full disclosure

There are moments from our past that are permanently etched in our tapestry of thoughts. They are cherished memories that leave deep impressions.

Today I'll be sharing one such moment I'll never forget.

Want to contact me? Send an email to storywithamessage@outlook.com.

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Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for commitments and contingencies. Jay Seliber, PwC National Office partner, is back in the guest seat to share helpful insights and key reminders with our host, Heather Horn. 

Topics include:

• 1:22 - Background. Jay and Heather discuss the scope of the commitments and contingencies guidance, including discussion of guarantees.
• 4:43 - Presentation on the balance sheet and income statement. Jay walks listeners through when commitments need to be recognized. He also covers the contingency model and related presentation, including insurance recoveries. 
• 20:03 - Disclosure requirements. Jay takes us through the disclosure requirements for commitments and contingencies in the financial statements, including some of the areas that require more judgment. 
• 39:42 - Closing remarks. Jay closes with areas of GAAP where disclosures of other types of commitments are required. Heather tries to stump Jay with some niche accounting questions.

Want to learn more?  

• Financial statement presentation guide Chapter 23: Commitments, contingencies, and guarantees

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 to the FASB's Emerging Issues 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, as well as periodic webcasts for the power and utilities industry. 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for segments. Jay Seliber, PwC National Office partner, is back in the guest seat to share helpful insights and key reminders with our host, Heather Horn. 

Topics include:

• 1:15 - Overview of segments. Jay explains the underlying objective of segment reporting and the importance of allowing financial statement users to see the company through the eyes of management.
• 4:45 - Identification of operating segments. Jay defines an operating segment, including how to interpret their key characteristics. He also walks through how to determine your Chief Operating Decision Maker.
• 11:38 - Identification of reportable segments. Next, Jay discusses how to assess which operating segments must be presented as reportable segments in the footnotes, including aggregation criteria and quantitative thresholds.
• 19:43 - Disclosure requirements. Jay takes us through the disclosure requirements for segments in the financial statements, including some of the areas that require more judgment. 
• 32:32 - Closing Remarks. Jay closes with final reminders and a project update from the FASB. Heather tries to stump Jay with some accounting questions.

Want to learn more?  

• Financial statement presentation guide on segment reporting.
• Q3 2021 Quarterly accounting webcast includes a section on segment reporting comment letter trends
• FASB project page: Segment Reporting 

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 to the FASB's Emerging Issues 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, as well as periodic webcasts for the power and utilities industry. 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for business combinations. Jay Seliber, PwC National Office partner, is back in the guest seat to share some helpful insights with our host, Heather Horn. 

Topics include:

• 1:15 - Scope of business combinations. Jay explains the applicability of the business combinations guidance to different types of transactions.
• 3:24 - Balance sheet. Jay highlights the presentation rules on the balance sheet and addresses a common question about the classification of contingent consideration.
• 6:30 - Income statement. Jay takes us through the presentation requirements for business combinations on the income statement, including some of the areas that require more judgment - think previously held equity interests, mark-to-market adjustments on contingent consideration, and tax indemnifications. 
• 10:23 - Statement of cash flows. Jay breaks down the cash flow presentation rules for common aspects of business combinations transactions, including debt financing and contingent consideration.
• 18:21 - Disclosure requirements. Jay outlines both GAAP and SEC disclosure requirements on business combinations.
• 41:20 - Key takeaways. Jay closes with final reminders. Heather tries to stump Jay with some accounting history questions.

Want to learn more? Read:

• Chapter 17: Business combinations of our Financial statement presentation guide.
• In depth, SEC amends disclosure rules for acquired and disposed businesses
• In depth, Domestic SPAC mergers - financial reporting and accounting considerations

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 to the FASB's Emerging Issues 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, as well as periodic webcasts for the power and utilities industry. 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on equity method investments and consolidation matters—think majority interests and variable interest entities (VIEs). Matt Sabatini, PwC National Office partner, is back again to share helpful insights and key reminders.

Topics include:

• 1:12 - Consolidation. Matt and Heather begin with an overview of the purpose of, and requirements for, consolidated financial statements.
• 11:04 - Variable interest entities. Matt and Heather tackle VIEs first—how are they presented? What are the disclosure objectives and requirements? Our guest also explains what’s different if you’re not the primary beneficiary.
• 22:25 - Other consolidation considerations. Matt dives into a few exceptions to the rules, common SEC comments, and other considerations. 
• 30:46 - Equity method investments. Not required to consolidate? Matt describes the presentation and disclosure objectives and requirements for equity method investments. 
• 45:06 - Other key reminders. Matt gives more reminders for preparing equity method investment disclosures and offers some final words of advice. 

