Episodes

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    We continue our miniseries on accounting for financing transactions with a focus on preferred shares. In this episode we provide an overview and walk through the key judgments in accounting for different types of preferred stock.

    In this episode, we discuss:

    2:01 - An overview of preferred stock, common features, and reasons companies may issue it over other forms of financing9:40 - The accounting model for preferred stock14:30 - Classification, recognition, and measurement of preferred stock30:55 - Dividends33:34 - Extinguishment or modification accounting

    For more information on these topics, read chapter 7 of our Financing transactions guide. Also, for more on the EPS implications of preferred stock, listen to our podcast, Presenting earnings per share (EPS). 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 & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    The concept of a circular economy emphasizes reducing, reusing, repairing, and recycling to minimize waste and maximize resource use in the context of a planet with finite resources. And as you’ll hear in this episode, circularity is increasingly becoming a business issue, both a challenge and opportunity, that interacts with multiple sustainability topics.

    This week, Heather Horn is joined by Tom Beagent, a partner in PwC UK’s Global Sustainability and Climate Change practice, to discuss the circular economy, a sustainable alternative to the traditional linear economy model.

    In this episode, we discuss:

    3:02 - The concept of a circular economy and its importance in the context of finite resources7:52 - The relationship between a circular economy, net zero emissions, and biodiversity9:07 - The scale of change required, and the steps involved to transition to a circular economy13:18 - Examples of industries and products that would benefit the most from transitioning to a circular economy 19:18 - Consumer practices that fit within a circular economy24:21 - Why regulators are stepping in to mandate change26:40 - The business opportunities that arise from solving problems related to waste and resource use28:34 - The challenge of changing consumer behavior and perceptions of abundance31:58 - Reporting under the EU's ESRS E5 standard and insights from the related data

    Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership on sustainability standards.

    Tom Beagent is a partner in PwC UK’s Global Sustainability and Climate Change practice, specializing in integrating natural and social capital analysis into decision making for sustainable growth. With over 20 years’ experience delivering sustainable business projects, he also co-developed PwC’s Total Impact Measurement and Management methodologies (TIMM), which allows organizations to measure and value the social, environmental, economic, and fiscal impacts resulting from their operations, as well as their extended value chains.

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    We kick off our miniseries on accounting for financing transactions with a focus on share repurchases. We provide an overview of the different methods and reasons companies may repurchase their own shares as well as the accounting implications. Spoiler alert – the type of arrangement really matters as it dictates the accounting.

    In this episode, we discuss:

    3:38 – An overview of the different methods and reasons companies repurchase shares11:43 – Accounting implications depending on the method of repurchase:11:55 – Spot repurchases15:07 – 10B5-1 plans16:26 – Forward repurchases18:56 – Prepaid repurchases20:30 – Tender offers24:08 – Accelerated share repurchases30:40 – Accounting for treasury stock

    For more information on these topics, read chapter 9 of our Financing transactions guide. 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.

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    While the SEC has stayed its climate disclosure rule for now, our team is still fielding many questions as preparers work toward complying with global sustainability reporting regulations. In this episode, host Heather Horn sits down with PwC National Office partners Kevin Vaughn, Diana Stoltzfus, and Valerie Wieman to break down some frequently asked questions on the SEC climate-related disclosures rules.

    In this episode, we discuss:

    2:05 - The implications of the SEC staying the new climate disclosure rules, and how the rules fit into an environment with multiple reporting frameworks5:17 - The continued applicability of previously issued interpretive guidance on climate-related disclosures7:05 - The scope of the SEC’s new climate disclosure rules10:11 - Impacts of the disclosure rules to management certifications and internal controls11:20 - Frequently asked questions from SEC filers about:11:25 - Scenario analysis13:53 - Materiality15:31 - Targets and goals21:10 - Renewable energy certificates and carbon offsets23:51 - Financial statement impacts30:26 - Severe weather events and other natural conditions33:56 - Advice and action steps for preparers

    Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to for the latest thought leadership on sustainability standards. Also, refer to the SEC staff’s Dear Issuer Letter for sample comments on a company’s climate-related disclosures.

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

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

    Diana Stoltzfus is a partner in the National Office. Diana helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings, and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the Professional Practices Group within the OCA.

