PwC's accounting podcast

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In our Forecast 2021 podcast series, we’re focused on preparing you for the year ahead by offering insights to help you better understand and manage some of the opportunities and challenges that your company might face—think policy, technology, and other big picture topics. 

This week we focus on the importance of needing access to the right information at the right time. John Simmons, a leader in PwC’s Data and Analytics Technology practice, is in the guest seat to discuss why gathering and managing information is crucial to the success of your business. 

Topics include:

• 3:45 - Data versus information. According to John, companies need to get their arms around external and internal enterprise data, and understand the information derived from that data in order to make the right strategic decisions. 
• 7:40 - Data in a post-pandemic world. The events and trends of the past year have highlighted the need for organizations to take a holistic approach to their data and understand their end-to-end enterprise. John explains how.
• 12:53 - Focus for CFOs. To create a sensible strategy for your business, John encourages you to derive context from the granular data you already have to create more value for your organization and optimize your next opportunity. 
• 24:49 - Be the leading edge. Make focusing on data part of your organizational culture. We discuss how capturing and retaining information makes for better decision making. 
• 30:30 - The challenges. Be careful with your data. Heather and John wrap up by discussing the importance of limiting access.

John Simmons is a Principal in PwC’s Data and Analytics Technologies group, helping clients understand the value of data. His work focuses on leveraging data and emerging technologies to enhance his clients’ knowledge of their markets.

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 [email protected].

Distinguishing between a commercial joint venture and an accounting joint venture can be judgmental and will impact the accounting. In this week’s episode, Matt Sabatini, a partner in PwC’s National Office, joins host Heather Horn to discuss the accounting and financial reporting matters for companies to consider for an interest in a joint venture, as well as the accounting by the joint venture itself.

Topics include:

• 0:20 - Commercial joint ventures. When multiple investors come together to achieve a common goal, it’s important to think through how the joint venture will be structured to avoid surprises down the road.
• 6:03 - Accounting joint ventures. Do you have joint control? The answer might not be so simple. Matt walks us through some important indicators.
• 15:55 - Accounting by the joint venture. Historically, most joint ventures have recorded the assets or businesses they receive as contributions from investors at their carrying value. Matt explains some of the key accounting and financial reporting considerations at the joint venture level.
• 21:50 - Accounting for an interest in a joint venture. Investors typically account for their interest in an accounting joint venture using the equity method of accounting. Listen as Matt highlights some of the accounting complexities investors in an accounting joint venture might encounter.
• 27:20 - The FASB project. We discuss the FASB’s project on joint venture accounting and what changes we expect to see at the joint venture level.
• 30:05 - Key takeaways. Matt encourages listeners to understand the key distinctions between commercial and accounting joint ventures and keep up to date with the FASB’s joint venture project.

Want to learn more? Listen to our podcast episodes:

• Consolidation: A journey through the VIE model
• Consolidation: Back to the basics with 5 things you need to know
• Applying the equity method, Part I
• Applying the equity method, Part II

And read our Equity method investments and joint ventures guide.

Matt Sabatini is a partner in PwC's National Office with nearly 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 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 [email protected].

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

In our Forecast 2021 podcast series, we’re focused on preparing you for the year ahead by offering insights to help you better understand and manage some of the opportunities and challenges that your company might face—think policy, technology, and other big picture topics. 

This week we focus on the global forces that are shaking up businesses. Craig Stronberg, who leads PwC’s Intelligence team advising global and firm leadership on macroeconomic and geopolitical events, is back in the guest seat to discuss how to prepare for forces that test your business’ resiliency.

Topics include:

• 1:01 - Tectonic forces. Geologists study tectonic plates to predict and learn about earthquakes. Companies should study the tectonic forces that affect business to predict and be prepared for the next shock wave.
• 7:43 - Key forces at play. Craig explains that powerful forces were accelerated because of the COVID-19 pandemic: inequity, nationalism, global governance, and distrust. They generally manifest negative reactions, but social justice and empowerment are major forces that have propelled positive change. Watch these closely.
• 14:43 - Challenge your assumptions. Corporate officers are thinking more critically and creatively about the future than ever before. Forecast and estimate a range of possibilities, think about your blind spots, do not fail to imagine, and rethink your possibilities. 
• 21:29 - The next gray rhino. Look at your company’s postmortem state since the pandemic, and plan ahead for the next shock to your business. When the next gray rhino comes charging, you will be better prepared than your competitors.  
• 29:58 - How to be successful. Craig encourages companies to anticipate the effects of forces and dedicate a team to understanding the core business and focus on possible scenarios. You can start by using the ADAPT framework - read more on ADAPT below. 

Explore the PwC ADAPT framework and PwC’s 24th Annual Global CEO Survey.

