PwC's accounting podcast

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. 

In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with PwC National Office leader Tim Carey and PwC National Office partner Kevin Vaughn to discuss rulemaking priorities and provide helpful reminders for public companies navigating SEC developments as they head into year end. 

• 4:08 - The active pace of rulemaking and how that demonstrates the SEC’s priorities 
• 11:00 - Key new and proposed SEC rules: 
  • 11:20 - Insights on the new executive incentive compensation clawback rule and the interaction with navigating accounting errors 
  • 17:45 - Judgments involved in the new cybersecurity disclosure rule and considerations when assessing materiality for evaluating incidents  
  • 26:05 - The impact of new rules on companies preparing for year-end reporting 
  • 28:35 - A status update on pending SEC rules, including the human capital and climate proposals 
• 34:20 - The integral role that transparent disclosures play in investor protection  
• 39:00 - Other year-end SEC reporting reminders, including the impact of MD&A in communicating business performance and challenges, insights on pay versus performance disclosures, and reminders on non-GAAP disclosures 
• 48:20 - Final advice for companies preparing for year-end reporting, including takeaways on new FASB standards on segment reporting, crypto assets, and income taxes 

For more information on key SEC rules, refer to our publications on clawbacks, cybersecurity disclosures, cybersecurity materiality assessments, and the vacated SEC share repurchase rule. Also listen to our 2023 SEC comment letter podcast series for more insights related to SEC reporting. 

Tim Carey is PwC’s National Office leader, with 30+ years of experience in complex accounting, tax, and reporting issues. Tim has led large-scale teams on a wide range of projects including financial statement audits, transaction structuring, financial due diligence, and post-merger integration.

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.

Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. 

To kick off the series, guest host Valerie Wieman, PwC National Office partner, welcomes three of our deputy chief accountants to discuss what is top of mind for each of them this year end. 

In this episode, you will hear discussion of: 

• 3:41 - Contingent consideration in a business combination, including the impact on the statement of cash flows 
• 6:20 - Equity method investments and recording basis differences  
• 10:08 - Disposing of a business, including when to apply the held-for-sale model 
• 15:34 - Revenue contract modifications 
• 18:40 - Avoiding common pitfalls with debt restructurings in a rising interest rate environment 
• 23:55 - Fair value measurement after compensation and incentive arrangement modifications and the impact of the SEC’s new clawback rule 
• 35:39 - Updates on segment reporting  
• 37:31 - Impact of the current macroeconomic environment on impairment analyses 
• 39:58 - Tax implications of nonrecurring transactions and accounting for Inflation Reduction Act (IRA) credits 
• 47:20 - Cash flow presentation of other financing sources, including revolving debt agreements and supplier finance programs 

For more information on presentation and disclosure requirements, read our Financial statement presentation  guide, and for further insights on the latest accounting, financial reporting and regulatory updates, read our Q4 2023 quarter close. Additionally, follow this podcast on your favorite podcast app for upcoming episodes in our Year-end toolkit series, and for disclosure reminders on supplier finance programs, listen to our previous podcast. 

Bret Dooley is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has over 25 years of experience specializing in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues relating to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.

Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. 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.

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.

Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.   

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.  

Continuing our CSRD series, this week we dive into a core component of reporting under the directive: the value chain. The CSRD will extend reporting to a company’s direct and indirect business relationships and activities across its value chain, which is expected to be one of the more challenging areas of compliance. In this episode, host Heather Horn is joined by PwC sustainability director Luca Bonaccorsi to discuss the concept of value chain reporting and what companies can do to navigate this “quantum leap” in reporting. 

In this episode, you’ll hear: 

• 3:00 - What the value chain is, and its importance in the context of CSRD and sustainability reporting 
• 6:27 – The importance of upstream and downstream (i.e., across the whole product life cycle from manufacturing to end use) value chain considerations 
• 13:27 - How to assess the relevance of information from the different levels of the value chain 
• 18:28 - The role of materiality in identifying and disclosing value chain risks 
• 21:19 - Where to start in gathering information for impact reporting 
• 23:59 – Updates on implementation guidance from the European Financial Reporting Advisory Group (EFRAG) 
• 29:07 - Key benefits companies can gain from value chain reporting 
• 32:42 – Actions companies can take to improve the quality of value chain data during the CSRD transitional provision period 
• 40:34 - Best practices to navigate uncertainty when preparing for final effectiveness of reporting 

Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.

