The FASB’s new disaggregation of income statement expenses (DISE) standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. In this episode, we explore the scope, key provisions, and practical challenges of implementing the new standard.

In this episode, we discuss:

• 2:32 – Overview of FASB’s DISE standard
• 5:00 – Which entities are impacted by the new requirements
• 7:53 – Key disclosure requirements, including tabular reporting
• 13:26 – Challenges in disclosing inventory-related expenses
• 20:07 – Use of estimates and data limitations in reporting
• 27:33 – Transition timeline and practical steps for implementation

For more information, see our publication, FASB issues new disaggregated expense disclosure requirements (DISE). Additionally, follow this podcast on your favorite podcast app for more episodes.

About our guests:
Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies. 

Gary Sardo is a partner in PwC’s National Office who specializes in financial reporting matters that impact health industries and, more broadly, consults on a range of accounting topics, including acquisitions, divestitures, consolidation, and revenue recognition. Prior to this role, Gary completed a two-year fellowship at the FASB. 

About our host:
Guest host Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone. In this bonus episode of our Year-end toolkit series, we share reminders and insights on IFRS reporting for companies that are getting ready to report in 2025. 

In this episode, we discuss:

• 2:18 – Segment disclosures
• 4:51 – Accounting standards newly applicable for December 31, 2024 year ends, including those related to:
  • 5:07 – Non-current liabilities with covenants
  • 7:25 – Supplier finance arrangements
  • 10:22 – Sale and leaseback transactions
• 11:38 – Recent priorities and focus areas of European regulators that may impact US companies
• 20:27 – Hyperinflationary economies
• 23:36 – New IFRS accounting standards effective in 2025 and beyond and looking ahead to 2025 broadly

Additionally, follow this podcast on your favorite podcast app for more episodes.

About our guest:
Gary Berchowitz is the corporate accounting topic team leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings over 20 years of financial accounting experience, working to drive quality and connectivity throughout the PwC network and help local teams solve complex accounting issues in a practical way. Gary leads the development of PwC’s global view on a variety of financial reporting matters.

About our host:
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this episode, we provide an overview of new standards effective in 2025. Our discussion will help get you up to speed as you prepare for 2025 (and don’t forget that the impact of adopting new standards may also need to be disclosed in your 2024 financial statements).

In this episode, we discuss new standards related to the following topics:

• 2:08 – An overview of the new standards effective in 2025
• 3:42 – Joint venture formations
• 12:53 – Crypto assets
• 24:39 – Profits interests and similar awards
• 33:39 – Investments in tax credit entities

Additionally, follow this podcast on your favorite podcast app for more episodes.

About our guest:
Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions.

About our host:
Guest host Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

We are revisiting a conversation on Talking ESG that was originally recorded in September at NYC Climate Week to highlight our host and guest appearing together on The Atlantic's podcast, The Most Interesting Thing In A.I. In both episodes, they examine the intersection of two trending topics: AI and sustainability, discussing the environmental impact of AI and the balance between AI's benefits and its environmental footprint.

Listen in to this reissued episode in which Scott Likens, PwC Global Chief AI Engineer, and host Heather and Horn discuss:

• 3:17 – How AI is impacting sustainability
• 8:54 – Why AI and sustainability aren’t necessarily opposing forces
• 17:28 – Practical examples of utilizing AI to optimize energy usage
• 28:22 – The broader benefits of using AI to impact sustainability
• 31:05 – Balancing AI’s benefits with its environmental footprint
• 38:32 – Advice for both companies and individuals leveraging AI

Also listen as Heather and Scott were guests on The Atlantic's The Most Interesting Thing In A.I. podcast hosted by Nicholas Thompson. In that episode, they expanded the dialogue on AI and its role in addressing climate concerns to further examine the balance between leveraging AI for progress and mitigating its environmental impact.

Looking for more from PwC on AI? Check out PwC’s 2024 US Responsible AI Survey and 2025 AI Business Predictions.

Scott Likens is the Global and US Chief AI Engineer leading and overseeing the AI Engineering and Emerging Technology teams in the United States. With more than 30 years of emerging technology experience, he has helped clients transform their customer experience and enhance their digital operations across all aspects of their business.

Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone. 

In this episode, we talk about the audit committee from the perspective of management. We discuss strategies for finance teams as they prepare for audit committee meetings to elevate their effectiveness, along with the top issues audit committees are focused on for 2025.  

In this episode, we discuss:  

• 2:31 – Strategies for improving management communication and collaboration with audit committees
• 5:00 – Key issues finance teams should prepare to address with audit committees in 2025, including:
  • 5:23 – Impacts of the presidential administration change
  • 8:03 – Best practices for managing the board agenda
  • 12:50 – The role of technology transformation and AI in business
  • 17:09 – Navigating mergers and acquisitions effectively   
  • 22:40 – Strengthening risk oversight and enhancing disclosures
• 26:22 – Insights into core areas of audit committee oversight, including financial reporting and controls
• 36:33 – Trends and best practices in public company audit committee disclosures 

Additionally, follow this podcast on your favorite podcast app for more episodes.

About our guest:

Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has advised boards of directors on a variety of complex financial reporting matters. Stephen’s client service experience includes energy and utility companies, financial services companies, and nonprofits.

About our host:

Guest host Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance. 

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

This episode covers the statement of cash flows - what statement of cash flow areas the SEC is focusing on, why it remains a frequent area of restatement, and the most commonly asked questions our team is seeing in practice.

