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PwC's accounting podcast series

Updated about 20 hours ago

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Our accounting podcast series features PwC specialists discussing today's most compelling accounting, regulatory and financial reporting issues. From the new leases and revenue standards to CECL to LIBOR rate replacement, PwC Partner Heather Horn hosts each episode tackling a single topic and providing listeners with key takeaways to stay informed on these important accounting matters.

Read more

Our accounting podcast series features PwC specialists discussing today's most compelling accounting, regulatory and financial reporting issues. From the new leases and revenue standards to CECL to LIBOR rate replacement, PwC Partner Heather Horn hosts each episode tackling a single topic and providing listeners with key takeaways to stay informed on these important accounting matters.

iTunes Ratings

61 Ratings
Average Ratings
48
7
1
2
3

KJ

By KaeJae! - Aug 14 2019
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The quick hit format for many episodes provides an accesible way to get a good understanding of complex accounting and reporting issues. Excellent!

Awesome Professional Podcast

By NYCsleeper - Aug 01 2019
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For a professional that deals with these topics on a daily basis, this podcast is extremely helpful. I feel better prepared to articulate key points to my clients and can provide my staff with a solid source for building on their technical acumen. Heather’s down-to-Earth approach makes even a complex topic seem accessible. Can’t wait for the next installment!

iTunes Ratings

61 Ratings
Average Ratings
48
7
1
2
3

KJ

By KaeJae! - Aug 14 2019
Read more
The quick hit format for many episodes provides an accesible way to get a good understanding of complex accounting and reporting issues. Excellent!

Awesome Professional Podcast

By NYCsleeper - Aug 01 2019
Read more
For a professional that deals with these topics on a daily basis, this podcast is extremely helpful. I feel better prepared to articulate key points to my clients and can provide my staff with a solid source for building on their technical acumen. Heather’s down-to-Earth approach makes even a complex topic seem accessible. Can’t wait for the next installment!

Listen to:

Cover image of PwC's accounting podcast series

PwC's accounting podcast series

Updated about 20 hours ago

Read more

Our accounting podcast series features PwC specialists discussing today's most compelling accounting, regulatory and financial reporting issues. From the new leases and revenue standards to CECL to LIBOR rate replacement, PwC Partner Heather Horn hosts each episode tackling a single topic and providing listeners with key takeaways to stay informed on these important accounting matters.

Ongoing lease accounting: 5 things you need to know

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As most calendar year public companies head into their first year-end close for the new leasing standard, we discuss some frequently asked questions around the ongoing accounting for operating leases. Listen as Suzanne Stephani and Marc Jerusalem, directors in our National office, join Heather Horn to take a closer look at some of the more common questions. Topics include:

  • 1:01 - Lessee payments. We start with new leases and take a look at how to account for the payments that lessees make to get the asset ready for use.
  • 4:54 - Lessor reimbursements. Next, we discuss common questions on how lessees account for reimbursement of those payments from the lessor.
  • 10:59 - Ending a lease: termination accounting. Marc and Suzanne talk about what should companies be thinking about when a lessee is required to make a termination payment.
  • 11:53 - Ending a lease: modification accounting. Some terminations are not so straight forward. Marc explains the accounting considerations for situations when a lessee continues to use the asset for a shortened period of time after the lease termination is agreed upon. 
  • 16:19 - The statement of cash flows. We wrap up by discussing how operating leases should be presented on the statement of cash flows.

About our guests

Suzanne Stephani is a director in PwC’s National office with more than 20 years of experience assisting companies in resolving complex accounting issues. Suzanne specializes in the accounting for debt, preferred stock, leases and cash flows. Suzanne is also the lead producer and director of PwC's popular quarterly accounting and reporting developments webcast. 

Marc Jerusalem is a director in PwC’s National office specializing in the new leasing standards (ASC 842 and IFRS 16). As a global leasing specialist, Marc consults with clients on complex lease accounting issues and is a contributor to many PwC National Office publications, including the Leases accounting guide. 

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Nov 05 2019

22mins

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Assessing collectibility under ASC 606: 5 things you need to know

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Determining when to recognize revenue under the new revenue standard for customers in financial distress or bankruptcy requires judgment. Don't assume the answer is the same as it used to be. In this episode, PwC partners Heather Horn and Pat Durbin discuss five things you need to know about assessing collectibility under the new revenue standard, with a specific focus on recognizing revenue when customers are in financial distress or bankruptcy. We discuss the collectibility model: credit risk v price concession, the implications of the new credit risk model, judgment points in the model/when to reassess, factors to consider and document in the assessment, and other considerations.

Mar 12 2019

16mins

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The CECL standard - 5 things you need to know

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You’ve checked the new revenue and leases standards off your list. Next up: the current expected credit loss (CECL) standard. If you’ve only just begun or haven’t yet started to think about what CECL means for your company―then, tune in! PwC partner Seth Drucker joins Heather Horn to discuss the CECL model and what it means for companies as they prepare for adoption, including:

  • 0:58 - How we got here. The new standard requires you to rethink your approach to the impairment of financial assets, with many of today’s impairment models under US GAAP soon being replaced. Seth gives an overview of the standard and discusses the scope of CECL.
  • 4:16 - Key changes to the accounting model. Heather and Seth take a look at how the accounting for credit losses differs from current practice and examine the possible changes to a company’s processes, systems, and controls, as well as to key metrics and regulatory requirements.
  • 12:02 - Disclosure considerations. Seth breaks down the enhanced disclosure requirements and the additional data and support that will be needed.
  • 17:35 - Effective date. The clock is ticking. It’s important to get an implementation plan in place―now. Heather and Seth discuss the effective dates for the different types of filers and the importance of not waiting until the last minute.
  • 20:35 - Best practices. Knowing what does and doesn’t apply to your company is a good first step to making a smooth transition. Heather and Seth conclude with a discussion of a few frequently asked questions to help companies gear up.

About our guest

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

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

May 14 2019

25mins

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Lessee right-of-use assets: 5 things you need to know

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In this episode Andreas Ohl, a partner in PwC's National office, joins Heather Horn to discuss "day 2" lease accounting considerations. After spending so much effort just to adopt the new standard, some companies may not have begun to evaluate what comes next. Andreas introduces a concept some companies may not have on their radar: how do you assess the new lease right-of-use asset for impairment.