Luca Bonaccorsi is a sustainability director at PwC based in Belgium. Prior to joining the firm, he previously served in ESG and sustainable finance roles, and had career experience in investment banking and investigative journalism. He is a co-author of the EU Taxonomy technical criteria, and serves as a member of the Sustainability Reporting Technical Expert Group (SRT) at EFRAG.

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. 

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, guest host Kevin Vaughn, a partner in PwC’s National Office, sat down with fellow PwC National Office partner Jay Seliber to discuss the latest trends in SEC comment letters on segment reporting and share insights on the FASB’s new segment reporting standard. 

In this episode, you’ll hear:

• 2:05 - An overview of the trends in comment letters related to segment reporting, including discussion of the identification of operating segments
• 6:37 - A discussion of aggregation of operating segments, including the significance of quantitative and qualitative characteristics analysis
• 11:57 - Insights on comments related to multiple measures of segment profit or loss
• 13:35 - A breakdown of new guidance under ASU 2023-07 Segment Reporting, including:
  • 17:53 - Disclosure requirements of significant segment expenses
  • 22:06 – Reporting multiple measures of segment profit or loss and the intersection with guidance on non-GAAP measures 
  • 30:20 - Considerations for single reportable segment entities
  • 34:00 - Information regularly provided to the chief operating decision maker (CODM)
  • 40:31 - Effective date and retrospective application of the new standard
• 42:09 - What’s ahead for segment reporting and best practices for enhancing disclosures

Want to learn more? Check out our analysis of SEC comments on segment reporting. For further information on segment disclosures read our publication FASB updates segments guidance and our Financial statement presentation guide. Also follow this podcast on your favorite podcast app for more episodes in this comment letter series.

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. Jay is presently PwC's representative on the FASB's Emerging Issues Task Force.

Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.

Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In the fourth quarter 2023 edition of The quarter close, we provide year-end reminders on perennial favorites, including SEC reporting, income taxes, and the statement of cash flows. We also provide the latest on sustainability reporting and the FASB’s standard-setting activities. Read or listen to The quarter close for these and other relevant accounting and reporting topics you should consider as 2023 comes to a close.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.  

Continuing our CSRD series, in this episode we discuss how the investor community views and benchmarks sustainability requirements. This week, host Heather Horn is joined by Claire Berthier, CEO of French asset management firm Trusteam Finance, to share her viewpoint on how companies can align their sustainability reporting and corporate strategy to meet investor needs.  

In this episode, you’ll hear: 

• 3:35 - Background on why investors look for enhanced sustainability disclosures 
• 10:11 - The explanation of strategy, mission, and other key initiatives in sustainability disclosures  
• 19:52 - The importance of communications among investors, companies, and other stakeholders 
• 32:22 - How the EU’s Green Taxonomy regulation data points support certain investor needs 
• 37:13 - Converting ESG risk to opportunity 
• 40:05 - Recommendations for companies that are early in their sustainability reporting journeys 
• 45:22 - Key messages and themes that Claire believes investors want to hear from companies in their sustainability reporting 

Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership. 

Claire Berthier is the CEO of Trusteam Finance, an investment and asset management firm based in Paris, France. With a background in M&A investment banking and private equity, she currently focuses on responsible investing and has co-founded a social impact start-up. She regularly shares her financial and non-financial ESG analysis expertise with fellow investors. 

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.

Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership.  

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance. 

This week, host Heather Horn is joined by PwC National Office partner Ryan Spencer to discuss the continued focus in SEC comment letters on Management’s Discussion and Analysis (MD&A) and share insights for preparers on how to avoid the common pitfalls.

