a PwC National Office partner specializing in matters related to the SEC and the capital markets. Prior to joining PwC, Lindsay spent over 15 years at the SEC, most recently as the Chief Accountant in the Division of Corporation Finance. In this role, Lindsay led an accounting team in providing technical accounting and reporting support to the Division, including SEC rulemaking, interpretation, and guidance.

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.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

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PwC provides a summary of the latest accounting, financial reporting, and regulatory updates to support your quarterly reporting.

It is that time of the year again. As 2024 comes to an end, the focus of many companies turns to their annual reporting process. We begin this edition of The quarter close by providing general income tax reminders and highlighting new guidance that will be effective for the first time this year.

In regulatory developments, we provide the latest updates on sustainability reporting under the California climate disclosure laws as well as updates on frameworks outside of the US. And although the impact of the recent election remains to be seen, we’ve summarized expected impacts to keep you informed.

As expected, the FASB made significant progress on its agenda by issuing final guidance on both the disaggregation of income statement expenses and induced conversions of convertible debt instruments projects as well as proposals and invitations to comment on several other projects. We provide a summary of all the latest FASB activity.

In this edition of The quarter close, we highlight these and other relevant accounting and reporting topics you should consider as you close out 2024.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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PwC recently released the results of our 2024 Global Investor Survey, which was conducted to better understand investor expectations and concerns about corporate reporting and the evolving business landscape. The annual survey results highlight the importance of transparency in technology use, especially Artificial Intelligence (AI), and the need for companies to adapt to global threats, climate change, and regulatory developments.

This week, host Heather Horn is joined by Nadja Picard, PwC Global Reporting Leader, to break down the results and discuss the sometimes differing expectations between companies and investors. They also address how companies can better meet investor expectations through both action and communication.

In this episode, we discuss:

• 01:31 – Purpose of the 2024 global investor survey and demographics of survey participants
• 05:11 – Highlights from the global investor survey, including what surprised our Global Reporting Leader most
• 10:19 – Expectations to continue investing in AI, while upskilling the workforce
• 14:09 – How investors are thinking about climate adaptation and transition
• 19:41 – How investors evaluate trust and communication year over year
• 25:15 – Cybersecurity ranks number one threat
• 33:28 – Executing well and communicating well to address investor concerns
• 36:29 – Advice for companies navigating a challenging reporting landscape

Looking 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.

Nadja Picard is PwC’s Global Reporting Leader. In this role, she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.

Heather Horn is the PwC National Office Sustainability and 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 [email protected].

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This next episode of our 2024 SEC comment letter podcast miniseries discusses Foreign Private Issuers (FPIs). Many of the considerations we talk about for other SEC filers also apply to FPIs; however, there can be some differences and added complexities. We discuss the issues most frequently raised by the SEC staff, including those unique to FPIs, and offer advice to preparers for getting ahead of them. 

In this episode, we discuss:

• 7:24 – Comment letter trends specific to FPIs, including those related to: 
  • 8:55 – Non-GAAP performance measures
  • 16:15 – Segment reporting
  • 21:32 – Revenue
  • 25:01 – Management’s Discussion and Analysis
  • 30:29 – Financial instruments
• 41:39 – FPI status re-assessment
• 44:53 – IFRS segment reporting considerations  
• 47:45 – Other accounting and reporting reminders related to FPIs

For more information, see our full analysis of SEC comment letter trends. Also, check out our other episodes in this miniseries:

• SEC comment letters – What’s trending in 2024
• 2024 SEC comment letter trends: Revenue
• 2024 SEC comment letter trends: Business combinations
• 2024 SEC comment letter trends: Segment reporting
• 2024 SEC comment letter trends: MD&A

Additionally, follow this podcast on your favorite podcast app for more episodes.

Patrick Higgins is a Deputy Chief Accountant in PwC’s National Office responsible for our SEC foreign private issuer and IFRS teams. Patrick has also served as a global signing partner in a variety of countries and industries.   

Kevin Vaughn is a PwC National Office partner specializing in SEC reporting matters. Kevin leverages his extensive experience to support PwC public company and pre-IPO clients on accounting and SEC reporting matters. Prior to joining PwC in 2023, Kevin spent over 18 years at the SEC, most recently serving on the leadership team in the SEC’s Office of the Chief Accountant where he focused on technical accounting consultations, SEC rulemakings, and standard setting matters.