Tune in to learn five things companies should know about the subsequent accounting by lessees for right-of-use assets, including:

  • 0:40 - An overview of the accounting guidance for the impairment of right-of-use assets
  • 1:25 - Unit of account considerations and the implications this determination has on the lessee's accounting
  • 2:25 - A discussion of how to group assets to be tested for impairment, including the related available policy election.
  • 8:30 - Impairment of right-of-use assets, including a discussion of triggering events and an overview of the two step impairment test
  • 11:17 - Common questions and answers relating to impairment testing of right-of-use assets

For more information, read our In depth, FAQ: Lessee accounting for right-of-use assets in operating leases.





Apr 02 2019

21mins

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Accounting for stock compensation: 5 things you need to know

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Although the FASB simplified the accounting for stock based awards, it’s still a complex area of accounting. In this episode, PwC partner Heather Horn and director Nicole Berman go back to the basics and discuss five things you should know about accounting for stock compensation awards, including:

About our guest

Nicole Berman is a Director in PwC's National office advising the Firm’s partners and clients on accounting for complex transactions related to revenue recognition and employee compensation matters, including stock-based compensation, pensions, OPEB, and restructurings, under both US GAAP and IFRS. She helps formulate the Firm's views and positions on new financial reporting pronouncements and assess the technical merit of FASB and IASB proposals.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

May 07 2019

18mins

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Consolidation: Back to the basics with 5 things you need to know

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To consolidate or not to consolidate - that is the question. If you need to better understand the answer (or just need a quick refresher) then listen to this week’s episode in which Heather Horn and Matt Sabatini go back to the accounting 101 of consolidations. Topics include:

  • 0:41 - Scope/overview of models. Before jumping into the different models, Matt provides a brief history lesson and walks us through the scope of the consolidation guidance.
  • 3:29 - Variable interest entity model. The variable interest entity (or VIE) model is the starting place for any company thinking through consolidations. Matt walks us through the five characteristics of a VIE.
  • 10:44 - Voting interest model. Matt explains how the voting interest entity (or VOE) model differs from the VIE model, and explains when a company should use each model.
  • 14:40 - Impact. After explaining the two models, Matt highlights the roles judgment and consistency play when thinking though consolidation, as well as why it’s important for companies to get it right.
  • 21:51 - Recent guidance (private company alternative). Matt describes the recent guidance that simplifies the model for private companies, easing the economic burden.

About our guest

Matt Sabatini is a partner in PwC's National Office, where he helps clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in mergers,  acquisitions, corporate reorganizations, recapitalizations, joint ventures and other investments. He is a frequent presenter at conferences and on webcasts on these topics.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Jun 11 2019

25mins

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Debt classification: Back to the basics with 5 things you need to know

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Refinancing debt, but not quite sure how it will impact your balance sheet classification? The current guidance is complex, but help is on the way. Suzanne Stephani, PwC director and debt classification specialist, joins Heather Horn to decipher the guidance, discuss common questions, and provide an update on the FASB’s related project. Highlights include:

●       1:05 - Debt covenant violations  - What should companies be thinking about if they violate a covenant at the balance sheet date?

●       3:35 - Refinancing short-term debt on a long term basis  - How does this impact balance sheet classification of the debt? 

●       9:50 - Puttable debt  - What are the questions companies should be asking that will drive balance sheet classification of debt? 

●       11:51 - Pre-payable debt  - How do anticipated pre-payments impact classification?

●       13:57 - FASB’s simplification initiative - What should companies be considering in regard to the FASB’s ongoing debt simplification project? 

About our guest

Suzanne Stephani is a director with PwC with more than 17 years of experience assisting companies in resolving complex accounting issues. Suzanne specializes in the application and interpretation of the accounting guidance related to financing transactions, such as debt, preferred stock and convertible instruments. As a consultant in PwC's National office, she helps clients understand the application of the accounting guidance in these areas. Suzanne is also the lead producer and director of PwC's popular quarterly Current accounting and reporting developments webcast series.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Apr 22 2019

18mins

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Hedge accounting: 5 things to know when implementing the new standard

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The FASB's new guidance on hedging is effective this year. In this episode, PwC partners Heather Horn and Brian Staniszewski discuss five things you need to know when implementing the new hedging standard, including: An overview of the one-time transition elections available upon adoption of the new guidance, observations on applying the required transition guidance, understanding the new presentation and disclosure guidance, the potential impact on controls and processes, and some recent developments and future standard setting.


Feb 12 2019

18mins

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Accounting for foreign currency: 5 things you need to know

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Need a refresher on accounting for foreign currency translations and transactions? In this week’s episode, Heather Horn and PwC managing director John Horan go back to the basics and examine the accounting for foreign currency, including:

About our guest

As a managing director in PwC’s National office, John Horan assists clients with complex accounting issues in the areas of foreign currency, liabilities and equity, earnings per share and derivatives and hedging. John specializes in large capital transactions and initial public offerings.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Jun 04 2019

28mins

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Accounting for cloud computing costs: 5 things you need to know

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Accounting for cloud computing costs is complicated and doesn’t just affect technology companies. Tune in as Angela Fergason joins Heather Horn to discuss 5 things you need to know about implementing the new guidance. Topics include:

  • 0:56 - What’s happening. What is a cloud computing arrangement? In this segment we give a brief background and discuss the scope of the new guidance.

  • 3:12 - Background on the new standard. Angela explains why new accounting guidance on this topic was needed. 

  • 5:35 - Details on the news guidance. Angela and Heather discuss the accounting, presentation, and disclosure requirements of the new guidance.

  • 16:12 - Adoption and transition. When is the new guidance effective and what are the transition provisions? Angela fills us in. 

  • 19:19 - Next steps. We take a look forward on what companies should be doing now and where they can go for more information.

About our guest

Angela Fergason is a partner in PwC's National office with 20 years of experience specializing 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 accounting guides on Revenue and Stock-based compensation.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Sep 03 2019

21mins

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The new revenue standard: 5 things private companies need to know

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Help for private companies―adoption of the new revenue standard is just around the corner. So that you’re ready, hear some of the challenges and lessons learned by public companies from their adoption efforts. In this week’s episode, we’re joined by PwC partner, CJ Finn, to take a look back at how public companies adopted ASC 606 and discuss 5 things private companies need to know, including:

You can also subscribe to our podcast series to stay current on other key technical accounting matters, business issues, current standard setting, and regulatory updates.

