PwC's accounting podcast

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As digital assets continue to make the headlines and push into the mainstream of finance, more questions are popping up on the accounting implications. In this episode, host Heather Horn and guests discuss the emerging asset class of cryptocurrencies and what it means for your financial statements.

Topics include:

• 0:29 - The cryptocurrency landscape: We begin with a brief introduction and explanation of the crypto markets and a look at what’s happening in the US from a regulatory standpoint.
• 9:22 - Digital assets: We cover the different types of digital assets and what they are used for.
• 12:04 - Picking a model: How do you determine the right accounting model to use for digital assets and what does that mean for impairment assessments? We look at:
  • 14:51 - The intangible asset model and how often to assess for impairment
  • 18:21 - How to measure fair value if your digital assets are impaired
• 22:25 - Crypto custody: Sometimes companies use a custodian for the added security and safety of their digital assets. We discuss whether using a third party impacts the accounting. 
• 27:43 - Future expectations: How will the increasing use and acceptance of digital assets redefine financial services? We close with our thoughts on what the future might look like.

Want to learn more? See our Point of view, Cryptocurrencies: Time to consider plan B.

Beth Paul is a partner and topical team leader in PwC’s National Office. In this role, Beth is 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 and accounting advisory practice. Kevin has 11+ years of experience assisting clients with complex accounting and financial reporting issues. Kevin is also a member of the AICPA's digital asset working group that provides interpretive guidance on how issuers and users of digital assets should apply existing accounting literature to their 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. 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].

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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 begin our deep dive into ESG with a talk on the “G,” governance. Heather Horn sits down with Stephen Parker, a partner in PwC’s Governance Insights Group, to focus on governance from the CFO’s perspective, including how management can make governance more efficient and effective, and what to include about governance in ESG reporting.

Topics include:

• 0:45 - The CFO’s objectives. We begin by looking at the CFOs role in making sure that a company’s governance is as effective as it can be.  
• 7:01 - Agenda prioritization. From employee safety to cybersecurity, we look at the top current-day issues boards are dealing with. 
• 11:02 - Filling the skills gap. Stephen shares his recommendations on where to start on board composition.
• 19:30 - Transparency.  There is a balance of what is proprietary versus what is good information to share with stakeholders. Heather and Stephen discuss the challenges on deciding what to share and how to share it. 
• 23:20 - Telling your governance story. We share expectations on what should be disclosed and the five areas in which we expect to see different disclosures.   
• 29:17 - The long view. What will boards be focused on in ten years? We close with our predictions on the changing nature of communications about governance.   

Want to learn more about ESG? Check out our C-suite summary, Making sense of ESG.

Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has worked with many Boards of Directors to advise on a variety of complex matters, in the context of their companies’ operations, technical accounting and SEC and financial reporting. 

Heather Horn is PwC’s National Ooffice 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].

Are you in the midst of year-end reporting? In our latest podcast, we help ground you by providing some helpful investor perspectives—what information are they looking for most from companies? How have their expectations changed? And, how does ESG factor into it all? Listen as host Heather Horn sits down with Gregory Johnson, a PwC director in our National Office who leads outreach to the investor and analyst communities, to discuss what information investors seek from the financial statements and beyond. 

Topics include:

• 0:56 - Current environment. As the economic recovery progresses, investors are placing more focus on a company's resilience and how they are evolving their business operations.
• 6:17 - ESG. Increased transparency continues to be in high demand from the investor community. We look at some of the recent developments that companies are focused on in this area and the different non-financial reporting frameworks.
• 10:11 - D&I. Large institutional investors continue to raise the bar on expectations for reporting on social issues such as diversity, equity, and inclusion. Gregory highlights areas of focus in this developing space.
• 12:16 - Financial reporting and disclosures. We hit on a few of the most common disclosures investors are interested in this year and whether they’re aligned with what companies are focused on. 
• 18:04 - Consistency is key. As companies continue to evolve their reporting, what should they focus on first? We close by looking at next steps and the risks of poor communication.

Want to learn more? Read our In the loop: You're saying it. Are investors hearing it?

Gregory Johnson is a director in PwC’s National Office. His primary areas of focus are investor engagement and strategic thought leadership. Gregory builds relationships with the investment community to gain insight into their views and perspectives on financial reporting, industry trends, regulatory developments, and other issues that may impact investment decisions.

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. With the new administration hitting the ground running, host Heather Horn sat down with Roz Brooks, PwC’s US Public Policy Leader, to discuss what CFOs can expect this year.

Topics include:

• 0:52 - The senate. The Democratic party took control of the Senate, but what does that control really mean? We discuss how that might impact policy initiatives.  
• 9:28 - The first 100 days. Disclosures are going to be high on the new administration's priority list, especially those related to priorities like climate. Roz explains.
• 20:21 - Tax policy. Roz and Heather turn their attention to what to possibly expect on the topic of taxes. 
• 23:44 - The SEC. There’s going to be a new chair for the SEC. We share thoughts on what we expect to see on the SEC’s agenda.
• 32:01 - Finding optimism. Time will tell how well government operations and rule-making will progress over the next four years. We close with thoughts on the hope of the two parties working together.

