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This month, PwC released its 2022 Global Investor Survey, covering a range of topics from investor priorities to the continued focus on ESG. In this week’s special episode, Heather Horn was joined by Hilary Eastman, PwC’s Head of Global Investor Engagement, to unpack the survey’s findings, including key areas of focus of those who invest in US companies.

In this episode, our guests discuss:

• 1:54 - The objectives of the 2022 investor survey and background on the population of investors included
• 7:54 - What investors view as their top priorities in selecting investments
• 11:04 - The top threats investors believe will affect profitability in the near term
• 13:06 - Investor views on companies’ effectiveness in addressing and reporting on their top priorities
• 19:10 - Why ESG continues to be a key area of focus
• 26:58 - The factors that drive investor confidence in sustainability reporting
• 33:42 - Next steps for listeners as they consider the investor survey results

For more information on proposed ESG rules, read our In the loop, ESG reporting: Preparing for tomorrow's rules today.

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.

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

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

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The 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments included representatives from the SEC, PCAOB, FASB, IASB, and other market participants. Speakers provided deep dives into regulations and standards, insights on SEC areas of focus, and more. 

Heather Horn was joined by Angela Fergason and Kyle Moffatt, National Office partners, to discuss highlights  and takeaways from this year’s Conference.

In this episode, you’ll hear discussion of:

• 1:01 - Top themes emerging from the Conference
• 10:53 - SEC staff perspectives shared at the Conference on how companies can enhance transparency
• 18:33 - SEC staff comments on non-GAAP and an announcement of new guidance on these measures
• 25:54 - The increased focus on cryptocurrency at the Conference
• 34:20 - ESG takeaways from the Conference and our guests’ anticipated timing for the final climate rule
• 39:43 - Key takeaways for companies going into the year-end reporting season

Want to learn more about the SEC’s areas of focus? Read our publication summarizing the Conference, and listen to our 2022 SEC comment letter trends podcast series.

Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Angela is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

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].

In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

To conclude the series, this week Heather Horn sat down with Pete Driscoll, a partner in PwC’s National Office, to discuss trends noted in SEC enforcement actions this year, including the increase in cases related to topics on the SEC’s current agenda, such as ESG and cybersecurity.

In this episode, you’ll hear discussion of:

• 1:43 - An overview of the SEC enforcement division and its current priorities 
• 4:43 - Noteworthy enforcement actions related to ESG
• 8:56 - Cases based on false and misleading claims and the types of monetary or disgorgement penalties issued
• 15:05 - The continuing enforcement of traditional cases against issuers, including restatements and cases for inaccurate books and records
• 19:57 - Recent SEC proposals (covered in our publication, SEC proposes new cybersecurity disclosure requirements) and enforcement actions related to cybersecurity
• 21:47 - Advice for listeners as they prepare for year-end reporting

Want to learn more? Check out our analysis of SEC comment letter trends. For additional information on recent enforcement actions, listen to our podcast on the 2022 AICPA SEC Conference.

Pete Driscoll is a partner in PwC’s National Office focusing on SEC regulations, reporting, and compliance. Prior to his role at PwC, Pete held several roles at the SEC, including Director of the Division of Examinations and Chief Risk and Strategy Officer.

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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On November 22, 2022, EFRAG submitted a draft European Sustainability Reporting Standards (ESRS) to the European Commission. In this week’s special episode, Heather Horn was joined by Emily Kirsch to discuss the latest CSRD developments and how CSRD compares to other climate proposals.

In this episode, our guests discuss:

• 1:36 - An update on recent political developments and changes in the draft proposal
• 6:17 - How companies are preparing for the current proposed requirements
• 9:25 - A refresher on the requirements and topics in scope of the European sustainability reporting standards
• 16:35 - Core requirements of the ESRS climate change draft standard and how it compares to the SEC and ISSB climate proposals
• 19:54 - How EFRAG is addressing equivalency and interoperability with other draft ESG reporting requirements
• 22:58 - Recommendations for companies preparing for a final effective rule

For more information on the proposed rule, see our In brief on the submission of the draft ESRS and listen to the audio version of our C-suite summary providing background on the CSRD.

Emily Kirsch is a director in PwC's National Office focused on ESG thought leadership and standard setting. She has more than 12 years of experience advising both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization.

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

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 fourth quarter 2022 edition of The quarter close, we provide timely reminders on topics that should be top of mind this year end. We also help you navigate the financial reporting impact of various cost-cutting measures put in motion by the current economic environment. Lastly, we provide the latest on global ESG reporting proposals and the FASB’s standard-setting activities. Listen to The quarter close for these and other relevant accounting and reporting topics you should consider as 2022 comes to a close.

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

In each episode of our 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, Heather Horn was joined by PwC partner Pat Durbin to discuss emerging comment letter trends related to current macroeconomic and geopolitical events. 

