PwC's accounting podcast

On March 21, the SEC published a widely anticipated proposed rule addressing companies’ climate-related disclosures. Among them are new disclosures related to greenhouse gas (GHG) emissions. While not all companies will need to disclose Scope 3, companies will still need an understanding of Scope 3 volume and sources to determine whether they meet the disclosure threshold.

In this episode, Heather Horn was joined by Rich Goode, principal in PwC’s ESG practice, to take a deeper dive into a few of the key issues and questions that registrants may have when measuring and reporting GHG Scope 3.

In this episode, you will hear:

• 1:08 - A refresher of the types of emissions included within each scope under the GHG Protocol
• 5:12 - An overview of the emissions categories within Scope 3 and how companies can determine which categories apply to their business
• 12:18 - How the broader term “value chain” is eclipsing “supply chain” in terms of sustainability reporting
• 14:17 - Concepts and tools to help navigate the complexities of calculating Scope 3 emissions
• 21:22 - Key considerations for how to develop an emissions inventory management plan
• 29:50 - The history of the GHG Protocol, and additional industry-specific resources
• 36:56 - How renewable energy credits and carbon offsets fit into the disclosure of emissions, and insights on the broader significance of environmental disclosures

Want to learn more? Listen to our previous podcast, Getting smarter on GHG emissions: Scope 1 and Scope 2. Also, read the related GHG Corporate Value Chain Accounting and Reporting Standard on Scope 3 emissions. For more on the SEC’s proposal, refer to the text or audio version of our In the loop, The SEC wants me to disclose what?  

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 for Harvard University. 

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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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 income taxes–an area that generates numerous technical questions.

Companies prepare separate financial statements of subsidiaries for various reasons, such as spin offs, regulatory requirements, or compliance with debt covenants. In this episode, Heather Horn was joined by Jenn Spang and Matt McCann, partners in PwC’s National Office, to discuss the accounting guidance for income tax provisions in separate company financial statements.

In this episode, you will hear:

• 1:15 - An overview of guidance for allocating a tax provision to subsidiaries under ASC 740
• 6:26 - An introduction to the separate return method
• 12:15 - Common modifications to the separate return method, including benefits-for-losses
• 17:50 - How tax sharing agreements impact the provision and related balance sheet accounts
• 25:22 - How to account for uncertain tax positions in separate company financial statements
• 27:59 - Specific considerations for carve-out financial statements
• 35:33 - Final advice on how to effectively navigate the complexities of separate financial statements

Want to learn more? Listen to our previous podcasts, Working with uncertain tax positions, and read about separate company financial statements in our Income taxes guide.

Jenn Spang is a partner in PwC’s National Office and serves as the income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Matt McCann, is a partner in PwC's National Office who provides consultation in the areas of revenue recognition and income taxes. He has over 25 years of experience and previously served as the leader of the Consumer & Industrial Products Sector Assurance Practice in North Texas.

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.

On March 21, the SEC published a widely anticipated proposed rule addressing companies’ climate-related disclosures. One of the disclosures that would be required under the proposal is greenhouse gas (GHG) Scope 1 and Scope 2 emissions, as defined in the GHG Protocol.

In this episode, Heather Horn was joined by Rich Goode, principal in PwC’s ESG practice, to take a deeper dive into a few of the key issues and questions that registrants may have when measuring and reporting GHG scopes 1 and 2, as required by the proposal.

In this episode, you will hear:

• 1:07 - An overview of the GHG Protocol and the types of emissions included and excluded from its scope
• 7:06 - Overview of the process to measure Scope 1 emissions
• 10:54 - A deeper dive into the importance of data quality, and how to increase it
• 18:12 -Why disaggregated disclosures of constituent gasses could matter to users
• 22:21 - How companies can effectively address emissions factors required by different authorities
• 26:48 - Key considerations when calculating Scope 2 emissions, including the role of renewable energy credits
• 32:46 - Using carbon offsets effectively and how they fit into the SEC’s current proposal
• 37:01 - The importance of a GHG inventory management plan, and final advice on disclosure readiness

Want to learn more? Refer to the text or audio version of our In the loop, The SEC wants me to disclose what? and read the proposed rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors, as well as the related fact sheet. 

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 for Harvard University.

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 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 income taxes–a multifaceted area that generates numerous technical questions.

