PwC's accounting podcast

Amid the excitement of getting back to a semblance of business as usual, you’re probably asking yourself a lot of questions—as in, what is the new normal and where do I go from here? This podcast is the next episode in a new series for CFOs, controllers—really, anyone in finance—asking big questions, like: how do we emerge from a crisis stronger than before?  Each week, we’ll focus on a different area that may need your focus in this period of recovery. This week, host Heather Horn sits down with Dr. Deniz Caglar, strategic cost transformation leader at PwC’s Strategy&, to discuss how the lessons learned during the crisis can enable companies to build a new team culture that everyone benefits from. 

Topics include:

0:54 - Overview. Culture is the connective tissue that holds teams together, especially during times of crisis. We begin by outlining what we’ve learned over the last few months and then we’ll get into how to make those lessons last. 

7:49 - Keeping the momentum. In a matter of a weekend, the majority of the workforce began working from home; but a lot of good has come from it. Here we discuss how to preserve the positive behaviors brought forth by the crisis, such as faster decision making and collaboration.

14:57 - New ways of interacting. The key to changing culture is by changing specific behaviors. Deniz and Heather look at how to break down barriers, create authentic interactions, and engage everyone in the new work environment. 

18:43 - Onboarding. As Deniz explains, the onboarding process has changed, and it’s going to take a little engineering to create social engagement and form new relationships. 

20:42 - Heading back to the office—or not. How does culture fit into returning to the office? We close by looking at the impact on culture of the hybrid model of work. 

Dr. Deniz Caglar is a leading practitioner in strategic cost transformation for Strategy&, PwC's strategy consulting business. He is a principal with PwC US in the Chicago office. He has deep expertise in organization design, corporate function efficiency and effectiveness, shared services, and outsourcing/offshoring. 

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 25 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].

The market activity for convertible instruments—specifically convertible debt—has increased in recent months. However, the accounting can be complex. In this episode, John Bishop, PwC partner, joins Heather Horn to provide a refresher on the model and explain the guidance.

Topics include:

• 0:41 - Overview. We begin by discussing what makes convertible debt an attractive financing vehicle for issuers in the current environment.
• 5:02 - The convertible debt instrument. Next, John discusses the economics of how a convertible debt instrument works.
• 7:53 - Accounting. We discuss the accounting model and common concerns in accounting for these instruments.
• 15:36 - Standard-setting developments. The FASB  is expected to release new guidance in upcoming weeks. John and Heather talk about what we expect to change and the areas that will be impacted.  
• 19:51 - Final thoughts. We close by discussing  other types of transactions done in conjunction with the issuance of convertible debt and share key reminders.

John Bishop is a partner in PwC's National office and the co-leader of the financial instruments team. In this role, he leads the group in advising the firm’s clients on a wide array of accounting and reporting matters. John specializes in the accounting for derivatives, financial instruments, financing transactions (e.g., securitizations and leasing), and M&A 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 over 25 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].

Amid the excitement of getting back to a semblance of business as usual, you’re probably asking yourself a lot of questions—as in, what is the new normal and where do I go from here? This podcast is the next episode in a new series for CFOs, controllers—really, anyone in finance—asking big questions, like: how do we emerge from a crisis stronger than before?  Each week, we’ll focus on a different area that may need your focus in this period of recovery. This week, host Heather Horn sits down with Joe Atkinson, Vice Chair and Chief Products and Technology Officer at PwC, to discuss how investing in new tech tools helps to deliver more value and higher quality and grow your people’s skills.

Topics include:

0:50 - Getting your people ready. Are your people ready for a change? Bringing tech to the table can be challenging, so we begin with ways to drive adoption of new tools and new practices to get optimal opt in.

4:36 - Go big. The investment you make in digital goes beyond starting a new workstream or project. A true transformation effort is what Joe refers to as a saturation strategy. Here we discuss what is needed to give your digitally-enabled efforts staying power. 

14:35 - Citizen-led efforts. Citizen-led effort means giving your people a license to innovate. Joe highlights that teams need guidance and training in addition to tools and applications to make an impactful change. 

18:31 - Easier, smarter, better. Joe explains working around barriers and overcoming challenges.

27:18 - Future outlook. The willingness to engage and think differently can lead to big things. We close with the opportunities and upside ahead.

Joe Atkinson is the Vice Chair - Chief Products and Technology Officer. In this role, Joe is responsible for leading the firm through the next wave of digital transformation. This includes accelerating our growth in go-to-market products and digital solutions, as well as firmwide technology capabilities.

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 25 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].

Accounting for uncertain tax positions requires considerable judgement; we understand. That’s why we’re going back to the basics: from the recognition of a tax position to the reassessment of positions at each reporting period. In this episode, host Heather Horn along with PwC tax specialists focus on the fundamental concepts of uncertain tax positions.