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

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].

2020 has brought us a global pandemic, an election, and adoption of some major new accounting standards. So what does it all mean for your EPS calculations? In this episode, John Horan, a PwC managing director in our national office, joins host Heather Horn to discuss some important EPS reminders for companies to think about for their year-end reporting. 

Topics include: 

• 0:45 - Basic EPS: 
  • 2:13 - Participating securities—John describes what they are and why you may need to consider them in your EPS calculations.
  • 11:53 - Mezzanine securities—John walks through how having securities classified here impacts  EPS.
• 16:58 - Diluted EPS:
  • 18:45 - Settlements in cash or shares—how it settles makes a difference to EPS - we give examples on each.
  • 23:08 - Liability classified warrants—warrants classified as liabilities can be dilutive to EPS - even in periods of loss.
  • 26:09 - New convertible debt standard—how does the new FASB standard on liabilities and equity change the presumption of share settlement? John brings you the inside scoop.

Want to learn more? See chapter 7 of our Financial statement presentation guide and listen to our podcast on Earnings per share: 5 things to know.

John Horan is a managing director in PwC’s National office where he assists clients with complex accounting issues in the areas of foreign currency, liabilities and equity, earnings per share, and derivatives and hedging. John specializes in large capital transactions and initial public offerings.

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. In this episode, host Heather Horn sits down with PwC’s Shannon Schuyler, US Chief Purpose & Inclusion Officer, and Jeff Senne, US Responsible Business Leader, to look at how discovering your company’s purpose—or “why”—drives business growth, elevate employees, and benefits communities, and we all have a role to play, especially the finance team.

Topics include:

• 0:59 - Finding your purpose. There is power in defining your purpose. We begin by looking at the importance of defining the bigger reason behind the work you do (the why), not only what you do. We also explore the trend toward building a broader stakeholder community.
• 6:44 - Standing on the sidelines is over. Companies don’t need to get everything right the first time, but they do need authentic leadership. Shannon discusses the value of being transparent, identifying the gaps in your plan, and showing your commitment to being a part of the solution.
• 14:15 - Purpose is quantifiable. The importance of non-financial reporting is rising, and companies are making big investments in this area. We discuss the ROI of creating a purpose-led and values-driven organization and the finance team’s role. 
• 23:27 - Driving the conversation. It can’t just be HR taking action on important issues—everyone needs to be on the journey. We talk through the ways organizations are changing their systems, processes, and behaviors to create sustainable change. 
• 32:21 - Outlook. We share closing thoughts on the journey towards lasting change.

Want to learn more? Check out PwC’s Diversity & Inclusion Transparency Report: Building a Culture of Belonging.

Shannon Schuyler is PwC’s US Chief Purpose & Inclusion Officer. Shannon also leads CEO Action for Diversity & Inclusion, the largest CEO-driven business commitment to advance diversity and inclusion in the workplace. She was named a 2019 World Changing Woman in Conscious Business by Conscious Company Media, and was included on Fast Company’s list of the 100 Most Creative People in Business in 2016. 

Jeff Senne is the Responsible Business Leader at PwC US. In this role, Jeff drives the firm’s efforts to live its purpose and engage the more than 57,000 partners, principals, and staff in defining, cultivating, and communicating how they live their own purpose. Jeff also leads the team responsible for investing the firm’s resources into underserved communities.

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].

While financial statements users have always placed a lot of importance on the statement of cash flows, the focus has sharpened in today’s turbulent environment. Listen as host Heather Horn and Suzanne Stephani, a director in PwC’s national office, discuss frequently asked questions and share useful reminders for those in the process of preparing the cash flow statement for their year-end reporting. 

Topics include:

• 0:16 - Debt restructuring. Debt restructuring often brings fees. We look at a few reporting scenarios and discuss the presentation of these fees. 
• 7:04 - Borrowings and repayments under revolvers. Some companies are drawing down on their revolvers as a way to access liquidity. We discuss whether the borrowings and repayments under a revolver should be presented gross or net on the cash flow statement and share other key reminders.
• 9:48 - Supply chain financing. As a result of liquidity struggles, companies have gotten creative with pushing out payment terms in a variety of ways—and this raises questions on the statement of cash flows. Through practical examples, we look at how these transactions should be presented and discuss the FASB’s project on the disclosure of supply chain finance programs.  
• 16:38 - Lease modifications/terminations. During 2020, many companies made changes to their lease agreements, especially real estate leases. We talk through presentation considerations in this area. 
• 18:42 - Sale of accounts receivables. What are the cash flow considerations when a company sells or factors their trade receivables? Suzanne explains.