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    This episode provides an overview of new FASB income tax guidance requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as income taxes paid. The FASB’s updates are intended to benefit investors by providing more detailed income tax disclosures that may be useful in making capital allocation decisions.

    In this episode, we discuss:

    0:20 - Background on and an overview of the new guidance6:50 - Disaggregated rate reconciliation disclosures 26:16 - Disaggregated income taxes paid disclosures33:15 - Other changes to existing income tax disclosures35:18 - Effective dates and transition

    For more information, read our publication, FASB issues guidance on income tax disclosures. Additionally, follow this podcast on your favorite podcast app for more episodes.

    Jennifer Spang is the PwC National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 30 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    Companies subject to multiple sustainability reporting regulations are sorting through how best to meet each framework’s requirements in an effective and efficient manner. In this episode, host Heather Horn sits down with Valerie Wieman, PwC National Office Partner, to discuss the concepts of interoperability and equivalence across global sustainability reporting frameworks as well as the importance of a data-driven assessment.

    In this episode, we discuss:

    2:31 - Defining the concepts of interoperability and equivalence3:29 - What a “data first” approach means when it comes to preparing for compliance4:51 - Overview of interoperability and equivalence in the major frameworks14:00 - Timing considerations across frameworks19:18 - Differences in scope and materiality among frameworks24:59 - Attestation and assurance requirements across frameworks31:29 - Getting started on compliance and how best to leverage interoperability opportunities

    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.

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

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    The final episode in our lease accounting miniseries focuses on embedded leases. Although it may not be explicitly stated, your contract may contain a lease that needs to be accounted for. We cover some of the key considerations and common difficulties.

    In this episode, we discuss:

    1:35 - Embedded leases, including examples7:43 - The model used to identify an embedded lease08:56 - Identified asset considerations16:52 - Control considerations30:18 - Identification of lease versus non-lease components and allocation of consideration

    For more information on these topics, read chapter 2 of our Leases guide. Also, check out other episodes in our miniseries covering Lease classification, "Day 2" lease accounting, and lessee accounting for real estate leases. Additionally, follow this podcast on your favorite podcast app for more episodes.

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

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    A critical step in getting ready for new sustainability reporting requirements is building a comprehensive governance framework. In this episode, host Heather Horn sits down with Stephen Parker and Matt DiGuiseppe of PwC’s Governance Insights Center to discuss the new regulatory environment and what it means for board members looking to discharge their oversight responsibilities effectively and management looking to get the board ready.

    In this episode, we discuss:

    2:21 - Reactions to new sustainability reporting frameworks from senior management and boards6:13 - Strategies for managing the “noise” around new rules and how best to proceed despite uncertainty10:43 - The need to upskill board members so that they are capable of performing their fiduciary responsibility related to oversight of sustainability processes and disclosures18:43 - How management can best help the board prioritize its time given the increase in its responsibilities23:15 - Whether the market has begun to consider a board candidate’s knowledge of climate during board selection processes and the level of expertise required27:39 - How boards are performing their responsibilities with respect to climate information33:55 - Working through the challenges of presenting sustainability information to the board given tight timelines and other reporting responsibilities39:25 - Best practices for governance over sustainability matters at the board and management levels

    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.

    Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has advised boards of directors on a variety of complex financial reporting matters. Stephen’s client service experience includes energy and utility companies, financial services companies, and nonprofits.

    Matt DiGuiseppe is a managing director in PwC’s Governance Insights Center, which helps stakeholders navigate the evolving governance landscape. Matt has participated in numerous industry groups and was the founding chairperson of the Investor Stewardship Group (ISG), which advanced a set of corporate governance and stewardship principles for the US market.

    Heather Horn is the PwC National Office Sustainability & 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.

    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 in our miniseries on lease accounting, we focus on lessee accounting for real estate leases. From lease incentives to build-to-suit arrangements and more, we cover some of the key areas that lessees should consider in accounting for real estate leases.

    In this episode, we discuss:

    03:25 - Lease incentives08:23 - Distinguishing between lessee and lessor assets11:28 - Accounting for lessee assets13:50 - Accounting for lessor assets17:20 - Determination of the lease commencement date19:06 - Multiple units of account in a lease21:51 - Build-to-suit arrangements

    For more information on these topics, read chapters 3, 6, and 8 of our Leases guide. Also, check out other episodes in our miniseries covering lease classification and “day 2” lease accounting. Additionally, follow this podcast on your favorite podcast app for more episodes.

