PwC's accounting podcast

As the end of the year approaches, it is helpful to understand what is top of mind under International Financial Reporting Standards (IFRS) and what lies ahead from the International Accounting Standards Board (IASB).

In this episode, Heather Horn was joined by Gary Berchowitz, a leader in PwC’s Global Assurance Quality - Corporate Reporting Services group, and Laura Kennedy, a director in the Corporate Reporting Services group, to discuss key reminders for year-end reporting under IFRS as well as some timely updates on new IFRS initiatives on the horizon.

In this episode, you’ll hear:

• 2:37 - An overview of the current status of IFRS Accounting Standards and what’s to come, including:
  • 4:29 - A breakdown of IFRS 17, Insurance Contracts, which became effective in 2023 and applies to non-insurers as well as insurers
  • 5:50 - New amended requirements for currency transactions
  • 8:10 - The global political and economic outlook and its impact on reporting, including assumptions for accounting determinations such as impairments 
• 13:12 - Status of other IFRS Accounting Standards updates and what to expect in 2024:
  • 15:40 - Primary Financial Statements
  • 17:15 - Management Performance Measures
  • 20:16 - Retrospective reporting and restatement reconciliation requirements if a new standard is adopted  
• 23:46 - A discussion of the interconnectedness between sustainability and financial reporting, and coordinated standard setting by both the IASB and International Sustainability Standards Board (ISSB)
• 30:18 - Details on sustainability projects impacting the financial services sector, including accounting for loans and power purchase agreements for renewable energy
• 37:34 - Other IASB priorities and initiatives on the horizon

For more on IFRS 17, check out our publication. Additionally, refer to our global IFRS accounting reminders, refreshed quarterly. Lastly, follow our PwC sister podcast IFRS Talks for more insights on IFRS topics.

Gary Berchowitz is the non-financial instruments leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings nearly 20 years of financial accounting experience, working to drive quality and connectivity throughout the PwC network and help local teams solve complex accounting issues in a practical way. Gary contributes to the firm’s global view on a variety of financial reporting matters.

Laura Kennedy is a director in PwC’s Global Assurance Quality - Corporate Reporting Services group. She also serves as the host of the global PwC IFRS Talks podcast. Prior to joining PwC, Laura was a technical staff member at the International Accounting Standards Board, focusing on topical issues impacting corporate reporting. 

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

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

Continuing our miniseries focused on the essentials of the CSRD, this week we discuss options a company may have in its approach to reporting. In this episode, Heather welcomes back Emily Kirsch, director in PwC’s sustainability practice, to share practical considerations in a company’s determination of the most effective reporting approach for its organization. 

In this episode, you’ll hear discussion of:

• 5:03 - Scope requirements under the CSRD
• 7:37 - Available reporting exemptions 
• 11:46 - Initial considerations for deciding the level of reporting, and whom to involve
• 16:19 - How to consider data availability, IT systems, and organizational structure
• 23:27 - Timing of reporting deadlines and phase-in reliefs for smaller companies
• 26:18 - How existing voluntary reporting may be insufficient to meet CSRD requirements
• 30:28 - Alignment between sustainability reporting, corporate strategy, and stakeholder communications
• 34:07 - Key next steps in making a reporting decision, including the importance of evaluating benefits and trade-offs 

Looking for more information on the CSRD and reporting requirements? Check out our publications 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, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.

Emily Kirsch is a director in PwC's sustainability practice focused on sustainability reporting and standard setting in the EU. She advises both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization. 

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.

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Continuing our October all-star series, Tom Barbieri, PwC US Chief Accountant, shares insights on the financial reporting ecosystem and how to stay engaged amid ongoing developments in the landscape.

Tom is joined by Kevin Vaughn, PwC National Office partner, and Ying Compton, PwC managing director, to unpack the financial reporting ecosystem, including the key players, how they work together, and the critical role they play in the capital markets.