Have more cash flow presentation questions? Read our Financial statement presentation guide and listen to our podcast, Statement of cash flows: Back to basics.

About our guest

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

About our host

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. In this episode, host Heather Horn sits down with Roy Weathers, Vice Chair of Societal Engagement and Policy Solutions at PwC and CEO of CEO Action for Racial Equity, to talk about the business movement that has prompted hundreds of companies to bring their heads, hearts, and wallets to the table to better understand and solve societal challenges on race, equity, and social justice. 

Topics include:

• 1:10 - CEO Action for Racial Equity. The corporate voice on social change has been soft— until now. We begin with an overview of the CEO Action pledge. 
• 9:08 - Increase your cultural dexterity. Roy and Heather look at what it takes to lead a diverse workforce and create a culture of belonging. 
• 19:20 - The challenges. Heather and Roy discuss the amount of attention and effort needed to make a difference and keep the momentum for societal change going.
• 23:24 - Get involved. The best way to get involved is to start through your own organization. Roy shares the key areas—public safety, economic empowerment, heath, and education—where companies should get engaged. 
• 28:30 - Optimistic outlook. The sizable commitment from the corporate community marks a pivotal shift in policy and societal engagement. We close with Roy’s thoughts on why this is a dynamic time for change.

Want to learn more? Head to ceoaction.com to learn how you can get involved, spread the word, and continue the mission of change.

Roy Weathers currently serves as Vice Chair of Societal Engagement and Policy Solutions, and is a member of PwC's US Leadership Team. He is also the CEO of CEO Action for Racial Equity; in this role, he is responsible for helping advance policies that support social justice in our country. 

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 Regulation S-K human capital disclosure rules became effective on November 9, 2020. So it’s no surprise that companies have a lot of questions as they enter into their year-end reporting cycle. Listen as host Heather Horn sits down with Sheri Wyatt, a partner in PwC’s sustainability practice and our Diversity, Equity, and Inclusion Assurance leader, and Brandon Yerre, a principal in our Organization and Workforce Transformation group, to discuss what these new rules mean for your company.

Topics include:

• 0:52 - Overview. We begin with an overview of the new human capital rules and how companies should think about the changes in terms of the measures or objectives disclosed.  
• 5:32 - Diversity, equity and inclusion efforts. As companies work to create more equitable workplaces and respond to diversity, equity, and inclusion matters, we share some early filer trends in this area.
• 18:56 - COVID-19 impact on human capital. How has COVID-19 impacted companies' human capital management and what are they disclosing? We share perspectives and what we are seeing from early filers.
• 25:55 - Data reliability and consistency. We look at the challenges companies face as they accumulate this new data and what they need to think about to ensure reliability and consistency.
• 31:56 - Future considerations. What’s on the horizon related to human capital disclosures? We share some insights so that companies can be prepared for what’s to come.

Want to learn more? Read our In the loop, New human capital disclosure rules: Getting your company ready

Sheri Wyatt is a partner in PwC’s sustainability practice and also serves as the diversity leader for the US assurance line of service. She has over 20 years of experience advising companies in the adoption of new accounting and financial reporting standards, from assessing current state through operationalizing new standards and policies.

Brandon Yerre is a principal in PwC’s Organization and Workforce Transformation group. Brandon specializes in matters dealing with the design, implementation, and governance of total reward programs and the development of organization-wide job architectures to support workforce strategy and planning.  

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. In this episode, host Heather Horn sits down with Scott Likens, PwC’s New Services and Emerging Technology Leader, to look at the eight emerging technologies that every company must consider right now and how they are converging to drive greater value than ever across organizations. Scott talks about how finance executives can use these technologies to make better decisions.

Topics include:

• 0:58 -  The essential eight. Every year, Scott and his team analyze the business impacts of emerging technologies. This year’s essential eight arose from review of more than 250 technologies. 
• 12:30 - Convergence. Scott and Heather look at how the convergence of multiple technologies produce a higher level of business change and ROI. Noted areas of convergence include: automating trust, immersive interfaces, extended reality, hyper connected networks, and more. 
• 27:40  - The CFO’s role. The technology is ready - are the humans? Here we discuss the ways in which  companies are investing in technology. 
• 34:50 - Team effort. To unleash innovation across the organization, companies must invest in increasing everyone’s digital IQ. We look at how citizen-led efforts drive business results.  
• 38:18 - Future predictions. Scott shares which of the essential eight technologies he thinks will have the biggest business impact over the next few years.

Scott Likens is PwC’s New Services and Emerging Technology Leader helping clients in diverse industries use emerging technologies to grow their business. For over 20 years, Scott has worked in enterprise technology, including digital strategy and transformation, technology-enhanced business and IT strategy, enterprise architecture as it relates to emerging tech, agile engineering, e-commerce, advanced analytics, mobile technologies, and social customer engagement.

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].