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

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

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    While the changing global sustainability reporting landscape may pose challenges for preparers, there continue to be opportunities for companies in every industry to take a holistic approach to disclosure – whether mandatory or voluntary.

    In this episode, host Heather Horn sits down with Marc Siegel, PwC National Office partner, for a discussion of the key focus areas and action steps for C-suite executives as they ready their companies for the future of global sustainability reporting.

    In this episode, we discuss:

    2:36 - How the market has spoken – and determined that sustainability disclosures are needed, regardless of regulatory actions4:15 - Challenges of reporting under multiple frameworks14:50 - How to prioritize gathering information18:51 - The importance of building stronger disclosure controls and processes as well as having the right people focused on the task23:02 - Navigating the market’s expectations for sustainability information28:51 - Challenges resulting from differing time horizons for sustainability and financial reporting, and how to tie these horizons together to communicate a cohesive strategy32:50 - How companies can tailor climate disclosures given the specific risks the company faces due to climate-related factors35:43 - Key governance-related behaviors companies are adopting and how they are disclosing these behaviors38:19 - The importance of starting the readiness process irrespective of ongoing legal challenges

    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. For more information on the SEC climate-related disclosure rules, refer to our publication, SEC adopts climate-related disclosure rules.

    Marc Siegel is a PwC National Office partner. He helps boards and executives with transparent articulation of their company’s long term value creation story, throughout investor communication channels within and outside of regulatory filings. Marc completed 14 years of setting reporting standards in both financial accounting and ESG as a member of the FASB and SASB, respectively.

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    We continue our miniseries on lease accounting. In this episode, we discuss “day 2” lease accounting, focusing on lease remeasurements, subleasing, and lease impairments.

    In this episode, you’ll hear a discussion of:

    01:18 - Events requiring remeasurement02:17 - Full lease remeasurements06:19 - Partial lease remeasurements7:47 - Lease term and purchase option remeasurements13:44 - Lease modification remeasurements21:34 - Subleasing arrangements25:58 - A refresher on ROU asset impairments

    For more information on modifications and remeasurements of leases, read chapter 5 of our Leases guide. For more on leases, check out the first episode in our miniseries; it covers lease classification. Additionally, follow this podcast on your favorite podcast app for more episodes.

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

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

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    The International Sustainability Standards Board (ISSB) under the IFRS Foundation last year released IFRS S1 and IFRS S2, representing a step toward the organization’s goal of achieving a comprehensive global baseline of sustainability disclosures. But implementing such a global baseline effectively goes beyond simply setting standards – it requires a new set of capabilities, infrastructure, knowledge, and talent in economies around the world.

    New sustainability reporting requirements in jurisdictions around the world have resulted in the need for companies to take stock of their own capacity to produce high quality sustainability disclosures, as well as the capacity of players in their value chains who will provide inputs to their reporting. In this episode, Heather Horn sat down with Mardi McBrien, Chief of Strategic Affairs & Capacity Building at the IFRS Foundation, to discuss how the IFRS Foundation has been working to build capacity, and how companies can best navigate the overall sustainability reporting environment moving forward.

    In this episode, you’ll hear:

    2:31 - A refresher on capacity building and its importance in sustainability reporting4:38 - A discussion of the need for upskilling in various sectors to meet global sustainability reporting standards8:43 - An overview of the drivers of the IFRS Foundation’s focus on capacity building17:14 - Advice on implementing new business processes and enhancing communication with suppliers to prepare for new disclosure standards21:33 - A discussion of the progress made in capacity building and the role of the IFRS Foundation’s partners in this process29:00 - An overview of the IFRS Foundation’s “three pillar approach” for capacity building35:19 - Where listeners can go to understand where the ISSB is headed with standard setting and what is next for companies preparing to report

    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.

    Mardi McBrien is the Chief of Strategic Affairs & Capacity Building at the IFRS Foundation responsible for sustainability reporting. In this role she has played an active part in setting up the ISSB. Prior to the IFRS Foundation, Mardi spent over a decade leading the global ESG standard setter, the Climate Disclosure Standards Board (CDSB), in developing quality disclosure standards and thought leadership on environmental and social issues.

