PwC's accounting podcast

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 derivatives–a complicated area that generates numerous questions. 

In this episode, Heather Horn was joined by Bret Dooley and Chip Currie, partners in PwC’s National Office, and Nick Milone, a partner in PwC’s Financial Markets practice, to share practical insights for navigating the implications of reference rate reform on LIBOR-based derivatives.

In this episode, you will hear them discuss:

• 1:20 - The background on reference rate reform and how the discontinuation of LIBOR will impact companies
• 6:22 - The FASB’s response to reference rate reform (ASC 848) and its interaction with hedge accounting guidance
• 12:56 - How to think about LIBOR-based cash flow hedges
• 22:55 - How to think about LIBOR-based fair value hedges
• 33:12 - The FASB’s proposed extension of ASC 848 and final advice for companies with LIBOR-based derivatives

Want to learn more? Listen to other episodes in our derivative toolkit series, Do I have a derivative?, Hedging debt with derivatives, and Deciphering foreign currency hedging. For more on reference rate reform, listen to our podcast and refer to our Reference rate reform guide. 

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

Chip Currie is a Partner in PwC’s National Office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.

Nick Milone is a partner in PwC’s Financial Markets practice where he advises companies on current financial instruments issues and the application of accounting standards. Prior to this role, Nick was a Practice Fellow on the financial instruments team at the FASB, where he helped lead the hedge accounting and recognition and measurement projects.

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. 

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.

The SEC has released a proposal to promote consistent, comparable, and reliable ESG disclosures by investment funds and advisors. This week, Heather Horn was joined by Pete Driscoll, a partner in PwC’s National Office and former SEC Director of Examinations, to review and discuss important considerations on the proposal.

In this episode, you will hear:

• 1:14 - A broad introduction to recent SEC proposals impacting investment funds and advisors
• 6:48 - An overview of the types of funds impacted by the proposal
• 16:55 - A summary of the proposed disclosure requirements
• 27:54 - Initial reactions from impacted funds and the expected challenges of meeting the proposed requirements
• 35:56 - Advice on what impacted funds should start thinking about now

Want to learn more about this proposal? Refer to the SEC’s proposed rule and related fact sheet or read our In brief. 

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]. 

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

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 derivatives–a complicated area that generates numerous questions. 

In this episode, Heather Horn was joined by Bret Dooley and Chris Gerdau from PwC’s National Office to dive into the complexities of applying hedge accounting to foreign currency hedges.

In this episode, you will hear them discuss:

• 1:02 - An overview of foreign currency accounting 
• 10:35 - Hedging of forecasted foreign currency transactions 
• 18:26 - Net investment hedging and excluded components (“forward points”)
• 27:01 - What to focus on with hedges of foreign currency denominated debt
• 31:37 - Final advice and resources for more information 

Want to learn more? Listen to other episodes in our derivative toolkit series Do I have a derivative? and Hedging debt with derivatives, and refer to our Derivatives and hedging and Financial statement presentation guides. 

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

Chris Gerdau is a partner in PwC’s National Office specializing in accounting for financial instruments and banking-related topics. Chris also conducts technical reviews of SEC filings and provides technical support to PwC’s practice offices. With over 25 years of experience, Chris’s client service expertise includes the banking, capital markets, and insurance industries.

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 addition to the SEC’s climate disclosure proposal, there are two other global proposals that could impact US companies. This week, Heather Horn was joined by Andreas Ohl and Valerie Wieman, partners in PwC’s National Office, to review and discuss important considerations on the global proposals.