About our guest

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

About our host

Heather Horn is PwC's National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather's accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Apr 30 2019

21mins

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Earnings per share: 5 things you need to know

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Earnings per share measures get a lot of attention from users of financial statements; however, calculating EPS can be complex. In this episode, John Bishop, PwC partner, joins Heather Horn to provide a refresher on the models and demystify the calculations. Topics include:

2:22 - Basic EPS - John provides an overview of the basic EPS model and then breaks it down step-by-step (numerator and denominator considerations).

6:58- Diluted EPS. Before John dives deeper into the calculations, he provides a brief overview of what diluted EPS is intended to present and the various models to calculate it.

11:52 - Methods of incorporating potentially dilutive securities in diluted EPS. John dives deeper and provides overviews of the treasury stock method, if-converted method, contingent share model, and two class method.

17:51 - Anti-dilutive sequencing. When calculating diluted EPS, proper sequencing is important. John explains how sequencing impacts the calculations and the adjustments and judgments that need to be considered.

23:18 - Application of control number in interim and annual reporting. Last but not least, John shares some reminders on the application of the control number concept in interim and annual reporting.

About our guest

John Bishop is a partner in PwC’s National office and the co-leader of the financial instruments team. In this role, he leads the group in advising the firm’s clients on a wide array of accounting and reporting matters. John specializes in the accounting for derivatives, financial instruments, financing transactions (e.g., securitizations and leasing) and M&A transactions. He has worked with and advised a variety of the firm’s clients including investment banks, commercial banks, private equity firms and companies in the merchant power, utility, real estate and retail industries.

About our host

Heather Horn Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Jun 25 2019

27mins

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Accounting for inventory - 5 things you need to know

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Many companies hold inventory, and the accounting can be complex. It’s not surprising that “inventory” is one of the most searched terms on our website, but help is on the way. Pat Durbin is again with us in the studio joining Heather Horn to take us back to the basics on accounting for inventory including:

1:07 - Scope. We kick things off with a discussion of scope of the guidance and an overview of the general principles.

3:22 - Elements of cost. Pat discusses what types of costs would qualify (and not qualify) for capitalization in inventory.

10:53 - Accounting changes. What if you want to change inventory accounting methods? Pat shares some important considerations.

12:53 - Lower of cost and net realizable value. In this segment, we discuss the ongoing valuation considerations for inventory.

15:24 - Common questions. Before wrapping up, we address some common questions including accounting for vendor rebates and consignment arrangements.

About our guest

As the leader of the revenue and liabilities division in PwC’s national office, Pat Durbin leads a team of partners and directors responsible for consulting with our clients and engagement teams on complex accounting matters relating to revenue, compensation, income taxes, inventory and several other topics under both US GAAP and IFRS. In addition to client-specific matters, he and his team monitor the activities at the FASB, IASB, and other standard-setting and regulatory bodies (e.g., SEC) and develop the firm's accounting guidance on new and existing GAAP.

About our host

Heather Horn
is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Aug 20 2019

19mins

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Revenue contract modifications: 5 things you need to know

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Accounting for contract changes under the new revenue standard can be complex, and not all modifications are accounted for the same. Tune in as Angela Fergason joins Heather Horn to help navigate the guidance by sharing 5 things you need to know about contract modifications under ASC 606. Topics include:

  • 0:47 - Definition of contract modification. Before we jump into the accounting, Angela explains what a contract modification is under the new revenue standard.
  • 2:09 - Modifications accounting model. Angela explains the accounting for different types of contract modifications. (See table
  • 4:54 - Key areas of judgment. After discussing the basic framework, Angela and Heather discuss the judgments that impact the conclusion.
  • 8:47 - Operational challenges. Having the right processes and controls in place is important. We tell you where to start.
  • 10:55 - Disclosures. Before closing the show, we give a heads up on some of the disclosures that could be impacted by a modification.

About our guest

Angela Fergason is a partner in PwC's National Office with 20 years of experience specializing 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 accounting guides on Revenue and Stock-based compensation.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Oct 01 2019

14mins

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The responses are in. FASB's goodwill project: 5 things to know

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The responses to the FASB’s invitation to comment on goodwill impairment are in. It’s a topic that has received a lot of attention from a wide range of stakeholders. Join Heather Horn, Andreas Ohl and Chad Morrissey as they take a closer look at the early reactions. Topics include:

  • 1:13 - Overview of the comment letter and PwC’s responses. The FASB’s Invitation to Comment was a robust document. We discuss the key topics and PwC’s areas of focus.
  • 10:01 - A look at who responded. The almost 100 respondents were from a diverse pool of stakeholders--we break their feedback down for you.
  • 16:53 - Key response trends...or lack thereof. Why are some respondents in favor of amortizing goodwill while others are not? We take a closer look at the debate.
  • 20:02 - New and surprising. We highlight a few of the more surprising ways some respondents thought about goodwill.
  • 25:15 - Next steps. What’s next? We wrap it up by sharing some final thoughts.

About our guests

Andreas Ohl is a partner in PwC's National office, where he focuses on mergers and acquisitions under US GAAP and IFRS. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's In-Process R&D guide, and has served as a member of the FASB's Valuation Resource Group.

Chad Morrissey is a principal in PwC's Deals Practice, where he performs valuations of businesses, business interests, various classes of capital structure, and intangible assets. Chad leads the Technology Sector for the US Valuation and Business Modeling Practice.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Oct 22 2019

26mins

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Accounting for contingencies: 5 things you need to know

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Accounting for loss contingencies, or, as some still refer to it, “FAS 5” liabilities, impacts many companies. The principles underlying the accounting serve as the foundation to other areas of GAAP. In this episode we’re going back to the basics and providing a refresher on the contingency model. Pat Durbin joins Heather Horn to help navigate the guidance and answer our questions, including:

5:47 - Remote loss contingencies. Pat explains the situations when a loss contingency should neither be accrued nor disclosed. 

9:32 - Reasonably possible loss contingencies. In this segment, we turn our attention to circumstances when no accrual is required, but disclosures still need to be made. Pat walks us through the likelihood continuum.

