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This next episode of our 2024 SEC comment letter podcast miniseries discusses business combinations.
2:02 – An overview of SEC comment letter trends related to business combinations5:14 – Determining whether a transaction is an asset acquisition or business combination7:34 – The definition of a “business” in US GAAP as compared to SEC rules9:23 – Comments related to omitted disclosures12:39 – Pro forma disclosures and financial statements of acquired or to-be-acquired businesses25:45 – Other reminders and areas of focus related to business combinations
Business combination accounting can be complex, the required disclosures are comprehensive, and these are not routine transactions for most companies – all making this a challenging area that frequently gets the attention of the SEC staff. We discuss the issues most frequently raised by the SEC staff and offer advice to preparers for getting ahead of them.
In this episode, we discuss:For more information, see our full analysis of SEC comment letter trends, our Business combinations guide, and Chapter 17 of our Financial statement presentation guide. Also, check out our other episodes in this miniseries:
SEC comment letters – What’s trending in 2024 2024 SEC comment letter trends: RevenueAdditionally, follow this podcast on your favorite podcast app for more episodes.
Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.
Kevin Vaughn is a PwC National Office partner specializing in SEC reporting matters. Kevin leverages his extensive experience to support PwC public company and pre-IPO clients on accounting and SEC reporting matters. Prior to joining PwC in 2023, Kevin spent over 18 years at the SEC, most recently serving on the leadership team in the SEC’s Office of the Chief Accountant where he focused on technical accounting consultations, SEC rulemakings, and standard setting matters.
Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
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In the fourth episode of our miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we discuss step 4: measure greenhouse gas emissions, starting with scope 1 emissions. Host Heather Horn and frequent ESG podcast guest Marcin Olewinski, an Assurance partner, are joined by Chris Ostermann, a director in PwC’s Sustainability Services Group, to kick off the first of three episodes focused on measuring greenhouse gases. They will share what they’re seeing in practice working with companies who are calculating these emissions, including successes and (preventable) misapplications.
02:24 – Scope 1 GHG emissions, including identifying sources and a complete inventory07:05 – Methods for measuring scope 1 emissions and how to select a measurement approach16:56 – Challenges associated with collecting data inputs22:53 – Explaining emissions factors and the challenges in selecting emissions factors for the emissions calculation33:17 – Global warming potentials and their impact on the calculation of scope 1 emissions41:33 – Practical advice from working with clients
In this episode, they discuss:For more information on GHG emissions reporting, including scope 1 emissions discussed in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide. And to catch up on the GHG miniseries, listen to the first three episodes below.
Talking GHG: Reporting requirements for greenhouse gas emissionsTalking GHG: How organizational boundaries shape reportingTalking GHG: Determining operational boundariesMarcin Olewinksi is a PwC Assurance practice partner, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he’s focused extensively within PwC’s National Office on greenhouse gas emissions and sustainability reporting and leads PwC’s global technical working group focused on GHG.
Chris Ostermann is a director in PwC’s Sustainability Services Group working on sustainability and ESG matters with companies across multiple sectors. He focuses on helping clients understand their most significant sustainability/ESG impacts, develop strategies to address those impacts, execute those strategies and communicate progress to investors and other stakeholders.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].
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In this next episode of our 2024 SEC comment letter miniseries, we discuss accounting for revenue. Revenue is the top line for a reason; it’s closely watched by investors and therefore, the SEC staff as well. From variable consideration to disaggregated revenue disclosure, we discuss the issues most frequently raised by the SEC staff and offer advice to preparers for getting ahead of them.
2:25 – An overview of SEC comment letter trends related to revenue12:20 – Significant judgements and estimates in determining the transaction price23:57 – Timing or pattern of the transfer of control28:10 – Disaggregated revenue disclosures40:45 – Other reminders and areas of focus related to revenue44:22 – Industry-specific considerations
In this episode, we discuss:
For more information, see our full analysis of SEC comment letter trends, our Revenue from contracts with customers guide, and Chapter 33 of our Financial statement presentation guide.
Also, check out our other episode in this miniseries, SEC comment letters – What’s trending in 2024. Additionally, follow this podcast on your favorite podcast app for more episodes.
Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.
Mike Coleman is a partner in PwC's National Office who specializes in accounting for revenue and software arrangements and has served technology clients for much of his career. In addition, Mike has represented the firm on the AICPA Software Task Force.
Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
Follow this podcast on your favorite podcast app for more episodes.
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In the third episode of our miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we discuss step 3: determine operational boundaries. Host Heather Horn is joined again by Marcin Olewinski, an Assurance partner, and Kelsey Pizza, a senior manager in PwC’s National Office, who illustrate the importance of correctly identifying operational boundaries and the impact on the accuracy of GHG reporting. They also discuss how it’s a critical step to helping organizations clearly define and understand the scope of their emissions.
2:34 – What operational boundaries are and how they interact with organizational boundaries4:37 - Overview of scope 1, scope 2, and scope 3 emissions and classification10:44 – How and why operational boundaries are determined18:13 - Challenges in classifying emissions from leased assets and the impact of different sustainability frameworks34:19 – Practical advice for determining operational boundaries
Because different frameworks may prescribe different approaches while others provide some flexibility, it is key to understand your reporting requirements (as discussed in the first episode in this miniseries, Talking GHG: Reporting requirements for greenhouse gas emissions). We’ll highlight different approaches and the impacts (sometimes more significant than one would expect) that an organizational boundary may have on reporting.
In this episode, they discuss:For more information on GHG emissions reporting, including the scope 2 emissions discussed in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide. And to catch up on the GHG miniseries, listen to the first two episodes below.
Talking GHG: Reporting requirements for greenhouse gas emissionsTalking GHG: How organizational boundaries shape reportingMarcin Olewinski is a PwC Assurance practice partner, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he’s focused extensively within PwC’s National Office on greenhouse gas emissions and sustainability reporting and leads PwC’s global technical working group focused on GHG.
Kelsey Pizza is a senior manager in PwC’s National Office. She provides advice on technical accounting issues and monitors developments in financial reporting and standard setting. Kelsey helps develop PwC thought leadership, with a particular focus on sustainability reporting, clean and renewable energy accounting matters, and other topics affecting the utilities and sustainable energy sector.
Heather Horn
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We are kicking off our miniseries on 2024 SEC staff comment letters, helping to inform you on the latest trends as you gear up for year end. In this episode we share an overview of the 2024 comment letter trends, as well as insights into the SEC staff’s key priorities.
1:56 – An overview of the SEC comment letter process14:19 – 2024 SEC comment letter themes15:31 – Key SEC staff focus areas related to management’s discussion and analysis18:59 – Key SEC staff focus areas related to non-GAAP measures21:37 – Other reminders and areas that preparers should focus on moving into year end
In this episode, we discuss:For more information, see our full analysis of SEC comment letter trends. Additionally, follow this podcast on your favorite podcast app for more episodes.
Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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This week, host Heather Horn is joined by a chief sustainability officer (CSO), whose impressive background in paleoclimate geology has propelled her into the world of sustainability. Allyson Anderson Book from Baker Hughes provides a practical perspective on her sustainability journey as a CSO. She shares the challenges overcome and perseverance needed in getting to the accomplishments – decarbonization and good reporting on the company’s efforts.
6:23 – A CSO’s view on the role of reporting11:51 – Background on the company and how it is thinking about its emissions profile and its customers’24:55 – The importance of prioritizing data fidelity and management29:56 – What to think about when accounting for emissions33:31 – The pros and cons of absolute versus intensity measurement of emissions46:02 – Expected results when stakeholders are involved in sustainability efforts50:07 – Advice on navigating your company’s own sustainability journey from a CSO
In this episode, they discuss:Enjoy hearing from Allyson in today’s episode? Tune in to PwC’s Quarterly sustainability webcast on Thursday, November 7 or Wednesday, November 13 when she will discuss energy transition. Register here.
Allyson Anderson Book is the Chief Sustainability Officer at Baker Hughes, an energy technology company that provides solutions for energy and industrial customers worldwide. Before joining Baker Hughes, Allyson served as the executive director of the American Geosciences Institute, and she has held several academic, policy, and senior government positions.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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We wrap up our miniseries on loans and investments with a discussion of the accounting for equity interests, a topic that can impact companies across all industries.
2:02 – Equity interests in scope of ASC 321, Investments—Equity Securities13:19 – Determining whether an equity interest has a readily determinable fair value15:10 – An overview of the “measurement alternative,” including:22:27 – Impairment of equity interests25:31 – Identifying observable transactions
In this episode, we discuss:For more information, see chapter 2 of our Loans and investments guide. Also, check out our other episodes in this miniseries:
Applying the CECL model to financial asset credit lossesAccounting for debt securities held by corporatesAccounting for loan receivables by corporatesAdditionally, follow this podcast on your favorite podcast app for more episodes.