In this episode, you’ll hear:

• 4:58 - An overview of the key players in the financial reporting ecosystem and their significance to the investor-driven reporting mission
• 11:28 - How standard setting, application, and enforcement drive the US reporting environment
• 13:22 - The roles and composition of both the SEC and the FASB 
• 17:44 - Interaction between the SEC and FASB and the opportunities for preparers to collaborate with each
• 21:34 - Why preparers should pay attention to PCAOB developments
• 23:35 - A comparison of the rule-making processes across standard-setters and regulators, including the balance between high-quality reporting and its associated costs
• 30:14 - Final advice for preparers on engaging with other players in the ecosystem to enhance reporting quality and efficiency

Tom Barbieri is PwC’s US Chief Accountant. He has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. Tom leads the Accounting & SEC Services Group within the National Office, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. He is also a member of the Financial Accounting Standards Advisory Council.

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.

Ying Compton is a PwC managing director in the office of the vice chair. Prior to joining PwC,  Ying was a senior accounting and economic advisor in the Office of the Chief Accountant (OCA) at the SEC. She also holds a PhD in accounting from Massachusetts Institute of Technology (MIT). 

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 [email protected].

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) became effective in January 2023 and the European Sustainability Reporting Standards (ESRS) are now final. With impacts to both EU and non-EU headquartered companies, now is the time to understand the applicability and scope of these reporting requirements.

To launch our podcast miniseries on the CSRD, host Heather Horn is joined by Emily Kirsch, director in PwC’s sustainability practice, and Soné Beyers, director in PwC’s National Office, to provide a refresher course on the basic requirements and applicability of the EU’s sweeping sustainability reporting directive.

In this episode, you’ll hear discussion of:

• 4:04 - Background and latest developments on the CSRD
• 12:54 - The final set of 12 ESRS, which will be effective starting in 2024 
• 15:36 - What companies are within the scope of the CSRD and required to follow ESRS
• 21:32 - Key dates for CSRD effectiveness, scoping threshold applicability, and required reporting
• 26:30 - Additional reporting requirements for non-EU parents of an EU subsidiary
• 28:55 - Available reporting exemptions
• 34:59 - Potential impacts from the ongoing transposition of the directive into member state laws
• 37:35 - Recent developments regarding ESRS implementation guidance and forthcoming sector-specific standards from the European Financial Reporting Advisory Group (EFRAG)
• 46:06 - Interoperability of other reporting frameworks and key takeaways

Looking for more information on the CSRD and other sustainability reporting frameworks? Check out our publications Worldwide impact of CSRD - are you ready? and Navigating the ESG landscape for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight series, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.

Emily Kirsch is a director in PwC's sustainability practice focused on sustainability reporting and standard setting in the EU. She advises both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization.

Soné Beyers is a director in PwC’s National Office with accounting experience in both professional services and academia. With a career spanning three continents, she has developed a strong background in IFRS reporting, which has extended to her current focus on global sustainability frameworks and standard setting in the EU.

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.

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Assessing whether a company is in scope of the European Union (EU) Corporate Sustainability Reporting Directive (CSRD) has some inherent complexities. The scope of companies directly impacted is expansive — including US and other non-EU headquartered companies — making scoping a question that merits priority focus by companies with operations in the EU.

A company may have options in its approach to fulfilling its CSRD reporting requirements, and there are practical considerations that may inform a company’s determination of the most effective reporting approach for its organization under the CSRD. In this episode, Heather Horn brings you an audio version of our In the loop publication discussing these scoping and reporting approaches under the CSRD. 

In this podcast, you’ll hear:

• 1:15 - Background and introduction
• 4:52 - Four steps to decide on how to report
• 9:20 - What is the scope of reporting obligations, and are there any exemptions?
• 13:35 - What information needs to be gathered?
• 26:32 - What is the timing of reporting?
• 29:27 - How do CSRD reporting requirements relate to other expected sustainability standards?
• 38:02 - How does corporate strategy and objectives interplay with reporting?
• 41:50 - What are pros and cons between some of the common reporting scenarios?
• 47:07 - What’s next?

Refer also to the print version, Take the next step - decide how to report under CSRD. Also, join our upcoming Q4 2023 Quarterly sustainability webcast.

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 [email protected].