In this episode, you’ll hear: 

• 0:52 - An overview of the trends in comment letters related to MD&A, including sector-specific insights 
• 3:59 - A refresher on MD&A reporting requirements and a deep dive into comment letter themes, including: 
  • 5:04 - Insights on the concentration of comments related to disclosures on the results of operations and the need for forward-looking discussions 
  • 8:05 - The focus on performance metrics and their connection to corporate strategy 
  • 10:56 - The rise in comments related to management’s analysis and quantification of material fluctuations 
• 12:45 - Why preparers need to evaluate current events and macroeconomic conditions 
• 14:45 - Discussion of the focus on liquidity and capital resources disclosures, including near-term and long-term considerations 
• 16:48 - Key reminders for critical accounting estimates and sensitivity disclosures 
• 21:39 - Best practices for enhancing MD&A disclosures 

Want to learn more? Check out our analysis of SEC comments on MD&A, and follow this podcast on your favorite podcast app for more episodes in this comment letter series.  

Ryan Spencer is a partner at PwC's National Office specializing in SEC financial reporting. He has over 20 years of experience serving clients and is a frequent contributor to PwC’s publications and communications.

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.

Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership.  

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

This week we zoom out to review the broader landscape of EU regulations. Introduced as a result of the European Green Deal strategic policy initiative, these regulations will have impacts on topics from carbon pricing, to foreign subsidy disclosures, to corporate governance, and more. In this episode, Heather Horn is joined by PwC Netherlands partners Niels Muller and Linda Thonen to review these regulations, and how they will impact entities that are in scope. 

In this episode, you’ll hear:

• 4:05 - Background on the European Green Deal
• 6:42 - The Carbon Border Adjustment Mechanism (CBAM) and its impact to carbon pricing on EU imports
• 16:25 - The Foreign Subsidies Regulation (FSR) and its interaction with the Inflation Reduction Act (IRA)
• 23:29 - How corporate strategy and investment decisions are changing due to green regulations 
• 34:53 - Legal risk management, and the role of directors and those charged with governance 
• 41:15 - How CSRD scoping and reporting decisions impact compliance with other regulations
• 45:15 - The proposed Corporate Sustainability Due Diligence Directive (CSDDD) and its far-reaching requirements
• 47:16 - What companies can do today to prepare for upcoming regulations

Looking for more information on these EU regulations and their reporting requirements? Check out our publication European Union regulations beyond CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight series, and subscribe to our weekly newsletter to get all of our thought leadership.

Niels Muller is a PwC partner based in the Netherlands specializing in energy transitions and sustainable energy. In this role he advises institutional investors, financial institutions, and utility companies as well as governments and non-governmental organizations on sustainability and tax projects.

Linda Thonen is a PwC legal services partner based in the Netherlands specializing in corporate and sustainability matters. With over 15 years as a legal practitioner, Linda’s experience has centered around corporate law, corporate governance, with a focus on M&A and cross-border transactions.

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.

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, host Heather Horn is joined by PwC Deputy Chief Accountant Beth Paul to discuss the rise in SEC comment letters on business combinations and share insights for preparers on how to avoid the common pitfalls. 

In this episode, you’ll hear:

• 2:35 - Insights into the increase in comment letters related to business combinations, including sector observations
• 6:34 - An overview of the themes and trends in comment letters related to business combinations
• 11:44 - A deep dive into SEC staff comments as well as reminders on disclosure and filing requirements, including significance tests and pro forma reporting
• 21:07 - A summary of comment letter trends related to fair value 
• 23:22 - Considerations on goodwill impairment tests and market cap reconciliations
• 29:32 - Final advice for preparers dealing with business combinations

Want to learn more? Check out our analysis of SEC comments on business combinations, as well as our Business combinations and Financial statement presentation guides. Also, listen to a previous podcast on business combination accounting.  

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.

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.

Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The Task Force on Climate-related Financial Disclosures (TCFD) framework serves as a foundation for the major ESG disclosure frameworks, and also the basis for the California SB 261 climate disclosure rules recently signed into law. The UK first mandated reporting under the TCFD for listed companies beginning in 2021, and as such, there are two years of reports and insights available in 2023.  

