PwC's accounting podcast

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 are joined by Latina Fauconier to share insights on how to identify and evaluate subsequent events. Assessing whether information received between the balance sheet date and the issuance of the financial statements needs to be accounted for and/or disclosed can be challenging, and is more important than ever in this current environment. 

In this episode, you’ll hear discussion of:

• 1:43 - An overview of the accounting guidance and key judgments in evaluating subsequent events
• 4:55 - Complexities in determining if conditions existed as of the balance sheet date
• 11:08 - The importance of having processes and controls in place to monitor subsequent events
• 18:27 - Common examples of subsequent events and the impact on forward-looking estimates and assessments 
• 29:04 - Considerations for disclosures 
• 33:34 - Final advice for identifying and evaluating subsequent events 

For more information, listen to our previous podcast on subsequent events and read the subsequent events chapter of our Financial statement presentation 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.

Latina Fauconier is a partner on tour in PwC’s National Office, focusing on revenue and compensation matters. She advises clients and engagement teams on a wide range of complex accounting and financial reporting matters under US GAAP and IFRS. She was previously a Professional Accounting Fellow in the Office of the Chief Accountant at the SEC. 

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 more than 10,000 companies around the world using its standards, the Global Reporting Initiative (GRI), focused on “impact reporting” (reporting of a company’s impact on ESG issues), continues to be a major player in the ESG reporting space, even with the advancement of mandatory reporting proposals based on other frameworks. So what is ahead for the organization strategically and what role will impact reporting play in the future ESG reporting ecosystem?

This week, Heather Horn was joined by Eelco van der Enden, CEO of GRI, to discuss the organization’s key strategic initiatives, including how it is managing the current pace of change in the ESG reporting landscape, and what’s ahead for voluntary impact reporting.

In this episode, you’ll hear discussion of:

• 2:05 - What’s top of mind for GRI’s C-suite in managing its near-term priorities
• 11:43 - How GRI’s standards complement other ESG reporting standards
• 20:17 - Where voluntary impact reporting fits into the dynamic landscape of ESG reporting
• 31:12 - How the breadth of today’s value chains poses reporting challenges
• 39:03 - How GRI is focused on innovating to solve the reporting challenges faced by companies across the value chain
• 48:54 - Reflections on the progress of GRI over the past year

Interested in more background on why investors care about voluntary ESG reporting? Listen to our previous podcast with Eelco.

Eelco van der Enden is the CEO of the Global Reporting Initiative. Prior to this role, Eelco led PwC’s global ESG platform for the Tax & Legal and People Services, and PwC's Tax Administration Consulting practice. Eelco is also Chairman of the Tax Policy Group of Accountancy Europe, and has published multiple articles on tax governance and reporting.

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.

To kick off the series, Heather Horn and Pat are joined by Tom Barbieri, our US Chief Accountant, to bring you the latest on one of the oldest and most foundational standards, FAS 5, which is now Topic 450, Contingencies.  

In this episode, you’ll hear discussion of:

• 6:03 - An overview of the accounting framework and key judgments in assessing the likelihood of loss 
• 10:21 - What to consider when measuring a loss contingency  
• 16:06 - Recognition and presentation of insurance recoveries 
• 18:49 - When gain contingencies may be recognized  
• 27:04 - What companies should consider in disclosing contingencies 
• 32:00 - Final advice when accounting for and disclosing contingencies 

For more information, read the Contingencies chapter of our Financial statement presentation 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.

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

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.

Will 2023’s economy be substantially different from last year’s? This week, Heather Horn was joined by Craig Stronberg and Zain Siddiqui, directors in PwC Intelligence, to discuss the latest macroeconomic and geopolitical developments. Craig and Zain share insights on why companies should be thinking ahead when it comes to the state of the economy and volatility in the global markets.

In this episode, you’ll hear discussion of:

• 2:20 - The forces shaping the economic outlook for the rest of 2023
• 9:27 - The impact of politics and the election cycle on the business environment
• 16:41 - Updates on whether a recession is still anticipated this year
• 23:45 - The interaction of consumer demand, the labor market, and inflation on the Fed’s monetary policy plans
• 27:32 - The “long tail” of COVID and its ongoing impacts on supply chains and the global economy
• 34:30 - How companies should prepare for longer term geopolitical uncertainty across Europe and Asia
• 43:10 - Economic watch list items for companies to track throughout the year

Want to identify how different macroeconomic trends could impact your accounting and reporting? We've created an interactive tool, Accounting in uncertain economic times. Use it to better understand potential challenges and locate additional resources. 

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 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 March, Suzanne Stephani took over the podcast to bring you the latest on different types of financing arrangements — from debt to leases to supplier financings — including how the current macroeconomic environment impacts the accounting. 

In this episode, Heather Horn and Suzanne are joined by Brian Staniszewski, a PwC partner who advises clients on debt transactions. Brian and Suzanne share observations and insights on recent debt restructurings in this time of economic uncertainty. They also share reminders on how to navigate the different accounting models for debt restructurings.

In this episode, you’ll hear discussion of:

• 2:00 - Common themes among debt restructurings taking place in the current economic environment 
• 6:38 - An overview of the different accounting models for debt restructurings and why it matters to get the accounting model right 
• 17:12 - The key judgments required in determining whether a restructuring is a troubled debt restructuring
• 19:56 - Common issues in the non-troubled debt restructuring model 
• 34:58 - Financial statement presentation of debt restructurings 
• 38:40 - Final advice when dealing with a debt restructuring

For more information, listen to our previous podcasts on the classification of debt in an uncertain economic environment and on the presentation and disclosure of debt. Also read related guidance in our Financial statement presentation guide, Financing guide, and frequently asked questions on accounting in uncertain times. 

