The US enacted the Sarbanes-Oxley Act of 2002 (SOX) two decades ago. In this special episode, host Heather Horn was joined by Wes Bricker, PwC’s Vice Chair and Trust Solutions Co-Leader for the US and Mexico, and Sandy Peters, the CFA Institute’s Senior Head of Global Advocacy, to reflect on how SOX has impacted the public company reporting ecosystem during that time, and what investors think of the regulatory framework.

In this episode, you will hear them discuss:

• 1:47 - What led to the enactment of SOX
• 9:52 - How management and auditor responsibilities have evolved since 2002
• 14:35 - The increasing importance of transparency for investors
• 21:51 - How SOX enhanced investors’ understanding of the financial reporting process
• 26:34 - How increased scrutiny over data, process, and controls resulted in increase investor confidence
• 36:49 - The evolution of ESG reporting and the importance of trust in ESG disclosures
• 49:25 - The future corporate reporting and importance of internal controls over nonfinancial and “pre-financial” data

Wes Bricker is PwC’s Vice Chair and Trust Solutions Co-Leader for the US and Mexico. In this role he oversees the largest Trust platform in the world, bringing together the firm’s combined Audit, ESG, Digital Assurance, and Tax Reporting capabilities to best help clients as they seek to build trust with their stakeholders. As co-leader, Wes is responsible for the quality of service, excellence in the work performed by over 21,000 partners and staff, developing diverse teams and driving innovation. 

Sandy Peters is the Senior Head of Global Advocacy at the CFA Institute. In this role, she leads the advocacy and regulatory affairs global efforts, including corporate disclosures, financial reporting, accounting and ESG/sustainability. Sandy also serves as a CFA Institute spokesperson to key regulators and standard setters, and works with stakeholders in the policymaking process. 

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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In March, the International Sustainability Standards Board (ISSB) released proposed disclosure standards for public comment. While not currently mandatory, when finalized, the standards are expected to form the basis for many jurisdictions’ sustainability reporting, and as such, could become mandatory for companies doing business in those jurisdictions. For this reason, companies who do business around the world will want to be watching the ISSB.

This week, Heather Horn was joined by Mardi McBrien, Director of Strategic Affairs at the IFRS Foundation, to share her insights on the ISSB’s  mission and accomplishments so far. They also discuss what is next for global sustainability reporting.

In this episode, you will hear them discuss:

• 2:23 - Highlights of the ISSB’s formation and consolidation of other standard setters as well as their accomplishments in the past year
• 9:29 - How ESG reporting standards have evolved over the last decade
• 12:55 - How the Task Force on Climate-Related Financial Disclosures (TCFD) framework is a common thread among the “big three” ESG reporting proposals
• 19:17 - Why TCFD is an important framework from a financial reporting lens
• 31:22 - Key considerations for companies planning for future adoption of ISSB standards
• 40:37 - How the standard setting organizations that were consolidated into the ISSB serve its overall objectives
• 47:21 - Advice for companies as sustainability reporting continues to evolve

For more information on the ISSB and recent developments in ESG reporting, listen to our previous podcasts that provide background on the proposed ISSB standards and  discussion of key themes from the response letters.

Mardi McBrien is the Director of Strategic Affairs at the IFRS Foundation responsible for sustainability reporting. In this role she has played an active part in setting up the ISSB. Prior to the IFRS Foundation, Mardi spent over a decade leading the global ESG standard setter, the Climate Disclosure Standards Board (CDSB), in developing quality disclosure standards and thought leadership on environmental and social issues.

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]. 

In each episode of our What’s trending in SEC comments series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance for the most common topical areas of the financial statements.

To kick off the series, this week Heather Horn sat down with Kyle Moffatt, a partner in PwC’s National Office, to provide an overview of the 2022 comment letter trends, insights into the key priorities of the SEC, and what we can expect to see in the future based on the SEC’s agenda. 

In this episode you’ll hear discussion of:

• 1:41 - The SEC’s priorities and how they influence comment letters
• 10:38 - The top comment letter trends in 2022 
• 16:03 - How companies should consider “Dear Issuer” letters in their year-end reporting
• 23:13 - The SEC staff’s approach to comment letters and what we expect in the near future
• 28:06 - The SEC staff’s comments in proxy statements
• 30:49 - Kyle’s advice for SEC registrants on what to do if they receive a comment letter

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series.

Kyle Moffatt is a partner in PwC's National Office where he consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance. 

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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

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The comment period has closed on the two sustainability reporting exposure drafts issued by the International Sustainability Standards Board (ISSB). What did respondents have to say on the proposals? This week, Heather Horn was joined by Andreas Ohl and Katie Woods to unpack the key themes in comment responses, and also to provide updates from the ISSB’s most recent board meeting.

