Pwc's Cfodirect Podcast

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.The International Sustainability Standards Board (ISSB) issued final IFRS® Sustainability Disclosure Standards (SDS) in June of 2023. Multiple jurisdictions around the world have signaled their intent to adopt the new standards, including some with fulsome legislative or regulatory proposals.To capture the latest updates regarding the adoption of ISSB standards, Heather Horn sat down with Katie Woods, PwC UK Senior Director, to discuss measures advancing the standards in specific jurisdictions, as well as other important updates on the standard setter’s recent activities.In this episode, you’ll hear discussion of:3:15 – The International Sustainability Standards Board (ISSB) and its role in the global framework4:00 – The first two standards issued by the ISSB, including the general disclosure standard and the climate standard4:19 – Countries moving forward with potential adoption of ISSB standards7:32 – Updates on Singap

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.We continue our month of podcasts focused on financial statement presentation hot topics. In this episode, host Heather Horn sits down with Pat Durbin, a deputy chief accountant in PwC’s National Office, and Felix Perez, a partner in PwC’s National Office specializing in SEC reporting, to discuss the significance of income statement presentation to the investor community and standard setters. Together, they break down key areas of judgment and the practical challenges involved in income statement presentation and classification.In this episode, you’ll hear:1:34 - The significance of income statement presentation and classification in portraying financial performance, including general reporting considerations and the interaction between income statement presentation and non-GAAP metrics8:50 - The SEC's rules on the form and content of income statements, including considerations for financial institutions21:44 - Inco

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.Investors today want to better understand how companies are managing crises and staying resilient, while creating and protecting long-term value in today’s fracturing world. They are looking closely at two areas—emerging technology and sustainability—to gauge whether companies can seize opportunities for reinvention and business transformation, or whether they will instead succumb to rivals.  That’s according to PwC’s most recent Global Investor Survey, which is now in its third consecutive year. To break down some of the survey’s results and their implications for preparers, Heather Horn sat down with Nadja Picard, PwC’s global reporting leader. In this episode, you’ll hear: 3:19 - The importance of sustainability in the context of broader business activity and how it is no longer a siloed topic 5:54 – How investors prioritize agility in managing long-term risks and opportunities 17:25 - The challenges companies face in

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.We kick off another month of podcasts, this time focused on financial statement presentation hot topics. Drumroll please... This week we are presenting EPS.In this episode, host Heather Horn sits down with John Horan, PwC National Office managing director, to discuss the significance of earnings per share (EPS), focusing on the practical challenges and judgments involved in this not-so-simple, but very closely-watched, computation.In this episode, you’ll hear:00:56 - The significance of EPS to the analyst and investor community02:59 - A refresher of the differences between basic and diluted EPS and a discussion of judgments involved in the computation, including redeemable securities9:50 - A discussion of the impact of changes in capital structure and reorganizations, including stock dividends, stock splits, and IPOs, on the EPS computation20:25 - Reporting reminders, including disclosure requirements and considerations

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.Even as mandatory sustainability reporting regulations near effective dates in jurisdictions around the world, voluntary reporting remains an important part of many companies’ disclosures. With more than 10,000 companies around the world using its standards, the Global Reporting Initiative (GRI) remains a key standard setter in the impact reporting space.Today’s guest makes the case that there are myriad benefits to voluntary reporting – not the least of which is preparation for mandatory reporting. Host Heather Horn sits down with Eelco van der Enden, CEO of GRI, to discuss GRI's recent accomplishments and the path ahead for sustainability reporting around the world.In this episode, you’ll hear them discuss:1:05 - GRI’s accomplishments in the past year6:29 - The development of a digital taxonomy that will facilitate interoperability between the European Sustainability Reporting Standards (ESRS) and GRI12:16 - The o

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.This week, we begin a collaboration with another popular PwC podcast. Host Heather Horn is joined by Doug McHoney, PwC International Tax Services Global Leader and host of the “Cross-border Tax Talks” podcast. Doug shares insights on the revolutionary new global tax system — the Organisation for Economic Cooperation and Development (OECD) Pillar Two framework — and its impact on companies worldwide.The objective of Pillar Two is for large multinational enterprises to pay a minimum level of tax (a threshold effective tax rate of 15%) on the income arising in each jurisdiction where they operate. Doug joins us to shed light on the judgments involved and what companies can do to prepare.In this episode, you will hear:3:15 - A refresher on Pillar Two, the first global tax system for multinational companies, including:4:30 - A breakdown of the four operating rules prescribed by the framework and the breadth of impact on compa

