Text us your thoughts on this episode Our revenue miniseries continues with identifying the contract, the first step in the five-step model in the revenue standard. It's important to get this step right to appropriately apply the model for recognizing revenue. In this episode, we discuss: 4:10 – The five criteria to have a contract with a customer …

Text us your thoughts on this episode Host Heather Horn welcomes back Will Evison, a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, to provide an update on the work of PwC’s Centre for Nature Positive Business and discuss the relationship between nature positive business strategy and reporting. In this episode, t…

Text us your thoughts on this episode This episode begins a podcast miniseries on revenue topics with a discussion of principal versus agent (PvA) or “gross versus net” revenue. In other words, the principal in a transaction records revenue on a gross basis and the agent records revenue net. The PvA analysis can be subjective but it's important to …

Text us your thoughts on this episode This episode dives into valuation relating to goodwill impairments, long-lived asset impairments, and business combinations. We discuss: 1:15 – The meaning of “fair value” in financial reporting 5:55 – Valuation considerations and insights related 6:20 – Goodwill impairments 34:30 – Impairments of long-lived as…

Text us your thoughts on this episode In June 2024, PwC released its 2024 Global Corporate Sustainability Reporting Directive (CSRD) survey, which covers a variety of topics on the current state of companies’ CSRD implementation. In this week’s podcast, host Heather Horn welcomes back Nadja Picard, PwC’s Global Reporting Leader, to dive into the re…

Text us your thoughts on this episode This episode covers the latest developments in the world of crypto assets from the current landscape to the regulatory environment to the accounting. In this episode, we discuss: 4:13 – An overview of the market 8:42 – US legislative activity related to SEC Staff Accounting Bulletin 121 14:30 – Use cases for cr…

Text us your thoughts on this episode PwC provides a summary of the latest accounting, financial reporting, and regulatory updates to support your quarterly reporting. We begin this edition of The quarter close with a mid-year check-in on SEC comment letter trends. Spoiler alert: non-GAAP financial measures continue to draw the most comments from t…

Text us your thoughts on this episode We conclude our miniseries on consolidation accounting with an episode on identifying the primary beneficiary of a VIE, the reporting entity required to consolidate the VIE. In this episode, we discuss: 3:15 – Determining which entity should consolidate the VIE 6:07 – The primary beneficiary power criterion 17:…

Text us your thoughts on this episode In this podcast, host Heather Horn sits down with Emily Kirsch, a director in PwC's sustainability practice, to discuss how companies are approaching the Corporate Sustainability Reporting Directive (CSRD) implementation process. The clock is ticking as companies navigate the various phases of the process, incl…

Text us your thoughts on this episode We continue our miniseries on consolidation accounting and dive into the evaluation of variable interests and the characteristics of a variable interest entity (VIE). In this episode, we discuss: 1:24 – An overview of the VIE model 3:30 – Determining whether there is a variable interest 11:25 – Identifying “at-…

Text us your thoughts on this episode In this episode, Heather sits down with Marie Hache, PwC Sustainability partner, to discuss the practical challenges companies will face in implementing new mandatory sustainability reporting requirements. They cover leading practices including data quality considerations and getting ready for assurance. In thi…

Text us your thoughts on this episode We kick off our miniseries on consolidation accounting with an overview of the consolidation models and lay the foundation to go deeper into the variable interest entity model in the next two episodes. In this episode, we discuss: 02:59 - Background on the two consolidation models 12:54 - The overall consolidat…

Text us your thoughts on this episode In this podcast, host Heather Horn sits down with Katie Woods, a senior director in PwC's Global Corporate Reporting Services group, to discuss the recent activities of the International Sustainability Standards Board (ISSB). They discuss the standards issued by the ISSB to date, recent decisions reached by the…

Text us your thoughts on this episode We wrap up our miniseries on accounting for financing transactions with a focus on the accounting for equity-linked instruments. In this episode, we discuss: 2:03 - Why companies issue equity-linked instruments 7:23 - Determining whether an instrument is freestanding or embedded 13:13 - Determining whether an i…

Text us your thoughts on this episode With the finalization of the SEC’s climate disclosure rules and subsequent stay, along with other developments in the sustainability reporting landscape, the pace of change can seem dizzying. In this podcast, host Heather Horn sits down with Kyle Moffat, PwC National Office partner, and Casey Herman, PwC Sustai…

Text us your thoughts on this episode Next up in our miniseries on accounting for financing transactions is mezzanine equity. When an instrument is presented as mezzanine equity, it is not permanent equity or a liability. We explain what that means and provide an overview of how to account for it as well as the financial statement impacts. In this …

Text us your thoughts on this episode While the Inflation Reduction Act (IRA) was enacted into law in 2022, the Department of the Treasury continues to provide guidance to taxpayers on how to utilize the provisions of the law. Such guidance has been issued with increasing volume in recent months. In this episode, host Heather Horn sits down with Ma…

Text us your thoughts on this episode 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 feature…

Text us your thoughts on this episode 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…

Text us your thoughts on this episode 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 dictat…

Text us your thoughts on this episode 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 W…

Text us your thoughts on this episode 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 usef…

Text us your thoughts on this episode 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 a…

Text us your thoughts on this episode 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, inclu…

Text us your thoughts on this episode 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 fo…