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.

Brian Staniszewski is partner in PwC’s capital markets and accounting advisory group specializing in advising clients on accounting and financial reporting issues related to capital restructuring and capital raising transactions, financial instruments, business combinations, consolidation, and minority investments. He previously completed a fellowship in the SEC's Office of the Chief Accountant. 

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.

As we approach the end of 2023’s first quarter, we wanted to take time today to zoom out to the broader business environment that finance organizations are navigating. Between a tightening money supply, inflation, and ongoing demands from investors and stakeholders to grow in a sustainable way – we wanted to ask, how are companies managing it all? What are their near term and long-term priorities, and how are these changing in the current environment?

Heather Horn was joined by Wes Bricker, PwC’s Vice Chair and Trust Solutions Co-Leader, to discuss these questions and more based on his business leadership within PwC and extensive client experience.

In this episode, you will hear:

• 2:11 - The three areas of uncertainty that businesses are navigating in 2023
• 11:14 - The imperative companies face to reinvent their business models for long-term survival
• 18:53 - How companies are integrating climate, human capital, and other ESG topics into their reinvention strategies
• 29:26 - How the principles of candor, truth-telling, and humility instill trust in companies’ near-term and long-term goals
• 37:20 - The importance of going beyond “check-the-box” compliance in reporting by presenting a coherent strategy and vision for the business
• 44:40 - How the voice of the CFO organization is supporting companies in earning trust

Want to hear more perspectives from our latest Global CEO survey? Check out our summary of the survey results.

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.

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 the first quarter 2023 edition of The quarter close, we highlight newly effective standards for 2023, featuring new required disclosures for supplier finance programs. We also take a closer look at the accounting and reporting implications of changes to reportable segments. Lastly, we provide the latest updates on ESG reporting proposals and the FASB’s standard-setting projects. Read or listen to The quarter close for these and other relevant accounting and reporting topics you should consider as you close out the first quarter of 2023.

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

Every Tuesday in March, Suzanne Stephani, is taking over the podcast to bring you the latest on different types of financing arrangements - from debt to leases to supplier financings - including how the current macroeconomic environment impacts the accounting. 

In this episode, Heather Horn and Suzanne will discuss the impact of the current macroeconomic environment on the classification of debt as current or noncurrent.

In this episode, you’ll hear discussion of:

• 4:44 - Key judgments in assessing the impact of covenant violations when there are grace periods and waivers
• 13:40 - What to think about when debt is modified in advance of a covenant violation
• 17:12 - The importance of identifying cross default and cross acceleration clauses in debt agreements
• 20:08 - What you need to know about subjective acceleration clauses (SACs), especially in the current economic environment  
• 25:38 - Frequent debt refinancing questions and how SACs within refinancing agreements impact the ability to use them to achieve noncurrent classification 

For more information, listen to our previous podcast on the presentation and disclosure of debt, and stayed tuned for our next podcast in this miniseries, on debt restructuring. Also read our Financial statement presentation guide and frequently asked questions on accounting in uncertain times. 

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.

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.

GHG Protocol is one of the most widely known and applied sustainability reporting frameworks. Even as ESG reporting continues to increase in prominence with proposed disclosures from the European Union as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the United States by the Securities and Exchange Commission (SEC), the criticality of GHG Protocol is reinforced by its incorporation in each of these “big three” proposals.

In light of this changing landscape, the GHG Protocol has undertaken a process to survey stakeholders and determine what updates are needed to its protocol, standards, and guidance. Heather Horn was joined by Marcin Olewinski, a PwC Trust Solutions partner, to unpack the key points of feedback contained in PwC’s comment letter on the GHG Protocol’s open consultation. Heather and Marcin both led PwC’s global working group on developing our comments.

In this episode, you’ll hear discussion of:

• 1:58 - The importance of governance of the GHG Protocol for long-term operability
• 10:38 - Our view that measurement, recognition, and baseline disclosures should form the building blocks of the standards
• 16:40 - Suggestions for structuring and organizing the standards for ease of use
• 19:17 - Dealing with disparities in data quality and availability through transparent disclosures
• 23:51 - The importance of aligning organizational boundaries, lease accounting, and other areas in the Protocol with financial reporting
• 32:21 - Recommendations to improve Scope 2 reporting
• 39:57 - Final perspectives on aligning GHG reporting with financial reporting

Interested in the contents of our comment letter to the GHG protocol? Read it here.

Marcin Olewinski is a partner in PwC’s Trust Solutions practice, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he’s focused extensively within PwC’s National Office on greenhouse gas and sustainability reporting.

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 March, Suzanne Stephani is taking over the podcast to bring you the latest on different types of financing arrangements—from debt to leases to supplier finance programs—including how the current macroeconomic environment may impact the accounting. 

In this episode, Heather Horn and Suzanne are joined by Bret Dooley, a PwC partner who leads our team advising clients on the accounting for financial instruments. Suzanne and Bret explain what supplier finance programs are, share insights on assessing the balance sheet classification, and break down the new disclosure requirements from the FASB that are now (generally) effective for calendar year-end companies.  

In this episode, you’ll hear discussion of:

• 2:32 - The broad range of supplier finance programs that exist in the market and why companies enter into them
• 12:12 - Why classification on the balance sheet as either a trade payable or debt matters
• 15:19 - Indicators commonly used in practice to assess classification and key judgments to consider 
• 32:42 - What’s required to be disclosed under the FASB’s new guidance and when
• 38:58 - Final advice on thinking through the accounting and reporting for these programs 

For more information on the accounting and disclosure of supplier finance programs, check out our Financial statement presentation guide. 

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.

Bret Dooley is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has over 25 years of experience specializing in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues relating 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.