In this week's special episode, we cover some key takeaways coming out of the 2022 midterm elections. Host Heather Horn sat down with Michael O’Brien of PwC’s Office of Government, Regulatory Affairs, & Public Policy group to discuss how the midterm election outcomes may impact companies and what we can expect from Congress over the next two years. In this episode you’ll hear:1:40 - An overview of the outcome of the midterm elections 7:40 - The impact of a split Congress on President Biden’s legislative agenda13:42 - The key points companies should be aware of regarding the outcomes of state elections18:13 - What the results of the midterm elections mean for the SEC and PCAOB’s agendas22:12 - Background on the upcoming Congressional leadership elections and their influence on future legislation28:44 - Ways President Biden might accomplish his agenda with a split Congress over the next two years35:28 - What to expect from the “lame duck” Congress over the next month40:33 - Advice for companies as they navigate the current period of uncertaintyWant to learn more about recent federal actions? Check out our podcast episode on the US government’s proposal on federal contractor climate disclosures. Michael O’Brien is a Managing Director in the Office of Government, Regulatory Affairs & Public Policy. In his current role, Michael represents the firm and its interests before Congress, the Executive Branch, and Federal regulatory agencies. He has represented the firm on matters related to the implementation of Sarbanes-Oxley and Dodd-Frank, state and federal taxation, and litigation reform.

 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. With over 30 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 us_podcast@pwc.com.

Special episode: Unpacking the 2022 midterm elections

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In this next episode in our miniseries on lease accounting, we focus on lessee accounting for real estate leases. From lease incentives to build-to-suit arrangements and more, we cover some of the key areas that lessees should consider in accounting for real estate leases. 

In this episode, we discuss:03:25 - Lease incentives08:23 - Distinguishing between lessee and lessor assets11:28 - Accounting for lessee assets13:50 - Accounting for lessor assets17:20 - Determination of the lease commencement date19:06 - Multiple units of account in a lease21:51 - Build-to-suit arrangementsFor more information on these topics, read chapters 3, 6, and 8 of our Leases guide. Also, check out other episodes in our miniseries covering lease classification and “day 2” lease accounting. Additionally, follow this podcast on your favorite podcast app for more episodes.

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.

Marc Jerusalem is a PwC National Office managing director specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.

Heather Horn is the PwC National Office Sustainability & 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 us_podcast@pwc.com.

Leasing real estate? What lessees need to know

While the changing global sustainability reporting landscape may pose challenges for preparers, there continue to be opportunities for companies in every industry to take a holistic approach to disclosure – whether mandatory or voluntary.

In this episode, host Heather Horn sits down with Marc Siegel, PwC National Office partner, for a discussion of the key focus areas and action steps for C-suite executives as they ready their companies for the future of global sustainability reporting.

In this episode, we discuss:2:36 - How the market has spoken – and determined that sustainability disclosures are needed, regardless of regulatory actions4:15 - Challenges of reporting under multiple frameworks14:50 - How to prioritize gathering information18:51 - The importance of building stronger disclosure controls and processes as well as having the right people focused on the task23:02 - Navigating the market’s expectations for sustainability information28:51 - Challenges resulting from differing time horizons for sustainability and financial reporting, and how to tie these horizons together to communicate a cohesive strategy32:50 - How companies can tailor climate disclosures given the specific risks the company faces due to climate-related factors35:43 - Key governance-related behaviors companies are adopting and how they are disclosing these behaviors38:19 - The importance of starting the readiness process irrespective of ongoing legal challengesLooking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards. For more information on the SEC climate-related disclosure rules, refer to our publication, SEC adopts climate-related disclosure rules. 

Marc Siegel is a PwC National Office partner. He helps boards and executives with transparent articulation of their company’s long term value creation story, throughout investor communication channels within and outside of regulatory filings. Marc completed 14 years of setting reporting standards in both financial accounting and ESG as a member of the FASB and SASB, respectively.

Heather Horn is the PwC National Office Sustainability & 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 us_podcast@pwc.com.