In this episode, you will hear:

• 1:51 - An overview of the ISSB and CSRD proposals and why you should pay attention to them
• 12:39 - Recap on the SEC’s climate proposal in the context of global proposals
• 14:35 - A discussion of equivalency amongst the proposals
• 19:27 - How materiality and climate related risk disclosure requirements vary among the proposals
• 24:57 - Similarities among the governance disclosure requirements
• 27:35 - A comparison of attest, footnote, and GHG emission disclosure requirements
• 35:47 - A deeper dive into the scope of GHG disclosure requirements
• 41:04 - Highlights from our review of the comment letters on the SEC’s proposal

Want to learn more about these proposals? Listen to our previous podcasts that provide perspective from the C-suite and a focus on SEC proposal implementation considerations. For more background on the CSRD proposal, listen to our podcast, Talking ESG: How new EU rules may impact your reporting.

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.

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 recent 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 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 derivatives–a complicated area that generates numerous questions. 

In this episode, Heather Horn was joined by Bret Dooley and Chip Currie from our National Office to dive into the complexities of accounting for hedges of debt.

In this episode, you will hear them discuss:

• 1:30 - The economics of debt issuance and risk management decisions
• 4:01 - How derivatives fit into these decisions
• 8:55 - What to think about from a hedge accounting perspective
• 11:30 - Cash flow and fair value hedge models
• 20:46 - The impact of debt not denominated in your functional currency 
• 24:03 - Advice for dealing with the complexities of applying hedge accounting

Want to learn more? Listen to the first episode in our derivative toolkit series, Do I have a derivative?, and refer to our Derivatives and hedging and Financial statement presentation guides. Stay tuned for more insightful episodes in the coming weeks.

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

Chip Currie is a Partner in PwC’s National Office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related 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.

As thoughts turn to second quarter financial reporting, companies will be trying to navigate the impact of rapidly changing macroeconomic and geopolitical dynamics. This week Heather Horn sat down with Craig Stronberg and Zain Siddiqui, directors in PwC Intelligence, for a discussion about the significant forces currently impacting the business landscape.

In this episode you’ll hear:

• 1:12 - An update on the geopolitical and macroeconomic impacts from the war in Ukraine
• 15:02 - How companies are planning for the continued adverse supply chain impact of the COVID-19 pandemic (while also navigating ESG matters)
• 29:57 - The future of the US economy and the possibility of a recession, with thoughts on the labor market
• 37:25 - A discussion on the recent Fed activity and what to expect regarding their efforts to minimize stock market turbulence and curb inflation
• 40:38 - Final thoughts and recommendations to prepare for the second half of the year

Want to learn more? Check out some of our previous podcasts with PwC Intelligence: Crypto toolkit: Decoding central bank digital currencies, and COVID-19: How looking back will help business move forward.

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 are available upon request. 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 derivatives – a complicated area that generates numerous questions. 

In this episode, Heather Horn was joined by Bret Dooley and Chris Gerdau from our National Office to dive into how to identify derivatives, explaining how to navigate through the definition, scope exceptions, and embedded derivative analysis. 

In this episode, you will hear them discuss:

• 1:30 - How broad the definition of a derivative is and lesser known examples
• 4:21 - Applying the three criteria needed to meet the definition
• 14:15 - Understanding the scope exceptions 
• 25:45 - What you need to know about the criteria for bifurcating embedded derivatives
• 32:00 - Common examples of embedded derivatives and “hidden” features that need to be assessed  
• 35:10 - A summary of key takeaways and an update on derivative standard setting

Want to learn more? Refer to our Derivatives and hedging guide and our Financial statement presentation guide, and stay tuned for more insightful episodes in the coming weeks.

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

Chris Gerdau is a partner in PwC’s National Office specializing in accounting for financial instruments and banking-related topics. Chris also conducts technical reviews of SEC filings and provides technical support to PwC’s practice offices. With over 25 years of experience, Chris’s client service expertise includes the banking, capital markets, and insurance industries.

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.

Response letters to the SEC’s climate disclosure proposal are in – thousands of them – and one of those letters is PwC’s own response. This week, Heather Horn was joined by Wes Bricker, PwC Vice Chair and Trust Solutions Co-Leader to discuss the contents of our letter to the SEC, and share further insights on our recommendations to the staff.