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    This first episode in a miniseries on lease accounting focuses on lease classification. We provide an overview of the differences between finance and operating leases and discuss the criteria for classifying leases.

    In this episode, you’ll hear:

    3:30 - An overview of the key differences between finance and operating leases, including expense recognition and cash flow classification5:15 - A discussion of how to determine if a lease should be classified as finance or operating including:6:35 - Lease commencement date considerations10:20 - Whether a lease contains a single asset or multiple assets14:41 - Whether the lease term is a major part of the economic life of the asset22:55 - The lease payment criterion, including a breakdown of lease payments and the appropriate discounting methodology41:56 - Highlights of other classification criteria such as title transfer, purchase options, and alternative use

    For more information, read chapter 3 of our Leases guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

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

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

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    Companies around the world are now facing the difficult task of operationalizing multiple sustainability reporting regulations, and doing so within an unprecedented timeline. How are they managing the pressures? In this episode, host Heather Horn sat down with Alan McGill, PwC UK’s Sustainability Reporting, Measurements, and Assurance Leader, to illuminate some of the ways that companies are most effectively navigating the current regulatory landscape.

    In this episode, we discuss:

    2:45 - The complexity of the current sustainability regulatory landscape 7:03 - The market response to sustainability regulations, including challenges companies may face regarding short implementation timelines 10:38 - The significant increase in the scope of reporting requirements under the CSRD compared to previous voluntary reporting and what that means for companies in scope 13:14 - The current knowledge gap in ESG, and the importance of using sustainability data to drive business innovation and transformation 21:42 - Examples of steps companies have taken to prepare for reporting 36:02 - How multi-jurisdictional companies are managing the interoperability (or lack thereof) of the major frameworks 38:05 - Reflections on whether new regulations have resulted in companies changing their operations to be more sustainable, and how companies can seize opportunities for innovation

    Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to receive all of our thought leadership on sustainability.

    Alan McGill is PwC UK's Sustainability Reporting, Measurements, and Assurance Leader. With experience delivering sustainable business projects, Alan’s work focuses on the impact of sustainability issues on business and providing organizations with attestation services over their reporting on relevant sustainability issues.

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    We wrap up our miniseries exploring accounting for property, plant, and equipment with a discussion of asset acquisitions. In this episode Host Heather Horn is joined by PwC National Office partners Matt Sabatini and Alexander Martin who team up to share their knowledge and insights on this topic.

    In this episode, you’ll hear:

    04:41 – A discussion of how to determine whether a transaction is an asset acquisition or a business combination24:26 – An explanation of the asset acquisition accounting framework32:58 – The complexities of contingent consideration arrangements39:32 – How transaction costs impact initial measurement42:09 – Noncontrolling interests47:36 – Considerations when identifying the assets acquired50:15 – How to allocate cost to assets acquired

    For more information, read chapter 2 of our Property, plant, equipment and other assets guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

    Matt Sabatini is a partner in PwC's National Office who helps 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.

    Alexander Martin is a partner in PwC's National Office with over a decade of deals experience, helping clients solve complex accounting, financial reporting, and other business issues that arise from transaction-driven events such as mergers and acquisitions, divestitures, and capital raises.

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    The SEC’s new climate-related disclosures rules include new required disclosures on greenhouse gas (GHG) emissions reporting and assurance will be required.

    In this episode, host Heather Horn sits down with Marcin Olewinski, a Trust Solutions partner, to unpack the key GHG emissions reporting requirements in the SEC’s new rules and to share insights for companies navigating the intersection among regulatory reporting requirements globally.

    In this episode, you’ll hear:

    2:20 - An overview of GHG emissions reporting requirements under the new SEC rules7:30 - A discussion of the materiality qualifier for GHG emissions reporting and judgments involved in assessing materiality of nonfinancial information14:30 - Insights on the notable changes between the proposed and final rules as well as a breakdown of the key requirements, including:15:05 - Considerations for navigating the requirements for electing and reporting organizational boundaries19:50 - A discussion of the requirements on operational boundaries and considerations for classifying direct and indirect emissions21:41 - Insights on measurement of GHG emissions, including considerations for disclosing inputs, assumptions, and calculation methodologies33:58 - An overview of filing requirements, including timing and assurance considerations 36:23 - Final advice for companies preparing to adopt the new SEC rules and seeking to navigate interoperability with other regulatory requirements

    Looking for the latest developments in sustainability reporting? Tune into to our prior podcast for a primer on GHG emissions reporting. Additionally, 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.