In today’s podcast, host Heather Horn sat down with Mark O’Sullivan, PwC UK’s Head of Corporate Reporting, to discuss PwC’s review of the second year of mandatory TCFD reporting for certain companies in the UK, and how insights from this review can help companies looking to start or enhance their climate-related disclosures. 

In this episode, you’ll hear:

• 4:44 - Our review findings for year two of mandatory TCFD reporting in the UK
• 10:12 - Current challenges, including the understanding and expectation gaps faced by companies required to “comply or explain”
• 18:09 - Observations and trends by industry 
• 24:01 - Key takeaways from year two for companies looking to start or enhance their own TCFD reporting
• 30:09 - Regulatory findings from the UK’s Financial Reporting Council (FRC) on metrics and targets
• 34:36 - What’s coming next for TCFD, and its relationship with other ESG frameworks that are becoming mandatory
• 39:39 - Discussion of materiality assessments and the FRC’s recent findings
• 44:30 - Advice for companies preparing for mandatory UK, California, or other ESG reporting rules

Want to learn more about developments in ESG and TCFD? Read PwC UK’s publications, The green shoots of TCFD reporting, and Still early days: A review of year two of TCFD reporting, along with our previous podcast on how TCFD is shaping today’s reporting landscape. Additionally, refer to the FRC’s latest report on its reviews of TCFD disclosures, as well as the FRC Lab’s recent articles on materiality assessments and applications. 

Mark O’Sullivan is PwC UK’s Head of Corporate Reporting. He has more than 15 years of experience advising leading organizations on current and best practices in reporting and the implementation of new reporting strategies to meet the needs of the capital markets. Mark also oversees PwC’s annual review of corporate reporting practices in the FTSE 350.

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.

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, host Heather Horn sat down with PwC National Office partner Mike Coleman to discuss common issues noted in the SEC staff’s comments on revenue, and why it consistently remains a top area of focus.

In this episode, you’ll hear:

• 2:03 - An overview of comment letter themes related to revenue and a discussion of the prominence of revenue in financial reporting
• 6:53 - Key considerations in determining performance obligations and the significance of judgments made
• 14:19 - Insights on the continued focus on revenue estimates, including challenges related to recognizing variable consideration and determining standalone selling prices when estimates are embedded in transaction prices
• 20:46 - Common pitfalls with revenue disclosures
• 27:26 - Important reminders on principal-versus-agent considerations
• 30:54 - Sector-specific insights and trends and the value in competitor benchmarking 
• 35:48 - Best practices for preparers on avoiding or responding to SEC staff comments on revenue

Want to learn more? Check out our analysis of SEC comments on revenue, as well as our Revenue guide. Also, listen to a previous podcast on trends in revenue more broadly and read our guide on accounting for revenue.  

Mike Coleman is a partner in PwC's National Office with over 30 years of experience. Mike specializes in accounting for revenue and software arrangements and has served technology clients for much of his career. In addition, Mike has represented the firm on the AICPA Software Task Force.

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.

Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

Continuing our CSRD series, this week we discuss the topic of “double materiality,” which represents the intersection between impact materiality and financial materiality. In this episode, Heather Horn is joined by Cécile Saint-Martin, PwC’s Global ESG Assurance Leader, to go over this critical element in determining the applicable impacts, risks, and opportunities, as well as extent of disclosures under CSRD.

In this episode, you’ll hear:

• 3:09 - Lessons learned from legacy reporting under the Non-financial Reporting Directive (NFRD), the predecessor to CSRD
• 4:32 - Introduction to double materiality 
• 10:17 - Examples of the double materiality assessment for specific topics
• 17:29 - The interplay between ESRS and other standards and the double materiality assessment
• 24:53 - Evaluation of double materiality with a governance and strategy lens
• 26:52 - Stakeholder considerations
• 31:28 - Steps for identifying material matters
• 39:24 - Advice on aggregating information for process disclosure and reporting purposes
• 44:09 - Next steps and recommendations for preparers

Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.