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.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

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In the sixth episode of our GHG miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we conclude our discussion on step 4: measure greenhouse gas emissions with scope 3 emissions. Host Heather Horn is joined again by Marcin Olewinski, an Assurance partner, and Chris Ostermann, a director in PwC’s Sustainability Services Group, to provide an introduction to scope 3 emissions, including an overview of their 15 categories downstream and upstream as well as the complexities in measuring these emissions. They share practical advice for measuring these emissions, which often yield more challenges than scope 1 and scope 2.

In this episode, we discuss:

• 01:54 – Scope 3 emissions and their related upstream and downstream categories
• 10:49 – Double counting scope 3 emissions and its impact on greenhouse gas emissions reporting
• 15: 33 – The measurement requirements of scope 3 emissions, including ESRS and ISSB frameworks 
• 25:01 – Where to start when gathering data for key assumptions in the measurement of scope 3 emissions
• 35:09 – Time boundaries for applicable scope 3 categories
• 38:53 – Deciding where to prioritize efforts on scope 3 measurement 

For more information on GHG emissions reporting, including scope 3 emissions discussed in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide. And to catch up on the GHG miniseries, listen to the first four episodes below.

• Talking GHG: Reporting requirements for greenhouse gas emissions
• Talking GHG: How organizational boundaries shape reporting
• Talking GHG: Determining operational boundaries
• Talking GHG: Practical insights on measuring scope 1 emissions
• Talking GHG: Practical insights on measuring scope 2 emissions

Marcin Olewinksi is a PwC Assurance practice partner, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he’s focused extensively within PwC’s National Office on greenhouse gas emissions and sustainability reporting and leads PwC’s global technical working group focused on GHG.

Chris Ostermann is a director in PwC’s Sustainability Services Group working on sustainability and ESG matters with companies across multiple sectors. He focuses on helping clients understand their most significant sustainability/ESG impacts, develop strategies to address those impacts, execute those strategies and communicate progress to investors and other stakeholders.

Heather Horn

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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This next episode of our 2024 SEC comment letter podcast miniseries discusses Management’s Discussion and Analysis (MD&A). Investors are often focused on MD&A as they look to understand management’s commentary on the results of the business, future trends, uncertainties, and more – making this an area that also frequently gets the attention of the SEC staff. We discuss the issues most frequently raised by the SEC staff and offer advice to preparers for getting ahead of them.

In this episode, we discuss:

• 2:21 – An overview of SEC comment letter trends related to MD&A 
• 10:57 – The results of operations 
• 20:43 – Liquidity and capital resources
• 27:19 – Critical accounting estimates
• 35:16 – Final reminders and best practices related to MD&A  

For more information, see our full analysis of SEC comment letter trends. Also, check out our other episodes in this miniseries:

• SEC comment letters – What’s trending in 2024
• 2024 SEC comment letter trends: Revenue
• 2024 SEC comment letter trends: Business combinations
• 2024 SEC comment letter trends: Segment reporting

Additionally, follow this podcast on your favorite podcast app for more episodes.

Ryan Spencer is a partner at PwC's National Office specializing in SEC financial reporting. He has over 20 years of experience serving clients and is a frequent contributor to PwC’s publications and communications.

Scott Feely is a partner in PwC’s National office. He has over 30 years of experience supporting clients as they address the SEC and financial reporting implications of their capital markets and merger and acquisition-related activities.

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.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

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This next episode of our 2024 SEC comment letter podcast miniseries discusses segment reporting.  

Segment reporting is an important disclosure for investors as it provides information about the different types of business activities in which a reporting entity engages and the different economic environments in which it operates – making this an area that frequently gets the attention of the SEC staff. We discuss the issues most frequently raised by the SEC staff and offer advice to preparers for getting ahead of them. 