Chip Currie is a partner in PwC’s National Office with nearly 30 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial services clients on treasury-related matters.
Christopher Gerdau is a partner in PwC’s National Office specializing in accounting for financial instruments and banking-related topics. Chris also conducts technical reviews of SEC filings and provides technical support to PwC’s practice offices. Chris’s client service expertise includes the banking, capital markets, and insurance industries.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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At the intersection of two trending topics, AI and sustainability, there are a myriad of both costs and benefits to consider. Host Heather Horn is joined by Scott Likens, PwC Global Chief AI Engineer, to discuss the environmental impact of AI and the balance between AI's benefits and its environmental footprint.
3:17 – How AI is impacting sustainability8:54 – Why AI and sustainability aren’t necessarily opposing forces17:28 – Practical examples of utilizing AI to optimize energy usage28:22 – The broader benefits of using AI to impact sustainability31:05 – Balancing AI’s benefits with its environmental footprint 38:32 – Advice for both companies and individuals leveraging AI
In this episode, they discuss:Looking for more on AI? Check out PwC’s Artificial Intelligence services as well as resources on responsible AI, including What is responsible AI and how can it help harness trusted generative AI?
Scott Likens is the Global and US Chief AI Engineer leading and overseeing the AI Engineering and Emerging Technology teams in the United States. With more than 30 years of emerging technology experience, he has helped clients transform their customer experience and enhance their digital operations across all aspects of their business.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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We continue our miniseries on loans and investments with a discussion of the current expected credit losses (CECL) impairment model, applicable to a broad range of financial assets.
3:42 – A refresher on the CECL model8:02 – Impact of the current economic environment on credit losses23:43 – Monitoring and governance of credit losses26:46 – SEC comment letters and other activity related to CECL30:49 – FASB developments related to CECL, including purchased financial assets
In this episode, we discuss:For more information, see chapter 7 of our Loans and investments guide. Also, check out our other episodes in this miniseries, Accounting for debt securities held by corporates and Accounting for loan receivables by corporates. Additionally, follow this podcast on your favorite podcast app for more episodes.
Catherine Espino is a partner in PwC’s National Office with 20 years of experience serving large financial institutions, broker-dealers, as well as smaller subsidiaries and private companies. Catherine focuses on advising companies within the financial services and non-financial services sectors on significant and complex accounting issues.
Bret Dooley is a Deputy Chief Accountant in PwC’s National Office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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The term “ESG” has been used for over two decades, including in this podcast miniseries title. Host Heather Horn sat down with guest Matt Sekol, Sustainability Global Blackbeltand author of ESG Mindset: Business Resilience and Sustainable Growth, to revisit the complexities of ESG and how companies can rethink the concept to not only build better resilience for the long term, but also find value in reporting.
3:42 – The key messages of ESG Mindset and redefining “ESG”9:44 – How sustainability reporting can contribute to change12:26 – What leaders can do to leverage ESG in a material way20:06 – How companies can strike a balance between ESG and the success of the business35:19 – The interconnectedness of ESG and the macroeconomic environment45:12 – Key takeaway for addressing systemic ESG issues
In this episode, they discuss:Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.
Matthew Sekol is a Sustainability Global Black Belt on Microsoft’s Cross-Industry team and a Senior Advisor for Enzo Advisors. In 2024, Matthew released a book called ESG Mindset, which is a guide for companies to think critically about ESG and take a holistic approach to the business. He serves on the LP Advisory Committee of Morgan Stanley’s Next Level Fund, which invests in diverse-led and founded startups. Matthew is considered a benevolent troublemaker who guides companies and partners to think through and address their most material issues on their path to impact.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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We continue our miniseries on loans and investments with a discussion of the accounting by corporate entities for loan receivables, which can include items such as trade receivables and other receivables with customers, suppliers, employees and more.
1:43 – The definition of a loan and types of loan arrangements3:18 – Recognition and measurement of loans7:40 – Classification and accounting for loans held for sale or held for investment 18:54 – Recording interest income on loans23:29 – An overview of loan impairments
In this episode, we discuss:For more information, see chapter 4 of our Loans and investments guide. Also, check out our other episode in this miniseries, Accounting for debt securities held by corporates. Additionally, follow this podcast on your favorite podcast app for more episodes.