Cécile Saint-Martin is PwC’s Global ESG Assurance Leader, leading the firm’s global initiative to deliver high quality and relevant assurance over ESG reporting. Based in France, she has executed assurance engagements on European corporations, and currently leads interpretation and implementation efforts on CSRD. Cécile has over 25 years of experience at PwC, also serving as an audit partner on global accounts within the Industry & Services sector.

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.

In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, host Heather Horn sat down with PwC National Office partner Kevin Vaughn to discuss the SEC staff’s continued focus on non-GAAP measures, the area with the highest number of comments.

In this episode, you’ll hear:

• 3:06 - The significance of non-GAAP measures and why they continue to be a focus area for the SEC
• 7:50 - Updates on new and amended compliance and disclosure interpretations (C&DIs) related to non-GAAP measures and their impact on comment letters
• 18:19 - Advice for preparers when responding to SEC staff comments
• 20:08 - Insights on pervasive comment letter themes, including:
  • 20:27 - Undue prominence of non-GAAP measures
  • 21:40 - Reconciliation of non-GAAP measures and the differentiation between recurring and non-recurring expenses
• 27:10 - Other top comment letter themes in non-GAAP comments, including nature of non-GAAP adjustments, disclosure requirements for non-GAAP measures, and labeling and identification of non-GAAP measures
• 35:23 - Recent enforcement actions related to non-GAAP measures
• 37:52 - Final advice on non-GAAP measures ahead to year-end reporting

Want to learn more? Check out our analysis of SEC comments on non-GAAP measures and our publication on non-GAAP, which includes links to the updated C&DIs. 

Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.

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.

Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letters series, and subscribe to our weekly newsletter to get all of our thought leadership.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

Continuing our CSRD series, this week we dive deeper into the EU’s “green” taxonomy regulation, which requires disclosure of certain metrics related to a company’s environmentally sustainable activities as early as 2024. In this episode, Heather Horn welcomes back PwC Germany senior manager Martin Schönberger to address common questions related to interpretation of the rules, eligibility of the activities, and calculation of the metrics as they apply to non-financial services companies. 

In this episode, you’ll hear discussion of:

• 2:32 - The evolution of EU green taxonomy reporting from the original two objectives to the current six
• 12:15 - Using the promulgated reporting templates as a tool to align activities to the taxonomy
• 19:29 - Timeline for assurance requirements
• 21:46 - “Eligible” versus “aligned” activities
• 25:27 - The importance of educating and involving the procurement function and value chain participants
• 33:10 - Challenges in reporting key performance indicators (KPIs)
• 38:09 - Potential pitfalls in disclosures related to planned and aligned activities for sustainable capital expenditures
• 50:02 - What’s coming next for taxonomy reporters

Looking for more information on the EU Taxonomy? Check out the European Commission website for the official legislation and released delegated acts. For the basics on EU Taxonomy, listen to our earlier podcast episode, CSRD spotlight: Get up to speed on required EU taxonomy disclosures. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.

Martin Schönberger is a senior manager in the National Office at PwC Germany, focusing on sustainability reporting. His work includes interpreting the latest regulations from European legislators and developing publications and trainings to communicate thought leadership to practitioners. Martin is also part of the Taxonomy Working Group, which coordinates technical issues regarding the EU Taxonomy within the PwC network.

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.

On October 7, 2023, California Governor Gavin Newsom signed into law two landmark climate-disclosure bills that are poised to change the landscape of climate reporting in the United States. Over 10,000 US companies - including both public and private companies as well as subsidiaries of non-US headquartered companies - will be subject to the climate disclosure requirements in the near term.

In this episode, podcast host Heather Horn brings you an audio version of our publication covering the expansive impact of these new laws. 

In this podcast, you’ll hear:

• 1:38 - Background and introduction
• 7:13 - Who would be subject to the new laws, and applicability of AB 1305: Voluntary carbon market disclosures
• 15:44 - Disclosure requirements
• 28:43 - Monitoring
• 31:24 - SB 54: Venture capital diversity disclosures
• 32:34 - What’s next

Refer also to the print version, California's not waiting for the SEC's climate disclosure rules.

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.

