PwC's accounting podcast

Every Tuesday in September, Craig Stronberg, PwC’s Macro Intelligence Leader, is taking over the podcast to share insights on how geopolitical and macroeconomic trends, forces, and movements are likely to impact your business.

To kick off the series, Craig provides an overview of the global macroeconomic and geopolitical forces — the true “tectonic” forces — impacting companies in the near and longer term.

In this episode, you’ll hear a discussion of:

• 3:52 - Disequilibrium - what it means, where it stands, and what comes next
• 8:29 - Identifying and understanding the forces impacting the global economy 
• 15:02 - Why it’s important for companies to understand their business assumptions and how those assumptions may be changing
• 20:49 - Assessing major global forces and their impacts on our economy, including:
  • 20:55 - Geopolitical disruption, protectionism, and the impact on free trade
  • 28:39 - Polarization and its impact on risk management and business decisions
  • 38:06 - Balancing between trust and distrust in governments and markets
• 41:57 - How global forces are creating new opportunities for markets and companies

Want to identify how different macroeconomic trends could impact your accounting and reporting? Refer to our interactive tool, Accounting in uncertain economic times. 

Craig Stronberg leads the business acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times. 

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].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.

In this episode, Bret is joined by John Horan, a managing director in PwC’s National office with a focus on financial instruments, to break down what we need to know on earnings per share (EPS).

In this episode, you’ll hear:

• 2:20 - Reminders on the basic EPS calculation, including considerations for participating securities and application of the the two-class method
• 11:45 - The impact of mezzanine equity on the basic EPS calculation
• 15:12 - The impact of new FASB guidance (ASU 2020-06) on EPS calculations for contracts that can be settled in cash or shares 
• 20:01 - Complexities in the dilution calculation for liability-classified warrants and convertible debt with bifurcated conversion options
• 21:48 - Why companies should evaluate repurchased convertible instruments separately

For more information, read chapter 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this mini series.

John Horan is a managing director in PwC’s National office where he assists clients with complex accounting issues in the areas of foreign currency, liabilities and equity, earnings per share, and derivatives and hedging. John specializes in large capital transactions and initial public offerings.

Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.

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].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.

In this episode, Bret is joined by Chip Currie, another partner in PwC’s National office with a focus on financial instruments, to discuss convertible instruments and the impacts of updated accounting guidance in this area.

In this episode, you’ll hear discussion of:

• 1:38 - Why companies use convertible instruments and the complex financial decisions accompanying their use
• 6:38 - The impact of new accounting guidance for convertible instruments in ASU 2020-06 
• 9:49 - Key information when accounting for induced conversions
• 12:10 - Down round provisions in equity-linked instruments
• 19:27 - Judgments involved in determining whether to separate the conversion option and account for it as an embedded derivative 

For more information, read chapter 6 of our Financing transactions guide and chapter 3 of our Derivatives and hedging guide. Additionally, check out a prior podcast in this mini series.

Chip Currie is a partner in PwC’s National office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial services clients on treasury-related matters.

Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.

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].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

The transformation of ESG reporting accelerated in 2022 with the release of major proposals in the European Union (EU) and the United States (US), as well as globally by the International Sustainability Standards Board (ISSB).

Although all of these proposals have the potential to impact multinational companies, the Corporate Sustainability Reporting Directive (CSRD) from the EU that applies to many multinational companies perhaps requires the most immediate attention. In this episode, Heather Horn brings you an audio version of our In the loop covering the CSRD. 

In this podcast, you’ll hear:

• 4:05 - Past, present, and future of EU sustainability reporting
• 9:21 - Scope and timing
• 33:42 - Filing requirements of the CSRD
• 40:20 - Reporting under the CSRD
• 1:06:00 - Requirement for third-party assurance
• 1:11:00 - What’s next?

Refer also to the print version, Worldwide impact of CSRD - are you ready? 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]. 

Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.

In this episode, Bret shares insights on the current expected credit loss model, or CECL, and why it’s not just for banks. All companies, regardless of industry, need to understand the requirements.

In this episode, you’ll hear:

• 1:50 - A refresher on CECL
• 3:34 - Insights on the impacts of CECL across industries
• 7:03 - A discussion of how to apply CECL to various asset classes, considerations on estimation methodologies, and why companies should seek continuous improvement in the application of CECL
• 9:32 - Key information to consider when preparing CECL disclosures 
• 11:22 - How subsequent events could impact CECL estimates
• 20:43 - An overview of the FASB’s exposure draft that proposes changes to the accounting for purchased credit deteriorated assets

For more information, read chapter 7 of our Loans and investments guide. Additionally, check out the prior podcast in this mini series.

Bret Dooley is a Deputy Chief Accountant in PwC’s National office and leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.

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].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Every Tuesday in August, Bret Dooley is taking over the podcast to share insights on financial instruments hot topics. In each episode, Bret will discuss 5 things you need to know in 25 minutes.

To kick off the series, Bret shares insights on accounting for investment securities, a topic of recent headlines. He breaks down the complexities of held-to-maturity and available-for-sale securities, and touches on foreign currency bonds.

In this episode, you’ll hear discussion of:

• 2:05 - Key reminders for identifying and accounting for debt securities
• 6:32 - Accounting for held-to-maturity (HTM) securities and the long-term implications of HTM designation
• 12:30 - Tips on accounting for unrealized losses on available-for-sale (AFS) securities
• 17:18 - An overview of accounting for foreign currency bonds
• 19:25 - Complexities in the application of the measurement alternative model for equity securities 

For more information, read chapters 2, 3, and 8 of our Loans and investments guide. 