13:58 - Probable loss contingencies. Pat discusses when a company is required to accrue a liability and disclose the nature of the contingency. 

16:51 - Gain contingencies. After loss contingencies, Pat describes the gain contingency model and highlights differences from the loss contingency model.

20:25 - Recovery of a loss. To close out the episode, Pat answers a frequently asked question on how to account for loss contingencies when a company has insurance.

About our guest

As the leader of the revenue and liabilities team in PwC's national office, Pat Durbin leads a team of partners and directors responsible for consulting with our clients and engagement teams on complex accounting matters relating to revenue, compensation, income taxes, loss contingencies and several other topics under both US GAAP and IFRS. In addition to client-specific matters, he and his team monitor the activities at the FASB, IASB, and other standard-setting and regulatory bodies (e.g., SEC) and develop the firm's accounting guidance on new and existing GAAP.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Jul 23 2019

23mins

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Beyond the financial statements: Hear Wes Bricker on stakeholder reporting

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Stakeholder reporting is communicating how a company defines and measures its purpose and commitment to all stakeholders. It’s a topic of much interest as companies look to balance driving shareholder value with playing a broader role in society. Join Heather Horn as she and Wes Bricker discuss purpose-led reporting and where it’s going in the short and long term. Topics include:

  • 0:47 - Overview. Recently, the Business Roundtable leaders met to redefine corporate purpose. Wes gets us up to speed. Then he explains that shareholder primacy and stakeholder capitalism are not mutually exclusive.
  • 4:57 - Measurement. How are companies measuring the broader commitment they are making to stakeholders, and where should companies who are thinking about this type of reporting start? Wes explains.
  • 9:20 - Best practices. We discuss three concepts― defining your purpose, measuring it, and reporting on it―that can help companies up their game in communicating to stakeholders.

About our guest

Wes Bricker is PwC’s Vice Chair and Assurance Leader for the US and Mexico. In this capacity, he serves as a member of the US Leadership Team and the Global Assurance Executive Leadership Team. Wes’ leadership and oversight of the Assurance practice encompasses audit quality, business development and portfolio strategy, human capital, diversity, innovation, and technology.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.


Oct 29 2019

16mins

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Segments: Back to the basics with 5 things you need to know

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Think segment reporting is just about disclosure? Think again. In this episode we go back to the basics to discuss the broader impact it can have on your financial statements. Matt Sabatini joins Heather Horn to help navigate the guidance and answer our questions, including:

1:00 - Scope/overview of the model and why companies should care. Matt provides a brief background and takes us through the segment reporting model.

3:00 - Operating segments. The first step to segment reporting is to identify your operating segments. Matt explains how to identify an operating segment and the role of the chief operating decision maker.

12:12 - Aggregation and reportable segments. Not all operating segments need to be reported separately. Matt provides an overview of the aggregation criteria and how to determine your reportable segments.  

19:42 - Disclosures. Matt provides an overview of the required disclosures for reportable segments. Spoiler alert― there’s a lot of them.

24:27 - Other considerations. Matt explains how the identification of segments impacts more than just disclosures and shares other insights.

About our guest

Matt Sabatini is a partner in PwC's National Office, where he helps clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in mergers, acquisitions, corporate reorganizations, recapitalizations, joint ventures and other investments. He is a frequent presenter at conferences and on webcasts on these topics.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Jul 16 2019

30mins

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Lease remeasurements: 5 things you need to know

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As companies kick off their third quarter, we turn our attention back to the new leases standard to look at a key day 2 accounting issue: remeasurement. In this episode, Jillian Pearce joins Heather Horn to take a closer look at some of the more complex questions; topics include: 

2:27 - The new rules of modifications. We first identify what a modification is and then look at some of the changes to the framework for how companies should evaluate them. 

7:23 - Other types of remeasurements. Events other than formal lease modifications can result in the need to remeasure. Jillian provides examples of the types of events that may trigger a remeasurement and addresses related commonly asked questions.

11:10 - You have a modification or a remeasurement event. Now what? Jillian highlights how to think about the resulting reassessments, reallocations, and recalculations.   

13:44 - Accounting for right of use assets. Jillian helps us think through remeasurement adjustments to the right-of-use assets.

15:20 - Processes and controls. What types of monitoring and ongoing controls should companies have in place? Jillian highlights the holistic processes companies should  think about to make sure that changes that may impact lease accounting are communicated to the right people at the right time. She then wraps up by providing additional resources for understanding the new rules.

About our guest

Jillian Pearce is a Director in PwC's National office, providing advice on technical accounting issues to clients. She has over twelve years of experience performing audits of public and nonpublic entities, specializing in the power and utilities industry.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Jul 09 2019

20mins

Play

What qualifies as an income tax under US GAAP? 5 things to know

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Accounting for income taxes impacts almost all companies and can be complex. In order to get the accounting right, it’s important to understand what’s in the scope of the income tax guidance. Help is on the way as Jennifer Spang and Kassie Bauman join Heather Horn walk you through the principles involved. Topics include:

  • 2:04 - Definition of income taxes. We start with an important first step: knowing what qualifies as an income tax.
  • 3:46 - Withholding taxes. Withholding taxes are common. Kassie helps us understand how to determine whether withholding taxes are within the scope of ASC 740 and the different models to follow. 

  • 6:44 - Tax credits and other benefits. Jenn explains how it’s not always clear if credits and incentives are in the scope of the income tax guidance. It can take some detective work to get to the right answer. 

  • 10:22 - Partnerships and other non-taxable entities. Legal form alone isn’t always determinative. We discuss what else to consider when figuring out if you need to apply income tax accounting. 

  • 14:11 - The evolving tax landscape. Jenn provides some final reminders. 


About our guests

Jennifer Spang is a tax partner in PwC's National Office who consults on tax accounting under US GAAP and IFRS.