Want to learn more? Read our Financial statement presentation guide on equity method investments and consolidation. Or check out our Equity method investments and joint ventures and Consolidation guides for questions about accounting.

Matt Sabatini is a partner in PwC's National Office with over 20 years of experience helping clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, corporate reorganizations, recapitalizations, joint ventures, and other investments.

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on a lessee’s presentation and disclosure requirements for leases. Suzanne Stephani and Marc Jerusalem, PwC National Office directors, are back in the guest seats to share helpful insights and key reminders.

Topics include:

• 1:15 - Balance sheet and income statement. Marc and Suzanne start with the balance sheet and income statement, highlighting the presentation for finance vs. operating leases, current vs. non-current, and more. 
• 10:55 - Statement of cash flows. Suzanne explains how to avoid common stumbling blocks when presenting lease transactions in the statement of cash flows. 
• 15:33 - Disclosure requirements. Lessees have a long list of qualitative and quantitative disclosure requirements that need to be met. Marc details where to start and what to watch out for. 
• 24:11 - Leases in light of current events. The current economic environment has disrupted some companies’ leasing strategies. Marc and Suzanne provide some insight on how this may impact their presentation and disclosures.
• 29:47 - Wrap-up. Heather tries to stump Suzanne and Marc with a few trivia questions before they provide final reminders and advice for companies accounting under ASC 842. 

Want to learn more? Read our guides for those who have adopted ASC 842 and those still applying ASC 840. 

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

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

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on presentation and disclosure requirements for derivatives and hedge accounting. Bret Dooley and Steve Halterman are in the guest seats to share helpful insights and key reminders.

Topics include:

• 4:14 - Balance sheet and income statement. Bret and Steve begin with an overview of how to present derivative instruments, whether in accounting hedges or or economic hedges. 
• 12:52 - Disclosure requirements. There’s a long list of required disclosures for companies with derivatives. Bret and Steve help break down the objectives of the disclosures and discuss the key disclosures for fair value and cash flow hedges. 
• 20:10 - Other key reminders. Bret highlights key reminders for interim reporting and reference rate reform, and Steve shares some expedients for private companies. 
• 27:00 - Closing. Bret and Steve provide some final reminders and advice for companies with derivatives.

Want to learn more? Read our Derivatives and hedging guide for guidance on accounting questions and our Financial statement presentation guide for help with presentation and disclosure requirements. 

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

Steve Halterman is a Director in PwC’s National Office with over 25 years of experience in auditing and accounting, with a focus on derivatives and hedging for the last 20 years. He assists clients with accounting issues for financial instruments, derivatives, hedging, and the statement of cash flows and contributes to PwC guidance and publications. 

Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on loans and receivables, including how the credit losses standard, with its current expected credit loss (CECL) model, changed the presentation and disclosure requirements. Tom Barbieri and Bret Dooley, PwC National Office partners, sat down with our host, Heather Horn, to share insights and reminders in the post-adoption world.

Topics include:

• 2:06 - Balance sheet and income statement. Tom and Bret begin with an overview of what to present on two of the primary financial statements for loans and receivables.
• 10:14 - Disclosure requirements. Tom highlights key disclosures for companies with loans receivable assets. He addresses requirements from accounting policies through credit quality indicators. 
• 19:02 - Allowance for credit losses. Bret dives into the required disclosures for companies that develop an allowance reserve estimate and explains the information that financial statements users need to understand non-performing receivables. 
• 26:45 - Cash flows. Tom gives a few key reminders for getting the right geography when presenting loans in your statement of cash flows.
• 28:40 - SEC filings and comment trends. Tom and Bret discuss interim presentation and disclosure requirements and comment trends from the SEC after the first year of CECL.
• 33:04 - Wrap up. Heather tries to stump Tom and Bret with a few questions from pre-CECL periods before Tom and Bret provide some advice and resources when preparing credit disclosures. 