In this episode, you will hear:

• 2:20 - Feedback on the climate disclosure proposal from diverse perspectives collected across the financial reporting ecosystem
• 9:10 - Why the proposal is important for a variety of stakeholders
• 15:34 - How the proposal fits into the global climate reporting landscape
• 18:58 - The importance of data in meeting the disclosure requirements, along with risks and opportunities of the proposal through management’s lens
• 28:55 - A discussion on the 1% footnote threshold
• 34:55 - The benefits of agreeing on a consistent reporting framework for greenhouse gas emissions
• 39:35 - Insights into addressing the complexities of scope 3 reporting requirements
• 42:15 - The importance to investors and other stakeholders of reasonable assurance over climate reporting

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

Wes Bricker is PwC’s Vice Chair and Trust Solutions Co-Leader for the US and Mexico. In this role he oversees the largest Trust platform in the world, bringing together the firm’s combined Audit, ESG, Digital Assurance and Tax Reporting capabilities to best help clients as they seek to build trust with their stakeholders. As co-leader, Wes is responsible for the quality of service, excellence in the work performed by over 21,000 partners and staff, developing diverse teams and driving innovation.

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

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

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 leasing–a multifaceted area that generates numerous questions. 

In this episode, Heather Horn was joined by Jillian Pearce and Marc Jerusalem from our National Office to dive into how to detect potential embedded leases in service or supply contracts and assess contract terms in the context of the leasing criteria.

In this episode, you will hear them discuss:

• 1:28 - The definition of a lease
• 4:53 - How to think about the “in exchange for consideration” part of the definition and “free” leases
• 10:34 - The identified asset criteria and “floating” leases
• 15:47 - The substitution rights criteria and how to assess the ability to economically benefit from substitution
• 20:52 - Common questions on understanding the right to substantially all economic benefits criteria
• 27:03 - The right to direct the use of the asset criteria and predetermined rights
• 38:07 - Common examples where embedded leases are found and final advice 

Want to learn more? Listen to our previous podcasts in our Leasing toolkit series on demystifying sale-leasebacks and build-to-suit arrangements, private company adoption and how to get lease measurements and modifications right. 

Jillian Pearce is a Partner in PwC's National Office, providing advice on financial instruments and other technical accounting issues to power and utilities clients. She was a Professional Accounting Fellow in the Office of the Chief Accountant at the SEC, and has over 15 years of auditing experience.

Marc Jerusalem is a Director in PwC’s National Office specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.

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 has published its widely anticipated proposal to enhance companies' climate-related disclosures. In addition to details regarding how management identifies, assesses, and manages climate-related risks and the related impact on financial metrics, the proposal calls for companies to provide information about how their boards provide oversight of climate-related matters.

This week, Heather Horn was joined by Joe Allanson, EVP, ESG Finance for Salesforce to discuss a preparer’s perspective on the SEC's proposal.

In this episode, you will hear:

• 1:21 - How changes in the overall prominence of ESG reporting is reflected in the C-suite
• 8:53 - One company’s journey to the current state of climate-related reporting
• 16:24 - Benefits and challenges of the SEC’s climate disclosure proposal from a reporting perspective
• 26:20 - Perspectives on the process of developing effective ESG reporting, along with a discussion about the supporting data quality
• 36:41 - The importance of global climate reporting requirements and alignment
• 40:17 - Final advice on ESG reporting

Want to learn more about the SEC’s proposal? Listen to our previous podcasts that provide a closer look at governance, related investor perspectives, legal and regulatory perspectives, and a focus on implementation considerations. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?

Joe Allanson is an EVP, Finance ESG at Salesforce. Joe has over 18 years of experience serving in various finance and accounting management positions at Salesforce, including 14 years as Chief Accounting Officer and Corporate Controller. Joe also sits on the advisory board to several universities. 

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].