Kassie Bauman is a managing director in PwC's National Office  who consults on tax accounting under US GAAP and IFRS.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Oct 08 2019

20mins

Play

The quarter close - Q4 2019

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This edition of The quarter close provides timely accounting and reporting information that can help you prepare for your year-end reporting. Topics include:

  • A summary of the FASB’s delay of effective dates for certain major accounting standards
  • Reminders relating to adoption of the new credit losses standard and some areas of focus post adoption
  • Additional insights about accounting for leases incentives, lease remeasurements, terminations and modifications, principal versus agent assessments under the revenue standard, standard setting and regulatory updates, and more

Episode details

Accounting hot topics

0:47 - FASB delays effective dates for certain major standards
2:48 - The new credit losses standard: adoption and moving ahead
7:16 - Lessee accounting for lease incentives 
11:51 - Lessee accounting for remeasurements, terminations, and modifications 
14:38 - Principal versus agent assessments under the revenue standard
18:37 - Share-based consideration payable to a customer 
20:14 - The EITF addresses accounting for equity securities 
22:22 - The latest on the FASB’s goodwill project 

SEC and regulatory update

24:01 - Non-GAAP measures
25:30 - Considerations for critical audit matters
27:53 - PCAOB leadership changes
28:25 - Digital taxes
30:12 - Corporate governance insights

32:48 - Wrap-up

Dec 10 2019

34mins

Play

What you should know before you adjust that valuation allowance

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Accounting for valuation allowances under ASC 740 can be a challenging area because of the extent of judgment involved. PwC’s Heather Horn and Kassie Bauman cover a lot of ground when they take on this complex area. Topics include:

  • 4:35 - Weighing evidence from recent years. We start with how to think about positive and negative evidence and cumulative losses in recent years.
  • 10:00 - Projections of income and what is “objectively verifiable.” Kassie discusses how companies are required to consider all four sources of potential taxable income when evaluating the realization of deferred tax assets and weigh the available positive and negative evidence.
  • 15:09 - Tax planning strategies. Heather and Kassie talk about how to assess available prudent and feasible tax planning strategies, and the importance of real-time documentation of judgments. 
  • 18:42 - Common misconceptions. You might need a valuation allowance even when the company is in a net DTL position. And indefinite carryforwards don’t get you off the hook, either. Kassie explains.
  • 22:19 - Valuation allowance reversal. Kassie switches gears to end with a discussion about what listeners should know about when to release a valuation allowance.

About our guest
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.

About our host
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Dec 03 2019

29mins

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Accounting for pension plans: Back to the basics with 5 things to know

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Accounting for defined benefit pension plans can be a complex area, and companies need to be aware of the guidance. That’s why Heather Horn and PwC pension specialist Nicole Berman go back to the basics to highlight a few of the fundamental accounting rules for these types of plans, including: 

  • 2:33 - Remeasurement. Nicole walks through the timing of measurement, including how to measure plan assets and obligations.  
  • 4:42 - Pension costs. Nicole reminds listeners what’s included in pension costs and talks about how pension costs are determined.
  • 6:02 - Recognizing costs. Nicole discusses the timing of recognition. 
  • 11:28 - Significant interim events. Big events, like plan freezes, require specific accounting. Nicole explains.
  • 16:23 - Final thoughts. We wrap up by sharing a few frequently asked questions―including what to think about when it comes to disclosures.

About our guest
Nicole Berman is a Director in PwC's National office who advises the firm’s partners and clients on accounting for complex transactions related to revenue recognition and employee compensation matters, including stock-based compensation, pensions, OPEB, and restructurings, under both US GAAP and IFRS. She helps craft the firm's positions on new financial reporting pronouncements and assesses the technical merit of FASB and IASB proposals.

About our host
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Nov 26 2019

19mins

Play

Washington politics, public policy, and financial reporting

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PwC’s US public policy leader Roz Brooks joins Heather Horn to discuss Capitol Hill and the impact of politics and public policy on the financial statements. Topics include: 

  • 0:46 - Congressional interest in the FASB. Roz explains why Congress is focusing on accounting rules and how Congress and the FASB interact.
  • 9:36 - Risks and uncertainties. We dive into more specific areas of focus that may impact companies, including privacy.
  • 13:03 - Trade and tariffs. Roz provides an update on the trade wars and how they may impact financial statement preparers and users.
  • 19:11 - Final thoughts. We wrap up by looking ahead to public policy in an election year.

About our guest

As PwC's US Public Policy Leader, Roz Brooks is responsible for ensuring PwC has a voice in important debates at the nexus of business and government and helping the firm successfully execute its business strategy. Roz leads PwC’s engagement with Congress, the White House, regulatory agencies, state and local governments, and organizations including trade associations, think tanks, and NGOs. In addition, she is responsible for the firm’s compliance matters in the areas of lobbying and political contributions. She also serves on PwC’s Global Regulatory & Policy Board, where she collaborates with her international counterparts to set direction of the global network’s strategy on engagement with regulators worldwide.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Nov 19 2019

22mins

Play

Implementing the CECL standard: 5 things you need to know

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With the CECL effective date just around the corner for most calendar year-end SEC filers, many companies are in the final stages of implementation. PwC partners Chip Currie and Chris Rickli join Heather Horn to discuss implementation hot topics and the areas generating the most questions, including:

  • 0:53 - Where should companies be in their implementation? Chris talks about dry runs and shares other best practices.
  • 4:06 - Implementation considerations for non-financial companies. Chip discusses what’s in scope and where non-financial companies should focus.
  • 9:02 - Use of third-party vendors and data to support implementation. Chip and Chris highlight considerations for working with third-party vendors and share lessons learned.
  • 13:36 - Disclosures. Chip and Chris discuss SAB 74 and the new vintage disclosures.
  • 25:01 - Final thoughts. We wrap up by sharing areas of regulator focus and early lessons learned.

About our guests

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 for 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.

Chris Rickli is a Partner in the Banking and Capital Markets practice in New York. Formerly in the PwC National Office, Chris now serves a variety of clients ranging from large, multinational banking institutions to broker-dealers and asset management advisors and funds.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Nov 12 2019

30mins

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Ongoing lease accounting: 5 things you need to know

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As most calendar year public companies head into their first year-end close for the new leasing standard, we discuss some frequently asked questions around the ongoing accounting for operating leases. Listen as Suzanne Stephani and Marc Jerusalem, directors in our National office, join Heather Horn to take a closer look at some of the more common questions. Topics include:

  • 1:01 - Lessee payments. We start with new leases and take a look at how to account for the payments that lessees make to get the asset ready for use.
  • 4:54 - Lessor reimbursements. Next, we discuss common questions on how lessees account for reimbursement of those payments from the lessor.
  • 10:59 - Ending a lease: termination accounting. Marc and Suzanne talk about what should companies be thinking about when a lessee is required to make a termination payment.
  • 11:53 - Ending a lease: modification accounting. Some terminations are not so straight forward. Marc explains the accounting considerations for situations when a lessee continues to use the asset for a shortened period of time after the lease termination is agreed upon. 
  • 16:19 - The statement of cash flows. We wrap up by discussing how operating leases should be presented on the statement of cash flows.

