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PwC's accounting podcast

Updated about 1 month ago

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Our accounting podcast 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.

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Our accounting podcast 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

74 Ratings
Average Ratings
61
6
2
2
3

Stay informed

By ebeck16 - Mar 11 2020
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Excellent podcast to stay informed as an accounting professional in light of changing guidance and regulations. Appreciate PwC bringing up common areas that companies often forget to consider. Any chance this podcast could turn into credit for CPE?

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!

iTunes Ratings

74 Ratings
Average Ratings
61
6
2
2
3

Stay informed

By ebeck16 - Mar 11 2020
Read more
Excellent podcast to stay informed as an accounting professional in light of changing guidance and regulations. Appreciate PwC bringing up common areas that companies often forget to consider. Any chance this podcast could turn into credit for CPE?

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!
Cover image of PwC's accounting podcast

PwC's accounting podcast

Latest release on Jul 09, 2020

The Best Episodes Ranked Using User Listens

Updated by OwlTail about 1 month ago

Rank #1: Asset vs. business acquisition: The differences you need to know

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Even in a challenging market, deals are still being done. In this podcast episode, we turn our attention to the area of business combinations, specifically the differences in accounting for the acquisition of an asset versus a business. Heather Horn is joined by PwC partners Andreas Ohl and Dan Goerlich to walk through the accounting models.

Topics include:

5:13 - Transaction costs. Taking the perspective of the buyer, Andreas and Dan discuss how to think about transaction costs in the two models.
8:52 - In-process R&D. When the target company  invests heavily in research and development, accounting at the purchase date is starkly different between the two models. Andreas discusses the impact on net income.
11:20 - Contingent considerations. What is contingent consideration and when is it recorded? Dan explains.
15:40 - Goodwill and other considerations. Does the transaction generate goodwill? Andreas and Dan discuss.
19:14 - The seller’s side. What should sellers be thinking about? We close by taking a look at derecognition.

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.

Dan Goerlich is a deals partner at PwC with over 15 years of experience in public accounting, servicing clients primarily in the banking and capital markets industry, including broker dealers and asset managers, as well as the automotive, industrial products, and real estate sectors. Dan focuses on assisting clients with transformative and complex transactions, specializing in the related accounting and financial reporting.  

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, 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 2020

29mins

Play

Rank #2: 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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Rank #3: 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. 
  • 15:50 - 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

21mins

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Rank #4: COVID-19: Revenue contract modification questions, answered.

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If you’re unsure about how COVID-19 might impact your accounting, you're not alone. This podcast is the next episode in a series that will address questions surrounding the financial impact of certain transactions. Heather Horn is joined by PwC partners Pat Durbin and Angela Fergason to look at the accounting for revenue contract modifications.

Topics include:

1:17 - Current environment. Pat provides examples of the types of contract modifications we’re seeing and challenges companies are facing.
4:30 - Contract assessment. If a company changes the terms to a contract, what is the first step to evaluate whether it is a contract modification? Angela explains.
8:31 - Modification model. What is the accounting for a contract modification? Angela gives a refresher of the model under the revenue standard.
14:39 - Concessions. Price reductions and extended payment terms are common concessions. Pat and Angela discuss the accounting for these types of concessions.
21:09 - Disclosures. What should companies be thinking about regarding disclosures? We give a heads up on disclosures related to modifications.

Pat Durbin is the leader of the revenue and liabilities division in PwC’s National Office. He 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. 

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 our accounting guides on Revenue and Stock-based compensation.

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 12 2020

27mins

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Rank #5: 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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Rank #6: 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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Rank #7: COVID-19: The CARES Act accounting questions, answered

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To help navigate uncertain times, hear PwC discuss the CARES Act—what’s in it and the accounting impacts.

You’ve heard about the CARES Act - but do you know how to account for its provisions. This podcast is the next episode in a series that addresses questions received surrounding the impacts of COVID-19 and related legislation on your financial statements. Heather Horn is joined by PwC’s Pat Durbin, Tom Barbieri, and Michael O’Brien to discuss the accounting implications of the CARES Act as well as highlights from the FASB’s April 8th meeting. 

Topics include:

  • 1:26 - Background. We begin by giving background on the genesis of the bill and an overview of what’s in it.
  • 4:15 - Credit losses and troubled debt restructuring. Tom discusses the accounting relief provided to companies in these topical areas and helps to interpret the guidance.
  • 11:40 - Grants. The bill contains many different types of grants, including grants for not-for-profits. Pat highlights the different accounting considerations.
  • 21:24 - Loan programs. Tom provides an overview of the loan programs in the Act and discusses how borrowers can account for these loans.
  • 23:00 - Tax implications. There are a number of items in the Act that have tax implications. Pat explores aspects of the CARES Act that will be accounted for under the income tax guidance.
  • 30:55 - Disclosures. There are particular disclosure items that companies need to think about specific to the CARES Act. Pat explains.
  • 32:25 - What’s next? We wrap up with thoughts on what listeners may see next coming from Congress.  

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.

