PwC's accounting podcast

US companies with operations or listed securities in Europe are likely to be affected by the European Commission's mandatory ESG reporting regulation. They extend far beyond the SEC's climate disclosure proposal. PwC explains what you need to know in this audio version of our In the loop, What's CSRD? You should already know.

In this episode, you will hear:

• 2:55 - Key requirements of the CSRD
• 6:15 - What determines if a multinational company is in the scope of the CSRD?
• 9:50 - What reporting standards would an in-scope company apply?
• 11:20 - When would companies need to start reporting under the CSRD?
• 12:45 - What sustainability disclosures would be required under the CSRD?
• 16:40 - How do the EFRAG’s proposed climate disclosure requirements differ from the SEC’s proposed climate rules?
• 18:55 - What information would a company be required to disclose about its value chain?
• 20:15 - How would materiality be determined?
• 21:30 - Is any relief expected for companies reporting under another framework (e.g., the SEC’s requirements)?
• 22:35 - Would third-party assurance be required?
• 24:25 - What’s next?

Want to learn more about developments in ESG? Register for our upcoming Q3 2022 Quarterly ESG webcast, and listen to our previous podcast that provides insights into the ESG disclosures that matter to investors.

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].

Technology continues to reshape our world and has been accelerated by the pandemic. As you rethink processes for the new environment, you may be asking how technology can help improve efficiency and effectiveness. This podcast is the next episode in the second season of our What’s next? podcast series for CFOs, controllers — anyone in finance. This season we’re focusing on what’s next in tech for the finance professional — discussing the benefits of technology through the lens of the finance function. In this episode, host Heather Horn sits down with Wes Bricker, PwC’s Vice Chair and Assurance Leader for the US and Mexico, and Jenn Neglia, a PwC risk assurance partner and the US XBRL technology leader, to discuss the full potential of using XBRL structured data to advance digital reporting.
Topics include:

• 0:53 - XBRL through a technology lens. While XBRL isn’t a standalone technology, it is integral to the broader tech conversation. We begin with an overview of how XBRL converts unstructured data to structured data, enabling users to get the information they need to drive better decision making.
• 6:40 - XBRL for public reporting. The use of XBRL is growing. We discuss how XBRL filings are being used and what companies are doing well to ensure their data is high quality.
• 16:44 - XBRL for internal use. How can finance organizations apply XBRL internally and gain a competitive advantage? We discuss how XBRL is solving the problems of disparate systems and inconsistent data structures.
• 21:09 - The future of XBRL. We close with an update on the areas of focus for the XBRL International Board and how XBRL and structured data will continue to transform the “last mile” of reporting.

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

Jennifer Neglia serves as PwC's US XBRL Technology Leader, focused on delivering the full spectrum of XBRL services. As a partner in the Risk Assurance practice she has helped companies with their financial accounting, system transformations, IT processes, and business process controls, primarily focused on the financial services sector.

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
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 loans and investments with a discussion of the current expected credit losses (CECL) impairment model, applicable to a broad range of financial assets.
In this episode, we discuss:

• 3:42 – A refresher on the CECL model
• 8:02 – Impact of the current economic environment on credit losses
• 23:43 – Monitoring and governance of credit losses
• 26:46 – SEC comment letters and other activity related to CECL
• 30:49 – FASB developments related to CECL, including purchased financial assets

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

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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 under the revenue standard
• 8:23 – The impact of master services agreements and enforceable rights
• 16:03 – Assessing collectibility of the consideration in the contract
• 27:08 – Determining the contract term

For more information, read chapter 2 of our Revenue guide. Also, to hear more on revenue topics, listen to the first episode in this miniseries, Gross versus net revenue: Is your company the principal or agent?. Additionally, follow this podcast on your favorite podcast app for more episodes.
Mike Coleman is a partner in PwC's National Office with over 30 years of experience. Mike 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.
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.
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 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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With year-end reporting around the corner, we kick off our 2023 SEC comment letter trends series, in which our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.

This week, Heather Horn is joined by Kyle Moffatt, PwC National Office Professional Practice Leader, to share an overview of the 2023 comment letter trends, a breakdown of the SEC’s review process, and insights into the SEC staff’s key priorities.
In this episode, you’ll hear:

• 2:01 - A breakdown of the SEC review process, including the staff’s current priorities, review timing, and key enforcement actions
• 18:28 - The impact of a potential government shutdown on the SEC’s review process and on the capital markets more broadly
• 22:43 - An overview of the the top SEC comment letter trends in 2023
• 29:14 - Insights into changes in the SEC’s priorities and volume of comment letters, updates on the climate disclosure proposal, and 2024 enforcement priorities
• 34:11 - Key insights into what preparers should focus on, including the importance of “Dear Issuer” letters and reminders for new rules that are effective in 2024
• 39:13 - Final advice for preparers entering the year-end reporting season

Want to learn more? Check out our analysis of SEC comment letter trends. Additionally, follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letters series, and subscribe to our weekly newsletter to get all of our thought leadership.

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 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].