In this episode, our guests discuss:

• 2:21 - An overview of the ISSB exposure drafts and their general reception by stakeholders
• 9:13 - Key recurrent themes from the response letters, including interoperability, greenwashing, and safe harbor provisions
• 18:55 - How organizational boundaries are delineated in the proposals
• 23:15 - Respondents’ views on greenwashing and the importance of ensuring that disclosures are not misunderstood
• 33:50 - A recap of the ISSB’s October 2022 meeting 
• 42:17 - How changes in estimates pertaining to sustainability information may be treated under the proposals
• 46:20 - Suggestions for companies that will be implementing ISSB standards

Looking for more information on the ISSB and ESG reporting? Tune in to our previous podcast discussing the two exposure drafts and our In the loop on navigating the ESG landscape. Also see the Integrated Reporting Framework for further detail on potential value drivers in sustainability reporting. For a summary of the actions taken by the board at its October 2022 meeting, refer to the ISSB’s news release.

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.

Katie Woods is a Director in PwC's Global Accounting Consulting Services group and advises on ESG and International accounting standards. Katie specializes in the new and emerging ESG reporting frameworks working across the PwC Network. She has over 30 years of experience working with a broad range of companies. Katie speaks regularly on a range of ESG and accounting topics at national and international seminars.

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 dis

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The current international tax landscape has been in place for decades. But now dramatic changes may be on the horizon. The Organisation for Economic Cooperation and Development (OECD), backed by countries around the world, has been pursuing a “Two-Pillar Solution” aimed at alleviating certain global tax challenges that it believes arose from the “digitalisation of the economy.”

This OECD two-pillar framework will significantly alter many international tax practices we follow today with a related impact on reported earnings. In preparation, all companies should begin to assess what the OECD’s proposed framework will mean to them. 

In this episode, Heather Horn, partner in PwC’s National Office, brings you an audio version of our In the loop on the OECD framework. 

In this podcast, you’ll hear:

• 1:01 - The OECD’s agenda and a description of the two-pillar proposal
• 6:45 - How a US company could be scoped into Pillar 2
• 8:51 - Key requirements of the Pillar 2 Model Rules
• 12:01 - How to account for “top-up taxes”
• 13:04 - What’s next in the implementation of the proposed rules
• 15:05 - A description of the key terms used in the framework

Refer also to the print version, The OECD minimum tax: What US companies need to know. 

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]. 

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering fixed assets – from acquisitions and capitalization to disposals.

In this episode, Heather Horn was joined by Reto Micheluzzi from PwC’s National Office to discuss asset disposals by sale and key judgments in assessing the held-for-sale criteria. 

In this episode, you will hear:

• 1:09 - An overview of the six criteria that need to be met for held-for-sale classification 
• 4:24 - Key judgments involved in assessing the criteria and potential exceptions to the rule
• 12:28 - Measurement complexities including the order of impairment testing
• 16:49 - Triggers that cause an asset to no longer be considered as held for sale
• 19:49 - Final reminder when classifying assets as held for sale

Want to learn more? Read our chapter on assets held for sale in our PP&E and other assets guide.

Reto Micheluzzi is a partner in PwC’s National Office with over 25 years of experience solving companies’ most complex accounting and financial reporting issues, creating a path through the dense regulatory framework and bodies of rules. He has a deep understanding of the demands associated with today’s accounting complexities and potential SEC reporting issues, primarily related to M&A, consolidation, reorganizations, and income taxes.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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

The Task Force on Climate-related Financial Disclosures (TCFD) framework forms the basis of climate-related rules within each of the major ESG disclosure proposals released this year. The UK is the first jurisdiction to mandate reporting under the TCFD for listed companies. This requirement was effective for 2021, meaning these reports were available for the first time in 2022.  

Heather Horn sat down with Mark O’Sullivan, PwC UK’s Head of Corporate Reporting, and Hilary Eastman, Director of Investor Engagement at PwC, to discuss PwC’s observations on our review of the first 50 companies that reported under this mandate, as well as investor perspectives related to the filings.

In this episode, our guests discuss:

• 3:23 - Overview of our review of TCFD reporting in the UK
• 10:06 - What we know about investor views on the importance of climate risk management
• 17:08 - The areas investors want to understand, including the relevance of climate risk to the business, and the related financial impacts
• 26:03 - Key challenges faced by companies when reporting under the TCFD framework
• 31:40 - How companies in different industries approached the disclosures
• 42:24 - The areas cited in reviews by the UK’s Financial Reporting Council (FRC) and Financial Conduct Authority (FCA)
• 47:09 - Advice for companies contemplating how best to prepare for future ESG disclosures

Want to learn more about developments in ESG and TCFD? Read PwC UK’s report, The green shoots of TCFD reporting, along with our previous podcast on leveraging TCFD for climate-related disclosures. Also see the FRC’s and FCA’s reports on their reviews of TCFD disclosures, as well as the FRC’s lab report on net zero disclosures.

Hilary Eastman leads global investor engagement at PwC and has extensive experience advising on ESG reporting strategy. She manages the firm’s relationships with the investment community in the UK and globally. In her role, Hilary works with investors and analysts to get their views on a variety of corporate reporting and governance matters to help companies improve their reporting to the capital markets.

