PwC's accounting podcast

The Inflation Reduction Act (the Act), signed into law on August 16, includes a number of green initiatives and incentives – but what are they, and how will they impact businesses? In this special episode, host Heather Horn was joined by Casey Herman and Matt Haskins, specialists in PwC’s ESG groups, to discuss the ESG initiatives that companies will have to consider as part of the Act.

In this episode, you will hear them discuss:

• 2:25 - Background on the Act, and how it is structured to prioritize incentives rather than penalties for green innovation
• 7:58 - An overview of the major areas of credits in the law
• 16:09 - Perspective on the breadth of impact of the Act to the overall economy
• 19:32 - How electricity storage technology is needed to enable broader adoption of renewable electricity
• 26:33 - Examples of how companies in a variety of industries could be impacted by the Act
• 35:34 - The expected impacts of the Act in reducing greenhouse gas emissions
• 36:27 - Opportunities for entities not directly involved in generating tax credits to benefit from the Act
• 42:12 - Looking at the social incentives in the Act, and how these unlock additional credit dollars
• 48:24 - Constraints that companies will face as they work to take advantage of the incentives in the Act

For more information about developments in ESG, listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?

Matt Haskins is a principal in PwC’s Washington National Tax Services, where he leads the firm's Cleantech tax practice, focusing on renewable energy financing and M&A transactions. In addition to writing and speaking on issues in the renewable energy industry, Matt has co-chaired the energy and environmental taxes working group for the US Council on International Business and served as a delegate for key energy initiatives of the Organization for Economic Cooperation and Development.

Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business 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.

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

With ESG top of mind for many companies, we’re continuing our new podcast series looking at how the current and future reporting landscape may impact individual industries. This week, guest host Casey Herman, PwC’s US ESG leader, was joined by Rich Goode and Robert Moline from PwC’s ESG practice to discuss the strategy and reporting challenges that technology companies face.

In this episode, our guests discuss:

• 2:20 - The current state of ESG reporting in the technology industry
• 7:16 - An overview of the SEC’s climate proposal requirements that will impact technology companies
• 16:49 - Effective data collection for meeting the disclosure requirements
• 26:55 - Observations from the industry’s response letters to the SEC’s climate proposal
• 30:09 - The challenges technology companies may face in meeting the proposed emissions disclosure requirements
• 39:41 - Advice and recommendations for technology companies to proactively ready their reporting processes

Listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?

Robert Moline is a PwC Partner in our technology, media and telecommunications consulting group. Robert focuses on the transformation of global technology industry clients with a focus on sustainability and climate driven change.

Rich Goode is a principal in PwC's ESG practice where he assists clients in the technology, media, and telecommunications sectors navigate key environmental, social, and governance issues. Leveraging 30 years of experience, Rich also currently serves as an Adjunct Lecturer at Harvard University.

Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.

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 stock-based compensation – a complex subject with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by PwC National Office partners Jay Seliber and Ken Stoler to discuss a number of scenarios and accounting considerations related to stock-based compensation award modifications.

In this episode, you will hear them discuss:

• 1:22 - An overview of stock option modifications 
• 12:20 - Four types of modifications to awards with vesting conditions
• 29:22 - How to think through changes to the classification of an award 
• 37:34 - Accounting for changes to performance conditions
• 45:52 - Working through changes to market conditions
• 53:22 - Final advice for companies dealing with stock option modifications

Want to learn more? Refer to previous episodes in our Compensation toolkit series on equity or liability classification and unraveling complex vesting conditions, along with earlier podcasts on stock-based compensation including back to basics and presentation and disclosure. See also our Stock-based compensation guide. Stay tuned for more insightful episodes in the coming weeks.

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.

Ken Stoler is a partner in PwC’s National Office with over 25 years of experience. Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits, helping companies navigate their employee compensation issues during an IPO, spin off, acquisition, or other major transaction or event. 

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.

US companies with operations or listed securities in Europe are likely to be affected by the European Commission's mandatory ESG reporting regulation. They extend far beyond the SEC's climate disclosure proposal. PwC explains what you need to know in this audio version of our In the loop, What's CSRD? You should already know.

