PwC's accounting podcast

Coronavirus (COVID-19) is a global issue that continues to dominate the headlines. In addition to its immeasurable human toll, it is also altering business and consumer activity, which may impact your financial statements. That is why Heather Horn and a team of PwC National Office partners came together to help listeners understand the potential accounting implications. Topics include:

• 0:45 - Revenue recognition. We begin by providing perspective on the potential consequences of the disruption to revenue. 
• 7:23 - Asset impairment. Many companies carry goodwill and intangibles on their balance sheet. Matt explains how companies should think about the potential impacts and shares reminders for evaluating whether the virus has caused an impairment.
• 12:27 - Hedging and debt. Next we turn our attention to how the recent events may affect companies in the areas of hedging and debt. 
• 16:33 - Restructuring, stock comp, insurance and inventory. Heather and the panel discuss other areas that may not be quite as pervasive but ones that companies should still be thinking about in response to the virus.  
• 23:08 - Disclosure (Updated April 2, 2020). We close the episode by talking about disclosures at two levels: first, by looking at US GAAP requirements and then by spending some time on SEC disclosures.  

About the guests
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. 

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.     

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.

Brian Staniszewski is a partner in PwC’s National Office. Brian helps engagement teams and clients principally in the financial services industry navigate a broad range of   technical topics, including hedging, derivatives, and credit losses.

About the 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].

Dealing with an accounting change—whether it’s a new standard or some other business change that impacts your accounting—is time-consuming and complex. To help avoid rework (and reduce stress!) we discuss a four-step implementation methodology to get you over the finish line.

Heather Horn and a panel of guests use the newly-adopted revenue, leases, and CECL standards to share lessons learned. Topics include:

• 0:50 - GAAP change methodology. Paving the way for the four-step process, we give an overview of the methodology.
• 3:51 - Phase 1: assess. The accounting department can’t do it alone, so while it can be a complex exercise, the first step is bringing together all the right people. 
• 7:31 - Phase 2: convert. To avoid rework, the convert stage is the time to think ahead and do your due diligence. The panel explains.   
• 14:43 - Phase 3: embed. This stage is all about embracing a mindset around the controls. Heather and guests discuss systems and processes and how to identify control gaps.  
• 21:18 - Phase 4: optimize. You’ve achieved compliance. Now what? Hear the importance of shifting your focus to sustaining and improving your new processes.

About the guests
Christophe Cadiou is a partner in PwC's Financial Markets practice with over 25 years experience. He advises financial institutions on practical implementation solutions to complex challenges presented by regulatory and accounting change. 

Jon Spivey is a Partner with PwC's Digital Risk Solutions practice focused on delivering solutions that help his clients leverage the power of technology and data. He has successfully delivered data-enabled solutions for revenue and lease accounting changes to clients in a wide variety of industries. 

Mei Yin Ng is a PwC director specializing in lease accounting implementation. Mei has managed large-scale global system implementation and transformation projects encompassing the integration of complex systems and platforms across front, middle and back office. 

About the 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].

Despite the abundance of available technologies to address cybersecurity risk, breaches are still occurring at a rapid rate; but, with the right enterprise-wide policies and procedures, companies can mitigate the risks. Tune in as Heather Horn discusses cybersecurity and privacy with PwC principal Jim Fox. Topics include:

• 2:03 - The current environment. Is the cyber threat landscape worse or just different compared to recent years? Jim sets the stage. 
• 3:46 - Considerations for cybersecurity. Jim and Heather discuss the three strategic components to an effective cyber program. 
• 6:38 - A breach has happened. Now what? Jim shares what companies should think about when responding to an attack.
• 11:30 - The cyber and privacy regulation landscape. In response to an increase in breaches and public outcry, the regulatory landscape is changing quickly. Jim explains. 
• 20:44 - What’s next? Jim closes by giving a future outlook of cyber, and a bonus topic, sharing a few tips for protecting your personal data.

About the guest
Jim Fox is a PwC principal specializing in cybersecurity and privacy. With over 20 years experience, Jim develops cybersecurity and technology strategies and engages at both the strategic and deep technical levels. His scope of expertise encompasses cybersecurity risk strategy and transformation, including risk quantification, program design, incident response and security assessment, and testing.

About the 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].

Whether you report under IFRS or US GAAP, living in a global economy means it’s important to understand financial reporting around the world. Tune in as Heather Horn talks with PwC’s global leader of business combinations, Larry Dodyk, to discuss the IASB’s standard setting process and project agenda. Topics include:

• 2:45 - Board overview. Larry kicks off by giving an overview of the standard-setting process and setting the stage on the composition of the IASB. 
• 5:04 - Upcoming changes. With some members’ terms coming to an end, the IASB will see some changes this year. Larry takes us through just how much change the IASB is preparing for.
• 8:34 - The interpretations committee. What is the role of the interpretations committee and how does it interact with the IASB? Larry fills us in. 
• 12:32 - Active projects. Larry and Heather discuss how the IASB sets its agenda and highlight a few of the current projects it’s tackling. 
• 17:58 - Future outlook. Beyond the short-term projects, what’s ahead for the IASB? We close out by talking about the issues that will keep the IASB busy in coming years.

About the guest
Larry Dodyk is a partner in PwC’s National office, the global leader of the firm’s business combinations group, and a member of the EITF. With more than 30 years of experience assisting companies in resolving complex accounting issues, Larry helps determine the firm’s position on select accounting and financial reporting matters.

About the 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].

It’s a different perspective in this week’s episode! Tune in as we go behind the curtain at PwC’s National office to hear from the wizards solving your most complex accounting issues.

