PwC's accounting podcast

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In this week's episode we are exploring the current state of geopolitical forces that are shaping business today. Host Heather Horn sat down with Craig Stronberg, a former historian and current director in PwC Intelligence, and Christina Wobig, a senior manager in PwC Intelligence, to get some insight on the geopolitical landscape, trends, and ways to manage risk.

Topics include:

• 1:59 - Geopolitical forces. We begin by setting the stage and covering the trends that warrant heightened CFO focus, including displacement of power around the globe and the effects of inequity.
• 7:27 - Trust and distrust. Can you build trust in today’s geopolitical landscape? Craig stresses the importance of investing in strategic relationships. Christina tells us how trust in business has actually increased over the course of the pandemic.
• 9:41 - Measure, monitor, manage. Geopolitical forces create risk, but companies that look ahead can capture opportunity. Craig and Christina discuss how companies can put a framework into place to do just that.
• 22:29 - The role of culture in companies. Craig discusses ESG principles, specifically the social elements, and how companies are thinking through today’s social issues.
• 24:27 - What’s the new normal? Does normal exist anymore? Christina and Craig discuss how COVID has changed our world, and what areas CFOs should be paying attention to when looking forward to 2022.

Want to learn more?  Check out PwC’s latest Trust in Business Survey and listen to Craig’s previous podcast, COVID-19: How looking back will help business move forward. 

Craig Stronberg leads the Macro Capability for PwC Intelligence, spearheading the team of analysts that provide macroeconomic 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. He focused on a variety of areas, including counterintelligence, economic espionage, counterterrorism, cyber threats, political-military issues, special operations integration, and support for major events such as the Olympic Games.

Christina Wobig is a senior manager in PwC Intelligence with more than 15 years of experience working in strategy and commercial leadership roles in professional services and industry, including music, pharma, and education technology. She has worked on projects around the globe helping companies navigate geopolitical trends with strategic thinking.

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

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

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for business combinations. Jay Seliber, PwC National Office partner, is back in the guest seat to share some helpful insights with our host, Heather Horn. 

Topics include:

• 1:15 - Scope of business combinations. Jay explains the applicability of the business combinations guidance to different types of transactions.
• 3:24 - Balance sheet. Jay highlights the presentation rules on the balance sheet and addresses a common question about the classification of contingent consideration.
• 6:30 - Income statement. Jay takes us through the presentation requirements for business combinations on the income statement, including some of the areas that require more judgment - think previously held equity interests, mark-to-market adjustments on contingent consideration, and tax indemnifications. 
• 10:23 - Statement of cash flows. Jay breaks down the cash flow presentation rules for common aspects of business combinations transactions, including debt financing and contingent consideration.
• 18:21 - Disclosure requirements. Jay outlines both GAAP and SEC disclosure requirements on business combinations.
• 41:20 - Key takeaways. Jay closes with final reminders. Heather tries to stump Jay with some accounting history questions.

Want to learn more? Read:

• Chapter 17: Business combinations of our Financial statement presentation guide.
• In depth, SEC amends disclosure rules for acquired and disposed businesses
• In depth, Domestic SPAC mergers - financial reporting and accounting considerations

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.  

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.

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

As much as we’d like to put COVID behind us—things are still unpredictable and businesses will need to continue to be agile. In this special episode of PwC’s accounting podcast, Bhushan Sethi, the joint global leader of PwC’s People & Organization practice, is back to discuss the results from PwC’s latest US Pulse Survey and how to translate what we found to your work environment. 

Topics include:

• 2:14 - Employee turnover. There’s ongoing concern about rising turnover as the “Great Resignation” continues. Bhushan shares data from our latest pulse survey and how companies can address the underlying issues. 
• 14:43 - Retention and safety. As you recruit replacements—think about what needs to be done to “re-recruit” existing employees. Bhushan discusses how companies can design an environment best suited to employee retention and how safety plays a hand. 
• 22:14 - Making hybrid work, work. You heard Bhushan talk about optimizing a hybrid workforce in a past podcast—now he gives us an update on recent trends and how things continue to evolve. 
• 26:52 - Looking to the future. As companies learn to strategize under the shadow of a pandemic, Bhushan talks about how companies can align their strategies with their workforce, and how to address dependencies and inequities.
• 35:22 - Wrap up. Bhushan wraps up with additional findings from the Pulse Survey and some final words of advice.

Want to learn more? Check out PwC’s latest US Pulse Survey.

Want to hear more from Bhushan? Check out a few of his previous podcasts:

• Forecast 2021: How to make hybrid work, work
• What’s next? The future of work and how to get there
• What’s next? Changes to the workforce mean changes for business

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

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

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

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on equity method investments and consolidation matters—think majority interests and variable interest entities (VIEs). Matt Sabatini, PwC National Office partner, is back again to share helpful insights and key reminders.