In this episode, Heather Horn was joined by Jenn Spang and Kassie Bauman from PwC’s National Office to discuss the accounting guidance for divestitures, focusing on some of the primary judgments.

In this episode, you will hear:

• 4:06 - Considerations during the period of time that a company is contemplating a divestiture
• 8:38 - Key judgments when assessing valuation allowances before a divestiture is classified as held-for-sale
• 17:56 - How the timing of deferred tax liability reversals could impact valuation allowances
• 20:26 - Held-for-sale accounting: how to determine whether deferred taxes are included in the disposal group
• 28:32 - Financial statement presentation considerations for after the divestiture has occurred
• 42:20 - Additional focus areas to keep in mind for successful divestiture tax accounting

Want to learn more? Listen to our previous podcast, Working with uncertain tax positions, and read about how a disposal impacts Valuation allowances in our Income taxes guide.

Jenn Spang is a partner in PwC’s National Office and serves as the income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Kassie Bauman is a managing director in PwC's National Office who consults on tax accounting under US GAAP and IFRS. Kassie has more than 20 years of auditing and accounting experience, including significant experience addressing complex technical accounting matters as part of the firm’s National Office.

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 landscape of ESG reporting is moving quickly. While numerous proposals are currently in play both in the US and abroad to make climate-related disclosures mandatory, there remains a significant investor impetus for broader, voluntary ESG disclosures.

In this episode, Heather Horn was joined by Eelco van der Enden, CEO of the Global Reporting Initiative (GRI), and Andreas Ohl, a partner in PwC’s National Office, to discuss the latest global standard-setting developments, as well as an update on GRI’s collaboration with the IFRS Foundation.

In this episode, you will hear:

• 1:27 - A refresher on the history and role of GRI
• 4:38 - Current developments in climate-related disclosure requirements
• 8:00 - GRI’s role in the development of Europe’s sustainability reporting standards–which will impact US registrants with operations in Europe
• 16:20 - The ISSB’s collaboration with GRI and how it will impact climate-related and other disclosure requirements
• 18:28 - The significance of “double materiality” and how it impacts reporting
• 25:52 - Areas in need of interpretation across different sets of standards
• 42:32 - The role of GRI in driving the quality of ESG reporting
• 46:52 - Final advice for leaders: where and how to direct your transformation efforts

Want to learn more?

• Read our In brief, ISSB proposes two sustainability standards, and our In the loop, Why US companies should not ignore Europe's ESG proposals.
• Listen to our podcast Talking ESG: A focus on the Global Reporting Initiative
• Read the exposure drafts on general sustainability-related disclosure requirements and climate-related disclosure requirements.

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.

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. 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]. 

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 income taxes–a multifaceted area that generates numerous technical questions.

In this episode, Heather Horn was joined by Jennifer Spang and Kassie Bauman from PwC’s National Office to discuss the accounting guidance for uncertain tax positions, focusing on some of the primary judgments that need to be made.

In this episode, you will hear:

• 1:32 - What constitutes an uncertain tax position (UTP)
• 5:11 - Rules covering the measurement and recognition of UTPs
• 9:32 - How to assess multiple outcomes and cumulative probability when recording UTPs
• 15:07 - Key judgments to exercise when evaluating the consistency of a position with administrative practice and precedence
• 23:58 - The importance of periodic reassessment and continuing to evaluate new information that could impact how UTPs are recorded
• 33:59 - Disclosure considerations
• 40:33 - Final advice on preparing disclosures and related documentation

Want to learn more? Listen to our previous podcast, Uncertain tax positions: the basics, and read our chapter on Accounting for uncertainty in income taxes in our Income taxes guide.

Jennifer Spang is a partner in PwC’s National Office and serves as the income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Kassie Bauman is a managing director in PwC's National Office who consults on tax accounting under US GAAP and IFRS. Kassie has more than 20 years of auditing and accounting experience, including significant experience addressing complex technical accounting matters as part of the firm’s National Office.

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.

While market participants continue to discuss the potential impact of the SEC’s proposed climate disclosure rules, companies are currently receiving comment letters under existing SEC climate disclosure guidance.

