PwC's accounting podcast

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 are covering digital assets–from the overall landscape to the accounting and reporting impacts.

In this episode, Heather Horn was joined by Beth Paul, Bret Dooley, and Angela Fergason, partners in PwC’s National Office, to discuss accounting considerations for crypto transactions.

In this episode, you will hear:

• 1:39 - An overview of the different types of cryptocurrency transactions emerging in the marketplace
• 2:52 - Considerations related to crypto lending transactions
• 5:52 - Comparing the accounting model for crypto transactions (nonfinancial assets) with the accounting for transactions with financial assets
• 12:55 - Crypto assets as noncash consideration in revenue transactions, and embedded derivative assessments for crypto receivables
• 19:08 - Whether and how to recognize revenue derived from sales of crypto assets
• 27:04 - Disclosures for digital asset transactions, and further resources

Want to learn more? Listen to our previous podcasts in the Crypto toolkit series, Getting smarter on digital assets, and Accounting for holding digital assets. Also, read our chapters on crypto exchange transactions and fair value measurement in our Crypto assets guide, and be sure to check out our recent publication on new SEC rules for crypto-assets.

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.

Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Angela is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

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. He focuses on emerging financial reporting issues relating to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.

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 proposal to enhance companies’ climate-related disclosures.

In our third episode on the SEC's proposal, Heather Horn was joined by Kyle Moffatt, partner in PwC’s National Office, and John White, who is a partner in the law firm Cravath, Swaine & Moore and former Director of the Division of Corporation Finance at the SEC. Heather, Kyle, and John take a deeper dive into some of the key accounting, legal, and regulatory questions that registrants may have.

In this episode, you will hear:

• 1:47 - Perspectives on marketplace reactions to the proposal
• 6:03 - The challenges of defining climate-related events and collecting related data
• 9:17 - The various materiality considerations within the proposal
• 11:32 - The factors that the SEC could weigh when evaluating comments on the proposal
• 18:03 - Legal perspective: understanding the SEC’s authority to enforce rules
• 28:15 - How the proposed rules differ in design and impact from a Staff Accounting Bulletin
• 32:15 - How companies can start to address the proposed rules, beginning with board-level considerations
• 39:52 - The importance of data quality for readiness, and final words of advice

Want to learn more? Read the proposed rules: The Enhancement and Standardization of Climate-Related Disclosures for Investors, the related fact sheet, and our In the loop, The SEC wants me to disclose what? The SEC’s climate disclosure proposal. Also, listen to our previous special episodes, The new SEC climate proposal, and SEC climate proposal: A closer look.

Kyle Moffatt is a partner in PwC's National Office where he consults with engagement teams and audit clients on SEC reporting matters. He joined PwC in 2020 after spending almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

John White is a partner at Cravath, Swaine & Moore LLP, and chair of that firm’s Corporate Governance and Board Advisory practice. He represents public companies on a variety of disclosure matters, including corporate governance, reporting, financings, and restatements. With over fifty years of experience, he previously served as the Director of the Division of Corporation Finance at the SEC and on the board of Financial Executives International. John is a current member of FASAC, and member of the Board of Trustees of Practising Law Institute where he also serves as chair of the audit committee. 

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

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 digital assets–from the total landscape to the accounting and reporting impacts.

In this episode, Heather Horn was joined by Beth Paul, Kevin Jackson, and Reto Micheluzzi, to discuss the accounting models for holding crypto.

In this episode, you will find:

• 1:44 - A refresher on the types of cryptocurrencies and related accounting models
• 6:52 - A deep dive into the intangible assets guidance as the primary model to account for cryptocurrencies
• 10:09 - The challenges when determining the fair value of digital assets
• 19:36 - Impairment considerations when assessing the value of digital assets
• 26:36 - How to calculate the gain or loss on disposal when digital assets are sold
• 27:40 - The current state of standard-setting for digital assets
• 33:54 - The SEC’s focus areas for digital assets

Want to learn more? Listen to our previous podcast in the Crypto toolkit series, Getting smarter on digital assets, and read our chapters on Holding crypto assets, crypto fair value measurement. Also check out our recent publication on new SEC rules for crypto-assets.

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.

Kevin Jackson is a director in PwC’s Capital Markets Accounting Advisory Services practice with over ten years of experience assisting clients with complex accounting and financial reporting issues. Kevin is also a member of the AICPA's Digital Assets Working Group, which provides interpretive guidance on how to account for digital assets.

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. 

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.

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.