    For more information specific to the SEC’s climate disclosure rules, read our In brief summary and comprehensive In depth publications.

    Note: On March 15, 2024, the US Court of Appeals for the Fifth Circuit temporarily stayed the rules. Next steps, including the timing and location of a potential hearing, are unclear.

    Marcin Olewinski is a partner in PwC’s Trust Solutions practice, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he is focused extensively within PwC’s National Office on greenhouse gas and sustainability reporting.

    Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    The SEC’s final climate rule may be the headline news; however, companies shouldn’t lose sight of other requirements impacting first quarter reporting. As we kick off a new year, use our “cheat sheet” summary to keep track of new accounting guidance effective in 2024. In addition, Pillar Two tax legislation is now effective in several jurisdictions around the world and we discuss the implications.

    Marking a significant milestone in sustainability reporting, the SEC voted on March 6 to finalize its long-awaited climate disclosure rules. In regulatory developments we provide details and the resources you need to get up to speed on the final requirements. The SEC’s rule is just one of the sustainability reporting requirements that may impact you. This quarter we launched the first chapter of our new global Sustainability Reporting Guidance – use it as a one-stop shop for guidance on the major required sustainability reporting frameworks around the globe.

    After issuing three significant new standards in the fourth quarter of 2023, the FASB continues to make progress on the remaining projects on its technical agenda. We provide a preview of what to expect in standard setting in 2024.

    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 first quarter of 2024.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    We continue our miniseries exploring accounting for property, plant, and equipment. In this second episode we discuss the treatment of long-lived assets that are held for sale, from impairment to accounting for the sale of non-financial assets. Host Heather Horn is once again joined by Beth Paul, Deputy Chief Accountant in PwC’s National Office, to walk through specific considerations and complexities on this topic.

    In this episode, you’ll hear:

    00:22 – An overview of the impairment model for long-lived assets that are held for sale02:05 – How to identify disposal groups03:50 – A discussion of the order of impairment testing under the held for sale model04:46 – What to consider when measuring impairment at the lower of carrying value or fair value less cost to sell11:25 – A walkthrough of the accounting implications of AOCI and noncontrolling interest (NCI) in the held for sale model16:05 – An explanation of differences between the sale of a business and the sale of an asset18:00 - A discussion of accounting for the sale of nonfinancial assets

    For more information, read chapter 5 of our Property, plant, equipment and other assets guide or listen to another podcast with further insights on this topic, Fixed asset toolkit: Assets held for sale. Additionally, 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.

    Heather Horn is the PwC National Office Sustainability & 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.

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

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    Got property, plant, and equipment? We’ve got you covered with a miniseries that explores the key judgments and complexities on the topic. We kick off with the impairment of long-lived assets that are held and used. Host Heather Horn is joined by Beth Paul, Deputy Chief Accountant in PwC’s National Office, to break down what is important.

    In this episode, you’ll hear:

    00:28 - An overview of long-lived asset impairments and how asset classes are relevant03:17 - A refresher on how to identify asset groups for the impairment analysis10:28 - When changes to asset groups are necessary and the implications11:48 - How to determine if there is an impairment triggering event14:57 - A discussion on the impairment recoverability test17:18 - A explanation of key considerations for the recoverability test, including which cash flows and periods to include24:18 - How to measure and allocate an impairment loss

    For more information, read chapter 5 of our Property, plant, equipment and other assets guide or listen to another podcast with further insights on this topic, Impairment toolkit: Long-lived assets. Additionally, follow this podcast on your favorite podcast app to have other episodes in the series pushed to you.

    Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.

    Heather Horn is the PwC National Office Sustainability & 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.

    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 episode, host Heather Horn sits down with Kyle Moffatt, PwC’s Professional Practice leader, and PwC National Office partners Kevin Vaughn and Valerie Wieman to break down the much-anticipated SEC climate-related disclosures rules.

    For more information on the SEC climate-related disclosure rules, refer to our In brief publication. Note: On March 15, 2024, the US Court of Appeals for the Fifth Circuit temporarily stayed the rules. Next steps, including the timing and location of a potential hearing, are unclear.

    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.

    Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

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

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

    Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].