With year-end reporting around the corner, we kick off our 2023 SEC comment letter trends series, in which our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, Heather Horn is joined by Kyle Moffatt, PwC National Office Professional Practice Leader, to share an overview of the 2023 comment letter trends, a breakdown of the SEC’s review process, and insights into the SEC staff’s key priorities.

In this episode, you’ll hear:

• 2:01 - A breakdown of the SEC review process, including the staff’s current priorities, review timing, and key enforcement actions
• 18:28 - The impact of a potential government shutdown on the SEC’s review process and on the capital markets more broadly
• 22:43 - An overview of the the top SEC comment letter trends in 2023
• 29:14 - Insights into changes in the SEC’s priorities and volume of comment letters, updates on the climate disclosure proposal, and 2024 enforcement priorities
• 34:11 - Key insights into what preparers should focus on, including the importance of “Dear Issuer” letters and reminders for new rules that are effective in 2024
• 39:13 - Final advice for preparers entering the year-end reporting season

Want to learn more? Check out our analysis of SEC comment letter trends. Additionally, follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letters series, and subscribe to our weekly newsletter to get all of our thought leadership. 

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.

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.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

Continuing our CSRD miniseries, this week we discuss the EU’s “green” taxonomy regulation, which requires disclosure of certain metrics related to a company’s  environmentally sustainable activities. Under these rules, companies that are in the scope of CSRD will be further required to identify and disclose the extent of their operations that align with the promulgated classification of sustainable activities. In this episode, Heather Horn is joined by PwC Germany senior manager Martin Schönberger to discuss the essentials of the regulation, including an overview of sustainable activities, how to determine whether activities are “aligned” with environmentally sustainable objectives, and disclosure requirements. 

In this episode, you’ll hear discussion of:

• 2:54 - Context of and impetus for the regulation
• 5:11 - Scoping criteria
• 8:34 - Identifying sustainable activities, qualifying conditions, and underlying objectives 
• 15:57 - The importance of considering whether your company engages in eligible activities, regardless of what sector your business is in
• 18:39 - How to consider the “substantial contribution” and “do no significant harm” criteria in aligning activities with the taxonomy
• 29:13 - Disclosure requirements, including reporting of KPIs (i.e., green net turnover, green capital expenditures, green operating expenses)
• 47:04 - Where companies should start on their journey to compliance with the taxonomy regulation

Looking for more information on the EU Taxonomy? Check out the European Commission website for the official legislation and released delegated acts. For a refresher on CSRD scoping requirements, take a listen to our earlier podcast episode, CSRD spotlight: Updates and essentials for preparers, as well as our publication Worldwide impact of CSRD - are you ready? Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.

Martin Schönberger is a Senior Manager within the National Office at PwC Germany, focusing on sustainability reporting. His work includes interpreting the latest regulations from European legislators, and developing publications and trainings to communicate thought leadership to practitioners. Martin is also part of the Taxonomy Working Group, which coordinates technical issues regarding the EU Taxonomy within the PwC network. 

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

With increasing costs of living and an unpredictable economic environment, the concept of paying a “living wage” is gaining attention from businesses and governments around the world. As pay adequacy becomes a mandated disclosure for many companies via the European Union’s Corporate Sustainability Reporting Directive (CSRD), paying a living wage is becoming a growing priority for organizations that are focused on creating a sustainable business.

PwC recently published the inaugural Global Living Wage survey to provide deeper insights on this topic and its impact to businesses. In this episode, host Heather Horn welcomes PwC partners Barry Murphy and Paula Letorey to discuss the survey results, market trends, and key steps organizations should take now to prepare for market and regulatory movement.

In this episode, you’ll hear discussion of:

• 4:43 - Why PwC conducted the Global Living Wage survey
• 7:13 - Defining a “living wage”
• 9:45 - Key findings from the survey
• 17:01 - Common challenges to adopting a living wage
• 22:28 - The relationships among living wage, workplace fairness, and pay equity
• 24:58 - Reporting and disclosure considerations
• 28:47 - The impact of suppliers and the value chain
• 31:19 - What investors are looking for in living wage strategy and disclosures
• 36:35 - The role of the finance team in supporting and engaging with the business on this topic

For our findings and takeaways on the survey, check out our publication, Living Wage: An Emerging Standard. Further, check out PwC UK’s Workforce Hopes and Fears Survey for more insights on workforce transformation, trends, and disruptors, and how business leaders are navigating its changing nature.