Want to hear more about CECL? Check out some of our past podcasts and videos:

• The CECL standard - 5 things you need to know
• COVID-19: CECL consideration questions, answered
• CECL disclosures: Year-end reminders
• CECL - Impacts for nonfinancial services companies

Tom Barbieri is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has nearly 30 years of experience advising clients on complex accounting and financial reporting issues relating to financial instruments. During Tom’s tenure in the National Office, he has been at the forefront of emerging accounting issues and has regular interactions with the FASB, SEC, and other regulators and standard setters.

Bret Dooley is a Partner in PwC’s National Office with over 25 years of experience specializing in the financial services, banking and capital markets industries. He focuses on emerging financial reporting issues relating to financial instruments.

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

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for revenue. Angela Fergason is joining us again to break down revenue from contracts with customers and what needs to be included in your financial statements. 

Topics include:

• 1:15 - Income statement and balance sheet. Angela opens with a quick overview of how to present revenue on the income statement and balance sheet, and a few reminders of key requirements. 
• 11:29 - Disaggregated revenue. Angela gives an overview of the five major disclosure areas for revenue and dives into requirements around disaggregating revenue. 
• 16:23 - Performance obligations. Angela explains the quantitative and qualitative disclosure requirements for performance obligations, paying particular attention to those related to remaining performance obligations—which are often the most time consuming to prepare. 
• 21:27 - Remaining disclosures. Angela covers the final three primary areas of disclosures for public companies: significant judgments, contract balances, and cost to obtain or fulfill a contract
• 27:47 - Non-public companies. Angela highlights which disclosures apply to non-public companies, and which don’t. 
• 29:05 - Closing. Heather tries to stump Angela with a few revenue and ASC 606 trivia questions before Angela provides some final advice and reminders to companies evaluating their disclosures.

Want to hear more about revenue from Angela? Check out some of our past podcasts:

• Identifying performance obligations: PwC breaks it down
• Variable consideration: How it impacts your top and bottom line
• Revenue contract costs: capitalize or expense?
• Revenue contract modifications: 5 things you need to know

Also listen to Full disclosure: The balance sheet to learn more about balance sheet offsetting and see our Financial statement presentation guide for more details on presentation and disclosure for revenue. 

Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.

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

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the fair value disclosure requirements for other liabilities—specifically payables, contingencies, and asset retirement obligations (AROs). Pat Durbin and John Brittain are in the guest seats to share helpful insights and key reminders

Topics include:

• 1:23 - Accounts and notes payable. Pat and John explain the presentation and disclosure requirements for payables and highlights key requirements in S-X Rule 5-02. 
• 9:02 - Contingencies. Pat dives into accounting considerations for environmental liabilities as well as general presentation and disclosure matters for other contingencies. 
• 20:19 - AROs. John breaks down the disclosure requirements for AROs and what to do when they cannot be reasonably estimated. 
• 24:45 - Wrap up. Heather tries to stump Pat and John with two challenging questions, and Pat and John provide some final advice to companies to consider while preparing their financial statements.

Want to learn more? Read our Financial statement presentation guide on other liabilities and contingencies. 

Pat Durbin is a Deputy Chief Accountant, leading the revenue and liabilities division in PwC’s National Office. He has nearly 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.

John Brittain is a partner in PwC's National Office with over 30 years of experience helping clients and engagement teams navigate the accounting and financial reporting considerations related to business combinations, as well as issues in the energy and utilities 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, as well as periodic webcasts for the power and utilities industry. With nearly 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the fair value disclosure requirements. Chip Currie from our National Office is back in the guest seat to discuss key reminders with our host, Heather Horn. 

Topics include:

• 1:10 - The Basics. Chip and Heather begin by discussing some of the “core” fair value disclosure requirements and how the requirements evolved into their current state.
• 9:32 - Leveling. Chip explains the objectives of fair value leveling classifications, how they’re determined by their inputs, and their presentation in the footnotes. 
• 23:58 - Additional requirements. Chip dives into additional required disclosures for public business entities and companies electing the fair value option. 
• 32:12 - Wrap up. Heather tries to stump Chip with two challenging questions, and Chip provides pointers on where to find additional resources as companies hone their fair value disclosures.

Want to learn more? Read our Financial statement presentation and Fair value measurements guides. And listen to our podcast, Full disclosure: Investments—debt and equity securities.

Chip Currie is a Partner in PwC’s National Office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for pension obligations and plan assets. Jay Seliber and Ken Stoler from our National Office are back in the guest seats to discuss key reminders with our host, Heather Horn. 

