PwC's accounting podcast - Year-end toolkit: New standards effective in 2025

Year-end toolkit: New standards effective in 2025

01/28/25 • 50 min

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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.
In this episode, we provide an overview of new standards effective in 2025. Our discussion will help get you up to speed as you prepare for 2025 (and don’t forget that the impact of adopting new standards may also need to be disclosed in your 2024 financial statements).
In this episode, we discuss new standards related to the following topics:

2:08 – An overview of the new standards effective in 2025
3:42 – Joint venture formations
12:53 – Crypto assets
24:39 – Profits interests and similar awards
33:39 – Investments in tax credit entities

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About our guest:
Jay Seliber is a partner in PwC’s National office. He leverages over 30 years of experience to help clients with their most complex accounting matters, particularly in the areas of mergers and acquisitions, revenue recognition, stock compensation, earnings per share, employee benefits, restructurings, impairments, and financing transactions.
About our host:
Guest host 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.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

2:08 – An overview of the new standards effective in 2025
3:42 – Joint venture formations
12:53 – Crypto assets
24:39 – Profits interests and similar awards
33:39 – Investments in tax credit entities

Previous Episode

Replay - Talking ESG: Can AI be sustainable?

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We are revisiting a conversation on Talking ESG that was originally recorded in September at NYC Climate Week to highlight our host and guest appearing together on The Atlantic's podcast, The Most Interesting Thing In A.I. In both episodes, they examine the intersection of two trending topics: AI and sustainability, discussing the environmental impact of AI and the balance between AI's benefits and its environmental footprint.
Listen in to this reissued episode in which Scott Likens, PwC Global Chief AI Engineer, and host Heather and Horn discuss:

3:17 – How AI is impacting sustainability
8:54 – Why AI and sustainability aren’t necessarily opposing forces
17:28 – Practical examples of utilizing AI to optimize energy usage
28:22 – The broader benefits of using AI to impact sustainability
31:05 – Balancing AI’s benefits with its environmental footprint
38:32 – Advice for both companies and individuals leveraging AI

Also listen as Heather and Scott were guests on The Atlantic's The Most Interesting Thing In A.I. podcast hosted by Nicholas Thompson. In that episode, they expanded the dialogue on AI and its role in addressing climate concerns to further examine the balance between leveraging AI for progress and mitigating its environmental impact.
Looking for more from PwC on AI? Check out PwC’s 2 024 US Responsible AI Survey and 2025 AI Business Predictions.
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.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected].

Next Episode

Year-end toolkit: Reporting under IFRS Accounting Standards

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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone. In this bonus episode of our Year-end toolkit series, we share reminders and insights on IFRS reporting for companies that are getting ready to report in 2025.
In this episode, we discuss:

2:18 – Segment disclosures
4:51 – Accounting standards newly applicable for December 31, 2024 year ends, including those related to:
- 5:07 – Non-current liabilities with covenants
- 7:25 – Supplier finance arrangements
- 10:22 – Sale and leaseback transactions
11:38 – Recent priorities and focus areas of European regulators that may impact US companies
20:27 – Hyperinflationary economies
23:36 – New IFRS accounting standards effective in 2025 and beyond and looking ahead to 2025 broadly

Additionally, follow this podcast on your favorite podcast app for more episodes.
About our guest:
Gary Berchowitz is the corporate accounting topic team leader in PwC’s Global Assurance Quality - Corporate Reporting Services group. Gary brings over 20 years of financial accounting experience, working to drive quality and connectivity throughout the PwC network and help local teams solve complex accounting issues in a practical way. Gary leads the development of PwC’s global view on a variety of financial reporting matters.
About our host:
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].