Chip Currie is a partner in PwC’s National Office with nearly 30 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial services clients on treasury-related matters.
Catherine Espino is a partner in PwC’s National Office with 20 years of experience serving large financial institutions, broker-dealers, as well as smaller subsidiaries and private companies. Catherine focuses on advising companies within the financial services and non-financial services sectors on significant and complex accounting issues.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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Impact accounting is the process of attributing monetary value to disparate pools of datapoints across sustainability topics with the intent of creating comparability to drive investment decisions. This week, host Heather Horn is joined by a special guest from the International Foundations of Valuing Impacts (IFVI), CEO and President, Rob Zochowski, to discuss the relatively new concept of impact accounting and how it can complement existing sustainability reporting for business decision-making.
3:24 – Background on impact accounting and IFVI8:10 – The concept of impact valuation and its role in assigning monetary value to sustainability metrics15:18– Getting global feedback on impact accounting24:12– How impact accounting both measures and values corporate impacts to drive better decision-making29:48 – Leveraging impact accounting for both reporting and decision-making38:02 – Challenges in assigning monetary value to diverse impacts
In this episode, they discuss:For more information on impacting accounting, see PwC’s Impact management for sustainable business strategy. Further, as referenced in the episode, more information on European Union regulations can be found in PwC’s publication, European Union regulations beyond CSRD.
And visit IFVI’s website on Tuesday, October 15 for the release of its impact accounting methodologies.
T. Robert Zochowski is the President and CEO of IFVI since its founding. Formerly, he was the Program Director Impact Investing and Sustainability Special Projects including the Impact Weighted Accounts Project. Rob was a Vice President at Goldman Sachs. Rob received his MBA from Columbia Business School in the Executive Program where he concentrated on Social Enterprise and Impact Investing, graduating Dean’s Honors with Distinction. He was featured in Poets and Quants annual 100 Best & Brightest Executive MBAs list and received the Carson Family Changemaker Award.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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We kick off our miniseries on loans and investments with an episode on accounting for debt securities for corporate entities. We discuss key considerations applicable to corporates and share insights on some of the more complex areas.
5:31 – Identifying the applicable accounting guidance13:24 – Instruments that qualify as cash equivalents 22:07 – Classification of debt securities and the accounting implications31:36 – Valuation of debt securities36:33 – Financial statement presentation considerations
In this episode, we discuss:For more information, see chapter 3 of our Loans and investments guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
Bret Dooley is a Deputy Chief Accountant in PwC’s National Office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
Christopher Gerdau is a partner in PwC’s National Office specializing in accounting for financial instruments and banking-related topics. Chris also conducts technical reviews of SEC filings and provides technical support to PwC’s practice offices. Chris’s client service expertise includes the banking, capital markets, and insurance industries.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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Host Heather Horn is joined by Mardi McBrien, Chief of Strategic Affairs & Capacity Building at the IFRS Foundation, and Katharina Bryan, Head of International Sustainability Reporting Policy at Amazon, to highlight the PwC and IFRS Foundation NYC Climate Week event: Sustainability disclosure in practice. Together they break down the event and share highlights, practical perspectives, and takeaways for preparers on their own sustainability reporting journeys.
5:03 – What resonated most from the insightful discussions across multiple stakeholder perspectives7:58 – Preparer perspective on approaching regulatory reporting deadlines10:13 – Benefits of the collaboration between the IFRS Foundation and CDP16:05 – How sustainability reporting can drive positive change27:45 – Advice for companies overwhelmed by the abundance of sustainability reporting requirements31:47 – Where to find resources for developing skills to address sustainability reporting challenges
In this episode, they discuss:Summary of the event
Heather Horn interviewed Emmanuel Faber, chair of the International Sustainability Standards Board, on all that it has accomplished in the last year in making its standards a true global passport – and of course the work yet to be done. (See video of that interview.)Emmanuel and Heather were joined by Sherry Madera, CEO at CDP, to highlight the impact of their collaboration. Diana Stoltzfus, PwC National office sustainability partner, moderated an investor discussion with Carine Smith Ihenacho, Chief Governance and Compliance Officer at Norges Bank Investment Management, and Richard Manley, Chief Sustainability Officer from CPP Investments, who both provided a unique perspective on what investors value in sustainability reporting as well as how it helps corporate directors. Mardi McBrien spoke with Katharina Bryan and others to get their “boots on the ground” preparer perspective. Mardi provided an update on capacity building, sharing the latest on the IFRS Foundation’s efforts to develop skills and resources to address sustainability reporting challenges.Looking for more about the IFRS Foundation? Tune into the IFRS Foundation’s upcoming Webcast: Perspectives on sustainability disclosure, check out the recently released voluntary application guide, Voluntarily applying ISSB standards – a guide for preparers, or visit the IFRS Sustainability knowledge hub. Also, as referenced in the podcast, for more on capacity building, visit the Global Capacity Building Coalition’s recently launched website.