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Integrating sustainability in business strategy may increase the attractiveness of business to lenders, investors, and customers. However, with the multitude of sustainability reporting frameworks for multinational companies, it can be difficult to determine the best way to tell a unified story to all stakeholders that is consistent with the company’s overall sustainability strategy.

In this episode, host Heather Horn welcomes Esther An, Chief Sustainability Officer of Singapore-based real estate firm City Developments Limited, to discuss how companies can manage multiple disclosure frameworks while utilizing sustainability reporting as a catalyst for business innovation, investment, and impact. 

In this episode, you’ll hear discussion of:

• 5:02 - Esther’s professional background and sustainability leadership in Singapore
• 12:06 - How COVID-19 accelerated awareness of sustainability
• 17:35 - Creating business value through sustainability and achieving the “triple bottom line” of profit, people, and planet
• 20:58 - Four pillars — integration, innovation, investment, and impact — to shift sustainability from a compliance exercise to a winning business strategy
• 24:11 - The importance of truthful sustainability reporting and how to manage multiple frameworks
• 29:37 - The challenge of obtaining an approved target from the Science Based Targets initiative (SBTi)
• 32:20 - Common questions investors pose related to sustainability reporting
• 35:05 - How sustainability as a business strategy attracts greater investment
• 37:27 - Tips to enhance sustainability reporting practices

Looking for more information on getting ready for mandatory ESG reporting? Check out our publication, Preparing for tomorrow's rules today. Additionally, listen to our previous podcast on how investments in technology that support sustainability reporting can also drive business value. 

Esther An is the Chief Sustainability Officer of City Developments Limited (CDL). For over two decades, she has advocated for ESG principles underlying sustainable development within her home base of Singapore and abroad. She has helped set global benchmarks for green construction and sustainability, and initiated sustainability reporting in Singapore a decade ago. Esther is involved in many sustainability organizations, including as a founding and current member of the Business Council for Sustainable Development Singapore; a member of the property working group of the United Nations Environment Programme – Finance Initiative; and part of the corporate advisory board of the World Green Building Council in London.

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 [email protected].

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As effective dates for sustainability reporting requirements inch closer, companies face pressure to stand up reporting workstreams before it is too late. With multiple frameworks coming into play in the near term, managing the data gathering, aggregation, and reporting of numerous metrics is a manual exercise for many companies. But is there technology that can help?

In today’s episode, host Heather Horn is joined by Sammy Lakshmanan, principal in PwC’s Sustainability Consulting Solutions practice, to discuss the ways that leading companies are integrating technology into their sustainability reporting work plans. Sammy provides insights on how companies can leverage the power of technology to generate value that goes beyond compliance.

In this episode, you’ll hear discussion of:
4:02 - Expected impacts of the shift from voluntary to mandatory ESG reporting
7:47 - The current landscape of sustainability reporting technology solutions
10:29 - A roadmap for digital transformation, including the sequencing of events, and which stakeholders to involve
16:04 - The importance of controllership and governance over reporting
26:32 - Harnessing technology investments to report and provide value through data analytics
36:14 - Using technology to capture, aggregate, and organize data for different reporting frameworks
42:36 - Crowdsourcing ideas from peers and partners to address similar challenges
45:34 - Three things companies should consider to maximize technology enablement for sustainability reporting

Looking for more information on getting ready for mandatory ESG reporting? Check out our publication,  Preparing for tomorrow's rules today. Additionally, refer to our Navigating the ESG landscape publication for the latest updates on major global sustainability frameworks.

Sammy Lakshmanan is a principal in PwC’s Sustainability Consulting Solutions practice. With over 20 years of experience helping companies shape their ESG and sustainability strategies leveraging technology and data to operationalize sustainability, he helps customers develop and execute strategies to shift from a compliance-driven to a value-driven approach. Sammy also serves as co-chair for the Open Footprint Forum, which is developing a data standard for carbon-management data.

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 [email protected].

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New York City Climate Week brings together international business leaders, policymakers, and other civic leaders to help drive progress and speed transition on climate-related issues. This year’s event highlighted the sustainability advancements made over the past year – with a look ahead to the actions companies need to take next to prepare for net zero.

