PwC's accounting podcast

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

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

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

In this podcast, you’ll hear:

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

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

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

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

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

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

In this episode, you will hear:

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

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

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

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

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

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

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

In this episode, our guests discuss:

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

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

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

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

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

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

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

In this episode, you will hear about:

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

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

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

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

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

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

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

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

In this episode you’ll hear:

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

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

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

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

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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

In this episode you’ll hear:

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

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

Craig Stronberg leads the Business Acumen capability for PwC Intelligence, spearheading the team of analysts that provides macroeconomic, sector, and geopolitical intelligence to key stakeholders. Named as one of the "100 Most Creative People in Business” by Fast Company, Craig had a nearly 20 year career in national security affairs working for and advising numerous agencies and international partners, having been decorated five times. His focus has been on numerous areas, including counterintelligence, economic espionage, counterterrorism, cyber threats, political-military issues, special operations integration, and support for major events such as the Olympic Games.

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

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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

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

Now more than ever, companies are looking for ways not only to attract and retain top talent, but also to enhance and create ESG capabilities within their workforce. This week, Heather Horn sat down with Bhushan Sethi, the joint global leader of PwC’s People & Organization practice, to discuss how leading companies are integrating their ESG goals with their talent strategy.

In this episode, our guests discuss:

• 2:28 - How the topics of ESG and workforce interact with each other
• 13:16 - Transparency in the workplace and how companies are building shared values with their employees 
• 18:46 - Upskilling talent to manage the “E” imperatives in a company’s ESG agenda
• 22:43 - The trust agenda: integrating stakeholder demands and a company’s purpose
• 28:18 - What is top of mind for companies as they determine how best to embed ESG priorities in their organization
• 33:31 - Recommendations for companies looking to attract and retain the best talent while meeting their commitments

Want to learn more about recent developments in ESG? Listen to our Q3 2022 Quarterly ESG webcast and catch Bhushan on how finance teams can work toward a company’s ESG vision. Also refer to our resource on climate change strategy as a differentiator for talent.

Bhushan Sethi is a joint global leader of PwC’s People & Organization group, where he shapes and drives the firm’s global network strategy, delivering standalone and integrated solutions across strategy, management, technology, and tax consulting disciplines. Bhushan is a thought leader, public speaker, media spokesperson, and influencer on "future of work,” risk culture, workforce strategy, employee experience, and diversity & inclusion.

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

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

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

In this episode, Heather Horn was joined by Beth Paul from PwC’s National Office to discuss the accounting guidance for asset acquisitions, including distinguishing an acquisition of an asset from the acquisition of a business, along with complexities that may be faced when accounting for asset acquisitions.

In this episode, you will hear:

• 1:24 - An overview of the asset acquisition and business combination models
• 4:17 - How to use the screen test to identify asset acquisitions 
• 9:21 - How to record asset acquisitions, and related transactions recognized separately
• 18:03 - Complexities faced by the buyer, including contingent consideration
• 24:06 - Key reminders for a seller when accounting for the disposal of an asset
• 26:01 - Final advice for those beginning the asset acquisition process

Want to learn more? Listen to our podcast discussing the complexities faced in business combinations and asset acquisitions, and read our chapters on asset acquisitions in our PP&E and other assets guide and how to identify a business using the screen test in our Business combinations guide.

Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. Prior to this role, Beth was the Strategic Thought Leader in PwC’s National office, working closely with firm leadership to determine PwC’s position on emerging trends in auditing, accounting, and financial reporting 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.

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

The Global Reporting Initiative (GRI)  is celebrating its 25th anniversary this year. In this special episode, host Heather Horn was joined by Eelco van der Enden, CEO of GRI, and Nadja Picard, PwC’s Global Reporting Leader, to discuss the voluntary ESG reporting landscape and why it matters to investors.

In this episode, you will hear them discuss:

• 0:45 - The 25th anniversary of GRI and increased adoption of its voluntary reporting standards
• 4:22 - An overview of the main pillars of GRI
• 12:22 - Why investors are asking for GRI reporting
• 15:56 - The future of impact reporting
• 24:40 - The importance of complete, rather than selective, reporting
• 32:15 - Targets and goals: why transparent reporting matters
• 38:02 - Looking ahead to the new ESG reporting landscape

For more information about recent developments in ESG strategy and reporting, listen to our previous podcasts that detail ESG incentives in the Inflation Reduction Act and provide insights on ESG disclosures that matter to investors. 

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. 

Nadja Picard is PwC’s Global Reporting Leader. In this role she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.

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

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

In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering impairments – a complex topic with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by PwC National Office partner Andreas Ohl and PwC managing director Adam Smith to dive into goodwill and indefinite-lived intangible asset impairments, including the impact of current economic conditions on that assessment. 

In this episode, you will hear them discuss:

• 1:26 - Goodwill from an economic lens
• 7:23 - Measuring goodwill impairment at the appropriate unit of account
• 17:02 - Reminders for assessing triggering events and performing the quantitative test 
• 29:12 - Key challenges seen in practice
• 32:32 - Assessing indefinite-lived intangible assets
• 39:34 - Final advice on assessing goodwill for impairment

Want to learn more? Listen to other episodes in our impairment toolkit series on long-lived assets, inventory and other current assets, and financial instruments, along with previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions. For episodes on segments that address the identification of reporting units, check out disclosure requirements for segments, and 5 things to know about segment reporting.

Adam Smith is a managing director with over 20 years of experience related to performing valuations of businesses, business interests, intangible assets, and derivatives. Adam’s valuation specialization supports a wide range of purposes, including financial reporting, litigation support, corporate planning and consulting, and mergers and acquisitions.

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.

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

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