PwC's accounting podcast

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PwC's accounting podcast episodes

May 21, 2019 The FASB's agenda: 5 things you need to know
What’s next on the FASB’s agenda? Here are 5 things to know.
20 min
May 14, 2019The CECL standard - 5 things you need to know
You’ve checked the new revenue and leases standards off your list. Next up: the current expected credit loss (CECL) standard. If you’ve only just begun or haven’t yet started to think about what CECL means for your company―then, tune in! PwC partner Seth Drucker joins Heather Horn to discuss the CECL model and what it means for companies as they prepare for adoption, including:
0:58 - How we got here. The new standard requires you to rethink your approach to the impairment of financial assets, with many of today’s impairment models under US GAAP soon being replaced. Seth gives an overview of the standard and discusses the scope of CECL.
4:16 - Key changes to the accounting model. Heather and Seth take a look at how the accounting for credit losses differs from current practice and examine the possible changes to a company’s processes, systems, and controls, as well as to key metrics and regulatory requirements.
12:02 - Disclosure considerations. Seth breaks down the enhanced disclosure requirements and the additional data and support that will be needed.
17:35 - Effective date. The clock is ticking. It’s important to get an implementation plan in place―now. Heather and Seth discuss the effective dates for the different types of filers and the importance of not waiting until the last minute.
20:35 - Best practices. Knowing what does and doesn’t apply to your company is a good first step to making a smooth transition. Heather and Seth conclude with a discussion of a few frequently asked questions to help companies gear up.
About our guest

Seth Drucker is a partner in PwC’s National Quality Organization, specializing in accounting for financial instruments. Previously, Seth was a Practice Fellow at the FASB serving as a project manager for financial instruments projects, including credit losses. He also focused on implementation and emerging practice challenges posed by preparers, auditors, and regulators.

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].
26 min
May 07, 2019Accounting for stock compensation: 5 things you need to know
Although the FASB simplified the accounting for stock based awards, it’s still a complex area of accounting. In this episode, PwC partner Heather Horn and director Nicole Berman go back to the basics and discuss five things you should know about accounting for stock compensation awards, including:
3:35 - How to determine the grant date and why it’s so important
7:12 - The balance sheet classification of awards (liability vs equity)
10:20 - The different types of vesting conditions
12:46 - Expense attribution, and graded vesting features
14:45 - The related tax accounting considerations and plan design considerations
About our guest

Nicole Berman is a Director in PwC's National office advising the Firm’s partners and clients on 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. She helps formulate the Firm's views and positions on new financial reporting pronouncements and assess the technical merit of FASB and IASB proposals.

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].
19 min
April 30, 2019The new revenue standard: 5 things private companies need to know
Help for private companies―adoption of the new revenue standard is just around the corner. So that you’re ready, hear some of the challenges and lessons learned by public companies from their adoption efforts. In this week’s episode, we’re joined by PwC partner, CJ Finn, to take a look back at how public companies adopted ASC 606 and discuss 5 things private companies need to know, including:
0:46 - Effective date and transition elections. A quick refresher on the effective date for private companies and why some private companies have elected to adopt the standard early.
2:57 - Overview of the 5-step model. We recap the 5 step approach to revenue recognition and share lessons learned by public companies during their adoption of the new standard.
7:50 - Identification of the performance obligations. We highlight where special attention can help avoid mistakes.
11:17 - Estimating the transaction price. Insights into specific areas, such as variable consideration, that can take some time and require professional judgment.
16:51 - Disclosure considerations. Understanding what’s required for private companies and the possible sensitivities around what is being disclosed.
You can also subscribe to our podcast series to stay current on other key technical accounting matters, business issues, current standard setting, and regulatory updates.

About our guest

CJ Finn, PwC’s private company accounting change leader, has 16 years of experience working with public and private companies. He has advised large multinational clients on complex accounting areas, SEC reporting, system development, mergers and acquisitions, and purchase accounting and valuation.

