PwC's accounting podcast - What’s next in tech for finance? XBRL, your competitive advantage

What’s next in tech for finance? XBRL, your competitive advantage

11/12/20 • 26 min

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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].

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.

Previous Episode

Post-election outlook: Policy, initiatives and business impacts

While the election day dust is still settling, this episode checks in on some of the early impacts businesses should expect, like what it means for taxes, trade, and tariffs. Rohit Kumar, Co-Leader of PwC’s National Tax Office, joins host Heather Horn to provide his perspective on recent developments.

Topics include:

0:45 - The results: what we know and what we don’t - While not all races have been called yet, we can directionally start to see where the election results are headed. We begin with an update on where we are today and what could happen next.

8:53 - The lame duck session - Rohit explains a few of possible outcomes, touching on: another COVID-19 relief bill, federal funding, and the extension of certain tax provisions.

19:58 - 2021 - Turning our attention to the near future, we discuss the potential ways executive orders can be used.

23:20 - Tax, tariff, and trade - Rohit and Heather talk about the possible trajectory of policy and regulation.

33:43 - Congress and a new administration - We close by looking at the dynamics for how congress and a new administration will work together.

Rohit Kumar is Co-Leader of PwC’s National Tax office. In this role, he advises clients on all aspects of domestic policy, including tax policy. His insights and knowledge enable companies to assess critical policy issues more effectively and to develop legislative strategies to address those issues from both a technical and a political perspective.

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

Next Episode

What you missed at the 2020 FEI Conference

Did you miss this year’s FEI Corporate Financial Reporting Insights Conference? We have you covered. In this episode, Valerie Wieman and Kyle Moffatt, both partners in PwC’s National Office, join host Heather Horn to provide their perspective on what we heard at the FASB and SEC sessions.
Topics include:

0:50 - Background and overall themes. We kick off our discussion with some background on the conference and summarize this year’s presenters.

2:02 - FASB standard setting update. Val discusses the remarks given by the FASB’s new chairman, Rich Jones, and new technical director, Hillary Salo, highlighting their key initiatives and areas of focus. Val also shares what we heard about the FASB’s agenda for the rest of the year and beyond.

10:50 - SEC update. Kyle provides the highlights from the SEC sessions, including OCA’s priorities and the common questions fielded from consults with Corp Fin.

16:00 - The COVID-19 environment. Not surprisingly, there was some discussion of the reporting implications of the COVID-19 pandemic. Kyle highlights the three key areas of focus: MD&A, goodwill impairment, and non-GAAP measures and metrics

20:05 - Wrap up. We close by discussing the primary messages that stood out during this year’s conference.
Valerie Wieman is an assurance partner in PwC’s National Office where she develops content and supports the creation of brand-defining thought leadership publications and communications.

Kyle Moffatt is a partner in PwC's National Office where he consults with engagement teams and audit clients on SEC reporting matters. He joined PwC in April 2020 after spending almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.