This week, host Heather Horn is joined by Will Jackson-Moore, PwC’s Global Sustainability Leader, to discuss some of the bigger themes that emerged from the week, from energy transition and demand reduction to the impact of emerging sustainability reporting regimes around the world.

In this episode, you’ll hear discussion of:

• 3:04 - An overview of the current sustainability landscape and the challenges that companies face with decarbonization
• 8:00 - The relative priority companies are assigning to climate actions and progress
• 10:32 - How organizations are executing strategic planning and reporting on climate
• 15:44 - The time runway for companies to transform their businesses and assets for resilience
• 22:13 - The role of reporting in driving climate action
• 26:09 - The evolving prominence of the chief sustainability officer role
• 34:38 - How meaningful demand reduction progress can be made by embedding energy efficiency in strategy beginning with the C-suite 

Looking for more information on sustainability strategy and reporting? Check out our previous podcasts on TNFD, CSRD, and the sustainability expectation gap in reporting. 

Will Jackson-Moore is PwC’s Global Sustainability Leader, responsible for leadership of our sustainability teams, technology, alliances, and methodologies.

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 [email protected].

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As companies move forward with clean energy investments and decarbonization projects, many face questions about which of these projects qualify for tax incentives under the Inflation Reduction Act (IRA), and how best to utilize the act’s credits and other green initiatives. 

In today’s episode, Heather Horn welcomes back Matt Haskins, PwC principal, to discuss the latest IRS guidance for IRA initiatives, marketplace transactions, and further considerations for companies looking to take advantage of the IRA. 

In this episode, you’ll hear discussion of:

• 5:06 - Advanced energy project credits under IRS Section 48C, and the status of the current allocation of the $10 billion budgeted pool
• 9:09 - Transferability and timing considerations of tax credits 
• 12:07 - Choosing between investment tax credits and production tax credits
• 14:55 - Risk of recapture of paid tax credits and relevant mitigating strategies
• 23:53 - How a government shutdown would impact IRA initiatives
• 27:59 - Market developments in the hydrogen production tax credit
• 33:07 - The interplay between the IRA and European Union regulations, including the impact of the Carbon Border Adjustment Mechanism (CBAM)
• 36:05 - The importance of evaluating decarbonization costs on an after-tax basis

Looking for more information on the European Union’s Carbon Border Adjustment Mechanism? Check out our previous podcast on how the CBAM may impact your company.

Looking for more information on transferability of IRA credits? Check out our latest publication on accounting for IRA credits and our podcast on renewable energy credits for more information.

Matt Haskins is a principal in PwC’s Washington National Tax Services, where he leads the firm's Cleantech tax practice, 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 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 [email protected].

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Last year brought proposed ESG disclosures from the European Union (EU) as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the US by the SEC.

The sustainability disclosures required by the ISSB and in the EU were finalized in June and July 2023, respectively. And while the final SEC rule is still pending, two bills signed into law by the California Governor in October 2023 are poised to change the landscape of climate reporting in the US.

These “big three” proposals would each require expansive sustainability disclosures — although their proposed scopes and other details vary. In this episode, Heather Horn brings you an audio version of our In the loop comparing the three proposals. In this podcast, you’ll hear:

• 1:50 - Background on the “big three” proposals
• 19:26 - Overview of California climate disclosure rules
• 23:27 - Comparison of the general features of the proposals
• 28:15 - Differences in concepts of materiality
• 33:31 - Overview of respective targets and transition plan disclosure requirements
• 38:29 - Overview of respective greenhouse gas (GHG) emissions reporting requirements
• 42:32 - Comparison of GHG scope 1 and scope 2 disclosures
• 47:33 - Comparison of GHG scope 3 disclosures
• 51:55 - Comparison of assurance requirements
• 56:35 - Overview of effective dates and transition

Refer also to the print version, Navigating the ESG landscape. For further insights, see:

• The SEC wants me to disclose what? The SEC’s climate disclosure proposal
• What's CSRD? It's important to know
• IFRS Sustainability Disclosure Standards have been released
• California's not waiting for the SEC's climate disclosure rules
• Q4 2023 Quarterly sustainability webcast

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 [email protected].