Heather Horn, John Bishop, and  Pat Durbin share best practices as they guide listeners through how to solve complex accounting issues. Topics include: 

• 0:40 - Got questions? We are here to help. Clients and engagement teams consult with the National office when there are questions about how to apply the  guidance―whether due to the complexity of the transaction or of the guidance itself, or the level of judgment necessary. 
• 3:24 - The road to resolution. John walks us through different types of consultations―from answering quick questions on the guidance to evaluating more complex transactions. 
• 6:08 - Focus on developing consensus. We discuss the collaboration and research involved in resolving issues as well as give examples of especially challenging areas.
• 10:55 - Outside help. Pat and John explain when and why the input of other parties (e.g., regulators or other firms) may be helpful in reaching a resolution.
• 15:54 - Best practices. A lot of work goes into developing and finalizing a point of view. Pat and John close by sharing best practices to help make the process as smooth as possible. Spoiler: start early!

About the guests
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. 

As the leader of the revenue and liabilities division in PwC’s national office, Pat Durbin leads a team of partners and directors responsible for consulting with our clients and engagement teams on complex accounting matters relating to revenue, compensation, income taxes, inventory and several other topics under both US GAAP and IFRS. 

About the 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].

As calendar year public companies get ready for their first year end lease reporting cycle, listen as Heather Horn,  Suzanne Stephani and Marc Jerusalem answer some common questions. Topics include:

• 1:35 - Disclosures. The new guidance requires more disclosure, enabling financial statement users to better understand the cash flows arising from leases. So did that happen? Suzanne kicks off with what we are hearing from users and regulators.
• 10:48 - Balance sheet. A common question relates to the current vs noncurrent presentation of the lease liability. Marc fills us in on what companies should be thinking about.
• 13:23 - Income statement. You were able to sublease your space, but how do you present sublease income? We address common questions.
• 16:08 - Statement of cash flows. Are you clear how lease payments and changes in the lease liabilities and right of use assets should be presented in the statement of cash flows?
• 19:07 - Interim disclosures. Last year your first quarter likely had the full annual disclosures for leases. How much can you take out now that it’s just the interim requirements? Marc explains.

About our guests
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. 

Marc Jerusalem is a director in PwC’s National office specializing in leasing. As a global leasing specialist, Marc consults with clients on complex lease accounting issues and is a contributor to many related PwC National Office publications. 

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].

The audit committee is one of the busiest committees on the board and has a wide range of responsibilities beyond financial reporting oversight. So, as listeners prepare for year-end audit committee conversations, host Heather Horn talks to PwC’s governance leader, Paula Loop, about the role of the audit committee and how management can help facilitate their oversight responsibilities. Topics include:

• 0:22 - Overview. Paula provides insights into the broad range of topics that keep audit committees busy.
• 2:57 - The audit committee players. To meet the long list of responsibilities, the audit committee must possess a wide breadth of experience. Paula discusses the composition of effective audit committees.
• 7:18 - Meeting effectiveness. Here’s where management teams and auditors can help. Paula gives practical tips for how to prepare more effective and efficient meeting materials.
• 10:41 - Key issues. How does the audit committee stay on top of its many agenda items? Paula explains.
• 14:15 - New topics. Heather and Paula discuss trending areas that may be moving higher on the committee’s priority list.

About our guest
Paula Loop is the leader for PwC's Governance Insights Center, dedicated to helping directors meet the challenges of their critical roles. Previously she served as PwC's NY Metro Regional Assurance Leader, leading one of PwC's largest assurance practices. Paula has served clients almost exclusively in the retail and consumer products industry, serving several multinational companies, employing her significant experience in dealing with operational, technical accounting, and SEC/financial reporting matters.

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].

The statement of cash flows is a window into a company’s performance and helps financial statement users make investing and lending decisions; but, it’s also a frequent source of restatements. 

So, why do we continue to see so many issues? Listen as Heather Horn and Suzanne Stephani go back to the basics to cover statement of cash flows fundamentals, common questions, and helpful reminders. Topics include:

• 0:40 - Overall classification model. The statement of cash flows is the only financial statement that is done on a cash basis, so all ins and outs from a bank account have to be classified into either investing, financing, or operating cash flows. We begin by giving a refresher on how that works. 
• 5:56 - Identifying cash and cash equivalents. It’s not always as straight forward as you may think to determine what does or does not need to be reflected on the statement of cash flows. Suzanne fills us in. 
• 9:15 - Deferred costs. Where do deferred costs show up on a company’s financial statement? Suzanne helps listeners understand how deferred costs should be classified in the cash flow statement. 
• 11:12 - Business combinations. Business combinations often generate cash flows that may be reflected in all sections of the cash flow statement. Suzanne takes us through common questions.
• 15:56 - Non-cash transactions. The statement of cash flows guidance requires separate disclosure of investing and financing non-cash transactions.    We wrap up by looking at the requirements and examples in this area.

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. Suzanne is also the lead producer and director of PwC's popular quarterly accounting and reporting developments webcast. 

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].

PwC partners Heather Horn and Cody Smith have reviewed recent trends in National office consultations and provide helpful reminders for your year-end reporting based on the questions others have asked. Topics include:

• 1:00 - Key areas of focus. We start by giving an overview of the common areas where preparers run into problems, including revenue, liabilities vs. equity, and income taxes.
• 6:12 - Impairment of long-lived assets. Cody and Heather discuss the models and timing of impairment analysis.
• 17:30 - Cloud computing. Cody provides a refresher on the standard and what you need to be thinking about now.
• 22:47 - Disclosures. Cody shares a few big picture disclosure reminders based on accounting requirements and SEC and investor expectations. 
• 27:40 - Final reminders. While for many, the adoption of major new standards is at hand or behind them, there are standards effective in 2020 that preparers will need to consider. 

About our guest
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.

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.