Tom Barbieri is a PwC partner and the Financial Instruments Accounting Leader in PwC’s National Office with over 29 years of experience advising clients on complex accounting financial reporting issues relating to financial instruments. During Tom’s tenure in National, he has been at the forefront of emerging accounting issues and has regular interactions with the Financial Accounting Standards Board, SEC, and other nationally renowned accounting experts.

Michael O'Brien is a Managing Director in the Office of Government, Regulatory Affairs & Public Policy. In his current role, Michael represents the firm and its interests before Congress, the Executive Branch, and Federal regulatory agencies. He has represented the firm on matters related to the implementation of Sarbanes-Oxley and Dodd-Frank, state and federal taxation, and litigation reform. 

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, 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 09 2020

36mins

Play

Rank #8: COVID-19: Restructuring questions, answered.

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If you’re unsure about how COVID-19 might impact your accounting, you're not alone. In response to the COVID-19 crisis, this podcast is the next episode in a series that will address questions surrounding the financial impact. Heather Horn is joined by PwC’s partners Pat Durbin and Jay Seliber to help answer some common questions related to restructuring activities and severance actions.

Topics include:

1:10 - Where to start? Jay provides an overview of the three broad categories of severance benefits.

2:24 - Voluntary termination benefits. These are benefits offered by a company for a short period of time in exchange for an employee's voluntary termination. While it’s the quickest one to describe the accounting for, it’s not necessarily intuitive.

5:04 - Involuntary termination benefits under a pre-existing plan. Recently there have been more involuntary terminations, or expected to happen in the near future. Pat and Jay explain the guidance and highlight the differences when accounting for involuntary and voluntary terminations.

10:33 - One-time involuntary termination benefits that aren’t part of a previous plan. So, what’s the model if a company doesn’t have an established plan? Jay discusses the four requirements that need to be met before accruing a liability. 

21:16 - Restructuring costs. Sometimes the termination of employees can have implications on other benefit programs. Pat and Jay explain some of the other restructuring or exit costs that are top of mind for companies. 

26:01 - Income statement presentation. After covering the accounting models, we close by discussing where companies should report some of these “one-time” charges on their P&L.

Pat Durbin is the leader of the revenue and liabilities division in PwC’s National Office. He 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. 

Jay Seliber is a partner in PwC’s National Accounting Services group with nearly 30 years of experience. He helps clients with their most complex accounting matters, particularly in the areas of revenue recognition, M&A, stock compensation, employee benefits, restructurings, impairments, and 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 over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

May 05 2020

34mins

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Rank #9: 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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Rank #10: 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

Play

Rank #11: Coronavirus: Accounting considerations for your business (updated April 2, 2020)

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Coronavirus (COVID-19) is a global issue that continues to dominate the headlines. In addition to its immeasurable human toll, it is also altering business and consumer activity, which may impact your financial statements. That is why Heather Horn and a team of PwC National Office partners came together to help listeners understand the potential accounting implications. Topics include:

  • 0:45 - Revenue recognition. We begin by providing perspective on the potential consequences of the disruption to revenue. 
  • 7:23 - Asset impairment. Many companies carry goodwill and intangibles on their balance sheet. Matt explains how companies should think about the potential impacts and shares reminders for evaluating whether the virus has caused an impairment.
  • 12:27 - Hedging and debt. Next we turn our attention to how the recent events may affect companies in the areas of hedging and debt. 
  • 16:33 - Restructuring, stock comp, insurance and inventory. Heather and the panel discuss other areas that may not be quite as pervasive but ones that companies should still be thinking about in response to the virus.  
  • 23:08 - Disclosure (Updated April 2, 2020). We close the episode by talking about disclosures at two levels: first, by looking at US GAAP requirements and then by spending some time on SEC disclosures.  

About the guests
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. 

Jay Seliber is a partner in PwC’s National Accounting Services group with nearly 30 years of experience. He helps clients with their most complex accounting matters, particularly in the areas of revenue recognition, M&A, stock compensation, employee benefits, restructurings, impairments, and financing transactions.   

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

Brian Staniszewski is a partner in PwC’s National Office. Brian helps engagement teams and clients principally in the financial services industry navigate a broad range of   technical topics, including hedging, derivatives, and credit losses.

About the 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. 

Mar 10 2020

35mins

Play

Rank #12: Statement of cash flows: Back to basics

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The statement of cash flows is a window into a company’s performance and helps financial statement users make investing and lending decisions; but, it’s also a frequent source of restatements. 

So, why do we continue to see so many issues? Listen as Heather Horn and Suzanne Stephani go back to the basics to cover statement of cash flows fundamentals, common questions, and helpful reminders. Topics include:

  • 0:40 - Overall classification model. The statement of cash flows is the only financial statement that is done on a cash basis, so all ins and outs from a bank account have to be classified into either investing, financing, or operating cash flows. We begin by giving a refresher on how that works. 
  • 5:56 - Identifying cash and cash equivalents. It’s not always as straight forward as you may think to determine what does or does not need to be reflected on the statement of cash flows. Suzanne fills us in. 
  • 9:15 - Deferred costs. Where do deferred costs show up on a company’s financial statement? Suzanne helps listeners understand how deferred costs should be classified in the cash flow statement. 
  • 11:12 - Business combinations. Business combinations often generate cash flows that may be reflected in all sections of the cash flow statement. Suzanne takes us through common questions.
  • 15:56 - Non-cash transactions. The statement of cash flows guidance requires separate disclosure of investing and financing non-cash transactions.    We wrap up by looking at the requirements and examples in this area.

