PwC's accounting podcast

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:

• 3:12 - Past, present, and future of EU sustainability reporting
• 7:56 - Scope and timing
• 28:54 - Reporting under the CSRD
• 49:51 - Requirement for third-party assurance
• 50:32 - Filing requirements of the CSRD
• 59:42 - What’s next?

Refer also to the print version, Worldwide impact of CSRD - are you ready? Also, join our upcoming Q2 2023 Quarterly ESG 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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Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spin-offs.

To continue the series, Jenn shares insights on the FASB’s recent exposure draft on improvements to income tax disclosures.

In this episode, you’ll hear discussion of:

• 1:30 - An overview of the FASB’s income tax disclosure project
• 4:50 - The proposed disaggregated disclosures for cash taxes paid and the introduction of eight specific categories of reconciling items in the rate reconciliation 
• 8:11 - The questions and areas of concern that have been raised by companies 
• 15:18 - The judgment required in determining the categorizations in the rate reconciliation 
• 19:24 - Other noteworthy proposed additions and deletions to the current required income tax disclosures
• 22:51 - The expected effective date and transition requirements
• 27:00 - Final advice for organizations as they assess the FASB’s proposed disclosures 

For more information, read our publication on the FASB’s exposure draft and check out a prior podcast on income tax disclosures.

Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax 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].

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. 

This week, Heather Horn was joined by Alan McGill, a partner in PwC’s Global Sustainability, Reporting, Measurement and Assurance practice, and PwC Global sustainability topic team leader Andreas Ohl to discuss the measurement of and reporting on the topics of nature and biodiversity.

In this episode, you’ll hear discussion of:

• 2:05 - The current state of company readiness to report on nature and biodiversity
• 8:19 - How all types of businesses exhibit indirect dependencies on nature and exposure to nature risks
• 14:08 - Measuring biodiversity-related value in your company’s operations
• 21:07 - Definition of natural capital and overview of its financial impacts
• 30:11 - The importance to businesses in every sector of developing nature positive strategies
• 36:21 - Assurance on data and metrics on nature and biodiversity topics
• 45:43 - Final advice for organizations wanting to become nature positive

Interested in more background on the business value drivers inherent in nature and biodiversity? Listen to our previous podcast in this series, and check out PwC’s global nature hub here.

Alan McGill is a partner in PwC UK and is the Global Sustainability Reporting, Measurements, and Assurance Leader. With over 15 years’ experience delivering sustainable business projects, Alan’s work focuses on the impact of sustainability issues on business, and providing organizations with attestation services over their reporting on relevant sustainability issues.

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.

Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spin-offs.

To kick off the series, Heather Horn and Jenn are joined by Pat Brown, the co-leader of PwC's Washington National Tax Services practice, to share insights on the OECD and the US minimum corporate tax legislation. 

In this episode, you’ll hear discussion of:

• 2:09 - An overview of OECD’s Pillar Two model rules
• 4:30 - The status of Pillar Two’s enactment in various jurisdictions
• 10:48 - The differences between the US corporate alternative minimum tax and the OECD Pillar Two minimum tax
• 20:58 - The response from the FASB and IASB to the accounting implications of Pillar Two enactment
• 27:45 - What companies can do now considering the uncertainty of enactment of Pillar Two
• 37:54 - The different treatment of tax credits under the Inflation Reduction Act and Pillar Two 
• 56:19 - Final advice for organizations on global tax policy

For more information, read our publications on what you need to know about Pillar Two, the responses from standard setters, and accounting for the Inflation Reduction Act. 

Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. 

Pat Brown is PwC’s Washington National Tax Services co-leader. Prior to joining PwC, he spent 16 years in the private sector, including a role as the director of tax policy for a Fortune 50 company. Pat has also served in the US Treasury’s Office of Tax Policy as an attorney-advisor and as Associate International Tax Counsel. 

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.

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. 

This week, Heather Horn was joined by Tom Beagent, a partner in PwC’s Global Sustainability and Climate Change practice, and PwC National Office partner and Global sustainability topic team leader Andreas Ohl. They bring the vantage point of the CFO to bear on the topics of nature and biodiversity and highlight the drivers of sustainable business value embedded in these topics.

In this episode, you’ll hear discussion of:

• 2:28 - Perspectives from conversations with CFOs on biodiversity and nature
• 6:53 - Defining nature and the interconnected relationships among the economy, the value chain of business, and nature
• 17:47 - Identifying nature- and biodiversity-related risks – and opportunities – in your company’s operations
• 19:28 - How market prices charged for using natural resources today may be well below the ultimate cost to the global economy
• 25:13 - The differences between “Net Positive” nature and biodiversity initiatives and “Net Zero” climate policies
• 34:26 - Investors’ interest in natural resources and biodiversity, and the metrics companies can use to disclose their dependencies on nature
• 46:56 - Where companies should start in contemplating risks and opportunities in this space

Interested in more background on the main issues related to nature and biodiversity? Listen to our previous podcast in this series, and check out PwC’s global nature hub here.

Tom Beagent is a partner in PwC UK's Global Sustainability and Climate Change practice, specializing in integrating natural and social capital analysis into decision making for sustainable growth. With over 20 years’ experience delivering sustainable business projects, he also co-developed PwC’s Total Impact Measurement and Management methodologies (TIMM), which allows organizations to measure and value the social, environmental, economic, and fiscal impacts resulting from their operations, as well as their extended value chains. 