In our second episode on the proposal, Heather Horn was joined by Kyle Moffatt and Valerie Wieman, partners in PwC’s National Office, to take a deeper dive into a few of the key issues and questions that registrants may have.

In this episode, you will hear:

• 1:58 - The proposed requirements around climate-related risks and impacts disclosures
• 10:03 - Financial statement disclosure requirements
• 11:16 - Currently expected timelines: final rule adoption and transition periods
• 18:28 - Broad and specific materiality aspects of the proposal
• 22:18 - The concept of short, medium, and long-term materiality
• 25:53 - Greenhouse gas emissions attestation requirements
• 28:22 - How the proposal could impact private companies
• 34:31 - The implications of the proposal’s definition of climate-related risks
• 37:20 - How companies should start preparing for a final rule

Want to learn more? Read the proposed rules to Enhance and Standardize Climate-Related Disclosures for Investors, the related fact sheet, and our In the loop, The SEC wants me to disclose what? The SEC’s climate proposal.  Also, refer to our recently updated In the loop, which now includes SEC comments under the existing climate rules, and listen to our previous special episode, The new SEC climate proposal.

Kyle Moffatt is a partner in PwC's National Office where he consults with engagement teams and audit clients on SEC reporting matters. He joined PwC in 2020 after spending almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

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 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 digital assets–from the total landscape to the accounting and reporting impacts.

In this episode, Heather Horn was joined by Vikram Panjwani, a partner in PwC’s Digital Assurance and Transparency practice, to discuss the history, evolution, and current state of digital assets.

In this episode, you will hear:

• 1:27 - An overview of types of digital assets
• 7:23 - A historical perspective on cryptocurrency assets and appreciation of coins
• 13:31 - Stablecoins and a deep dive into the pros and cons of cryptocurrency as a method of payment
• 25:20 - Non-fungible tokens (NFTs): definitions, uses, and features
• 32:21 - Risk management within cryptocurrency ecosystems–explained from the user, investor, and regulatory perspectives
• 38:08 - How ESG is influencing decision makers and the cryptocurrencies market
• 41:18 - The future of money: how crypto could shape everyday transactions

Want to learn more? Listen to our previous podcast, Cryptocurrency? Digital asset? What’s the accounting?, read our recent publication on new SEC rules for crypto-assets, and read our Crypto assets guide.

Vikram Panjwani is a partner in PwC’s Digital Assurance and Transparency practice with over 20 years of experience helping clients address internal control, technology, and operational issues. He leverages assurance and controls assessments to help clients transform operations, reduce technology risks, and prepare for what’s around the corner.

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 the last of our four-episode series covering the implications of the war in Ukraine, we focus on accounting considerations for indirect impacts of the conflict, such as those related to customers.

In this episode, Heather Horn was joined by Angela Fergason and Bret Dooley, partners in PwC’s National Office, to discuss some of the specific, but indirect, accounting topics and questions companies should consider.

In this episode, you will hear:

• 1:52 - How to perform collectibility assessments for transactions with impacted customers
• 8:12 - Broad credit risk considerations that go beyond customers’ financial health
• 10:32 - Accounting considerations when a company chooses to discontinue customer relationships
• 13:25 - Dealing with payables to vendors in Russia when payment cannot be tendered due to sanctions
• 14:55 - Impairment and valuation considerations for financial assets
• 20:08 - Considerations for designated hedge transactions when the forecasted transaction may no longer be probable
• 23:22 - Key reminders: disclosures on collectibility and impairments, and careful consideration of any non-GAAP adjustments

Want to learn more? Check out our previous podcasts covering the geopolitical implications of the war in Ukraine, an overview of the current state of sanctions, and accounting for impacted operations. Also read our publication, Implications of the Russian government's invasion of Ukraine.

Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Angela is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

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

In the third of four episodes covering the implications of the war in Ukraine, we focus on accounting considerations for operations that have been impacted by the conflict.

In this episode, Heather Horn was joined by Jay Seliber and Reto Micheluzzi, partners in PwC’s National Office, to discuss some of the specific accounting topics and questions companies may need to consider.

In this episode, you will hear:

• 1:52 - Factors that determine whether deconsolidation of impacted subsidiaries may be necessary
• 7:12 - How to account for deconsolidation
• 14:18 - Impairment considerations for non-financial assets
• 18:46 - Devaluation of the Ruble and related foreign currency impacts
• 22:10 - When to present operations in Russia as assets held for sale
• 26:25 - Other areas to revisit for impairment assessments, including inventory and equity method investments
• 29:11 - How the war in Ukraine is exacerbating supply chain disruptions, and the related accounting implications
• 32:48 - The importance of quality information as well as transparent and timely disclosures about material issues

Want to learn more? Check out our previous podcasts covering the geopolitical implications of the war in Ukraine and an overview of the current state of sanctions, and read our publication, Implications of the Russian government's invasion of Ukraine.