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. His focus is 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 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].

Identifying performance obligations in revenue contracts continues to be a hot topic as more companies are exploring business models that include a combination of products and services. In this week’s episode, Mike Coleman and Angela Fergason, partners in PwC’s National Office, join host Heather Horn to help navigate the accounting guidance in this area.

Topics include:

• 1:04 - Background. The most critical step in the ASC 606 5-step model for recognizing revenue is identifying performance obligations, as it determines the unit of account to apply to the rest of the model. Mike breaks down why we are talking about this now.
• 3:35 - Identifying performance obligations: an overview of the accounting model. Angela provides an overview of the guidance and criteria around identifying performance obligations.
  • 5:45 - Separately identifiable. Angela highlights some of the indicators that a good or service might not be separately identifiable.
• 9:50 - Real life example: Sale of equipment with installation and consulting services. Mike walks us through a real life example and how to apply the guidance to determine whether there are separate performance obligations. 
• 13:30 - Real life example: Licenses of software. Angela and Mike explain some other real life examples commonly seen with software licenses and how these could impact the identification of performance obligations. 
• 22:14 - Real life example: Hardware and software. We talk about scenarios where products are also sold with software and how companies should determine whether the software is integral to the functionality of the equipment. We also discuss when the product is sold with cloud-based subscription services and whether to combine these elements into a bundled performance obligation.
• 26:24 - Key takeaways. Diligence and outreach across your organization is necessary to understand your contracts and get the right accounting and disclosure.

Want to learn more? Read chapter 3 of our Revenue from contracts with customers guide.

Mike Coleman is a partner in PwC's National Office with over 30 years of experience specializing in accounting for revenue and software arrangements. In addition, Mike has been one of the firm's representatives on the AICPA Software Task Force. Prior to his time in National, Mike was an audit partner in the firm's NY Metro assurance practice serving technology clients.

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 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.

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 [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 our Forecast 2021 podcast series, we’re focused on preparing you for the year ahead by offering insights to help you better understand and manage some of the opportunities and challenges that your company might face—think policy, technology, and other big picture topics. 

This week we focus on the benefits of supply chain diversification. Heather Horn sat down with Kevin Keegan and Brian Houck, partners in PwC’s Strategy&, to discuss how to create trust and transparency for a resilient supply chain. 

Topics include:

• 1:01 - Supply chain resilience. Kevin provides an overview of the current supply chain landscape and what it means for companies to balance risk and cost, while focusing on eliminating single points of failures at the onsource. 
• 7:01 - Consumer-focused. Resource scarcity is impacting supply chains in the consumer-focused supply chain, and Brian encourages CFOs to utilize the peer group’s risk-sensing capabilities to stay ahead.
• 12:10 - A trusted supply chain. Reliability, security and honesty - these are value-added factors needed to diversify your supply chain. Our guests explain how to achieve trust and transparency.
• 18:49 - Supply chain investment. The investor community has been very public on its desire for supply chain accountability. Focus your investment on risk, resiliency, and demand planning.  
• 25:55 - The role of the CFO. There are both strategic and tactical ways to take a look at your operating and business models. In a consumer-focused supply chain, companies can create a new and unique experience for their customers. 
• 32:05 - Best practices and takeaways. Kevin and Brian encourage the c-suite to work together to understand the financial- and customer-facing risks in their supply chain. Position yourself for success by allowing your supply chain to serve your customers.

Want to learn more? Read Study findings: Connected and autonomous supply chain ecosystems 2025, and listen to our Podcast: What's next? How finance can help reimagine the supply chain.

Kevin Keegan is a partner in PwC’s strategy consulting business working to improve business operations for the benefit of both current and future stakeholders. Kevin assists business leaders think through practical approaches to remove costs that are invasive to value and identify and firmly root new types of operating models that enhance growth.

Brian Houck is a partner with over 25 years of supply chain experience in both consulting and industry. He has worked across the end-to-end consumer value chain with deep experience in retail, distribution/wholesale, and consumer packaged goods clients. Brian supports his clients to achieve growth and profitability objectives, through transforming their operations through better strategies, processes, and technologies.

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 [email protected].

There are many challenging financial reporting considerations a company faces as it goes through the process of becoming public, including those related to stock-based compensation. Stock-based compensation in traditional IPOs and SPAC mergers is also an area where the SEC has issued comment letters.

In this week’s episode, Jay Seliber, a partner in PwC’s National Office, joins host Heather Horn to discuss the compensation-related financial reporting matters for companies to consider as they go public.