About our guests

Suzanne Stephani is a director in PwC’s National office with more than 20 years of experience assisting companies in resolving complex accounting issues. Suzanne specializes in the accounting for debt, preferred stock, leases and cash flows. Suzanne is also the lead producer and director of PwC's popular quarterly accounting and reporting developments webcast. 

Marc Jerusalem is a director in PwC’s National office specializing in the new leasing standards (ASC 842 and IFRS 16). As a global leasing specialist, Marc consults with clients on complex lease accounting issues and is a contributor to many PwC National Office publications, including the Leases accounting guide. 

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Nov 05 2019

22mins

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Beyond the financial statements: Hear Wes Bricker on stakeholder reporting

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Stakeholder reporting is communicating how a company defines and measures its purpose and commitment to all stakeholders. It’s a topic of much interest as companies look to balance driving shareholder value with playing a broader role in society. Join Heather Horn as she and Wes Bricker discuss purpose-led reporting and where it’s going in the short and long term. Topics include:

  • 0:47 - Overview. Recently, the Business Roundtable leaders met to redefine corporate purpose. Wes gets us up to speed. Then he explains that shareholder primacy and stakeholder capitalism are not mutually exclusive.
  • 4:57 - Measurement. How are companies measuring the broader commitment they are making to stakeholders, and where should companies who are thinking about this type of reporting start? Wes explains.
  • 9:20 - Best practices. We discuss three concepts― defining your purpose, measuring it, and reporting on it―that can help companies up their game in communicating to stakeholders.

About our guest

Wes Bricker is PwC’s Vice Chair and Assurance Leader for the US and Mexico. In this capacity, he serves as a member of the US Leadership Team and the Global Assurance Executive Leadership Team. Wes’ leadership and oversight of the Assurance practice encompasses audit quality, business development and portfolio strategy, human capital, diversity, innovation, and technology.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.


Oct 29 2019

16mins

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The responses are in. FASB's goodwill project: 5 things to know

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The responses to the FASB’s invitation to comment on goodwill impairment are in. It’s a topic that has received a lot of attention from a wide range of stakeholders. Join Heather Horn, Andreas Ohl and Chad Morrissey as they take a closer look at the early reactions. Topics include:

  • 1:13 - Overview of the comment letter and PwC’s responses. The FASB’s Invitation to Comment was a robust document. We discuss the key topics and PwC’s areas of focus.
  • 10:01 - A look at who responded. The almost 100 respondents were from a diverse pool of stakeholders--we break their feedback down for you.
  • 16:53 - Key response trends...or lack thereof. Why are some respondents in favor of amortizing goodwill while others are not? We take a closer look at the debate.
  • 20:02 - New and surprising. We highlight a few of the more surprising ways some respondents thought about goodwill.
  • 25:15 - Next steps. What’s next? We wrap it up by sharing some final thoughts.

About our guests

Andreas Ohl is a partner in PwC's National office, where he focuses on mergers and acquisitions under US GAAP and IFRS. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's In-Process R&D guide, and has served as a member of the FASB's Valuation Resource Group.

Chad Morrissey is a principal in PwC's Deals Practice, where he performs valuations of businesses, business interests, various classes of capital structure, and intangible assets. Chad leads the Technology Sector for the US Valuation and Business Modeling Practice.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Oct 22 2019

26mins

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What should borrowers be thinking about when they restructure their debt? We share 5 things you need to know.

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Companies may restructure their debt before the debt is due, and the accounting can get complex. Listen as Suzanne Stephani, a director in our National office, joins Heather Horn to explain the various models and key accounting considerations. Topics include:

  • 1:21 - Overview on debt restructuring. Does the guidance need to be applied any time you make a change to your debt? We start by looking at what to think about first. 
  • 6:10 - The accounting models. Suzanne walks through each of three accounting models.
  • 12:52 - The 10% test. If the lender remains the same, the 10% test is important in determining if the restructuring should be accounted for as a debt modification or an extinguishment. Suzanne explains.
  • 13:57 - Common questions and pitfalls. Suzanne explains prepayment options, principal changes and more.
  • 20:55 - The statement of cash flows. We wrap up by discussing how debt restructuring fees should be presented on the statement of cash flows.

About our guest

Suzanne Stephani is a director in PwC’s National office with more than 20 years of experience assisting companies in resolving complex accounting issues. Suzanne specializes in the accounting for debt, preferred stock, leases and cash flows. Suzanne is also the lead producer and director of PwC's popular quarterly accounting and reporting developments webcast.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Oct 15 2019

24mins

Play

What qualifies as an income tax under US GAAP? 5 things to know

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Accounting for income taxes impacts almost all companies and can be complex. In order to get the accounting right, it’s important to understand what’s in the scope of the income tax guidance. Help is on the way as Jennifer Spang and Kassie Bauman join Heather Horn walk you through the principles involved. Topics include:

  • 2:04 - Definition of income taxes. We start with an important first step: knowing what qualifies as an income tax.
  • 3:46 - Withholding taxes. Withholding taxes are common. Kassie helps us understand how to determine whether withholding taxes are within the scope of ASC 740 and the different models to follow. 

  • 6:44 - Tax credits and other benefits. Jenn explains how it’s not always clear if credits and incentives are in the scope of the income tax guidance. It can take some detective work to get to the right answer. 

  • 10:22 - Partnerships and other non-taxable entities. Legal form alone isn’t always determinative. We discuss what else to consider when figuring out if you need to apply income tax accounting. 

  • 14:11 - The evolving tax landscape. Jenn provides some final reminders. 


About our guests

Jennifer Spang is a tax partner in PwC's National Office who consults on tax accounting under US GAAP and IFRS.

