PwC's accounting podcast

Companies may restructure their debt before the debt is due, and the accounting can get complex. Listen as Suzanne Stephani, a director in our National office, joins Heather Horn to explain the various models and key accounting considerations. Topics include:

• 1:21 - Overview on debt restructuring. Does the guidance need to be applied any time you make a change to your debt? We start by looking at what to think about first. 
• 6:10 - The accounting models. Suzanne walks through each of three accounting models.
• 12:52 - The 10% test. If the lender remains the same, the 10% test is important in determining if the restructuring should be accounted for as a debt modification or an extinguishment. Suzanne explains.
• 13:57 - Common questions and pitfalls. Suzanne explains prepayment options, principal changes and more.
• 20:55 - The statement of cash flows. We wrap up by discussing how debt restructuring fees should be presented on the statement of cash flows.

About our guest

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.

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].

Accounting for income taxes impacts almost all companies and can be complex. In order to get the accounting right, it’s important to understand what’s in the scope of the income tax guidance. Help is on the way as Jennifer Spang and Kassie Bauman join Heather Horn walk you through the principles involved. Topics include:

• 2:04 - Definition of income taxes. We start with an important first step: knowing what qualifies as an income tax.
   
• 3:46 - Withholding taxes. Withholding taxes are common. Kassie helps us understand how to determine whether withholding taxes are within the scope of ASC 740 and the different models to follow. 
  
  
• 6:44 - Tax credits and other benefits. Jenn explains how it’s not always clear if credits and incentives are in the scope of the income tax guidance. It can take some detective work to get to the right answer. 
  
  
• 10:22 - Partnerships and other non-taxable entities. Legal form alone isn’t always determinative. We discuss what else to consider when figuring out if you need to apply income tax accounting. 
  
  
• 14:11 - The evolving tax landscape. Jenn provides some final reminders. 

About our guests

Jennifer Spang is a tax partner in PwC's National Office who consults on tax accounting under US GAAP and IFRS.

Kassie Bauman is a managing director in PwC's National Office  who consults on tax accounting under US GAAP and IFRS.

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].

Accounting for contract changes under the new revenue standard can be complex, and not all modifications are accounted for the same. Tune in as Angela Fergason joins Heather Horn to help navigate the guidance by sharing 5 things you need to know about contract modifications under ASC 606. Topics include:

• 0:47 - Definition of contract modification. Before we jump into the accounting, Angela explains what a contract modification is under the new revenue standard.
• 2:09 - Modifications accounting model. Angela explains the accounting for different types of contract modifications. (See table) 
• 4:54 - Key areas of judgment. After discussing the basic framework, Angela and Heather discuss the judgments that impact the conclusion.
• 8:47 - Operational challenges. Having the right processes and controls in place is important. We tell you where to start.
• 10:55 - Disclosures. Before closing the show, we give a heads up on some of the disclosures that could be impacted by a modification.

About our guest

Angela Fergason is a partner in PwC's National Office with 20 years of experience specializing 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 accounting guides on Revenue and Stock-based compensation.

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].

Service concession arrangements can be long term in nature, so day 1 accounting decisions will impact your financial statements for a long time. Tune in as Dusty Stallings joins Heather Horn to discuss 5 things you need to know about implementing the new guidance. Topics include:

• 0:43 - Overview. What is a service concession and what do we mean by  ‘doing business with the government?' 
  
  
• 2:29 - Scope. We dive into the scope of the new guidance in ASC 853 and talk about who it applies to. 
  
  
• 8:18 - Balance sheet presentation. How does this affect your balance sheet? Dusty explains. 
  
  
• 10:08 - Income statement impact. Next we discuss how this guidance affects the income statement. 
  
  
• 17:43 - Common questions. To close out, we address common questions, including those on disclosure requirements and determining performance obligations. 

About our guest

Dusty Stallings is a PwC partner who specializes in the application and interpretation of revenue recognition guidance. Dusty has worked closely with standard setters and industry experts in interpreting the new revenue recognition guidance, and assisted numerous multinational companies with application and implementation.

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].

Accounting for cloud computing costs is complicated and doesn’t just affect technology companies. Tune in as Angela Fergason joins Heather Horn to discuss 5 things you need to know about implementing the new guidance. Topics include:

• 0:56 - What’s happening. What is a cloud computing arrangement? In this segment we give a brief background and discuss the scope of the new guidance.
  
  
• 3:12 - Background on the new standard. Angela explains why new accounting guidance on this topic was needed. 
  
  
• 5:35 - Details on the news guidance. Angela and Heather discuss the accounting, presentation, and disclosure requirements of the new guidance.
  
  
• 16:12 - Adoption and transition. When is the new guidance effective and what are the transition provisions? Angela fills us in. 
  
  
• 19:19 - Next steps. We take a look forward on what companies should be doing now and where they can go for more information.

About our guest

Angela Fergason is a partner in PwC's National office with 20 years of experience specializing 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 accounting guides on Revenue and Stock-based compensation.

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].

Many companies hold inventory, and the accounting can be complex. It’s not surprising that “inventory” is one of the most searched terms on our website, but help is on the way. Pat Durbin is again with us in the studio joining Heather Horn to take us back to the basics on accounting for inventory including:

1:07 - Scope. We kick things off with a discussion of scope of the guidance and an overview of the general principles.

3:22 - Elements of cost. Pat discusses what types of costs would qualify (and not qualify) for capitalization in inventory.

10:53 - Accounting changes. What if you want to change inventory accounting methods? Pat shares some important considerations.

12:53 - Lower of cost and net realizable value. In this segment, we discuss the ongoing valuation considerations for inventory.

15:24 - Common questions. Before wrapping up, we address some common questions including accounting for vendor rebates and consignment arrangements.

About our guest

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. In addition to client-specific matters, he and his team monitor the activities at the FASB, IASB, and other standard-setting and regulatory bodies (e.g., SEC) and develop the firm's accounting guidance on new and existing GAAP.

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 PCAOB’s activities are a vital part of the financial reporting ecosystem. That’s why we’re turning our attention to their agenda and  standard setting process. Brian Croteau joins Heather Horn to discuss developments, recent changes, and what’s to come. 

1:34 - Who’s who. This is the first time the full board has simultaneously turned over since its inception 15+ years ago. Learn more about the notable people changes.

3:56 - Strategic plan. To drive reliable financial reporting, the PCAOB has been conducting a significant amount of outreach. Hear an overview on their key objectives.

6:14 - Inspection themes. We discuss areas of focus and how their process might evolve over time.

15:47 - Standard setting and research projects. Hear what’s up next as Brian provides an update on the PCAOB’s standard setting and research agenda priorities.

19:55 - Implementation support. The PCAOB is also  spending time supporting the implementation of the new auditor reporting requirements. Hear the details you need to know.

About our guest

Brian Croteau is the leader of PwC's Regulatory Risk & Quality Control group. Most recently, Brian held a leadership role in PwC’s Auditing Services, Methods & Tools (ASM&T) group within the National Quality Organization, where he made important contributions across ASM&T’s practice support and quality initiatives. Prior to rejoining the firm in 2017, Brian served as Deputy Chief Accountant of the Professional Practice Group of the SEC’s Office of the Chief Accountant. Before then, Brian was a Partner in PwC’s National Office from 2007-2010.

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].