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.

Every Tuesday in April, Pat Durbin took over the podcast to share insights and go back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.

In this episode, Heather Horn and Pat are joined by Jay Seliber to discuss identifying whether a service arrangement with a public-sector grantor would be in scope of ASC 853 on service concessions. They cover the accounting challenges that are associated with private-sector enterprises operating public infrastructure.

In this episode, you’ll hear discussion of:

• 1:54 - What a service concession is, and who and what is in scope of the ASC 853 guidance 
• 14:22 - Common types of private-public service arrangements 
• 18:30 - How to think about applying the revenue recognition model to these arrangements and challenges when there are multiple performance obligations and variable fees 
• 32:24 - How to recognize different types of expenses under the guidance 
• 39:25 - The development of the US GAAP guidance and a comparison to IFRS
• 45:03 - Final advice when accounting for service concessions 

For more information, read the service concessions chapter in both our revenue recognition guide and our IFRS and US GAAP: similarities and differences guide. Additionally, listen to our revenue toolkit podcast miniseries.

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

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.

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. Given the breadth of the topic of biodiversity, understanding the issues that it encompasses can pose a challenge for preparers.

This week, Heather Horn was joined by Will Evison, director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, to continue the conversation on biodiversity in our series, “Becoming nature positive,” and provide a more robust understanding of the issues of land, water, and other nature topics.

In this episode, you’ll hear discussion of:

• 5:14 - Why biodiversity is increasingly important to business
• 14:25 - How current land development and agriculture practices contribute to biodiversity challenges
• 26:04 - The differences between physical and economic water scarcity and how these impact business risks at a regional level
• 37:13 - Examples of individuals’ and businesses’ choices that can have positive and negative impacts on nature
• 40:49 - The differences between nature positive and net zero targets and goals
• 47:21 - Advice to companies who are just getting started on understanding the issue of biodiversity

Interested in more background on why companies are beginning to focus on biodiversity? Listen to our previous podcast in this series. Also check out PwC’s global nature hub here.

Will Evison is a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, specializing in integrating natural and social capital analysis into decision making. With over 18 years’ experience delivering climate and nature-related projects with businesses, investment firms and public sector organizations across more than 20 countries, he also led the development of PwC’s Total Impact Measurement and Management methodologies (TIMM), and now manages PwC’s global TIMM center of excellence. These methodologies utilize predictive analytics, health economics, and wellbeing techniques to model outcomes.

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 April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.

In this episode, Heather Horn and Pat discuss key accounting concepts and judgments in accounting for and valuing inventory. 

In this episode, you’ll hear discussion of:

• 1:34 - Different methods to determine inventory costs and the art of inventory cost accounting 
• 19:27 - How to account for changes in cost flow assumptions or composition of costs
• 25:55 - Key judgments in valuation and impairment of inventory 
• 33:19 - New ways to finance inventory 
• 35:29 - Final advice for accounting for inventory 

For more information, read our Inventory guide. 

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

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.

With so much focus on the SEC’s climate disclosure proposal in the US this year, climate has taken the attention of many preparers – and for good reason. However, another topic, natural resources and biodiversity, is coming to the forefront as governments and companies begin to understand the size of the problem, both in terms of its potential impact on business and the potential impact of business on biodiversity. The sustainability reporting standards that many companies will need to apply, such as the European Sustainability Reporting Standards and the International Sustainability Reporting Standards, include disclosure requirements on biodiversity. 

This week, Heather Horn was joined by PwC National Office partner and Global sustainability topic team leader, Andreas Ohl, to kick off a new podcast miniseries, “Becoming nature positive.” This first episode illuminates the types of issues that the term “biodiversity” encompasses and previews the rest of the series.

In this episode, you’ll hear discussion of:

• 2:10 - The drivers behind the increasing importance of biodiversity
• 6:43 - Definitions and examples to illustrate the concepts of biodiversity and nature positivity
• 16:22 - Why even companies outside of the agriculture industry should prioritize biodiversity
• 24:34 - How the issues of biodiversity and climate change are related – and not related
• 30:07 - Additional topics that will be covered in future episodes of this miniseries

Want to learn more? PwC recently commented on the revisions to the GRI biodiversity standard. 

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.

After years of increasingly vocal demand for enhanced transparency about ESG matters from investors and other stakeholders, regulators and standard setters in various jurisdictions issued definitive proposals to transform ESG reporting in 2022.

The 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.

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:

• 1:43 - Background on the “big three” proposals
• 17:16 - Comparison of the general features of the proposals
• 23:09 - Differences in concepts of materiality
• 28:39 - Overview of respective targets and transition plan disclosure requirements
• 33:22 - Overview of respective greenhouse gas (GHG) emissions reporting requirements
• 37:48 - Comparison of GHG scope 1 and scope 2 disclosures
• 42:58 - Comparison of GHG scope 3 disclosures
• 47:32 - Comparison of assurance requirements
• 51:31 - 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
• What you need to know about the ISSB Exposure Drafts
• Q2 2023 Quarterly ESG 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].