Kassie Bauman is a managing director in PwC's National Office  who consults on tax accounting under US GAAP and IFRS.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Oct 08 2019

20mins

Play

Revenue contract modifications: 5 things you need to know

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Accounting for contract changes under the new revenue standard can be complex, and not all modifications are accounted for the same. Tune in as Angela Fergason joins Heather Horn to help navigate the guidance by sharing 5 things you need to know about contract modifications under ASC 606. Topics include:

  • 0:47 - Definition of contract modification. Before we jump into the accounting, Angela explains what a contract modification is under the new revenue standard.
  • 2:09 - Modifications accounting model. Angela explains the accounting for different types of contract modifications. (See table
  • 4:54 - Key areas of judgment. After discussing the basic framework, Angela and Heather discuss the judgments that impact the conclusion.
  • 8:47 - Operational challenges. Having the right processes and controls in place is important. We tell you where to start.
  • 10:55 - Disclosures. Before closing the show, we give a heads up on some of the disclosures that could be impacted by a modification.

About our guest

Angela Fergason is a partner in PwC's National Office with 20 years of experience specializing 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 accounting guides on Revenue and Stock-based compensation.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Oct 01 2019

14mins

Play

Answers to the top 5 questions from our Q3 accounting webcast

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Did you submit a question during our Q3 quarterly accounting and reporting developments webcast? Even if you couldn’t join the webcast, you’ll find this episode helpful as we answer the most common questions on recent accounting developments. Tune in as Maria Constantinou, John Horan, Marc Jerusalem, and Suzanne Stephani join Heather Horn to address topics you need to know about, including:

  • 1:27 - Leasing and the scope of CECL. Are operating lease receivables subject to the scope of CECL? Marc Jerusalem walks us through how these two standards interact.

  • 4:20 - Leasing and the statement of cash flows. We cover the basics and then cover specifics on the cash flow presentation of lease activities under ASC 842.

  • 8:04 - Debt restructuring. Need a reminder of the 10% test and how to think about prepayable debt? Suzanne explains.

  • 11:04 - Foreign currency. We discuss under which scenarios it’s appropriate to release the cumulative translation adjustment following sales and purchases.

  • 12:45 - Standard setting. We provide an overview of the FASB's open comment letters, including the balance sheet classification of debt exposure draft.


About our guests

Maria Constantinou is a PwC director who monitors the FASB’s standard-setting activities.

John Horan is a PwC managing director specializing in accounting for foreign currency.

Marc Jerusalem is a PwC director and leasing transaction specialist.

Suzanne Stephani is a PwC director and debt classification specialist.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Sep 24 2019

22mins

Play

The quarter close - Q3 2019

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This edition of The quarter close provides timely accounting and reporting information that can help you prepare for this quarter’s reporting. Topics include:

  • A summary of the FASB’s proposed delay of effective dates for certain major accounting standards
  • Reminders relating to the adoption of the new credit losses standard, including disclosure considerations
  • Considerations when adopting the new guidance for cloud computing service arrangements
  • Additional insights about accounting for embedded leases in service arrangements, goodwill reminders and standard-setting, regulatory updates, and more


Episode details

Accounting hot topics


0:52 - Topic 1: FASB proposes delay of effective dates for certain major standards
3:11 - Topic 2: The new credit losses standard: insights and reminders
6:13 - Topic 3: SAB 74 disclosures
7:16 - Topic 4: New guidance for cloud computing service arrangements effective soon
10:34 - Topic 5: Reserves for lessor operating lease receivables
12:21 - Topic 6: Embedded leases in service contracts
15:13 - Topic 7: Goodwill reminders and standard-setting update
18:56 - Topic 8: Accounting for certain equity instruments - EITF Issue 19-A

SEC and regulatory update

21:44 - Topic 1: LIBOR - SEC and FASB developments
25:06 - Topic 2: Brexit accounting and disclosure implications
26:23 - Topic 3: Cybersecurity disclosure reminders
27:45 - Topic 4: Comment letter trends

Appendix

28:22 - Calendar year-end PBEs
28:34 - Calendar year-end non-PBEs

Sep 17 2019

30mins

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Accounting for service concession arrangements: 5 things to know

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Service concession arrangements can be long term in nature, so day 1 accounting decisions will impact your financial statements for a long time. Tune in as Dusty Stallings joins Heather Horn to discuss 5 things you need to know about implementing the new guidance. Topics include:

  • 0:43 - Overview. What is a service concession and what do we mean by  ‘doing business with the government?' 

  • 2:29 - Scope. We dive into the scope of the new guidance in ASC 853 and talk about who it applies to. 

  • 8:18 - Balance sheet presentation. How does this affect your balance sheet? Dusty explains. 

  • 10:08 - Income statement impact. Next we discuss how this guidance affects the income statement. 

  • 17:43 - Common questions. To close out, we address common questions, including those on disclosure requirements and determining performance obligations. 


About our guest

Dusty Stallings is a PwC partner who specializes in the application and interpretation of revenue recognition guidance. Dusty has worked closely with standard setters and industry experts in interpreting the new revenue recognition guidance, and assisted numerous multinational companies with application and implementation.

About our host 

Heather Horn is PwC's National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Sep 10 2019

22mins

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Accounting for cloud computing costs: 5 things you need to know

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Accounting for cloud computing costs is complicated and doesn’t just affect technology companies. Tune in as Angela Fergason joins Heather Horn to discuss 5 things you need to know about implementing the new guidance. Topics include:

  • 0:56 - What’s happening. What is a cloud computing arrangement? In this segment we give a brief background and discuss the scope of the new guidance.

  • 3:12 - Background on the new standard. Angela explains why new accounting guidance on this topic was needed. 

  • 5:35 - Details on the news guidance. Angela and Heather discuss the accounting, presentation, and disclosure requirements of the new guidance.

  • 16:12 - Adoption and transition. When is the new guidance effective and what are the transition provisions? Angela fills us in. 

  • 19:19 - Next steps. We take a look forward on what companies should be doing now and where they can go for more information.

About our guest

Angela Fergason is a partner in PwC's National office with 20 years of experience specializing 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 accounting guides on Revenue and Stock-based compensation.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Sep 03 2019

21mins

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Accounting for inventory - 5 things you need to know

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Many companies hold inventory, and the accounting can be complex. It’s not surprising that “inventory” is one of the most searched terms on our website, but help is on the way. Pat Durbin is again with us in the studio joining Heather Horn to take us back to the basics on accounting for inventory including:

1:07 - Scope. We kick things off with a discussion of scope of the guidance and an overview of the general principles.