In this episode, we discuss:

• 4:11 – Key takeaways from the 2024 AICPA/SEC Conference
• 9:43 – Funds held on behalf of others and assessing predominance
• 18:48 – Non-cash transactions, constructive receipt and disbursement, and the cash flow treatment of cryptocurrency
• 28:50 – Gross versus net cash flows and cash flow treatment of: excise taxes, insurance recoveries, and debt restructuring
• 39:30 – FASB project on the statement of cash flows for financial institutions

For more on the statement of cash flow presentation, see Chapter 6 – Statement of cash flows in PwC’s Financial statement presentation guide.

Bret Dooley is a PwC National Office Deputy Chief Accountant who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.

About our host

Guest host Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this next episode of our series, PwC’s US Assurance Quality Management leader, Michael Mullen, shares insights and key reminders on navigating materiality judgments.

In this episode, we discuss:  

• 4:51 – A refresher on the framework for assessing materiality and errors in financial statements
• 20:44 – Recent SEC statements and areas of focus relating to materiality and errors
• 31:43 – Considerations related to fraud and illegal acts 
• 37:47 – Final advice and key takeaways in navigating materiality assessments 

Check out our other episodes in this miniseries:

• Year-end toolkit: Year in review from the corner office
• Year-end toolkit: Accounting and reporting reminders for 2025
• Year-end toolkit: Audit reminders for preparers
• Year-end toolkit: Tax accounting and reporting reminders for 2025

Additionally, follow this podcast on your favorite podcast app for more episodes.

Michael Mullen is PwC’s US Assurance Quality Management leader. In this role, he oversees complex client issues, providing technical insights and expertise in support of overall quality. With over 35 years of client service experience, Michael has led numerous global client engagements. 

Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance. 

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this next episode of our series, we discuss tax accounting and reporting reminders with Jennifer Spang, PwC’s National Office income tax accounting leader. We cover a variety of tax accounting and reporting topics, including the impact of recent election results and the associated tax impacts expected in 2025.

In this episode, we discuss:

• 2:40 – Anticipated tax implications following the 2024 US election results
• 10:50 – Pillar Two 
• 17:36 – The FASB’s disclosure standard 
• 21:58 – Uncertain tax positions
• 27:56 – Inflation Reduction Act credits and valuation allowances
• 32:43 – Advice for year-end income tax accounting

For more information about key developments at the AICPA & CIMA conference, see our publication, 2024 AICPA & CIMA Conference: Current SEC and PCAOB Developments and see our publication, Accounting for Pillar Two: Frequently asked questions for the latest on the topic.

Also, check out our other episodes in this miniseries:

• Year-end toolkit: Audit reminders for preparers
• Year-end toolkit: Year in review from the corner office
• Year-end toolkit: Accounting and reporting reminders for 2025

And please follow this podcast on your favorite podcast app for more episodes.

Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 30 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Guest host Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone. 

In this next episode of our miniseries, we discuss audit-related reminders for preparers with Brian Croteau, PwC’s US Chief Auditor. In this episode we share timely insights for preparers to consider for the year-end audit, which is another important part of year-end accounting and reporting. 

In this episode, we discuss auditing considerations related to: 

• 3:13 – Key takeaways from the AICPA & CIMA Conference: Current SEC and PCAOB Developments
• 12:06 – Accounting policies and controls
• 20:28 – The execution or modification of significant contracts and agreements
• 23:08 – Complete and accurate disclosures within the financial statements 
• 26:48 – Independence
• 28:54 – Known or suspected fraud or illegal acts 
• 34:44 – AI in financial reporting

For more information about key developments at the AICPA & CIMA conference, see our publication, 2024 AICPA & CIMA Conference: Current SEC and PCAOB Developments. Also, check out our other episodes in this miniseries:

• Year-end toolkit: Year in review from the corner office
• Year-end toolkit: Accounting and reporting reminders for 2025

Additionally, follow this podcast on your favorite podcast app for more episodes.

Brian Croteau is the US Chief Auditor. He oversees the establishment and maintenance of PwC’s audit policies and practices, leads efforts to directly support PwC’s audit quality objectives, and plays a key role in the monitoring and assessment of audit quality. He also leads the firm’s efforts related to its relationship with the PCAOB, including supporting all aspects of the PCAOB’s inspection process. Brian currently serves as a member of the PCAOB’s Standards and Emerging Issues Advisory Group (SEIAG) and the SEIAG’s Emerging Issues in Auditing subcommittee. Prior to rejoining PwC, he served as the Deputy Chief Accountant of the Professional Practice Group within the Office of the Chief Accountant at the SEC where he played a key role in the SEC’s oversight of the activities of the PCAOB, managed the resolution of auditor independence issues and ethical matters, and monitored audit and independence standard setting internationally.

Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

In this next episode of our series, we discuss accounting and reporting reminders and timely insights with some of the top technical leaders from our National Office. A one-stop shop for year end, we cover a variety of accounting and reporting topics from contract modifications to financing transactions to segments and many things in between.

In this episode, we discuss accounting and reporting reminders related to:

• 2:03 – Natural disasters
• 6:04 – Highly inflationary economies
• 8:20 – Tax regulatory landscape
• 12:07 – Close calls on impairments and other accounting estimates
• 14:13 – Revenue
• 15:56 – Contract modifications
• 25:41 – Capital raising transactions
• 32:35 – Statement of cash flows
• 37:05 – Segment reporting
• 43:28 – Supplier finance obligations
• 44:59 – New standards and looking ahead to 2025

Check out the other episode in this miniseries, Year-end toolkit: Year in review from the corner office. Additionally, follow this podcast on your favorite podcast app for more episodes.

Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. She has over 30 years of experience consulting with clients and engagement teams on complex accounting matters.

Bret Dooley is a PwC National Office Deputy Chief Accountant who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters

Pat Durbin is a PwC National Office Deputy Chief Accountant. He has over 30 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.

Guest host Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.