Topics include:

• 1:12 - Consolidation. Matt and Heather begin with an overview of the purpose of, and requirements for, consolidated financial statements.
• 11:04 - Variable interest entities. Matt and Heather tackle VIEs first—how are they presented? What are the disclosure objectives and requirements? Our guest also explains what’s different if you’re not the primary beneficiary.
• 22:25 - Other consolidation considerations. Matt dives into a few exceptions to the rules, common SEC comments, and other considerations. 
• 30:46 - Equity method investments. Not required to consolidate? Matt describes the presentation and disclosure objectives and requirements for equity method investments. 
• 45:06 - Other key reminders. Matt gives more reminders for preparing equity method investment disclosures and offers some final words of advice. 

Want to learn more? Read our Financial statement presentation guide on equity method investments and consolidation. Or check out our Equity method investments and joint ventures and Consolidation guides for questions about accounting.

Matt Sabatini is a partner in PwC's National Office with over 20 years of experience helping clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, corporate reorganizations, recapitalizations, joint ventures, and other investments.

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

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

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

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

In this special episode of PwC’s accounting podcast, Roz Brooks, PwC’s US Public Policy Leader, is back to discuss the latest in Washington—focusing on the current bipartisan infrastructure bill and budget reconciliation working its way through Congress, as well as other policy developments CFOs will want to know about.

Topics include:

• 2:29 - Infrastructure and budget reconciliation. As we head into the last quarter of 2021, the House and Senate are negotiating final versions of the bipartisan infrastructure bill and budget reconciliation. Roz talks through the standoffs and what she thinks is likely to happen. 
• 22:03 - Tax reform. What are the latest tax rates on the table? Roz gives an overview of some of the possible changes and reforms being discussed on Capitol Hill. 
• 28:42 - Foreign policy and relations. Whether it’s travel, the supply chain, vaccine availability, or other current events, the global equilibrium has undergone significant changes in recent years. Roz gives her perspective on what Biden and the US have planned. 
• 39:22 - Policy and financial markets. Roz highlights recent and expected changes at the PCAOB, the SEC’s views on ESG disclosures, and rulemaking with respect to foreign companies listed on US exchanges.
• 42:51 - Final thoughts. After the inauguration, Roz gave us her thoughts on the topic of bipartisanship. We checked in with her again in May. Heather asks her if anything’s changed since then. 

Want to hear more? Check out some of Roz’s past podcasts:

• Forecast 2021: What to expect from the new administration
• Forecast 2021: Advice for CFOs on the latest from Washington

And listen to our podcast from last week to hear more about how companies are dealing with current events: COVID-19: How looking back will help business move forward.

Roz Brooks is PwC's US Public Policy Leader. Roz is responsible for ensuring PwC has a voice in important debates at the nexus of business and government and helping the firm successfully execute its business strategy. Roz leads PwC’s engagement with Congress, the White House, regulatory agencies, state and local governments, and organizations including trade associations, think tanks, and NGOs.

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 nearly 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].

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on a lessee’s presentation and disclosure requirements for leases. Suzanne Stephani and Marc Jerusalem, PwC National Office directors, are back in the guest seats to share helpful insights and key reminders.

Topics include:

• 1:15 - Balance sheet and income statement. Marc and Suzanne start with the balance sheet and income statement, highlighting the presentation for finance vs. operating leases, current vs. non-current, and more. 
• 10:55 - Statement of cash flows. Suzanne explains how to avoid common stumbling blocks when presenting lease transactions in the statement of cash flows. 
• 15:33 - Disclosure requirements. Lessees have a long list of qualitative and quantitative disclosure requirements that need to be met. Marc details where to start and what to watch out for. 
• 24:11 - Leases in light of current events. The current economic environment has disrupted some companies’ leasing strategies. Marc and Suzanne provide some insight on how this may impact their presentation and disclosures.
• 29:47 - Wrap-up. Heather tries to stump Suzanne and Marc with a few trivia questions before they provide final reminders and advice for companies accounting under ASC 842. 

Want to learn more? Read our guides for those who have adopted ASC 842 and those still applying ASC 840. 

Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to financing and leasing transactions as well as the cash flow statement.

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 contributor to many related PwC National Office publications. 

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 nearly 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 much as we’d like to put COVID behind us—things are still unpredictable and businesses will need to continue to be agile. This week we’re joined again by Chris Benko, PwC’s chief economist and leader of PwC Intelligence, and Craig Stronberg, a former historian and current Director in PwC Intelligence, for some insight on the impact of COVID-19 as compared to past crises and which lessons learned today may help companies in the future.