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. This week, host Heather Horn is joined by Pete Driscoll, PwC National Office partner, to break down the SEC’s 2023 enforcement action results, which set a record with 784 enforcement actions filed in 2023. Pete unpacks the themes and trends within those enforcement actions and shares advice on what companies can do to avoid some common pitfalls. Listener note: Although we summarize key themes from allegations as described by SEC orders and complaints, it is important to note that companies have neither admitted nor denied wrongdoing in these cases.In this episode, you will hear:2:15 - Key themes in the SEC's 2023 enforcement action results, including a discussion of the SEC’s priorities and approach to enforcement11:10 - A discussion of the increased focus on cybersecurity, includi

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. In this episode, guest host Kevin Vaughn, PwC National Office partner, sits down with Suzanne Stephani, PwC National Office director, to discuss the significance of the statement of cash flows, focusing on the practical challenges and judgments involved in the classification of cash flows.In this episode, you will hear:2:05 - Frequent challenges and restatements related to the statement of cash flows 5:10 - Insights from the SEC Chief Accountant, Paul Munter, on risk management and controls related to the statement of cash flows as well as considerations for assessing the materiality of cash flow restatements14:15 - Fundamental principles of the statement of cash flows, including the identification of cash equivalents and related disclosure considerations 21:40 - Gross versus net presen

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In each episode of ourYear-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. In this episode, guest host Kevin Vaughn, PwC National Office partner, sits down with Suzanne Stephani, PwC National Office director, to discuss the judgments and complexities involved in the balance sheet classification of debt, focusing on the challenges arising more frequently in today’s macroeconomic environment.In this episode, you will hear: 1:26 - A refresher on the importance of balance sheet classification of debt, including the impact of current economic conditions on debt and credit risk 4:10 - Key considerations for classifying debt, including: 6:11 - Reminders for dealing with refinancing arrangements 8:20 - The implications of subjective acceleration clauses (SAC) in financing agreements 11:32 - The implications of covenant violation waivers on balance sheet classification 

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.XBRL is an open international standard for digital business reporting that allows information to move between organizations rapidly and with accuracy. While XBRL is a mature component of today’s financial reporting ecosystem, a shared digital reporting language may also be critical for the future of sustainability reporting.  In this episode, host Heather Horn sits down with John Turner, CEO of XBRL International, the global consortium that manages and promotes XBRL, to discuss the framework’s role in enhancing the quality and usefulness of sustainability disclosures. In this episode, you’ll hear: 4:02 - Defining digital taxonomies, digital languages, and XBRL 9:49 - How standard setters interact with digital taxonomies 16:27 - How accurate digital tagging of financial data is crucial to robust investment analysis 22:10 - Approaches on digitally tagging qualitative information and footnotes 25:38 - How digital taxonomies

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with PwC’s US Trust Solutions Quality Management leader, Michael Mullen, to help us navigate materiality judgments in a challenging financial environment.In this episode, you’ll hear: 2:10 - A discussion of the guiding principles of SAB 99 and its importance in the current macroeconomic environment 5:41 - A refresher on the framework for evaluating materiality and errors in financial statements, including both quantitative and qualitative aspects 7:05 - Observations on the increase in SEC staff comments and requests for SAB 99 analyses to support materiality judgments 8:40 - Recent SEC statements on the increased trends in restatements and revisions, including considerations for prepare

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.The European Green Deal is a package of policy initiatives introduced by the European Commission (EC) in December 2019 with objectives to achieve “no net emissions of greenhouse gases by 2050, economic growth decoupled from resource use, and no person and no place left behind.” Many companies are already focused on one aspect of the Green Deal — the Corporate Sustainability Reporting Directive (CSRD). But the CSRD is far from the only EU regulation needing immediate attention. This audio companion details several other pressing and broadly applicable EU regulations that would also be newly applicable — or possibly already applicable — for both EU and non-EU companies. In this episode, podcast host Heather Horn brings you an audio version of our publication covering the EU regulations beyond CSRD. In this podcast, we cover: 1:00 - Overview of the EU regulatory landscape 7:01 – EU Taxonomy30:54 – Sustainable finance disclo