Topics include:

• 0:58 - Cheap stock valuation. Jay opens with a discussion on what companies should think about as they are measuring the fair value of awards in the period leading up to the IPO, including what circumstances might warrant revisiting the initial valuations.
• 8:44 - Recognition of compensation awards that vest upon an IPO. Jay breaks down what to consider when recognizing compensation for awards where the vesting is contingent upon an IPO, including considerations in the quarterly filings leading up to the IPO.
• 13:30 - Employee stock purchase plans. Some companies will have employee stock purchase plans (ESPPs) that give employees the right to have money withheld from their paycheck in order to purchase stock at a discount in the future. Jay covers the accounting for ESPPs in an IPO.
• 17:55 - Earnings per share. Newly-public companies will have to incorporate earnings per share in their filings. Jay explains some of the complexities, including calculating the weighted average shares outstanding needed to disclose earnings per share for each period presented as required by the SEC.
• 24:58 - Mezzanine equity. Lastly, Jay walks us through mezzanine equity—what it is and what companies going public need to be thinking about.

Want to learn more? Read:

• Our Stock-based compensation guide
• Section 7.3.4 of our Financing transactions guide
• Chapter 7 and Chapter 15 of our Financial statement presentation guide
• Our Observations from the front lines: Avoiding "cheap stock" SEC scrutiny

And listen to our Podcast: Got EPS questions? We've got answers.

Jay Seliber is a partner in PwC’s National Office with over 30 years of experience. He helps clients with their most complex accounting matters, particularly in the areas of stock compensation, revenue recognition, M&A, employee benefits, restructurings, impairments, and financing transactions.

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 [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 our Forecast 2021 podcast series, we’re focused on preparing you for the year ahead by offering insights to help you better understand and manage some of the opportunities and challenges that your company might face—think policy, technology, and other big picture topics. With the first 100 days of the new administration behind us, host Heather Horn sat down with Roz Brooks, PwC’s US Public Policy Leader, to discuss the latest in Washington DC with a focus on our place in the global landscape and how CFOs should prepare to respond.

Topics include:

• 0:49 - New legislation. Roz opens with an update on the infrastructure bill. She notes that the focus is on innovation and restoring the US as a global leader. Other focus areas of the Biden administration include supply chain resiliency and our relationship with China. 
• 10:43 - Innovation funding. CFOs should think about how an investment in human infrastructure could impact their workforce as the new plans focus on closing the income inequality gap. 
• 19:10 - Onshoring. Roz and Heather turn their attention to how the administration is focused on helping companies onshore some of their supply chains. 
• 22:01 - Climate change. The Biden administration has put addressing climate change at the forefront of their agenda, both domestic and foreign. Roz explains how climate is even influencing financing nowadays. 
• 28:56 - Future focus. Roz answers our usual question about the hope for bipartisanship, noting DC is still much of a house divided but she sees future opportunities to find common ground. 

Want to learn more? Check out PwC’s summary of the administration’s top priorities.

Listen to PwC’s podcast episodes:

• Forecast 2021: Top US economic trends to watch
• Forecast 2021: The impacts of China's global macrotrends
• Forecast 2021: What to expect from the new administration

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 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 [email protected].

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

The new SEC Chair is focused on change and action. In this week’s episode, host Heather Horn is joined by Kyle Moffatt, a partner in our National Office, and Michael O’Brien, a managing director in our Government, Regulatory Affairs & Public Policy group, to discuss what we think will drive the SEC’s agenda under the direction of new SEC Chair, Gary Gensler.

Topics include:

• 0:45 - President Biden’s address to congress. Michael sets the stage by giving us a rundown of what is going on in Washington and how President Biden’s address to Congress may influence the SEC’s agenda.
• 4:25 - Interagency cooperation. Michael and Heather discuss how the SEC’s cooperation with other agencies impacts rulemaking and how hedge fund oversight, cryptocurrency, and climate are interagency priorities right now.
• 8:07 - Regulatory Flexibility Agenda and rulemaking. Kyle and Michael talk about how and why the comment letter and rulemaking processes can be lengthy for certain issues, such as ESG and climate, with congressional oversight.
• 13:46 - The new SEC. Kyle and Michael discuss what the new SEC staff appointments are focused on and how the new chairman is driving change in the direction of the Commission.
• 22:56 - Bipartisan support. Kyle discusses where common ground has been found between the two parties in the past and how it has impacted other agencies.
• 25:08 - Focus on cryptocurrency and SPACs. Michael walks us through some of the immediate concerns relating to cryptocurrency and special-purpose acquisition companies. Kyle tells us where he sees the SEC going in these areas.
• 31:59 - Principles-based approach. Our guests tell us what changes we can expect to see to principles-based rulemaking.
• 36:05 - Key takeaways. Kyle and Michael encourage our listeners to keep an eye on Chair Gensler’s actions in the coming weeks as this could be the most active SEC we have seen in decades.