Mardi McBrien is the Chief of Strategic Affairs and Capacity Building at the IFRS Foundation responsible for sustainability reporting.
Katharina Bryan is Head of International Sustainability Reporting Policy at Amazon.
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With an unprecedented level of change in recent years, the PCAOB has become a standard setter to watch – not just for audit firms but for companies. The episode brings the latest in PCAOB standard setting developments, including what they mean for preparers. Our guest is Brian Croteau, PwC’s US Chief Auditor, who leads our team that follows all things PCAOB.
3:35 – The current landscape at the PCAOB10:07 – Overview of the PCAOB’s standard setting process15:14 – Newly adopted PCAOB standards related to: 15:44 – Other auditors16:26 – Confirmations18:50 – General responsibilities of the auditor in conducting an audit (AS 1000)19:54 – Technology-assisted analysis of information in electronic form28:53 – Quality control35:12 – Non-compliance with laws and regulations (NOCLAR)39:17 – Other recent PCAOB proposals45:49 – What's on the horizon for PCAOB standard setting
In this episode, we discuss:For more information on these topics see our publications:
SEC approves PCAOB foundational and quality control standards
PCAOB advances rulemaking related to technology
PCAOB proposes additional reporting by auditors
PCAOB solicits additional feedback on its noncompliance proposal
Additionally, follow this podcast on your favorite podcast app.
Brian Croteau is the US Chief Auditor, Auditing Services Leader. He oversees the establishment and maintenance of PwC’s audit policies and practices, leads efforts to directly support PwC’s audit quality objectives, and plays a key role in the monitoring and assessment of audit quality. He also leads the firm’s efforts related to its relationship with the PCAOB, including supporting all aspects of the PCAOB’s inspection process. Brian currently serves as a member of the PCAOB’s Standards and Emerging Issues Advisory Group (SEIAG) and the SEIAG’s Emerging Issues in Auditing subcommittee. Prior to rejoining PwC in 2017, he served for over six years as the Deputy Chief Accountant of the Professional Practice Group within the Office of the Chief Accountant (OCA) at the SEC. In his work at the SEC, Brian played a key role in the SEC’s oversight of the activities of the PCAOB, managed the resolution of auditor independence issues and ethical matters, and monitored audit and independence standard setting internationally.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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In the second episode of our miniseries on the building blocks of greenhouse gas (GHG) emissions reporting, we discuss how to establish organizational boundaries. Host Heather Horn is joined again by Marcin Olewinski, an Assurance partner, and Kelsey Pizza, a senior manager in PwC’s National Office, who illustrate the importance of including the correct entities, assets, and operations through real world examples.
2:48 – What it means to establish organizational boundaries 4:33 – The three organizational boundary approaches outlined by the GHG Protocol 13:48 – Practical examples of organizational boundary scenarios 34:23 – Factors to consider when applying an organizational boundary approach 37:23 – When to change organizational boundary approaches 39:38 – Advice for companies in process of establishing organizational boundaries
Different frameworks may prescribe different approaches while others provide some flexibility so it is key to understand your reporting requirements (as discussed in the first episode in this miniseries, Talking GHG: Reporting requirements for greenhouse gas emissions). We’ll highlight different approaches and the impacts (sometimes more significant than one would expect) that an organizational boundary can have on reporting.
This episode discusses:For more information on GHG emissions reporting, including the five-step process outlined in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide.
Marcin Olewinski is a PwC Assurance practice partner, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he’s focused extensively within PwC’s National Office on greenhouse gas emissions and sustainability reporting and leads PwC’s global technical working group focused on GHG.