In this episode, you will hear:

• 2:55 - Key requirements of the CSRD
• 6:15 - What determines if a multinational company is in the scope of the CSRD?
• 9:50 - What reporting standards would an in-scope company apply?
• 11:20 - When would companies need to start reporting under the CSRD?
• 12:45 - What sustainability disclosures would be required under the CSRD?
• 16:40 - How do the EFRAG’s proposed climate disclosure requirements differ from the SEC’s proposed climate rules?
• 18:55 - What information would a company be required to disclose about its value chain?
• 20:15 - How would materiality be determined? 
• 21:30 - Is any relief expected for companies reporting under another framework (e.g., the SEC’s requirements)? 
• 22:35 - Would third-party assurance be required?
• 24:25 - What’s next?

Want to learn more about developments in ESG? Register for our upcoming Q3 2022 Quarterly ESG webcast, and listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. 

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 ESG top of mind for many companies, we’re continuing our new podcast series looking at how the current and future reporting landscape may impact individual industries. This week, guest host Casey Herman, PwC’s US ESG leader, was joined by Dan Sullivan and Randy Hoff, specialists in PwC’s Financial Markets & Real Estate practice, to discuss the strategy and reporting challenges and opportunities for real estate companies. In addition, any company that owns or rents space for its business would benefit from it.

In this episode, our guests discuss:

• 2:19 - Current areas of focus in financing real estate ESG initiatives
• 10:22 - Why the real estate industry is motivated to invest in the “E” of ESG
• 18:46 - Trends in the real estate industry’s comment letters on the SEC’s climate proposal
• 23:52 - Industry themes in ESG reporting goals
• 29:42 - Availability of new sustainability-focused financing instruments
• 33:31 - Advice for real estate businesses working through ESG challenges

Want to learn more about developments in ESG? Register for our upcoming Q3 2022 Quarterly ESG webcast, and listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?

Dan Sullivan is PwC’s Financial Markets & Real Estate leader. Dan has 18 years experience assisting clients with capital markets challenges driven by owning, originating, and investing in complex financial products and real estate. He helps clients navigate rapidly changing ESG demands to create innovative product and market strategies that lead the way in sustainability finance. 

Randy Hoff is a Principal in PwC's Financial Markets & Real Estate team with over 20 years experience.  He provides a wide range of innovative and tech-forward ESG solutions to Commercial and Industrial occupiers and investors.  Randy helps clients achieve Net Zero and other emissions reduction goals through technology, advanced analytics and engineering.

Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.

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 stock-based compensation – a complex subject with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by PwC National Office subject matter specialists Jay Seliber and Nicole Berman to discuss the challenging topic of classifying stock option awards as equity or a liability.

In this episode, you will hear them discuss:

• 1:32 - An overview of equity and liability classification of stock options and their key differences
• 5:26 - Common examples of exceptions to the general classification rules
• 16:31 - Accounting for awards with redemption features
• 30:30 - How to think about awards with put or call features
• 36:56 - Accounting for awards with repurchase features
• 43:27 - Final advice for dealing with equity and liability classification of stock options

Want to learn more? Refer to the first episode in our compensation toolkit series on unraveling complex vesting conditions, along with earlier podcasts on stock-based compensation podcasts including back to basics, award modifications and presentation and disclosure. For more on stock-based compensation, refer to our Stock-based compensation guide. Stay tuned for more insightful episodes in the coming weeks.

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.

Nicole Berman is a Director in PwC's National Office. She advises clients on the accounting for complex transactions related to revenue recognition and employee compensation matters, including stock-based compensation, pensions, OPEB, and restructurings, 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 International Sustainability Standards Board (ISSB) has issued its first two ESG reporting exposure drafts for comment: one on general disclosure requirements and one on climate-related disclosure requirements. This week, Heather Horn was joined by Andreas Ohl, a partner in PwC’s National Office, to dive into the proposal and why they matter for US companies.

In this episode, you will hear:

• 1:17 - Background on the ISSB’s international role and where it fits in the global ESG reporting landscape
• 7:43 - An overview of the general themes and goals in the ISSB’s first two exposure drafts
• 19:54 - An explanation of how the concept of enterprise value is used in the proposal
• 24:05 - The types of information companies would be required to disclose under each proposal
• 29:36 - How the ISSB proposal incorporates industry-specific metrics and disclosures
• 33:31 - A discussion of the proposed GHG emission requirements
• 40:51 - Final thoughts and financial reporting considerations across the SEC, ISSB, and CSRD proposals

Want to learn more about the proposals? Listen to our previous podcasts that compare the SEC proposal to the ISSB and CSRD proposals, provide PwC’s perspective on the SEC's proposal, and related implementation considerations. 

Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.

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

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

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

With ESG top of mind for many companies, we’re starting a new podcast series looking at how the current and future reporting landscape may impact individual industries. This week, guest host Casey Herman was joined by Julie Bogas and John DeRose, partners in PwC’s ESG practice, to discuss the reporting and strategy-related challenges and opportunities that exist for companies that operate in retail and other consumer-facing businesses.

In this episode, you will hear them discuss:

• 3:40 - An overview of why SEC’s climate disclosure proposal matters to companies that do business directly with consumers
• 11:19 - The current state of voluntary ESG reporting in the industry
• 14:55 - The biggest challenges consumer-focused companies are facing as they prepare for the expected new SEC rules
• 22:08 - Difficulties shared by companies in gathering and reporting emissions data
• 33:42 - Common physical and transition risks seen in the industry and how companies are managing them
• 40:23 - Typical ESG goals and targets set by companies in the industry, along with the outlook for achieving them

Want to learn more about developments in ESG? Register for our upcoming Q3 2022 Quarterly ESG webcast, and listen to our previous podcast that provides insights into the ESG disclosures that matter to investors. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?

Julie Bogas is a partner in PwC’s ESG Consulting Solutions practice with more than 21 years of experience helping clients in a variety of industries undertake ambitious programs to successfully transform their sustainability, finance, IT, and risk and compliance capabilities. For 11 years she has been helping clients build ESG and sustainability capabilities, including ESG strategy, value chain impact assessment, goal setting, training, disclosure and reporting, and data governance and technology.

John DeRose is a partner in PwC’s ESG Trust Solutions practice with more than 20 years of reporting, assurance, compliance, and risk management experience serving large multinational organizations. He works with companies across all industries, including technology, telecommunications, manufacturing, apparel and footwear, and banking.

Casey Herman is PwC’s US ESG Leader. Casey has over 35 years of experience leading and working on the audits of many significant, complex clients and is a member of the Edison Electric Institute's Wall Street Advisory Group, the Electric Power Research Institutes Advisory Council, and the NYU Stern Business School Center for Sustainable Business Advisory Council.

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 stock-based compensation – a complex subject with a variety of accounting and reporting considerations.

In this episode, Heather Horn was joined by Jay Seliber and Ken Stoler, partners from our National Office, who share accounting insights for stock-based compensation awards with vesting conditions.

In this episode, you will hear them discuss:

• 1:47 - An overview of vesting conditions
• 11:04 - How different vesting conditions impact the measurement of an award and related expense recognition
• 17:36 - Typical types of performance vesting conditions and the related accounting
• 26:14 - The complexities of market vesting conditions and accounting
• 36:45 - How to think about awards with both performance and market conditions
• 45:52 - Final advice on accounting for stock-based compensation awards with vesting conditions

Want to learn more? Refer to our previous podcasts on stock-based compensation, including back to basics, award modifications and presentation and disclosure, as well as our Stock-based compensation guide. Stay tuned for more insightful episodes in the coming weeks.

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.

Ken Stoler is a partner in PwC’s National Office with over 25 years of experience. Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits, helping companies navigate their employee compensation issues during an IPO, spin off, acquisition, or other major transaction or event. 

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 response to their climate disclosure proposal, the SEC received over 14,000 comment letters from a variety of stakeholders. This week, Heather Horn was joined by Valerie Wieman, a partner in PwC’s National Office, to discuss common themes and key takeaways from a high level review of the comment letters.

In this episode, you will hear:

• 1:02 - An overview of the types of respondents and overall themes in the letters
• 7:25 - General views shared by investors, including feedback on the footnote disclosure requirements
• 11:54 - Highlights from letters submitted by registrants and other companies, and common views on the greenhouse gas disclosure requirements
• 18:05 - A summary of responses from industry groups
• 22:01 - Common themes from not-for-profit and public policy groups, with a focus on scope
• 25:19 - Feedback identified in letters from academics and accounting and professional services firms
• 30:05 - Highlights from governmental individuals and organizations and common views from standard setters

Want to learn more about the proposal? Listen to our previous podcasts that provide PwC’s perspective on the proposal, perspective from the C-suite, and implementation considerations. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?

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].