Topics include:

• 0:48 - Recognition. Before getting into the broader accounting model, we discuss the definition of a tax position and when it is recognized in the financial statements.
• 6:08 - Measurement. How should the entity measure the tax benefit of a position? We explain.
• 10:01 - Changes in recognition/measurement. Next, we help listeners understand when a company would reassess its uncertain tax positions. Then also cover the documentation. 
• 16:34 - Subsequent events. Here we discuss how to handle developments that occur after the balance sheet date but before the issuance of the financial statements.
• 18:21 - Impact of new tax regulations. The accounting for changes in tax regulations is different from how new FASB standards are adopted. We close by discussing how developments in tax regulations can impact uncertain tax positions.

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

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

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 over 25 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].

Amid the excitement of getting back to a semblance of business as usual, you’re probably asking yourself a lot of questions—as in, what is the new normal and where do I go from here?  This podcast is the next episode in a new series for CFOs, controllers—really, anyone in finance—asking big questions, like: how do we emerge from a crisis stronger than before? Each week, we’ll focus on a different area that may need your focus in this period of recovery. This week, host Heather Horn sits down with Paul Leinwand, PwC Strategy& Principal, to discuss how companies can emerge stronger through a focus on their unique capabilities, preparing for disruption, and connecting employees to the company’s purpose.

Topics include:

0:52 - Overview. We’re in a different environment, so how can companies shape their own future? We begin by framing how to think about strategy during moments of change. 

2:54 - Agility and differentiation. Waiting to see what happens is no longer a viable option. The bar has been raised on getting to market, launching new projects, and learning. Here we discuss the importance of making strategic decisions that are both meaningful—and have realistic timelines.

10:13 - Identify strengths. How can companies identify what’s behind their successes and use those strengths in other areas? Paul explains.  

17:22 - Tactical investments. Paul and Heather talk about how to evaluate the bets companies make from a strategic perspective.

23:36 - Future outlook. We close with the ways companies can embrace the new environment and take charge of their own future.

Paul Leinwand is a thought leader on strategy, growth, and capability building for Strategy&, PwC's strategy consulting group. He is a co-author of three books, Strategy That Works: How Winning Companies Close the Strategy-to-Execution Gap, The Essential Advantage: How to Win with a Capabilities-Driven Strategy, and Cut - - Costs and Grow Stronger, as well as several articles in the Harvard Business Review and strategy+business. He currently teaches at Kellogg as an Adjunct Professor of Strategy.

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 25 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].

As many companies continue to be financially impacted by COVID-19, government grants remain a focus area of relief. Heather Horn is joined by PwC partners Pat Durbin and Angela Fergason to discuss the accounting considerations for government grants, which isn’t directly addressed in US GAAP.

Topics include:

0:51 - Types of assistance. We start with an overview of the types of relief programs available, including the Payroll Protection Program and employee retention credits.

5:16 - The accounting models. In US GAAP, there is no explicit government assistance standard for for-profit business entities. Angela and Pat walk through how and when revenue, loan or other guidance should be applied.

9:45 - IAS 20. Some companies apply an IFRS standard on government grants (IAS 20) by analogy. We give a summary of that model and illustrate the key principles.

21:18 - Not-for-profit guidance. After covering IAS 20, Angela shares how the accounting differs if a business entity applies not-for-profit accounting by analogy.

23:43 - Key reminders. We close by highlighting disclosures for government assistance and the importance of transparency.

Pat Durbin is the leader of the revenue and liabilities division in PwC’s National Office. He has over 25 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS. 

Angela Fergason is a partner in PwC's National Office with 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 over 25 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].

Amid the excitement of getting back to a semblance of business as usual, you’re probably asking yourself a lot of questions—as in, what is the new normal and where do I go from here? This podcast is the next episode in a new series for CFOs, controllers—really, anyone in finance—asking big questions, like: how do we emerge from a crisis stronger than before?  Each week, we’ll focus on a different area that may need your focus in this period of recovery. This week, host Heather Horn sits down with Carrie Duarte, PwC partner and Workforce of the future leader, to discuss cost savings and other strategic opportunities from workforce changes.

• 1:14 - Overview. The workforce has changed, and that means there are opportunities for significant cost savings and opportunities—whether that’s in real estate, productivity, or where you find your talent. Carrie lays the foundation for the discussion. 
• 3:55 - The blended workforce. How are companies dealing with the shifting ways of working to overcome challenges such as video conference fatigue and a dispersed workforce? Carrie explains.
• 10:26 - The 6 Cs of productivity. Carrie shares the 6 Cs of measuring productivity: create, collaborate, communicate, coach, community, and commitment. 
• 18:09 - The role of technology. There are many components to getting the work done, and a major factor to that is digital upskilling. Carrie shares tips on how to get teams comfortable with using technology, which can provide a competitive advantage.