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process.  In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with Stephen Parker, a partner in PwC’s Governance Insights Center, to discuss the ways that finance teams can effectively communicate with those charged with governance and share insights on key areas of focus for audit committees. In this episode, you’ll hear discussion of: 2:00 - The challenges facing both management teams and audit committee members, including the breadth of issues raised to audit committees 7:50 - The top issues finance teams should be prepared to discuss with audit committees, including keeping up with the regulatory and compliance landscape, the evolution of ESG discussions, and the intersection of risk management and strategy 17:58 - Preparing to effectively ad

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. In this episode, guest host Kyle Moffatt, PwC National Office Professional Practice leader, sits down with PwC National Office leader Tim Carey and PwC National Office partner Kevin Vaughn to discuss rulemaking priorities and provide helpful reminders for public companies navigating SEC developments as they head into year end. 4:08 - The active pace of rulemaking and how that demonstrates the SEC’s priorities 11:00 - Key new and proposed SEC rules: 11:20 - Insights on the new executive incentive compensation clawback rule and the interaction with navigating accounting errors 17:45 - Judgments involved in the new cybersecurity disclosure rule and considerations when assessing materiality for evaluating incidents  26:05 - The impact of new rules on companies preparing for year-end reporti

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. To kick off the series, guest host Valerie Wieman, PwC National Office partner, welcomes three of our deputy chief accountants to discuss what is top of mind for each of them this year end. In this episode, you will hear discussion of: 3:41 - Contingent consideration in a business combination, including the impact on the statement of cash flows 6:20 - Equity method investments and recording basis differences  10:08 - Disposing of a business, including when to apply the held-for-sale model 15:34 - Revenue contract modifications 18:40 - Avoiding common pitfalls with debt restructurings in a rising interest rate environment 23:55 - Fair value measurement after compensation and incentive arrangement modifications and the impact of the SEC’s new clawback rule 35:39 - Updates on segment repor

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.  Continuing our CSRD series, this week we dive into a core component of reporting under the directive: the value chain. The CSRD will extend reporting to a company’s direct and indirect business relationships and activities across its value chain, which is expected to be one of the more challenging areas of compliance. In this episode, host Heather Horn is joined by PwC sustainability director Luca Bonaccorsi to discuss the concept of value chain reporting and what companies can do to navigate this “quantum leap” in reporting. In this episode, you’ll hear: 3:00 - What the value chain is, and its importance in the context

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance.This week, guest host Kevin Vaughn, a partner in PwC’s National Office, sat down with fellow PwC National Office partner Jay Seliber to discuss the latest trends in SEC comment letters on segment reporting and share insights on the FASB’s new segment reporting standard. In this episode, you’ll hear:2:05 - An overview of the trends in comment letters related to segment reporting, including discussion of the identification of operating segments6:37 - A discussion of aggregation of operating segments, including the significance of quantitative and qualitative characteristics analysis11:57 - Insights on comments related to multiple measures of segment profit or loss13:35 - A breakdown of new guidance under ASU 2023-07 Segment Reporting, including:17:53 - Disclo

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In the fourth quarter 2023 edition of The quarter close, we provide year-end reminders on perennial favorites, including SEC reporting, income taxes, and the statement of cash flows. We also provide the latest on sustainability reporting and the FASB’s standard-setting activities. Read or listen to The quarter close for these and other relevant accounting and reporting topics you should consider as 2023 comes to a close.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.  Continuing our CSRD series, in this episode we discuss how the investor community views and benchmarks sustainability requirements. This week, host Heather Horn is joined by Claire Berthier, CEO of French asset management firm Trusteam Finance, to share her viewpoint on how companies can align their sustainability reporting and corporate strategy to meet investor needs.  In this episode, you’ll hear: 3:35 - Background on why investors look for enhanced sustainability disclosures 10:11 - The explanation of strategy, mission, and other key initiatives in sustainability disclosures  19:52 - The importance of communications

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.In each episode of our 2023 SEC comment letter trends series, our guests bring you the latest themes in comment letters from the SEC’s Division of Corporation Finance. This week, host Heather Horn is joined by PwC National Office partner Ryan Spencer to discuss the continued focus in SEC comment letters on Management’s Discussion and Analysis (MD&A) and share insights for preparers on how to avoid the common pitfalls.In this episode, you’ll hear: 0:52 - An overview of the trends in comment letters related to MD&A, including sector-specific insights 3:59 - A refresher on MD&A reporting requirements and a deep dive into comment letter themes, including: 5:04 - Insights on the concentration of comments related to disclosures on the results of operations and the need for forward-looking discussions 8:05 - The focus on performance metrics and their connection to corporate strategy 10:56 - The rise in comments rela