In this episode you’ll hear discussion of:

• 1:35 - An overview of the current events trending in recent SEC staff comments
• 4:16 - The importance of consistency of information across filed information and other investor communications 
• 6:43 - Key economic drivers companies should consider in the context of their business and sufficiency of quantitative and qualitative disclosures  
• 9:44 - The impacts of supply chain disruptions and common SEC staff comments
• 11:56 - Material risks resulting from inflation and trending SEC staff comments including on a company’s outlook
• 13:58 - How rising interest rates affect companies and what the SEC staff is commenting on
• 17:38 - The areas of focus in the “Dear CFO” sample letter related to the Russia-Ukraine war
• 20:10 - Advice for companies as they look ahead to year end 

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For further information on the impact of recent current events, listen to our Q3 2022 economic and geopolitical update podcast and read our In depth on accounting in uncertain economic times.

Pat Durbin is a Deputy Chief Accountant, leading the revenue and liabilities division 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.

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

The SEC climate disclosure proposal continues to be a key topic of conversation as companies work through readiness assessments and contemplate process implementations.

This week, Heather Horn was joined by Valerie Wieman, a partner in PwC’s National Office, to revisit the proposal and talk through some of the most frequently asked questions we receive.

In this episode, you’ll hear them discuss:

• 1:49 - The level of granularity called for in the proposed Regulation S-K disclosures by location
• 4:38 - The proposed disclosure requirements for board member oversight and climate expertise
• 8:38 - What companies need to disclose when adopting a transition plan if climate risks are not material
• 10:34 - How the GHG Protocol and the SEC proposal call for different boundaries
• 16:07 - How companies should report GHG emissions for less than wholly-owned consolidated subsidiaries (whether existing or newly-acquired)
• 22:24 - The disclosure requirements for Scope 3 emissions by category
• 24:05 - Severe weather baselines in financial statement disclosures and the prohibition of climate impact netting
• 27:44 - How to assess what to disclose as a transition activity cost

Want to learn more about the SEC’s climate disclosure proposal? Listen to the audio version of our In the loop summarizing the key requirements, and read PwC’s comments on the proposal.

Valerie Wieman is PwC’s National Office Editor-in-chief. She is involved in the creation, development, and publication of our brand-defining thought leadership, with a focus on ESG reporting. Prior to this role, she was part of PwC’s National Office SEC Services group, helping clients navigate SEC rules and regulations.

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 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

Kyle Moffatt, PwC National Office partner, is back in the guest seat with our host, Heather Horn, to share key insights on the #1 top SEC comment letter trend in 2022, MD&A.  

In this episode you’ll hear discussion of:

• 1:27 - The impact of changes to MD&A guidance 
• 8:01 - The types of MD&A comments registrants are receiving
• 11:45 - Who should be involved in telling a company’s story in MD&A
• 14:56 - How the SEC's priorities influence comments in this area 
• 19:41 - The importance of company compliance with the overarching principles of MD&A
• 24:20 - How emerging trends are impacting comment letters 
• 33:12 - Advice for companies as they prepare their year-end filings

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For more information on the SEC’s disclosure requirements pertaining to MD&A, check out our In depth on the amended rules and Topic 9 of the SEC’s Financial Reporting Manual.

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.

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

In this week's special episode, we cover some key takeaways coming out of the 2022 midterm elections. Host Heather Horn sat down with Michael O’Brien of PwC’s Office of Government, Regulatory Affairs, & Public Policy group to discuss how the midterm election outcomes may impact companies and what we can expect from Congress over the next two years.

In this episode you’ll hear:

• 1:40 - An overview of the outcome of the midterm elections 
• 7:40 - The impact of a split Congress on President Biden’s legislative agenda
• 13:42 - The key points companies should be aware of regarding the outcomes of state elections
• 18:13 - What the results of the midterm elections mean for the SEC and PCAOB’s agendas
• 22:12 - Background on the upcoming Congressional leadership elections and their influence on future legislation
• 28:44 - Ways President Biden might accomplish his agenda with a split Congress over the next two years
• 35:28 - What to expect from the “lame duck” Congress over the next month
• 40:33 - Advice for companies as they navigate the current period of uncertainty

Want to learn more about recent federal actions? Check out our podcast episode on the US government’s proposal on federal contractor climate disclosures.

Michael O’Brien is a Managing Director in the Office of Government, Regulatory Affairs & Public Policy. In his current role, Michael represents the firm and its interests before Congress, the Executive Branch, and Federal regulatory agencies. He has represented the firm on matters related to the implementation of Sarbanes-Oxley and Dodd-Frank, state and federal taxation, and litigation reform.

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 2022 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, Heather Horn sat down with Kyle Moffatt, a partner in PwC’s National Office, to discuss the SEC staff’s continued focus on non-GAAP measures and trending comment letter themes. 

In this episode you’ll hear discussion of:

• 1:15 - What non-GAAP measures are and how registrants use them
• 6:41 - The challenges and judgments associated with non-GAAP measures
• 9:32 - How the focus of the current SEC administration impacts the type and volume of comment letters
• 12:03 - The top non-GAAP comment letter trends and the importance of continuously reassessing these measures
• 20:58 - The interaction of current macroeconomic events and non-GAAP measures 
• 27:34 - What companies should focus on when looking ahead to year-end reporting
• 31:12 - Final advice when responding to SEC staff comments on non-GAAP measures

Want to learn more? Check out our analysis of SEC comment letter trends and stay tuned for more episodes in the series. For further information on non-GAAP measures with respect to business and market disruptions, take a look at the SEC Division of Corporate Finance’s guidance on disclosure considerations related to COVID-19.

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.