Carrie Duarte is PwC's US workforce of the future leader and a director on PwC's US board. Carrie helps CEOs and their organizations build teams that thrive, today and in the future, by providing strategic and tactical guidance as organizations develop their workforce strategy, drive performance, upskill their workforce, and further the impact of their diversity and inclusion efforts. As a director on the PwC US board, Carrie provides governance oversight and strategy input to PwC’s US firm.

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 25 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].

Stock compensation award modifications continue to be a challenging area with many factors to consider—and mishaps to avoid. In this episode, host Heather Horn is joined by PwC National office subject matter specialists Jay Seliber and Nicole Berman to discuss the fundamentals of modification accounting, including:

• 1:00 - Overview. Before diving into modifications, we start by discussing how a company would generally account for a stock award.
• 2:37 - Types of modifications. When is a change to an award considered a modification? Nicole provides an overview of the accounting for the four types of modifications. 
• 7:46 - Cessation of employment. What happens when an award recipient decides to leave the company? Jay and Nicole discuss the accounting for related modifications.
• 14:56 - Changes in performance conditions. Given the market impact of COVID-19, companies may be adjusting their performance targets. Nicole walks through the model for this type of modification. 
• 23:01 - Spin-offs, stock splits, and large dividends. Next we move onto how different corporate actions result in award modifications.

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

Nicole Berman is a Director in PwC's National office advising clients on the accounting for complex transactions related to revenue recognition and employee compensation matters, including stock-based compensation, pensions, OPEB, and restructurings, 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, as well as periodic webcasts for the power and utilities industry. With over 25 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].

Amid the excitement of getting back to a semblance of business as usual, you’re probably asking yourself a lot of questions—as in, what is the new normal and where do I go from here? This podcast is the next episode in a new series for CFOs, controllers—really, anyone in finance—asking big questions, like: how do we emerge from a crisis stronger than before?  Each week, we’ll focus on a different area that may need your focus in this period of recovery. This week, host Heather Horn sits down with Bhushan Sethi, Joint Global Leader of PwC’s People & Organization practice, to discuss the changed workforce.

• 1:00 - Introduction. As employment in many sectors of business have been impacted by recent events, we begin by discussing the importance of building sustainable productivity, resilience, well-being, and learning opportunities for people.
• 3:15 - Upskilling. Companies need to prepare their people to build back better and differently; here, Bhushan describes the ways to reconsider how people work, where they work, and the tools they use.
• 7:43 - Managing remote work. How can companies improve collaboration, coaching, and creativity all while avoiding burnout? Bhushan explains.
• 16:23 - Returning to the workplace. We take a look at lead concerns employees have about returning to the workplace and the importance of having the right agile plan in place.
• 21:10 - The future workforce. The workforce has changed, but there’s reason to be optimistic. We close with our thoughts on how new behaviors and tools will shape the future of work.

Bhushan Sethi is Joint Global Leader of PwC’s People & Organization practice, where he shapes and drives the firm’s global network strategy across 11000+ practitioners in 150+ countries delivering standalone and integrated solutions across strategy, management, technology, and tax consulting disciplines. Bhushan has specific industry expertise in Financial Services and increasingly in the technology sector. He 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 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 25 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 the current environment, information evolves quickly and subsequent events need close scrutiny. While the evaluation of a subsequent event is based on specific facts and circumstances, it’s helpful to understand the framework used to evaluate these events. Heather Horn is joined by PwC partners Tom Barbieri and Pat Durbin to discuss the considerations.

Topics include:

1:06 - Overview. We start with an overview of the types of subsequent events.

4:35 - Framework. Is the evaluation of a subsequent transaction different from receiving updated information? We discuss the considerations.

6:51 - Examples. We then move through some common subsequent event examples, including those related to: 

• 7:19 - Loss/gain contingencies
• 9:50 - Credit losses (CECL)
• 14:21 - Fair value
• 18:29 - Inventory 

Tom Barbieri is a PwC partner and the Financial Instruments Accounting Leader in PwC’s National Office with over 29 years of experience advising clients on complex accounting and financial reporting issues relating to financial instruments. During Tom’s tenure in National, he has been at the forefront of emerging accounting issues and has regular interactions with the FASB, SEC, and other regulators and standard setters. 

Pat Durbin is the leader of the revenue and liabilities division in PwC’s National Office. He has over 25 years of experience consulting with our 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, as well as periodic webcasts for the power and utilities industry. With over 25 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].