Bret Dooley is a Deputy Chief Accountant in PwC’s National office and leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.

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].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.

To continue the series, Heather and Jay are joined by Ryan Spencer, a PwC National office partner who specializes in SEC reporting, to break down the SEC filing requirements for business combinations, including the application of significance tests used to determine the reporting requirements.

In this episode, you’ll hear:

• 2:02 - A breakdown of the SEC filing requirements for business combinations
• 7:10 - A discussion of significance tests and how they help to determine filing requirements
• 17:36 - A summary of financial statement requirements, including considerations on timing and the age of financial information
• 23:38 - An overview of the unique guidelines for a company filing (1) a new registration statement, (2) transactional proxy statements, and (3)  reverse-merger information
• 32:30 - A summary of pro forma reporting requirements, including timing considerations
• 43:36 - The distinction between the SEC and US GAAP disclosure requirements
• 47:06 - Final advice for companies navigating the filing requirements for a business combination

For more information, read chapter 17 of our Financial statement presentation guide and the SEC Financial Reporting Manual. Also check out the prior podcast in this miniseries on business combinations. 

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.

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.

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].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Sustainability disclosure regulations around the world are evolving rapidly, and as this reporting begins to proliferate, so does the potential for a mismatch between the expectations of investors and other stakeholders compared with the reality of what’s actually happening.

Are there expectation gaps in sustainability reporting, and if so, what are they? This week, Heather Horn was joined by Gilly Lord, PwC’s Global Leader for Public Policy and Regulatory Affairs, to discuss the current global regulatory landscape, the evolving sustainability reporting ecosystem, and the importance of regulators and other ecosystem participants finding common ground in the areas that matter most for reliable sustainability reporting.

In this episode, you’ll hear discussion of:

• 2:20 - Sustainability expectation gaps - what are they?
• 14:24 - How the breadth of sustainability reporting is partially responsible for expectation gaps
• 25:50 - How assurance standards are evolving, and what elements of future standards may help to address expectation gaps
• 30:00 - The importance of regulatory oversight, independence, and quality management in sustainability accounting, reporting, and assurance
• 30:37 - Key considerations when adopting sustainability reporting frameworks
• 48:04 - How companies can participate in shaping the global sustainability regulatory landscape

Looking for more information on global ESG reporting? Check out our latest podcast and publication on what’s inside the final ISSB standards. 

Gilly Lord is PwC’s Global Leader for Public Policy and Regulatory Affairs. Based in the UK, she has over 20 years of experience advising clients on the application of regulation and liaising with regulators in jurisdictions around the world.

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].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.

To continue the series, Heather and Jay are joined by Chip Currie, another partner in PwC’s National Office, to share insights on the intersection between contingent consideration and acquisition accounting, as well as the key decision points in the multi-step accounting model.

In this episode, you’ll hear:

• 2:25 - An overview of the accounting framework for contingent consideration arrangements from the buyer’s perspective, including:
  • 7:01 - The criteria for meeting the definition of contingent consideration
  • 12:04 - An assessment of whether the arrangement is part of the purchase price
  • 16:03 - A discussion of common pitfalls in the performing the assessment
• 23:19 - An analysis of the accounting for contingent consideration arrangements classified as compensation expense
• 24:25 - A discussion of the multi-step analysis of contingent consideration arrangements that is not classified as compensation expense, including:
  • 24:38 - Liability-classified contingent consideration and applying the liability versus equity accounting model
  • 29:59 - Equity-classified contingent consideration and applying the derivative accounting model 
• 41:56 - An overview of the impact of contingent consideration on earnings per share and the statement of cash flows 
• 48:40 - Final advice for clients dealing contingent consideration in a business combination

For more information, read chapters 2 and 3 of our Business combinations guide, chapter 5 of our Financing guide, and chapters 6 and 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this miniseries. 

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.

Chip Currie is a Partner in PwC’s National Office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.

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

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

The International Sustainability Standards Board (ISSB) published its Consultation on Agenda Priorities in May 2023. Now that the final IFRS S1 and S2 standards have been issued, the ISSB is asking constituents to weigh in on the board’s focus areas and research projects for the next two years.

What should companies consider when preparing to comment on this request? This week, Heather Horn was joined by Andreas Ohl, PwC’s Global Sustainability Technical Leader, to discuss the options laid out in the board’s agenda consultation, and the factors companies may want to contemplate in their responses.

In this episode, you’ll hear discussion of:

• 2:15 - What the ISSB says it is looking to accomplish with this agenda consultation
• 6:52 - A potential research project on biodiversity, ecosystems, and ecosystem services
• 15:02 - A potential research project on human capital
• 17:56 - A potential research project on human rights
• 25:19 - Previous feedback the ISSB and IASB received to consider ways to work jointly on key projects
• 30:18 - The ISSB’s separate consultation on enhancing the international applicability of the SASB® Standards
• 32:43 - Final advice for companies wanting to comment on the ISSB agenda consultation

Looking for more information on the ISSB and ESG reporting? Check out our podcast with ISSB Vice-Chair Sue Lloyd on the launch of the final ISSB standards. For more on the final standards, read our In brief. 

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 [email protected].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.