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].
22 min
April 22, 2019 Debt classification: Back to the basics with 5 things you need to know
Refinancing debt, but not quite sure how it will impact your balance sheet classification? The current guidance is complex, but help is on the way. Suzanne Stephani, PwC director and debt classification specialist, joins Heather Horn to decipher the guidance, discuss common questions, and provide an update on the FASB’s related project. Highlights include:
● 1:05 - Debt covenant violations - What should companies be thinking about if they violate a covenant at the balance sheet date?
● 3:35 - Refinancing short-term debt on a long term basis - How does this impact balance sheet classification of the debt?
● 9:50 - Puttable debt - What are the questions companies should be asking that will drive balance sheet classification of debt?
● 11:51 - Pre-payable debt - How do anticipated pre-payments impact classification?
● 13:57 - FASB’s simplification initiative - What should companies be considering in regard to the FASB’s ongoing debt simplification project?
About our guest
Suzanne Stephani is a director with PwC with more than 17 years of experience assisting companies in resolving complex accounting issues. Suzanne specializes in the application and interpretation of the accounting guidance related to financing transactions, such as debt, preferred stock and convertible instruments. As a consultant in PwC's National office, she helps clients understand the application of the accounting guidance in these areas. Suzanne is also the lead producer and director of PwC's popular quarterly Current accounting and reporting developments webcast series.
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].
19 min
April 16, 2019The US macroeconomic outlook: 5 things you need to know
The US economy is at a crossroads. While the changes we’re facing weren’t caused entirely by the great recession, it did send us down a different trajectory. In this week’s episode, we take a look forward to examine the dynamics that determine economic growth, including workforce and productivity growth, advancements in technology, and global governance. We also look at the risks that may impact our macroeconomic forecasts. Chris Benko, PwC’s senior economic advisor, joins Heather Horn to discuss:
0:52 - What’s the economy’s “new normal,” and its speed limit for growth? Chris provides an overview on the current US economy and trends.
6:06 - What could trigger the next economic downturn? Chris answers our questions on the risks associated with monetary policy and helps us understand interest rates and the inverted yield curve.
11:01 - What stimulates economic growth? Chris talks fiscal policy and the role tax reform plays in the bigger picture.
14:23 - Is the current economic climate rewriting the rules for how the global economy works? You bet. Chris discusses trade policy, tariffs, foreign direct investment and the challenges companies face.
19:35 - What’s going on at the corporate level? Chris shares his views on the new competitive dynamic, the fourth industrial revolution, corporate debt, and how this all affects society’s stability.
You can also subscribe to our podcast series to stay current on other key technical accounting matters, business issues, current standard setting, and regulatory updates.

About our guest
Chris Benko leads the PwC Analytic Insights organization, a team of 100 analysts and data scientists leveraging technology-enabled predictive analytics to develop forward-looking points of view on industry, company and thematic issues as well as help firm leadership solve its most complex problems.
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].
27 min
April 09, 2019Mind the GAAP! Here are 5 things you need to know about non-GAAP financial measures
Are you using non-GAAP financial measures? Need an update on the SEC’s rules and interpretative guidance around reporting this information? Then listen to this week’s episode. Diane Howell, a partner in PwC’s national office, joins Heather Horn to discuss 5 things companies should know about non-GAAP measures, including:
0:53 - A helpful refresher on the definition of a non-GAAP measure and common examples
1:47 - The drivers behind why companies report non-GAAP measures and why they believe the measure is useful
4:51 - An overview of the SEC’s rules and interpretative guidance around the use of non-GAAP measures
9:20 - Insights into how the SEC reviews non-GAAP information included in SEC filings, including how they view prominence, reconciliations, and individually tailored measures. Diane also discusses recent related comment letters and enforcement cases.
15:51 - Best practices for reporting high quality non-GAAP measures

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].
20 min
April 02, 2019Lessee right-of-use assets: 5 things you need to know
In this episode Andreas Ohl, a partner in PwC's National office, joins Heather Horn to discuss "day 2" lease accounting considerations. After spending so much effort just to adopt the new standard, some companies may not have begun to evaluate what comes next. Andreas introduces a concept some companies may not have on their radar: how do you assess the new lease right-of-use asset for impairment.

Tune in to learn five things companies should know about the subsequent accounting by lessees for right-of-use assets, including:
0:40 - An overview of the accounting guidance for the impairment of right-of-use assets
1:25 - Unit of account considerations and the implications this determination has on the lessee's accounting
2:25 - A discussion of how to group assets to be tested for impairment, including the related available policy election.
8:30 - Impairment of right-of-use assets, including a discussion of triggering events and an overview of the two step impairment test
11:17 - Common questions and answers relating to impairment testing of right-of-use assets
For more information, read our In depth, FAQ: Lessee accounting for right-of-use assets in operating leases.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].
22 min
March 26, 2019 LIBOR phase out: 5 things you need to know
Need to know more about the ways the phase out of LIBOR could affect your company? If so, you're not alone. Some say it's one of the most important numbers in finance. So the replacement of LIBOR will reach far beyond the financial markets and is expected to impact the accounting and financial reporting for most companies. It's a complex topic and companies have a lot to think about as they prepare for this change. In this episode, PwC partner Heather Horn leads a lively discussion with Justin Keane, Chip Currie, and Nick Milone. Justin has been focused on LIBOR and reference rate reform efforts and has been on the front lines working with companies as they prepare for the change. Nick shares helpful perspective from his experience in our financial markets practice. And, Chip summarizes the key accounting issues based on his ongoing work as part of our national office.
34 min
March 18, 2019 The quarter close - Q1 2019 edition
This first quarter 2019 edition of The quarter close publication will be read to you by Marc Jerusalem, a Director in PwC's National office. This edition of The quarter close provides timely accounting and reporting information that can help you prepare for this quarter's reporting. Topics include: The new leases standard is here! We provide key reminders about lease disclosures, recently issued guidance for lessors and other implementation considerations, the latest on the frequency of financial reporting for public companies, key considerations related to guidance that is effective now or with an effective date that is just around the corner, including the simplified goodwill impairment test, additional insights about Brexit, the planned LIBOR phase-out, EU non-financial reporting regulations, and more.
38 min

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