Topics include:

• 1:24 - Pension costs. Jay outlines the typical six accounting components of pension and other postemployment benefit (OPEB) costs for single-employer defined benefit plans.  
• 7:31 - Financial statement presentation. Ken explains the balance sheet and income statement and classification matters for pension and OPEB obligations. 
• 11:02 - Disclosures. Jay highlights key objectives to consider and specific required disclosures for pensions. 
• 24:47 - Key takeaways. Heather, Jay, and Ken close with some final advice to help make the preparation of these disclosures easier.

Want to learn more? Read our Financial statement presentation and Pensions and other employee benefits guides. And listen to our podcast, Accounting for pension plans: Back to the basics with 5 things to know. 

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 to the FASB's Emerging Issues Task Force.

Ken Stoler is a partner in PwC’s National Office with over 15 years of experience. He helps companies to address one of their most fundamental concerns, how they should compensate their employees and executives. Helping companies navigate their employee issues during an IPO, spin off, acquisition, or other major transaction or event, Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. 

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for stock-based compensation awards. Jay Seliber and Ken Stoler from our National Office are joining us to share helpful insights with our host, Heather Horn. 

Topics include:

• 1:21 - Balance sheet. Jay opens with balance sheet presentation and classification matters for stock-based compensation awards.
• 5:02 - Income statement. Jay explains the income statement presentation requirements for stock-based compensation expense and the related SEC comment letter trends.
• 8:22 - Statement of cash flows. Ken walks through the impact of stock-based compensation awards on the statement of cash flows.
• 14:31 - Statement of stockholders’ equity. Ken highlights the areas affected by stock-based compensation awards in the statement of stockholders’ equity. 
• 16:29 - Disclosures. Jay and Ken discuss the required disclosures and best practices. 
• 27:52 - Key takeaways. Heather, Jay, and Ken close with some final remarks.

Want to learn more? Read our Financial statement presentation and Stock-based compensation guides. And listen to our podcast, Stock-based compensation issues in an IPO and SPAC, explained.

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 to the FASB's Emerging Issues Task Force.

Ken Stoler is a partner in PwC’s National Office with over 15 years of experience. He helps companies to address one of their most fundamental concerns, how they should compensate our employees and executives. Helping companies navigate their employee issues during an IPO, spin off, acquisition, or other major transaction or event, Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. 

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for debt including term debt, revolving debt, and structured payables. Chip Currie and Suzanne Stephani from our National Office are back in the guest seats to discuss key reminders with our host, Heather Horn. 

Topics include:

• 1:24 - Balance sheet. Chip and Suzanne highlight balance sheet classification matters for refinancings, repayments, covenant violations, issuance costs, and more.  
• 12:58 - Income statement. Chip explains the income statement impacts of gains and losses on debt extinguishment and common acceptable approaches to classification.
• 14:18 - Statement of cash flows. Suzanne reminds listeners how to present debt activity in the statement of cash flows—from debt borrowings and repayments, to extinguishments and modifications. 
• 17:09 - Disclosures. Chip highlights the key required disclosures for debt that investors are focused on. 
• 24:19 - Structured payables. Chip explains structured payables and the related disclosure requirements. 
• 22:33 - Key takeaways. Chip and Suzanne close with some final reminders.

Want to learn more? Read Chapter 12: Debt and Section 11.3.1.5: Structured payables of our Financial statement presentation guide, and listen to our podcast, Debt classification: Back to the basics with 5 things you need to know.

Chip Currie is a partner in PwC’s National Office with over 20 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.

Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to financing 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, as well as periodic webcasts for the power and utilities industry. With nearly 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for other assets—specifically property, plant and equipment, inventory, intangible assets, goodwill, and capitalized software. Mike Coleman and Matt Sabatini, PwC National Office partners, are back in the guest seats to share some helpful insights with our host, Heather Horn.

Topics include:

• 1:29 - Property, plant and equipment (PPE). Matt explains the presentation and disclosure requirements for PPE and highlights key areas of focus for analysts.
• 8:29 - Inventory. Mike highlights the SEC’s and FASB’s presentation and disclosure rules, including where they differ depending on the costing method applied.
• 15:37 - Intangible assets and goodwill. Matt and Mike take us through the presentation and disclosure requirements for intangibles and goodwill, whether acquired through a business combination or an asset acquisition, and the related impairment assessments.
• 22:56 - Capitalized software. Mike breaks down the disclosure rules for capitalized software for both the sellers and buyers of internal and external use software.
• 27:41 - Standard setting. Matt and Mike update listeners on the FASB’s projects on goodwill, intangibles, and inventory disclosures.
• 30:17 - Key takeaways. Matt and Mike close with some final reminders.