Barry Murphy is PwC’s Global ESG leader for Tax and Legal Services. Based in the UK, he has 20 years of experience advising clients on their domestic and international tax affairs. He is also focused on driving compliance solutions with a “digital first” approach. 

Paula Letorey is a partner within PwC UK’s Workforce practice. She has over 15 years of experience advising clients on matters relating to employment taxes and broader pay governance and regulation. She has developed robust risk management solutions for areas such as domestic employment tax on a global basis, off-payroll working, national minimum wage, and holiday pay.

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.

As the end of the year approaches, it is helpful to understand what is top of mind under International Financial Reporting Standards (IFRS) and what lies ahead from the International Accounting Standards Board (IASB).

In this episode, Heather Horn was joined by Gary Berchowitz, a leader in PwC’s Global Assurance Quality - Corporate Reporting Services group, and Laura Kennedy, a director in the Corporate Reporting Services group, to discuss key reminders for year-end reporting under IFRS as well as some timely updates on new IFRS initiatives on the horizon.

In this episode, you’ll hear:

• 2:37 - An overview of the current status of IFRS Accounting Standards and what’s to come, including:
  • 4:29 - A breakdown of IFRS 17, Insurance Contracts, which became effective in 2023 and applies to non-insurers as well as insurers
  • 5:50 - New amended requirements for currency transactions
  • 8:10 - The global political and economic outlook and its impact on reporting, including assumptions for accounting determinations such as impairments 
• 13:12 - Status of other IFRS Accounting Standards updates and what to expect in 2024:
  • 15:40 - Primary Financial Statements
  • 17:15 - Management Performance Measures
  • 20:16 - Retrospective reporting and restatement reconciliation requirements if a new standard is adopted  
• 23:46 - A discussion of the interconnectedness between sustainability and financial reporting, and coordinated standard setting by both the IASB and International Sustainability Standards Board (ISSB)
• 30:18 - Details on sustainability projects impacting the financial services sector, including accounting for loans and power purchase agreements for renewable energy
• 37:34 - Other IASB priorities and initiatives on the horizon

For more on IFRS 17, check out our publication. Additionally, refer to our global IFRS accounting reminders, refreshed quarterly. Lastly, follow our PwC sister podcast IFRS Talks for more insights on IFRS topics.

Gary Berchowitz is the non-financial instruments leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings nearly 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 contributes to the firm’s global view on a variety of financial reporting matters.

Laura Kennedy is a director in PwC’s Global Assurance Quality - Corporate Reporting Services group. She also serves as the host of the global PwC IFRS Talks podcast. Prior to joining PwC, Laura was a technical staff member at the International Accounting Standards Board, focusing on topical issues impacting corporate reporting. 

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

Continuing our miniseries focused on the essentials of the CSRD, this week we discuss options a company may have in its approach to reporting. In this episode, Heather welcomes back Emily Kirsch, director in PwC’s sustainability practice, to share practical considerations in a company’s determination of the most effective reporting approach for its organization. 

In this episode, you’ll hear discussion of:

• 5:03 - Scope requirements under the CSRD
• 7:37 - Available reporting exemptions 
• 11:46 - Initial considerations for deciding the level of reporting, and whom to involve
• 16:19 - How to consider data availability, IT systems, and organizational structure
• 23:27 - Timing of reporting deadlines and phase-in reliefs for smaller companies
• 26:18 - How existing voluntary reporting may be insufficient to meet CSRD requirements
• 30:28 - Alignment between sustainability reporting, corporate strategy, and stakeholder communications
• 34:07 - Key next steps in making a reporting decision, including the importance of evaluating benefits and trade-offs 

Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.

Emily Kirsch is a director in PwC's sustainability practice focused on sustainability reporting and standard setting in the EU. She advises both public and private companies in navigating complex accounting and financial reporting topics during periods of change in an organization. 

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.