Mark O’Sullivan is PwC UK’s Head of Corporate Reporting. He has more than 15 years of experience advising leading organizations on current and best practices in reporting and the implementation of new reporting strategies to meet the needs of the capital markets. Mark also oversees PwC’s annual review of corporate reporting practices in the FTSE 350.

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 Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering fixed assets – from acquisitions and capitalization to disposals.

Jay Seliber, PwC National Office partner, is back in the guest seat to share insights on the capitalization of assets with our host, Heather Horn.

In this episode, you will hear about:

• 4:39 - The first three capitalization stages: (1) preliminary exploration, (2) pre-acquisition, and (3) construction, and the types of costs that can be capitalized in each
• 13:42 - Capitalized interest - key considerations on timing and capitalization rate
• 20:10 - The fourth stage of capitalization: placing an asset in-service and the accounting for related costs 
• 22:59 - The accounting for major maintenance 
• 29:30 - Asset depreciation methods and key judgments in reassessing useful life 
• 35:25 - Final reminders when capitalizing and depreciating fixed assets

Want to learn more? Listen to our previous podcast in this series on asset acquisitions and read about the capitalization of costs in our PP&E and other assets guide. Aircraft major maintenance is discussed in the AICPA’s Airlines guide. 

Jay Seliber is a partner in PwC’s National Office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

In this week's special episode, we are discussing the deals market in 2022. Host Heather Horn sat down with Mike Bellin and John Vanosdall, partners in PwC’s Deals practice, to get some insight on current deals trends and how companies can prepare for IPOs, M&A’s, and other capital market transactions in today’s environment.

In this episode you’ll hear:

• 1:37 - Key impacts on the deals market from inflation, interest rates, supply chain, and geopolitical events
• 6:30 - How companies are structuring deals and M&A transactions to maximize value given current market conditions
• 17:49 - How this year’s deals market has impacted the diligence process
• 20:40 - The importance of managing regulatory, accounting, and impairment considerations proactively
• 28:13 - How geopolitics and ESG continue to be at the forefront of discussions in getting transactions done
• 31:52 - Insights on how companies can manage IPO and deal readiness in the midst of volatility

Want to learn more? Check out the Q3 capital markets watch, learn more on transformation in the M&A market, and sign up to receive a copy of our Deals 2023 outlook report.

Mike Bellin is a PwC Deals partner and co-leads PwC’s IPO Services practice. Mike focuses on IPOs, SPACs, accounting for carve-outs/spin-offs, purchase accounting, pro forma financial statements, stock compensation, the SEC registration process, and much more. In addition, he frequently advises on IPOs, helping his clients with their initial registration process and operational readiness.

John Vanosdall is a partner in PwC’s Deals practice. He has 10+ years of experience providing corporate and private equity clients in the technology sector with advice on complex M&A accounting issues, including business combinations, disposal transactions, and fair value measurements. John spent 4 years working at the SEC, two of those years as Deputy Chief Accountant, where he led the SEC staff's work to oversee the Financial Accounting Standards Board.

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, 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, as well as periodic webcasts for the power and utilities industry. 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.

From continued tightening central bank monetary policies to a looming energy crisis in Europe, companies continue to adapt to a rapidly changing macroeconomic and geopolitical environment. This week, Heather Horn was joined by Craig Stronberg and Zain Siddiqui, directors in PwC Intelligence, to discuss the latest geopolitical developments and how companies should be thinking ahead when it comes to the state of the economy and volatility in the global market.

In this episode you’ll hear:

• 1:41 - An update on geopolitical developments in Q3 2022
• 5:18 - Looking ahead: possible future impacts of a global slowdown in Europe and China
• 10:22 - How Chinese policies and regulations are affecting business operations
• 19:25 - The impact of continued “reshoring” of productive capacity
• 25:49 - Are we facing a potential recession? Thoughts on current drivers of inflation and the Fed’s monetary policy
• 29:10 - Currency volatility: the increasing strength of the dollar and its effect on business operations
• 30:50 - How the longevity of the Russia-Ukraine war is impacting the global economy
• 50:26 - Advice for companies when dealing with current geopolitical uncertainty

Want to learn more? Check out some of our previous podcasts with PwC Intelligence: Crypto toolkit: Decoding central bank digital currencies and Russian invasion of Ukraine: Global outlook and implications.

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. His focus has been on numerous areas, including counterintelligence, economic espionage, counterterrorism, cyber threats, political-military issues, special operations integration, and support for major events such as the Olympic Games.

Zain Siddiqui is a senior economist for PwC Intelligence with a specialty in macroeconomics and finance. He advises stakeholders and clients on the business implications of emerging macro and geopolitical vulnerabilities, and helps them shape business strategy. His research has appeared in books on international economic policy and macroeconomic journals.

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, 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, as well as periodic webcasts for the power and utilities industry. 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