Want to learn more? Read:

• Chapter 8: Other assets of our Financial statement presentation guide
• Sections 5.2.7.4 Presentation and disclosure–held and used impairment and 5.3.8 Presentation and disclosure (held for sale) of our PP&E and other assets guide

And listen to our podcasts:

• Accounting for cloud computing costs: 5 things you need to know
• Buying or developing new software? Know which guidance to use

Mike Coleman is a partner in PwC's National Office with over 30 years of experience specializing in accounting for revenue and software arrangements. In addition, Mike has been one of the firm's representatives on the AICPA Software Task Force. Prior to his time in National, Mike was an audit partner in the firm's NY Metro assurance practice serving technology clients.

Matt Sabatini is a partner in PwC's National Office with nearly 20 years of experience helping clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, corporate reorganizations, recapitalizations, joint ventures, and other investments.

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

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on investments, specifically debt securities and equity instruments, as well as the related presentation and disclosure matters. Our host, Heather Horn, sat down with PwC National Office partners, Chip Currie and Bret Dooley, to share some helpful insights. 

Topics include:

• 1:29 - Reminders on the accounting model. Bret and Chip open with recognition and measurement reminders for equity instruments and debt securities.
• 6:12 - Balance sheet. Bret explains the balance sheet presentation and classification matters for these types of investments. 
• 9:31 - Income statement. Chip highlights the income statement considerations. 
• 13:28 - Disclosures. Chip and Bret explain the key disclosures specific to equity instruments and debt securities. They also remind companies to disclose specific portfolio information. 
• 19:47 - Other important disclosures. Our guests describe other required disclosures for available-for-sale securities, held-to-maturity securities, credit risk, and MD&A.
• 32:22 - Takeaways. Chip and Bret close with some final reminders. 

Want to learn more? Read:

• Chapter 9: Investments—debt and equity securities of our Financial statement presentation guide
• Chapter 12: Presentation and disclosure of our Loans and investments guide

Chip Currie is a Partner in PwC’s National Office with over 20 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.

Bret Dooley  is a Partner in PwC’s National Office, focusing on emerging financial reporting issues related to financial instruments and assisting clients in resolving complex accounting matters. He brings more than 25 years of experience in both public accounting and industry, including leadership roles in accounting policy, financial reporting and controllership teams at global financial institutions.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes.

In this week’s edition of our ongoing series focused on the financial statements, we look at income taxes, including balance sheet and income statement presentation, key disclosures, and related SEC comment letter trends. Kassie Bauman, a managing director in our National Office who specializes in income tax accounting, is back in the guest seat to share helpful insights with our host, Heather Horn.

Topics include:

• 1:20 - Balance sheet presentation. Kassie dives into the different income tax-related line items on the balance sheet.
• 6:17 - DTAs, DTLs, and valuation allowances. Kassie explains the required disclosures related to deferred tax assets, deferred tax liabilities, and valuation allowances, and she highlights the SEC comment letter trends in these areas.
• 14:35 - Other balance sheet disclosures. Kassie shares some final reminders on balance sheet disclosures, including the requirement to disclose unrecognized DTLs.
• 17:19 - Income statement presentation and disclosure. Next we break down the presentation and disclosure requirements for the income statement, including income tax expense and the effective tax rate, and we discuss related SEC comment letter trends.
• 26:02 - Other key disclosures. Kassie highlights other disclosures to pay attention to, including investment tax credits, tax holidays, and significant income tax risks and uncertainties.
• 28:46 - Standard setting. Kassie updates listeners on the FASB’s project on income tax disclosures.

Want to learn more? Read:

• Chapter 16: Income taxes of our Financial statement presentation guide

Listen to our podcasts:

• Uncertain tax positions: The basics
• Valuation allowance for deferred tax assets – the basics
• Accounting for outside tax basis differences

And watch our video:

• Income taxes: Uncertain tax positions, disclosures

Kassie Bauman is a managing director in PwC's National Office who consults on tax accounting under US GAAP and IFRS. Kassie has more than 20 years of auditing and accounting experience, including almost a decade of experience addressing complex technical accounting matters as part of our National Office.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for comprehensive income and stockholders’ equity. Tom Barbieri and Jay Seliber from our National Office are joining us again to share helpful insights and key reminders with our host, Heather Horn. 