In this episode, we discuss: 

• 2:36 – An overview of SEC comment letter trends related to segment reporting
• 11:49 – Identifying operating segments
• 15:13 – Aggregation of operating segments 
• 16:36 – Entity-wide segment disclosures 
• 19:18 – Multiple measures of segment profit or loss
• 20:55 – Reconciliations to segment profit or loss 
• 23:18 – Considerations when adopting the FASB’s new segment reporting guidance
• 35:21 – Final reminders related to segment reporting 

For more information, see our full analysis of SEC comment letter trends and Chapter 25 of our Financial statement presentation guide. Also, check out our other episodes in this miniseries:  

• SEC comment letters – What’s trending in 2024  
• 2024 SEC comment letter trends: Revenue
• 2024 SEC comment letter trends: Business combinations 

Additionally, follow this podcast on your favorite podcast app for more episodes.

Scott Feely is a partner in PwC’s National office.  He has over 30 years of experience supporting clients as they address the SEC and financial reporting implications of their capital markets and merger and acquisition-related activities.

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.

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. 

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

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In our fifth episode of our miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we discuss step 4: measure greenhouse gas emissions, continuing with scope 2 emissions. Host Heather Horn is joined again by Marcin Olewinski, an Assurance partner, and Chris Ostermann, a director in PwC’s Sustainability Services Group, to kick off the second of three episodes focused on measuring greenhouse gases. They will share more of what they’re seeing in practice working with companies who are calculating these emissions, a must listen given the complexity of the challenges can grow moving from scope 1 to scope 2 emissions.

In this episode, they discuss:

• 02:05 – Scope 2 emissions — how they are different from scope 1 emissions and the formula for calculating them
• 06:39 – Location-based and market-based methods for calculating scope 2 emissions
• 16:02 – Bundled and unbundled instruments and their related challenges
• 19:59 – Importance of selecting appropriate emission factors
• 27:39 – Reporting scope 2 emissions, including selecting the right calculation method to report

For more information on GHG emissions reporting, including scope 2 emissions discussed in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide. And to catch up on the GHG miniseries, listen to the first four episodes below.

• Talking GHG: Reporting requirements for greenhouse gas emissions
• Talking GHG: How organizational boundaries shape reporting
• Talking GHG: Determining operational boundaries
• Talking GHG: Practical insights on measuring scope 1 emissions 

Marcin Olewinksi is a PwC Assurance practice partner, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he’s focused extensively within PwC’s National Office on greenhouse gas emissions and sustainability reporting and leads PwC’s global technical working group focused on GHG.

Chris Ostermann is a director in PwC’s Sustainability Services Group working on sustainability and ESG matters with companies across multiple sectors. He focuses on helping clients understand their most significant sustainability/ESG impacts, develop strategies to address those impacts, execute those strategies and communicate progress to investors and other stakeholders.

Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. 

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

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This next episode of our 2024 SEC comment letter podcast miniseries discusses business combinations. 
Business combination accounting can be complex, the required disclosures are comprehensive, and these are not routine transactions for most companies – all making this a challenging area that frequently gets the attention of the SEC staff. We discuss the issues most frequently raised by the SEC staff and offer advice to preparers for getting ahead of them.

In this episode, we discuss:

• 2:02 – An overview of SEC comment letter trends related to business combinations
• 5:14 – Determining whether a transaction is an asset acquisition or business combination
• 7:34 – The definition of a “business” in US GAAP as compared to SEC rules
• 9:23 – Comments related to omitted disclosures
• 12:39 – Pro forma disclosures and financial statements of acquired or to-be-acquired businesses
• 25:45 – Other reminders and areas of focus related to business combinations

For more information, see our full analysis of SEC comment letter trends, our Business combinations guide, and Chapter 17 of our Financial statement presentation guide. Also, check out our other episodes in this miniseries: 

• SEC comment letters – What’s trending in 2024 
• 2024 SEC comment letter trends: Revenue 

Additionally, follow this podcast on your favorite podcast app for more episodes.

Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.

Kevin Vaughn is a PwC National Office partner specializing in SEC reporting matters. Kevin leverages his extensive experience to support PwC public company and pre-IPO clients on accounting and SEC reporting matters. Prior to joining PwC in 2023, Kevin spent over 18 years at the SEC, most recently serving on the leadership team in the SEC’s Office of the Chief Accountant where he focused on technical accounting consultations, SEC rulemakings, and standard setting matters.

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.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].