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. 

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.

Jan 21 2020

26mins

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Rank #13: 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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Rank #14: 2019 year-end reminders: Insights from PwC’s National office

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PwC partners Heather Horn and Cody Smith have reviewed recent trends in National office consultations and provide helpful reminders for your year-end reporting based on the questions others have asked. Topics include:

  • 1:00 - Key areas of focus. We start by giving an overview of the common areas where preparers run into problems, including revenue, liabilities vs. equity, and income taxes.
  • 6:12 - Impairment of long-lived assets. Cody and Heather discuss the models and timing of impairment analysis.
  • 17:30 - Cloud computing. Cody provides a refresher on the standard and what you need to be thinking about now.
  • 22:47 - Disclosures. Cody shares a few big picture disclosure reminders based on accounting requirements and SEC and investor expectations. 
  • 27:40 - Final reminders. While for many, the adoption of major new standards is at hand or behind them, there are standards effective in 2020 that preparers will need to consider. 

About our guest
Cody Smith is a partner in PwC’s National office with over 20 years experience who specializes in the accounting for business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.

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.

Jan 07 2020

31mins

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Rank #15: 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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Rank #16: Valuation allowance for deferred tax assets – the basics

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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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Rank #17: Answers to the top questions from our Q4 accounting webcast

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Did you submit a question during our Q4 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 Kassie Bauman, Maria Constantinou, Seth Drucker, Angela Fergason, and Marc Jerusalem join Heather Horn to address topics you need to know about, including:

  • 1:15 - CECL. Seth provides more clarity on key controls and investor reaction to the new CECL model.
  • 4:57 - Revenue: Principal vs. agent. Angela answers questions on principal vs. agent considerations, including control transfer in the context of a service.
  • 11:15 - Leases. Marc shares observations  from comment letters received.
  • 15:54 - Tax. Kassie responds to viewer questions on tax simplification and digital taxes.
  • 21:27 - Standard setting. Seth and Maria provide updates on reference rate reform and other FASB projects. 

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

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

Seth Drucker is a partner in PwC’s National Office, specializing in accounting for financial instruments. 

Angela Fergason is a partner in PwC's National Office who consults on the accounting for revenue and employee compensation arrangements. 

Marc Jerusalem is a director in PwC’s National office who consults on leasing transactions.

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 17 2019

27mins

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Rank #18: 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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Rank #19: COVID-19: Impairment valuation questions, answered

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If you’re unsure about how COVID-19 might impact your financial reporting, you're not alone. In response to the COVID-19 crisis, this podcast is part of a series that will address questions received surrounding the impacts to financial statements. Heather Horn is joined by PwC partner Andreas Ohl to focus on fair value in the context of goodwill, intangibles, and long lived assets.

Topics include:

  • 1:05  - Overview. We begin by establishing a foundation for understanding fair value concepts. Andreas provides an overview of the concepts and key considerations to keep in mind.
  • 2:35 - Best practices. What are some helpful tips when companies are determining fair value estimates? Andreas explains.
  • 8:02 - Control premium considerations. A common question we hear relates to the control premium assumption. Andreas explains what the concept represents and what companies should  think about in the current environment.
  • 12:47 - Discount rates. Addressing another common question, Andreas walks listeners through the discount rate assumption model and how it  should be applied in the current environment. 
  • 16:10 - Distressed markets. We close by discussing the concept of distressed markets. We close with a discussion on the goodwill impairment model and share examples of potential triggering events for interim impairment testing.

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. 

Apr 02 2020

21mins

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Rank #20: Accounting for debt in uncertain times: 5 things to know

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When companies experience temporary cash flow issues during uncertain times, the ability to repay debt may come into question. What should companies know when that happens?

Listen as Heather Horn and  Suzanne Stephani discuss debt from a borrower’s perspective, covering key reminders on the accounting for covenant violations and debt restructurings. Topics include:

  • 0:37 - Overview. We begin by taking a look at the volume of corporate debt and why some worry about the potentially higher debt default rates.
  • 2:36 - Covenant violations. Suzanne explains what companies should think about if they are at risk of violating a covenant in their debt agreement.
  • 6:43 - Subjective acceleration clauses. What are subjective acceleration clauses, and how could they impact debt classification? Suzanne fills us in. 
  • 09:53 - Troubled Debt restructuring (TDR). Debt restructurings can happen for a variety of reasons; and, in times of economic uncertainty, there could be an uptick in TDRs. Suzanne covers the TDR accounting model.  
  • 18:07 - Related party debt restructurings. In economic downturns, we may see more related party debt being restructured or extinguished at terms favorable to the issuer. Suzanne helps companies think through the considerations in this area.

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 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 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. 

Mar 17 2020

23mins

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