Topics include:

• 0:39 - Comprehensive income. Tom and Jay break down the presentation basics of comprehensive income and dive into the elements of other comprehensive income. 
• 14:57 - Stockholders’ equity. We run through the requirements of presenting and disclosing the changes in stockholders’ equity. 
• 20:02 - Preferred stock. Jay and Tom explain the nuances related to the balance sheet presentation of preferred stock. 
• 21:55 - Other common areas. Lightning round! Heather quizzes our guests on presentation and disclosure rules for mezzanine equity, treasury stock, dividends, and contracts indexed to a company’s own stock. 
• 34:22 - Standard setting. Jay highlights some new disclosure requirements from the recent standard setting on convertible debt and warrant modifications.
• 38:10 - Wrap up. Tom and Jay share their final advice for our listeners and key takeaways. 

Want to learn more? Read:

• Chapter 4: Reporting comprehensive income, Chapter 5: Stockholders’ equity, Chapter 21: Foreign currency, and Section 15.3.3: Temporary (mezzanine) equity of our Financial statement presentation guide
• Chapter 7: Preferred stock and Chapter 8: Accounting for certain contracts to issue shares of our Financing transactions guide
• In depth: Accounting for convertible instruments and own equity contracts

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

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the presentation and disclosure requirements for earnings per share. John Horan and Jay Seliber from our National Office are joining us again to share helpful insights and key reminders with our host, Heather Horn. 

Topics include:

• 1:18 - The basics. Jay and John set the stage for today’s discussion with a refresher on the type of entities that are required to calculate EPS and the presentation and disclosure requirements for basic and diluted EPS. 
• 8:41 - Basic EPS. We break down how to calculate basic EPS, potential adjustments to the numerator and denominator, and how to calculate weighted average shares outstanding. 
• 19:04 - Diluted EPS and convertible instruments. Jay and John discuss how to calculate diluted EPS and the various methods used. 
• 28:30 - Potential common shares. Our guests explain what potential common stock share instruments are anti-dilutive and how to consider them in the EPS calculation. 
• 32:09 - Quarterly versus annual EPS. Jay gives us a refresher on how EPS is presented on a quarterly and annual (or year-to-date) basis. 
• 36:21 - Wrap up. Our guests give us their final remarks and key takeaways. 

Want to learn more? Read:

• Chapter 7: Earnings per share of our Financial statement presentation guide
• Section 6.6 of our Carve-out financial statements guide
• Sections 2.6.5.3, 2.10.5 and 6.4.2.2 of our Business combinations and noncontrolling interests guide
• Our In depth: Domestic SPAC mergers - financial reporting and accounting considerations

And listen to our podcasts, Got EPS questions? We've got answers and Earnings per share: 5 things you need to know.

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

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. 

This week we focus on the statement of cash flows and the common classification matters. Suzanne Stephani from our National Office is back in the guest seat to share helpful insights and key reminders with our host, Heather Horn.

Topics include:

• 1:14 - The basics. Suzanne sets the stage for today’s discussion with a refresher on the types of cash, cash equivalents and restricted cash to include in the statement of cash flows, and the related disclosures.
• 7:02 - General classification model. Suzanne reminds us of what the direct and indirect methods are and breaks down the three cash flow buckets on this statement: operating, investing, and financing activities. She also highlights what investors are focused on.  
• 12:15 - Gross versus net. We discuss the requirements to present investing or financing inflows and outflows as gross, and what the specific criteria is for when a net presentation is permissible. 
• 15:10 - Noncash investing and financing. Suzanne highlights the required disclosures for noncash activities and provides helpful examples. 
• 19:11 - Common classification issues. We go through a lightning round of questions on common classification issues such as insurance claim proceeds, noncontrolling interest cash flows, repayment of debt that was issued at a discount, payment-in-kind notes, debt extinguishment costs, and structured payables.
• 29:20 - Close out. Suzanne gives us her final remarks and reminds us of the upcoming PwC Q2 Quarterly accounting webcast on emerging issues. 

Want to learn more? Read Chapter 6: Statement of cash flows of our Financial statement presentation guide.

And listen to our podcasts:

• Building your cash flow statement in uncertain times
• Statement of cash flows: back to basics

Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to financing 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, as well as periodic webcasts for the power and utilities industry. With nearly 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.