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 Vinay Couto, PwC’s Fit for Growth leader, to discuss the strategy of business recovery.

• 0:55 - Introduction. We begin by highlighting the five areas that companies are focused on as it relates to business recovery: revisiting strategy, recovering revenue, reshaping the cost agenda, bringing employees along, and retooling for the new world.
• 4:02 - Revisiting strategy. The rules of the game have changed and companies are throwing away their strategic plans and starting anew. Vinay talks about the three levels of strategic planning.
• 9:01 - Revenue recovery. Vinay shares the tactical things companies are doing to grow their businesses, including developing a laser-like focus to convert opportunities into sales and learning how to serve a new demand from a new type of customer.
• 13:06 - Reshaping the cost agenda. While liquidity management is vitally important, Vinay highlights the opportunities—including talent acquisition and digitization, companies are balancing to achieve sustainable growth.
• 23:06 - Bringing people with you. How do you get the organization to collaborate effectively to get things done? Make it part of your company DNA. Vinay explains.
• 29:28 - Retooling for the new world. Vinay closes with ways to outperform in the new environment.

Vinay Couto is a Principal and leading practitioner in strategic cost transformation for Strategy&, PwC's strategy consulting business. He leads the People and Organization Strategy practice and the Fit for Growth platform. He has worked with clients in the automotive, aerospace, pharmaceuticals, life sciences, media and broadcasting, packaged goods, banking, and insurance industries.

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, there are a number of complexities in applying the lease impairment model, specifically to right-of-use (ROU) assets. Heather Horn is joined by PwC National office subject matter specialists to discuss the most important considerations when assessing ROU assets for impairment.

Topics include:

• 1:09 - Right-of-use asset impairment model. As leases are now recorded on the balance sheet, we begin with a recap of how the long-lived asset impairment model works. 
• 3:28 - Common questions on ROU asset impairment testing. When it comes to applying the impairment  model to ROU assets, things can get tricky. We answer common questions received on the treatment of lease components and variable lease payments, recoverability testing, and discount rates.
• 10:50  - Other ROU asset impairment considerations. If a company determines that an impairment charge should be recognized, what’s next? We explain.
• 14:34 - Lease abandonment. In the current environment, companies are reevaluating their real estate footprint. We walk through the implications once this decision is made.    
• 17:12 - Subleases. We close with a discussion around the decision to sublease and what companies should focus on if they are rethinking the use of the asset.

Andreas Ohl is a partner in PwC's National office where he focuses 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. 

Steve Dolph is a director in PwC’s National office, specializing in accounting for business combinations and related areas, including asset acquisitions, disposals, and impairments. Prior to joining the National Office, Steve had more than 10 years of experience as a member of PwC's Private Company Services group, focusing on private company accounting issues and business solutions.

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, where does my business need to focus during this period of recovery? 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? This week, host Heather Horn sits down with Ed Ponagai, partner at PwC.                                                                                                                                                                         
Topics include:

0:55 - Overview. We begin by outlining a three-part framework for change, focusing on people, process, and performance.
7:13 - People. Not sure where to start? Ed explains that it’s the people perspective—highlighting digital upskilling and leveraging broader talent pools—that leads the way to achieving goals.
12:01 - Process. People in action is the next step. Here we discuss how to think about changing processes through automation and better controls. 
17:24 - Performance. People + process = opportunities to improve the entire organization. Heather and Ed discuss how the role of the finance organization is to help the business make better decisions, and shares examples.
20:39 - Moving forward. We close by giving key points of the overall finance transformation journey and highlight the opportunity finance has to become a true business partner to the rest of the company.

Ed Ponagai is a PwC partner and leads large scale back office transformations and merger integrations. He helps CFOs think through their finance organization’s vision and purpose, along with helping them address organizational challenges, operational processes, and technological innovations.

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].

What should companies consider in their quarter-end valuations? Heather Horn is joined by PwC valuation specialists Chris Merchant and Andrew Alperstein to discuss how the current environment may impact valuations.