Talking ESG: Role of the C-suite in sustainability reporting

We continue our miniseries on lease accounting. In this episode, we discuss “day 2” lease accounting, focusing on lease remeasurements, subleasing, and lease impairments.

In this episode, you’ll hear a discussion of:01:18 - Events requiring remeasurement02:17 - Full lease remeasurements06:19 - Partial lease remeasurements7:47 - Lease term and purchase option remeasurements13:44 - Lease modification remeasurements21:34 - Subleasing arrangements25:58 - A refresher on ROU asset impairmentsFor more information on modifications and remeasurements of leases, read chapter 5 of our Leases guide. For more on leases, check out the first episode in our miniseries; it covers lease classification. Additionally, follow this podcast on your favorite podcast app for more episodes. 

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. 

Marc Jerusalem is a PwC National Office managing director specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications. 

Heather Horn is the PwC National Office Sustainability & 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 us_podcast@pwc.com. 

Leases: Brushing up on “day 2” accounting

The International Sustainability Standards Board (ISSB) under the IFRS Foundation last year released IFRS S1 and IFRS S2, representing a step toward the organization’s goal of achieving a comprehensive global baseline of sustainability disclosures. But implementing such a global baseline effectively goes beyond simply setting standards – it requires a new set of capabilities, infrastructure, knowledge, and talent in economies around the world.

New sustainability reporting requirements in jurisdictions around the world have resulted in the need for companies to take stock of their own capacity to produce high quality sustainability disclosures, as well as the capacity of players in their value chains who will provide inputs to their reporting. In this episode, Heather Horn sat down with Mardi McBrien, Chief of Strategic Affairs & Capacity Building at the IFRS Foundation, to discuss how the IFRS Foundation has been working to build capacity, and how companies can best navigate the overall sustainability reporting environment moving forward.

In this episode, you’ll hear:2:31 - A refresher on capacity building and its importance in sustainability reporting4:38 - A discussion of the need for upskilling in various sectors to meet global sustainability reporting standards8:43 - An overview of the drivers of the IFRS Foundation’s focus on capacity building17:14 - Advice on implementing new business processes and enhancing communication with suppliers to prepare for new disclosure standards21:33 - A discussion of the progress made in capacity building and the role of the IFRS Foundation’s partners in this process29:00 - An overview of the IFRS Foundation’s “three pillar approach” for capacity building35:19 - Where listeners can go to understand where the ISSB is headed with standard setting and what is next for companies preparing to reportLooking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.

Mardi McBrien is the Chief of Strategic Affairs & Capacity Building at the IFRS Foundation responsible for sustainability reporting. In this role she has played an active part in setting up the ISSB. Prior to the IFRS Foundation, Mardi spent over a decade leading the global ESG standard setter, the Climate Disclosure Standards Board (CDSB), in developing quality disclosure standards and thought leadership on environmental and social issues.

Heather Horn is the PwC National Office Sustainability & 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 us_podcast@pwc.com. 

Talking ESG: Building sustainability reporting capacity

This first episode in a miniseries on lease accounting focuses on lease classification. We provide an overview of the differences between finance and operating leases and discuss the criteria for classifying leases.

In this episode, you’ll hear:3:30 - An overview of the key differences between finance and operating leases, including expense recognition and cash flow classification5:15 - A discussion of how to determine if a lease should be classified as finance or operating including:6:35 - Lease commencement date considerations10:20 - Whether a lease contains a single asset or multiple assets14:41 - Whether the lease term is a major part of the economic life of the asset22:55 - The lease payment criterion, including a breakdown of lease payments and the appropriate discounting methodology41:56 - Highlights of other classification criteria such as title transfer, purchase options, and alternative useFor more information, read chapter 3 of our Leases guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

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.

Marc Jerusalem is a PwC National Office managing director specializing in leasing. Marc consults with clients on complex lease accounting issues and is a frequent contributor to many related PwC National Office publications.

Heather Horn is the PwC National Office Sustainability & 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 us_podcast@pwc.com. 

Special episode: Unpacking the 2022 midterm elections

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