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 to the FASB's Emerging Issues Task Force.

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]. 

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

In the second of four episodes covering the implications of the war in Ukraine, we focus on understanding the nature of sanctions that have been imposed on Russia, and their implications for businesses.

Heather Horn was joined by Eric Lorber, a principal in PwC’s Cyber, Risk & Regulatory Consulting Solutions practice and Jeannette Chu, a Managing Director in PwC’s Export Controls and Trade Sanctions group, who took a deep dive into US and other government sanctions, with some important insights for finance professionals to consider.

In this episode, you will hear:

• 3:12 - The reasons countries have moved quickly and in a multilateral fashion to enact current sanctions
• 6:03 - Comparison of the current sanctions with those imposed on Russia in 2014
• 12:26 - Overview of the different categories of restrictions that have been put into place since the beginning of the conflict
• 16:03 - Explanations of specific export and import controls
• 19:50 - Perspectives on the challenges of sanctions for companies and what’s driving the most compliance questions
• 26:44 - What potential expulsion from the G20 would mean for Russia, and discussion of the overall intent and objectives of the sanctions
• 34:54 - Viewpoints on the effectiveness of sanctions in achieving the desired result
• 41:14 - Important next steps for the finance organization, including reviews of compliance programs and other key action items

Want to learn more? Check out our previous podcast covering the geopolitical implications of the war in Ukraine.

Eric Lorber is a Principal in PwC’s Cyber, Risk, & Regulatory practice who advises financial institutions, fintech firms, and other global clients on issues related to compliance with sanctions, anti-money laundering, and anti-terrorism financing rules. Prior to joining PwC, he was a senior advisor to the Undersecretary for Terrorism and Financial Intelligence at the United States Department of the Treasury.

Jeannette Chu is a Managing Director in PwC’s Export Controls and Trade Sanctions group, helping companies address compliance risks and challenges. She was formerly a senior US diplomat with leadership positions at the US mission in China for over twelve years, serving as the key subject matter expert on a broad range of complex policy issues, including strategic trade, export controls, and immigration. 

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 the first of four episodes covering the implications of the war in Ukraine, we focus on the geopolitical and macroeconomic impacts that are likely to occur as the conflict continues. 

Heather Horn was joined by Craig Stronberg, a director in PwC Intelligence, to take us through potential scenarios to expect in the near term.

In this episode, you will hear:

• 1:41 - How the business environment is responding to global themes of fragmentation, regulation, and reorientation
• 9:36 - Reasons why countries are generally aligned in their responses to the conflict
• 13:56 - Broad impacts from the conflict that have implications for the future
• 16:48 - Offshoring versus “re”-shoring: expectations for US industrial policy
• 26:12 - Access to products produced in Russia and Ukraine, and the challenges posed by restrictions and conflict
• 34:08 - Key elements for companies to focus on to navigate through the months ahead
• 37:20 - Important questions for the CFO to consider
• 40:12 - Green initiatives and the impact of the conflict on transition

Want to learn more? Check out our previous podcasts with PwC Intelligence, Special episode: Geopolitical and economic outlook for 2022.  

Craig Stronberg leads the Business Acumean 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, 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].

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 each of the five steps in the revenue recognition model.

In this episode, Heather Horn was joined by Angela Fergason and Pat Durbin, partners in PwC’s National Office, to discuss step five of the model: recognizing revenue.

In this episode, you will hear:

• 3:15 - Over time recognition - the three criteria to determine whether control transfers over time
• 10:51 - Measures of progress that can be used in over time recognition
• 13:12 - The importance of selecting a method that best depicts the transfer of control, and when a time-based measure of progress may be appropriate
• 18:45 - The “right to invoice” practical expedient
• 22:04 - Point in time recognition and the five indicators that control has transferred
• 28:33 - The impact of repurchase rights in determining whether control has transferred
• 33:39 - Specific considerations for acceptance clauses
• 35:13 - Licenses of intellectual property (IP), including how functional IP and symbolic IP are treated differently

Want to learn more? Read our chapter on Recognizing revenue in our Revenue guide.

Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. Angela is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office and the leader of the revenue and liabilities division. He has over 30 years of experience consulting with clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory 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.