Topics include:

• 2:25 - Looking to the past and to the future. Craig sets the stage with how COVID has unfolded in the current geopolitical landscape, the direction things are headed, and lessons that can be learned from past crises.
• 12:35 - Economic impacts. Less uncertainty and more predictability—that’s what we all want. Chris discusses the current “stable disequilibrium” we’re in and how companies can continue to exercise strategic agility. 
• 22:10 - Evolving workforce and supply chain. The pandemic continues to disrupt the workforce and supply chain. Business practices will have to change, but how? Chris and Craig provide their perspective. 
• 34:04 - Key takeaways. Chris and Craig end on a few positive notes and share what they see as opportunities for companies when COVID is over. 

Want to hear more from PwC Intelligence? Check out some of our past podcasts:

• Forecast 2021: How will your business respond to tectonic forces?
• Forecast 2021: Top US economic trends to watch

Chris Benko is PwC’s US Senior Economist, providing the firm and its clients with economic analysis and commentary. Chris leads a team of business and sector analysts, economists, and data scientists, leveraging data and analytics to develop provocative points of view and inform strategic decision-making.

Craig Stronberg leads the Macro Capability for PwC Intelligence, spearheading the team of analysts that provide macroeconomic 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. He focused 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 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 nearly 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].

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on presentation and disclosure requirements for derivatives and hedge accounting. Bret Dooley and Steve Halterman are in the guest seats to share helpful insights and key reminders.

Topics include:

• 4:14 - Balance sheet and income statement. Bret and Steve begin with an overview of how to present derivative instruments, whether in accounting hedges or or economic hedges. 
• 12:52 - Disclosure requirements. There’s a long list of required disclosures for companies with derivatives. Bret and Steve help break down the objectives of the disclosures and discuss the key disclosures for fair value and cash flow hedges. 
• 20:10 - Other key reminders. Bret highlights key reminders for interim reporting and reference rate reform, and Steve shares some expedients for private companies. 
• 27:00 - Closing. Bret and Steve provide some final reminders and advice for companies with derivatives.

Want to learn more? Read our Derivatives and hedging guide for guidance on accounting questions and our Financial statement presentation guide for help with presentation and disclosure requirements. 

Bret Dooley is a Partner in PwC’s National Office 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.

Steve Halterman is a Director in PwC’s National Office with over 25 years of experience in auditing and accounting, with a focus on derivatives and hedging for the last 20 years. He assists clients with accounting issues for financial instruments, derivatives, hedging, and the statement of cash flows and contributes to PwC guidance and publications. 

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 nearly 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.

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In the third quarter of 2021, many companies are keeping a close eye on developments in Washington, including infrastructure legislation and tax reform. The timing for tax reform is not yet clear; however, companies will need to react quickly if new tax laws are enacted. We summarize the key tax reform proposals and how companies can plan ahead.

SEC Chair Gary Gensler went on record this quarter with his views on the crypto ecosystem, comparing it to the “wild West” and calling for more investor protection. Whether it’s stablecoins or CBDCs, if you’re having trouble keeping up on the crypto lingo, you’re not alone. We provide a primer on crypto assets and some of the related accounting considerations.  

Another phrase you may begin hearing more often is energy efficiency-as-a-service. We explore the accounting implications of this growing ESG trend, including the potential for embedded leases.

In standard-setting news, the FASB has added projects to make course corrections on accounting for credit losses and issued new narrow-scope standards you’ll want to have on your radar. 

This edition of The quarter close highlights these and other relevant accounting and reporting topics you should consider as you close out the third quarter of the year.

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

Special-purpose acquisition companies (SPACs) have been around for some time, but in the last 24 months there have been an unprecedented number of companies going public via a SPAC transaction. In our Facts on SPACs mini-series, we cut through the noise to help you focus on some of the key issues relating to these transactions. 

In the final episode of our six-part series on SPACs, Mike Bellin, PwC’s IPO Services co-leader, is back to wrap-up our deep dive into SPACs. Mike and Heather reflect on how the SPAC market has continued to evolve and key considerations as companies prepare for going public.

Topics include:

• 1:09 - Developments in the past month. One month since our first conversation on SPACs - what’s happened in the market since then, and how have things evolved? Mike explains. 
• 11:54 - SPAC strategy. There is an endless task list and many agreements to reach before going public. Mike highlights five items commonly negotiated between SPACs and their targets.
• 18:14 - Being public. We’ve talked about the difficulties companies face when shifting from private to public. Mike gives his take on the challenges he sees and some advice for companies dealing with this transition.
• 26:44 - Final words. We’ve covered a breadth of topics in the past few weeks. Mike leaves us with some final advice for listeners contemplating a SPAC or going public (hint: preparation is key).

Want to learn more? Explore our Roadmap for an IPO: A guide to going public and listen to all the other episodes from our “Facts on SPACs series”

• Facts on SPACs: New trends in 2021
• Facts on SPACs: Are you sure who’s the acquirer?
• Facts on SPACs: A focus on warrants, earnouts, and EPS
• Facts on SPACs: Compensation arrangements
• Facts on SPACs: Accounting differences between private and public

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

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 nearly 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 us_podcast@pwc

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