Topics include:

• 0:58 - Overview. We begin with a broad discussion on how current events and general market trends are impacting valuations.
• 5:08 - Real estate. Real estate companies continue to face uncertainty regarding the timing and pace of recovery. Andrew discusses the impact on different types of real estate and how to incorporate these uncertainties into valuations.  
• 9:13 - Private equity. What are the valuation considerations in the private equity space? Chris walks through specific challenges. 
• 15:36 - Credit and restructured products. Chris and Andrew discuss the activity in the residential and commercial credit market.
• 19:51 - SEC rules and market events. The SEC proposed valuation guidance that will impact business development companies and registered investment companies. Chris provides an overview of the proposal. 

Chris Merchant, a partner in PwC’s Financial Markets Practice, leads the Financial Analytics Team. With nearly 20 years of experience serving a diverse range of institutions, Chris advises clients on strategy, operations, and disruption, with a particular focus on harnessing emerging technologies to improve customer experience, draw insights, and leverage data to create institutional value.

Andrew Alperstein is a partner in PwC’s Financial Markets Real Estate group. Andrew has nearly 20 years of experience in transaction support, financial due diligence, forensic accounting, valuation, and other consulting services related to all major property types.

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].

With the world in a state of constant change, companies need to maintain their focus as the second quarter of 2020 comes to a close. PwC partners Heather Horn and Cody Smith highlight what companies should think about for their June 30 reporting.

Topics include:

• 1:04 - FASB standard setting update. We begin with an overview of the FASB staff Q&As addressing specific accounting challenges related to COVID-19 and then discuss the delay of effective dates of the revenue and leases standards.
• 8:04 - SEC update. Cody discusses the amendments to SEC Rule 3-05 disclosures and highlights the changes to the preparation of pro forma information. 
• 16:06 - Other quarter-end considerations. We close our discussion by offering some perspectives on impairments and MD&A disclosures.

Cody Smith is a partner in PwC’s National office with over 20 years experience who specializes in the accounting for business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. 

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 Amity Millhiser, PwC’s Vice Chair and Chief Clients Officer, to discuss the ways finance teams are running their business differently through crises. From changes to their workforce to real estate to supply chains, we share how the finance community is rebuilding and reinventing.

Topics include:

• 0:50 - Where are we now? We begin by looking at the latest results of PwC’s CFO Pulse Survey, which  tracks how finance leaders view the impacts of COVID-19 and the actions they are taking to respond.  
• 7:54 - Cash preservation. While cash flow planning remains top of mind for many companies, Amity highlights the areas where companies are not cutting costs—namely, those related to the customer, technology, and cyber security. 
• 11:12 - Rebuilding revenue. New products, new pricing models, and new distribution channels are among the ways companies are rebuilding revenue.  Amity shares the details.  
• 16:41 - Digital investments. Where is tech spending going? Amity and Heather discuss how innovation is driving growth and collaboration.  
• 22:18 - Going forward. Recovery is not as simple as one action; it’s a series of actions over a short period of time. Amity tells listeners what to continue to focus on and highlights the importance of a  multipronged approach. 

Amity Millhiser is PwC’s Vice Chair and Chief Clients Officer, where she serves as the firm's leading client adviser. From her base in Silicon Valley, Amity brings perspectives on digital and emerging technologies to clients as well as experience leading transformations across industries and sectors. Amity is a thought leader on diversity in business as a contributor to PwC's co-founding of the CEO Action for Diversity and 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].

Did you submit a question during our Q2 accounting webcast? Even if you couldn’t join the webcast, you’ll find this episode helpful as we answer the most common questions on recent accounting developments. Tune in as Andreas Ohl, Jay Seliber, Suzanne Stephani, and Ryan Spencer join Heather Horn to address topics you need to know about, including:

• 1:10 - Impairment considerations. Andreas answers questions on how to determine the date of a triggering event—especially when there are a lot of negative events. He also covers some of the considerations when performing impairment testing for right-of-use assets. 
• 7:03 - Restructuring costs. Jay helps listeners understand the accounting for termination plans, and answers other questions that often come up when restructuring. 
• 13:34 - FASB guidance. Suzanne highlights FASB staff’s Q&A related to cash flow hedging. 
• 19:12 - SEC. Ryan discusses whether companies took advantage of the filing deadline relief in Q1 and if there is the potential for additional relief in Q2.