 Want to learn more? Read our In the loops:

Don’t wait until the SEC staff asks you about climate change

New human capital disclosure rules: Getting your company ready

Making sense of ESG

Listen to our prior podcast episode:

The SEC’s request for comment on climate disclosure, explained

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 April 2020 after spending almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Michael O'Brien is a Managing Director in the Office of Government, Regulatory Affairs & Public Policy. In his current role, Michael represents the firm and its interests before Congress, the Executive Branch, and Federal regulatory agencies. He has represented the firm on matters related to the implementation of Sarbanes-Oxley and Dodd-Frank, state and federal taxation, and litigation reform.

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In our Forecast 2021 podcast series, we’re focused on preparing you for the year ahead by offering insights to help you better understand and manage some of the opportunities and challenges that your company might face—think policy, technology, and other big picture topics.

Due to the pandemic, there has been a huge increase in both B2B and B2C online sales over the past year. As a result of this shift, companies have had to adapt their business models to acknowledge the digital customer experience and to include new revenue streams, such as subscriptions. This week, host Heather Horn sat down with Romit Dey, PwC’s national leader on Anything-as-a-Service (XaaS), to talk about XaaS and digitizing your business. Romit will help us understand how and why more and more companies are shifting to subscription-based business models, and what that means in terms of a CFO’s focus. 

Topics include:

• 0:57 - Anything-as-a-Service. Romit talks about how Silicon Valley software businesses changed their business models to subscription-based models over a decade ago and how subscription services are now offered through various industries. 
• 5:13 - A digital business model. Romit explains the reasons companies are shifting their strategy to a digital business model. 
• 10:16 - Benefits of an XaaS strategy. A digital customer experience also provides financial efficiencies. Romit explains. 
• 14:35 - Challenges and adaptation. What are the challenges and hurdles faced by companies when modifying their existing business models? Romit gives examples of hybrid business models and what they mean for the company and the customer.
• 22:24 - Role of the CFO. Romit explains what the C-suite should consider when making these critical strategy decisions, what is needed for success, and how different industries can consider adopting a digital strategy. 
• 32:03 - Crystal ball. Romit tells us where we could expect this conversation to be in three years and what the post-pandemic mindset may look like. 

Want to learn more? Read PwC's 24th Annual Global CEO Survey to see how executives are thinking about digital transformation.

Romit Dey is PwC’s national leader on XaaS, focused on advising clients on business model transformation, digital transformation, revenue growth, and scalability through subscription- and consumption-based models.

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 [email protected].

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

Given the increase in demand for climate change information and the ongoing debate regarding whether the current disclosures provide sufficient decision-useful information for investors, the SEC’s then-Acting Chair Allison Lee issued a public statement in which she requested input from market participants on climate change disclosure. 

In this week’s episode, Heather Horn and PwC’s National Office team leading PwC’s comment letter response, comprising Kyle Moffatt, Andreas Ohl, Jay Sivakumaran, and Valerie Wieman, discuss considerations for responding to the SEC’s request.

Topics include:

• 0:50 - Overview and background. Val, Kyle, Andreas, and Jay explain what the common themes are in the SEC’s questions and what prompted the request for comment. 
• 8:38 - Standard setting. Andreas and Kyle explain the current landscape of standard setting in the US and globally, what it means for ESG reporting, and what the future of standard setting may look like. 
• 14:22 - Industry considerations. Val and Andreas give their views on industry-specific standards versus a universal approach. 
• 17:59 - Measurements. Andreas explains the questions on measurements and what companies should consider as it relates to metrics.
• 24:54 - Geography of disclosures. Val and Kyle share their point of view on the geography of disclosures and what they feel matters most.
• 28:42 - Assurance and governance. Jay shares considerations on assurance, investor-grade information, and governance of ESG issues.
• 33:20 - Materiality. Val and Kyle explain how to consider materiality in the context of non-financial disclosure.  
• 37:57 - Broader disclosures and phasing. Andreas, Kyle, and Val consider whether disclosures should encompass all of ESG. They also address whether private companies would benefit from similar guidance, and what the phasing of an ESG ecosystem project could look like. 
• 45:07 - Best practices and next steps. Jay explains how companies should stay accountable to ensure they include quality and reliable disclosures. Kyle and Val encourage market participants to provide feedback to start the conversation and what to expect as far as timing. 

Andreas Ohl is a partner in PwC's National Office focused on 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. 

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 April 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 manages the creation, development, and publication of our brand-defining thought leadership. She is also responsible for Viewpoint, our new digital information platform. 

Jay Sivakumaran is a director in PwC’s National Office. Prior to joining the National office, he served clients primarily in the consumer markets sector.

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