In this episode, Heather Horn and Valerie Wieman, partners in PwC’s National Office, bring you an audio version of our In the loop on the existing guidance, including:

• 1:35 - Background on SEC climate disclosure guidance, including its historical timeline
• 6:49 - The specific Regulation S-K items drawing the attention of the staff today
• 10:50 - Examples of the types of events that may require disclosure
• 15:21 - Example original and follow-up comments from the SEC staff about climate disclosures

Refer also to the print version, Don’t wait until the SEC staff asks you about climate change. For more on the proposed guidance, refer to our publication, The SEC wants me to disclose what? The SEC’s climate disclosure proposal. Also, listen to our previous podcasts giving you a closer look at the proposal, along with legal and regulatory perspectives.

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].

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

In our Toolkit podcast series, we are taking a deep dive into one accounting topic each month that goes beyond the basics and deeper into areas that require judgment. This month, we have covered digital assets–from the overall landscape to the accounting and reporting impacts.

In this episode, Heather Horn was joined by Craig Stronberg and Nataly Yackanich, directors in PwC’s Intelligence group, to wrap our crypto series with a discussion of central bank digital currencies (CBDCs).

In this episode, you will hear:

• 1:58 - The current stance of the Federal Reserve towards CBDCs
• 4:53 - The benefits and potential implications of having CBDCs as an available form of payment
• 10:38 - An outlook of the current state of CBDCs in other countries
• 13:18 - Challenges central banks face in implementing CBDCs
• 20:02 - The pros and cons of CBDCs from the perspectives of multiple stakeholder groups
• 34:27 - How CBDCs are impacted by geopolitical considerations
• 38:18 - How creating digital currency can impact the climate
• 39:24 - A look at the future of CBDCs

Want to learn more? Listen to our previous podcasts in the Crypto toolkit series, Getting smarter on digital assets, Accounting for holding digital assets, and Transacting using digital assets. Also, read our Crypto assets guide, and check out our recent publication on new SEC rules for crypto-assets.

Nataly Yackanich is the lead financial services analyst for PwC Intelligence. She advises stakeholders on the business implications of emerging issues in the financial services industry. She is a CFA charterholder with significant buy- and sell-side experience covering multiple industries, including financial services, industrials, and technology.

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.

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.

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On March 21, the SEC published a widely anticipated proposed rule addressing companies’ climate-related disclosures. 

While the markets continue to discuss the potential impact this proposal may have, our In the loop, The SEC wants me to disclose what? highlights several accounting and reporting matters that registrants may want to consider.

In this episode, Heather Horn and Valerie Wieman, partners in PwC’s National Office, bring you an audio version of our In the loop, including:

• 3:42 - Highlights of proposed disclosure requirements
• 7:19 - Overview of focus areas that registrants may want to consider
• 25:38 - Advice on what should companies do now
• 29:43 - Answers to frequently asked questions

Want to learn more? Read the proposed rules, Enhance and Standardize Climate-Related Disclosures for Investors, and the related fact sheet. Also, listen to our previous podcasts giving you a closer look at the proposal, along with legal and regulatory perspectives.

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].

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

In December 2021, the Organisation for Economic Co-operation and Development (OECD) published a widely anticipated “two pillar” model rule for domestic implementation of a 15% global minimum tax.

Heather Horn was joined by Jennifer Spang, PwC National Office partner, and Pat Brown, PwC’s Washington National Tax Services Co-Leader, to discuss the challenges and taxation implications of the OECD model rule, along with considerations for how companies can prepare.

In this episode, you will hear:

• 1:30 - A refresher on the role of the OECD 
• 4:16 - The evolution of a global minimum tax and potential challenges countries face in adopting the model rule
• 11:56 - Potential interpretations that could impact how countries enact and enforce the model rule
• 20:54 - An overview of the rules and how they create the concept of a minimum effective tax rate
• 25:38 - Adjustments to financial statement income to arrive at global income
• 32:18 - How the global minimum tax computation of the model rule is creating US domestic tax policy implications
• 41:26 - Considerations on how to prepare for rule adoption

Want to learn more? Read the proposed rules, commentary, and illustrative examples. Also, listen to our previous podcast, What global tax initiatives could mean for your company.

Jennifer Spang is PwC’s National Office income tax accounting leader specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Pat Brown is PwC’s Washington National Tax Services Co-Leader. Prior to joining PwC, he spent 16 years in the private sector, including a role as the director of tax policy for a Fortune 50 company. Pat has also served in the US Treasury’s Office of Tax Policy as an attorney-advisor and as Associate International Tax Counsel.

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].