Andreas Ohl is a partner in PwC's National office where he focuses 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. 

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.

Suzanne Stephani is a director in PwC’s National office with more than 20 years of experience assisting companies in resolving complex accounting issues. Suzanne specializes in the accounting for debt, preferred stock, leases, and cash flows.

Ryan Spencer is a partner in PwC's National Office specializing in SEC financial reporting matters. He has over 20 years of experience serving clients in the technology and life sciences industries and is a frequent contributor to PwC’s publications and communications.

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.

PwC provides a summary of the latest accounting, financial reporting, SEC, and regulatory updates to support your quarterly reporting.

As global restrictions begin to ease, business leaders are looking ahead to restarting operations - and in many cases restructuring and reimagining those operations - to emerge stronger after the pandemic. Many are considering fundamental changes to the ways business is conducted, including developing cost containment strategies, diversifying supply chains, and making other operational modifications.

In this edition of The quarter close, we focus on COVID-19-related accounting and reporting considerations and other topics, including:

• recognition models for restructuring costs; 
• reminders for liquidity and financing arrangements; and
• FASB staff Q&As on rent concessions and hedging.

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 2nd 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, as preparedness is more relevant than ever, host Heather Horn sits down with Kristin Rivera, PwC’s Global Crisis Centre leader, to discuss the five actions that you, your team, and your business can take to emerge stronger from any crisis. 

Topics include:

• 1:05 - Background. Crisis management is the process of responding to unplanned events in a thoughtful way. Kristin sets the stage for what to do when knocked off your strategy.
• 4:55 - The survey. Kristin describes PwC’s Global Crisis Survey—compiling data from over 4,000 individual crises to show how companies can manage crises more effectively.      
• 9:34 - Survey findings. Kristin explains the five actions that will help your business emerge stronger from any crisis. 
• 11:04 - Allocating a budget. Putting resources behind building a crisis management program is the first step.
• 15:48 - Testing your plan. Having a paper plan is not enough—practicing is important.
• 18:22 - Fact-based approach. Establish what facts are known and recognize what you don’t know.
• 24:50 - Root cause analysis. After the crisis, evaluate what you could have done better and operationalize your findings.
• 27:44 - Act as a team. Focus on your company’s values and mission to align your response.

Kristin Rivera serves as PwC’s Global Forensics Leader, overseeing a practice of over 3,500 professionals operating in more than 70 countries. In addition, Kristin also leads PwC's Global Crisis Centre, which helps companies and business leaders around the globe prepare for, respond to, and emerge stronger from crisis and other unexpected events.

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 companies look ahead to their Q2 reports, what lessons can be learned about impairments from Q1? Heather Horn is joined by PwC partners to share trends observed in impairments recorded in March and April.  

Topics include:

• 1:05  - Overview. We begin with a discussion of the inherent challenges in assessing impairment in the current environment.
• 3:47  - Q1 trends. We then dive into the analysis, highlighting key themes and whether there are any indications of more triggering events and impairments at the end of Q2. 
• 11:16 - Sector observations. We take a look at the data from a sector perspective. We examine the differences between industries that were immediately impacted and the companies that may just now be feeling the impact of the downturn.    
• 16:00 - Triggering events. The most common triggering events related to declining cash flows and restructurings. Andreas walks us through specific examples. 
• 23:46 - Key takeaways. We close by discussing some of the factors companies need to be thinking about as they look ahead to Q2 impairment testing.

Andreas Ohl is a partner in PwC's National office where he focuses 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. 

John Benedett is a Partner in the Capital Markets and Accounting Advisory practice at PwC. John advises large US and international companies in the accounting for complex transactions and the implications of financial and accounting structuring. His deep knowledge of US GAAP and IFRS financial reporting rules allows him to support clients through these challenging endeavors.

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].