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This month, the US federal government proposed a rule requiring government contractors to provide certain climate disclosures. In this week’s special episode, Heather Horn was joined by Valerie Wieman to discuss who the rule affects and what the key disclosure requirements are.

In this episode, our guests discuss:

• 1:37 - An overview and history behind the proposed rule
• 4:45 - Certains exemptions to the proposed disclosure requirements 
• 7:44 - The scope 1 and scope 2 GHG emission requirements for all contractors subject to the proposed rule
• 9:17 - The additional requirements for “major” contractors, including climate-related financial risk factors and science-based greenhouse gas reduction targets
• 15:23 - When the federal government expects compliance with the proposed rule
• 17:00 - How this federal proposal compares to the SEC proposal
• 18:45 - Timeline for comments and initial PwC thoughts on the proposed rule

For more information on the proposed rule, see our In brief, GHG and climate risk disclosures proposed for federal contractors.

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.

This week, Heather Horn was joined by Valerie Wieman, a partner in PwC’s National Office, to discuss a brand new comment letter trend in 2022: climate change disclosures. Given the SEC’s ESG-focused agenda, it is not a surprise that climate takes the #3 spot on our list of top comment letter trends.

In this episode you’ll hear discussion of:

• 0:56 - The history of the SEC’s focus on climate change and the issuance of the “Dear Issuer” letter of sample comments
• 3:57 - The existing 2010 SEC interpretive guidance on climate disclosures
• 8:58 - Specific examples of the types of comments frequently issued 
• 11:53 - Lessons learned from registrant responses to the first round of staff comment letters
• 15:18 - The importance of focusing on the 2010 interpretive guidance until the SEC’s proposed climate disclosure rule is final
• 17:56 - Val’s final advice for year-end reporting

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 climate, read Don’t wait until the SEC staff asks you about climate change or listen to the audio version. To learn more about the SEC’s proposed climate disclosure requirements, listen to our podcast on the main provisions of 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].

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.

Regulators and standard setters around the world have proposed new disclosure requirements triggered by investor demand and, in some cases, designed to inspire efforts to combat climate change. The ESG reporting landscape is dominated by the “big three” proposals released this year: in the European Union (EU) as part of the Corporate Sustainability Reporting Directive (CSRD), internationally by the International Sustainability Standards Board (ISSB), and in the United States by the SEC.

Nearly all public companies are expected to be subject to one or more of these rules, and some may be impacted by all three. Private companies are also likely to need to report in some form whether to investors with enhanced expectations, companies in their value chain, or perhaps mandatorily in jurisdictions like the EU. With final guidance around the corner, the big question is — what should companies be doing now?

In this episode, Heather Horn, host of our podcast series, brings you an audio version of the C-suite summary on preparing for these rules. In this audio recording, you’ll hear why now is a good time for companies to:

• 3:42 - Assemble a cross functional team
• 5:52 - Understand and evaluate ESG reporting requirements
• 9:45 - Inventory existing climate disclosures and related data
• 12:30 - Create a plan to address gaps, and contemplate possible challenges and action items
• 18:24 - Understand what’s next in the implementation of the proposed rules

Refer also to the print version, ESG reporting: Preparing for tomorrow's rules today. 

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 Jay Seliber, a partner in PwC’s National Office, to discuss key themes noted in segment reporting comment letters. Jay also shared his insights on some of the challenges companies face with segment reporting. 

In this episode you’ll hear discussion of:

• 1:23 - The goal and approach of the segment reporting guidance
• 8:05 - Key themes in comment letters and why segment reporting continues to be an area of focus
• 14:59 - Specific examples of SEC staff comments and key considerations when aggregating operating segments
• 21:32 - SEC staff comments related to entity-wide disclosures and multiple performance measures
• 26:21 - FASB’s proposed changes to the segment guidance 
• 32:26 - Jay’s final advice for segment reporting going into 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 segment disclosures, listen to our Full disclosure podcast and read through our Financial statement presentation guide chapter on segment reporting.

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.

ESG is a frequent topic of conversation across all industries; real estate is no exception – and it’s a space that impacts most companies, whether as an investor, or an occupant. Tune in this week to hear Heather Horn and Byron Carlock, PwC’s Real Estate practice leader, discuss current market trends and ESG strategy considerations in the real estate sector.

In this episode, our guests discuss:

• 1:46 - Interest rates, inflation, and other key market trends impacting the real estate sector
• 7:58 - Effects of the hybrid work model on companies’ real estate needs and office space transformation plans
• 10:12 - What landlords and tenants look to gain from ESG-focused imperatives
• 14:50 - How infrastructure can enable the environmental benefits of population density
• 19:14 - The lifestyle changes and zoning rule updates that are impacting the real estate industry
• 22:39 - New construction trends and office space strategy considerations at the C-suite level
• 37:32 - How the Inflation Reduction Act may impact the real estate sector
• 39:15 - Final thoughts on ESG and real estate

Want to learn more about developments in ESG? Listen to our Q4 2022 Quarterly ESG webcast, along with our previous podcast focused on ESG reporting within the real estate industry. 

Byron Carlock is PwC’s US Real Estate Practice leader. He brings years of knowledge of and exposure to the various aspects of the real estate life cycle, including the capital markets, acquisitions, M&A, development, dispositions, and capital structuring.

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.

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 Angela Fergason, a partner in PwC’s National Office, who shared her insights on the comments on the top line of the income statement, revenue, from the SEC staff to registrants this year.

In this episode you’ll hear discussion of:

• 1:24 - Trends noted in the volume and type of comments on revenue
• 6:04 - The increased focus on judgments made in disaggregated revenue disclosures
• 10:25 - Presentation of revenue and cost of revenue in the income statement 
• 15:52 - The continued SEC staff focus on gross vs. net presentation and identification of performance obligations
• 19:52 - Comments on common industry-specific revenue arrangements 
• 22:54 - Angela’s advice for listeners when looking 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. We also have episodes specific to revenue, such as our revenue toolkit podcast miniseries that goes step by step through the revenue recognition model.

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.

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 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]. 

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 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.

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

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