3:22 - Elements of cost. Pat discusses what types of costs would qualify (and not qualify) for capitalization in inventory.

10:53 - Accounting changes. What if you want to change inventory accounting methods? Pat shares some important considerations.

12:53 - Lower of cost and net realizable value. In this segment, we discuss the ongoing valuation considerations for inventory.

15:24 - Common questions. Before wrapping up, we address some common questions including accounting for vendor rebates and consignment arrangements.

About our guest

As the leader of the revenue and liabilities division in PwC’s national office, Pat Durbin leads a team of partners and directors responsible for consulting with our clients and engagement teams on complex accounting matters relating to revenue, compensation, income taxes, inventory and several other topics under both US GAAP and IFRS. In addition to client-specific matters, he and his team monitor the activities at the FASB, IASB, and other standard-setting and regulatory bodies (e.g., SEC) and develop the firm's accounting guidance on new and existing GAAP.

About our host

Heather Horn
is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Aug 20 2019

19mins

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What’s on the PCAOB’s agenda? 5 things you need to know

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The PCAOB’s activities are a vital part of the financial reporting ecosystem. That’s why we’re turning our attention to their agenda and  standard setting process. Brian Croteau joins Heather Horn to discuss developments, recent changes, and what’s to come. 

1:34 - Who’s who. This is the first time the full board has simultaneously turned over since its inception 15+ years ago. Learn more about the notable people changes.

3:56 - Strategic plan. To drive reliable financial reporting, the PCAOB has been conducting a significant amount of outreach. Hear an overview on their key objectives.

6:14 - Inspection themes. We discuss areas of focus and how their process might evolve over time.

15:47 - Standard setting and research projects. Hear what’s up next as Brian provides an update on the PCAOB’s standard setting and research agenda priorities.

19:55 - Implementation support. The PCAOB is also  spending time supporting the implementation of the new auditor reporting requirements. Hear the details you need to know.

About our guest

Brian Croteau
is the leader of PwC's Regulatory Risk & Quality Control group. Most recently, Brian held a leadership role in PwC’s Auditing Services, Methods & Tools (ASM&T) group within the National Quality Organization, where he made important contributions across ASM&T’s practice support and quality initiatives. Prior to rejoining the firm in 2017, Brian served as Deputy Chief Accountant of the Professional Practice Group of the SEC’s Office of the Chief Accountant. Before then, Brian was a Partner in PwC’s National Office from 2007-2010.

About our host

Heather Horn
is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

Aug 13 2019

29mins

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Changes to SEC transaction disclosures: 5 things you need to know

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The SEC is proposing significant changes to its disclosures required for acquisitions and dispositions of businesses. In this episode, Heather Horn welcomes back Martin Thiselton-Dyer to discuss the details of the proposal and what it could mean to registrants, including:

1:20 - Recap on existing rules. Learn more about the current guidance and the background on the proposals.

4:04 - Why change. We discuss how the proposals could reduce complexity and cost of compliance.

6:47 - Details of the proposal. Martin provides an overview of the proposed changes to disclosures required for acquisitions and dispositions of businesses.

19:41 - Feedback. We discuss some of the preliminary feedback on the proposals.

24:53 - Next steps. What else do you need to know? We wrap it up by sharing some final observations. 

Aug 05 2019

30mins

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The FASB's goodwill accounting project: 5 things you need to know

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Wish you didn’t have to face another annual goodwill impairment test? Does amortizing goodwill or using a trigger-based assessment sound better? The FASB is soliciting feedback on these ideas and more in their recent invitation to comment on identifiable intangible assets and the subsequent accounting for goodwill. Before you put pen to paper, hear what Andreas Ohl tells Heather Horn regarding the details of the proposal, including: 

6:19 - Amortization period. Over what period of time would a company amortize its goodwill? We discuss some options and the challenges involved.

11:44 - Other assets. Should other assets be subsumed into goodwill? We debate this and discuss the related private company alternative.

16:00 - Impairment testing model. How will  impairment testing be impacted? We discuss how it could be simplified.   

18:16 - Disclosures. What would a change mean to disclosures? We tell you what’s being considered.

20:22 - Other considerations. What else do you need to know? We wrap it up by sharing some final thoughts.

About our guest

Andreas Ohl
is a partner in PwC's National office, where he focuses on mergers and acquisitions under US GAAP and IFRS. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is  a member of the working group that authored the AICPA's In-Process R&D guide, and has served as a member of the FASB's Valuation Resource Group.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 


Jul 30 2019

26mins

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Accounting for contingencies: 5 things you need to know

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Accounting for loss contingencies, or, as some still refer to it, “FAS 5” liabilities, impacts many companies. The principles underlying the accounting serve as the foundation to other areas of GAAP. In this episode we’re going back to the basics and providing a refresher on the contingency model. Pat Durbin joins Heather Horn to help navigate the guidance and answer our questions, including:

5:47 - Remote loss contingencies. Pat explains the situations when a loss contingency should neither be accrued nor disclosed. 

9:32 - Reasonably possible loss contingencies. In this segment, we turn our attention to circumstances when no accrual is required, but disclosures still need to be made. Pat walks us through the likelihood continuum.

13:58 - Probable loss contingencies. Pat discusses when a company is required to accrue a liability and disclose the nature of the contingency. 

16:51 - Gain contingencies. After loss contingencies, Pat describes the gain contingency model and highlights differences from the loss contingency model.

20:25 - Recovery of a loss. To close out the episode, Pat answers a frequently asked question on how to account for loss contingencies when a company has insurance.

About our guest

As the leader of the revenue and liabilities team in PwC's national office, Pat Durbin leads a team of partners and directors responsible for consulting with our clients and engagement teams on complex accounting matters relating to revenue, compensation, income taxes, loss contingencies and several other topics under both US GAAP and IFRS. In addition to client-specific matters, he and his team monitor the activities at the FASB, IASB, and other standard-setting and regulatory bodies (e.g., SEC) and develop the firm's accounting guidance on new and existing GAAP.

About our host

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Jul 23 2019

23mins

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