Kelsey Pizza is a senior manager in PwC’s National Office. She provides advice on technical accounting issues and monitors developments in financial reporting and standard setting. Kelsey helps develop PwC thought leadership, with a particular focus on sustainability reporting, clean and renewable energy accounting matters, and other topics affecting the utilities & sustainable energy sector.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team.
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PwC provides a summary of the latest accounting, financial reporting, and regulatory updates to support your quarterly reporting.
The adoption of the new segment reporting guidance is just around the corner for many public companies. As we approach year end, we begin this edition of The quarter close by providing timely reminders for those preparing to adopt that guidance. We also take a closer look at annual goodwill impairment assessments, which companies often elect to perform this time of year.
In regulatory developments, we provide the latest updates on sustainability reporting and highlight new chapters in our global Sustainability reporting guide, a one-stop shop for finance and sustainability teams as they comply with the reporting frameworks expected to have the broadest impact globally. We also summarize recent SEC staff guidance on the SEC’s new cybersecurity incident reporting requirements.
Expect significant activity in FASB standard setting in the upcoming months with several proposals and new standards slated for issuance before the end of the year. We keep you up to date on the latest developments.
In this edition of The quarter close, we highlight these and other relevant accounting and reporting topics you should consider as you close out the third quarter of 2024.
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We continue our miniseries on foreign currency accounting with an episode on foreign currency remeasurement and translation.
Foreign currency measurement is the process by which an entity expresses transactions whose terms are denominated in a foreign currency in its functional currency. Foreign currency translation is the process of expressing a foreign entity’s functional currency financial statements in the reporting currency.In this episode, we discuss:
03:09 – An overview of the accounting for foreign currency remeasurement and translation05:56 – Measurement of foreign currency transactions09:56 – Exchange rate considerations22:26 – Translating financial statement of foreign entities 29:00 – Releasing cumulative translation adjustments (CTA)For more information see chapters 4 and 5 of our Foreign currency guide. Also, check out our other episode in this miniseries, Foreign currency accounting – Determining functional currency. Additionally, follow this podcast on your favorite podcast app for more episodes.
John Horan is a managing director in PwC’s National Office where he 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.
Ross Drucker is a partner in PwC’s National Office where he assists clients with financial instrument accounting, including derivatives and hedging transactions, foreign currency, and structured capital markets transactions. He recently returned to PwC following two years working at the SEC in the Office of the Chief Accountant, focusing on financial instrument transactions as well as cryptocurrency.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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This week we introduce a miniseries on the building blocks of greenhouse gas (GHG) emissions reporting. To kick off the miniseries, host Heather Horn is joined by Marcin Olewinski, an Assurance partner, and Kelsey Pizza, a senior manager in PwC’s National Office, to give an overview of the process and zero in on the first step, understanding reporting requirements. They highlight the GHG Protocol's foundational role and its similarities and differences with other standards.
02:22 – Background on the building blocks of GHG emissions reporting04:30 – The history of the GHG Protocol and how it’s used today19:16 – How the GHG Protocol interacts with other frameworks, including the European Sustainability Reporting Standards and IFRS® Sustainability Disclosure Standards 31:08 – Advice for companies for understanding GHG reporting requirements and interoperability
In this episode, they discuss:For more information on GHG emissions reporting, including the five-step process outlined in today’s episode, check out Chapter 7: Greenhouse gas emissions reporting in PwC’s global Sustainability reporting guide.
Marcin Olewinski is a PwC Assurance practice partner, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he’s focused extensively within PwC’s National Office on greenhouse gas emissions and sustainability reporting and leads PwC’s global technical working group focused on GHG.
Kelsey Pizza is a senior manager in PwC’s National Office. She provides advice on technical accounting issues and monitors developments in financial reporting and standard setting. Kelsey helps develop PwC thought leadership, with a particular focus on sustainability reporting, clean and renewable energy accounting matters, and other topics affecting the utilities & sustainable energy sector.
Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
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We kick off our miniseries on foreign currency accounting with an episode on determining functional currency, which is the currency of the primary economic environment in which a distinct and separable operation operates.
03:52 – Identifying distinct and separable operations19:01 – Determining functional currency25:45 – Common pitfalls in evaluating functional currency 37:37 – Changes in functional currency40:19 – Highly inflationary economies
In this episode, we discuss:For more information, see chapter 3 of our Foreign currency guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
Bret Dooley is a Deputy Chief Accountant in PwC’s National Office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
John Horan is a managing director in PwC’s National Office where he 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.
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. - Se mer
