PwC's accounting podcast

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on the presentation and disclosure requirements for business combinations. Jay Seliber, PwC National Office partner, is back in the guest seat to share some helpful insights with our host, Heather Horn. Topics include:1:15 - Scope of business combinations. Jay explains the applicability of the business combinations guidance to different types of transactions.3:24 - Balance sheet. Jay highlights the presentation rules on the balance sheet and addresses a common question about the classification of contingent consideration.6:30 - Income statement. Jay takes us through the presentation requirements for business combinations on the income statement, including some of the areas that require more judgment - think previously held equity interests, mark-to-market adjustments on contingent consideration, and tax indemnifications. 10:23 - Statement of cash flows. Jay breaks down the cash flow presentation rules for common aspects of business combinations transactions, including debt financing and contingent consideration.18:21 - Disclosure requirements. Jay outlines both GAAP and SEC disclosure requirements on business combinations.41:20 - Key takeaways. Jay closes with final reminders. Heather tries to stump Jay with some accounting history questions.Want to learn more? Read:Chapter 17: Business combinations of our Financial statement presentation guide.In depth, SEC amends disclosure rules for acquired and disposed businessesIn depth, Domestic SPAC mergers - financial reporting and accounting considerationsJay 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. Jay is presently PwC's representative to the FASB's Emerging Issues Task Force.  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 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 us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on a lessee’s presentation and disclosure requirements for leases. Suzanne Stephani and Marc Jerusalem, PwC National Office directors, are back in the guest seats to share helpful insights and key reminders.Topics include:1:15 - Balance sheet and income statement. Marc and Suzanne start with the balance sheet and income statement, highlighting the presentation for finance vs. operating leases, current vs. non-current, and more. 10:55 - Statement of cash flows. Suzanne explains how to avoid common stumbling blocks when presenting lease transactions in the statement of cash flows. 15:33 - Disclosure requirements. Lessees have a long list of qualitative and quantitative disclosure requirements that need to be met. Marc details where to start and what to watch out for. 24:11 - Leases in light of current events. The current economic environment has disrupted some companies’ leasing strategies. Marc and Suzanne provide some insight on how this may impact their presentation and disclosures.29:47 - Wrap-up. Heather tries to stump Suzanne and Marc with a few trivia questions before they provide final reminders and advice for companies accounting under ASC 842. Want to learn more? Read our guides for those who have adopted ASC 842 and those still applying ASC 840. Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to financing and leasing transactions as well as the cash flow statement.Marc Jerusalem is a director in PwC’s National Office specializing in leasing. Marc consults with clients on complex lease accounting issues and is a contributor to many related PwC National Office publications. Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, 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 nearly 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 us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on loans and receivables, including how the credit losses standard, with its current expected credit loss (CECL) model, changed the presentation and disclosure requirements. Tom Barbieri and Bret Dooley, PwC National Office partners, sat down with our host, Heather Horn, to share insights and reminders in the post-adoption world.Topics include:2:05 - Balance sheet and income statement. Tom and Bret begin with an overview of what to present on two of the primary financial statements for loans and receivables.10:08 - Disclosure requirements. Tom highlights key disclosures for companies with loans receivable assets. He addresses requirements from accounting policies through credit quality indicators. 18:53 - Allowance for credit losses. Bret dives into the required disclosures for companies that develop an allowance reserve estimate and explains the information that financial statements users need to understand non-performing receivables. 26:08 - Cash flows. Tom gives a few key reminders for getting the right geography when presenting loans in your statement of cash flows.28:05 - SEC filings and comment trends. Tom and Bret discuss interim presentation and disclosure requirements and comment trends from the SEC after the first year of CECL.32:31 - Wrap up. Heather tries to stump Tom and Bret with a few questions from pre-CECL periods before Tom and Bret provide some advice and resources when preparing credit disclosures. Want to hear more about CECL? Check out some of our past podcasts and videos:The CECL standard - 5 things you need to knowCOVID-19: CECL consideration questions, answeredCECL disclosures: Year-end remindersCECL - Impacts for nonfinancial services companiesTom Barbieri is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has nearly 30 years of experience advising clients on complex accounting and financial reporting issues relating to financial instruments. During Tom’s tenure in the National Office, he has been at the forefront of emerging accounting issues and has regular interactions with the FASB, SEC, and other regulators and standard setters.Bret Dooley is a Partner in PwC’s National Office with over 25 years of experience specializing in the financial services, banking and capital markets industries. He focuses on emerging financial reporting issues relating to financial instruments.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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on the presentation and disclosure requirements for revenue. Angela Fergason is joining us again to break down revenue from contracts with customers and what needs to be included in your financial statements. Topics include:1:15 - Income statement and balance sheet. Angela opens with a quick overview of how to present revenue on the income statement and balance sheet, and a few reminders of key requirements. 11:29 - Disaggregated revenue. Angela gives an overview of the five major disclosure areas for revenue and dives into requirements around disaggregating revenue. 16:23 - Performance obligations. Angela explains the quantitative and qualitative disclosure requirements for performance obligations, paying particular attention to those related to remaining performance obligations—which are often the most time consuming to prepare. 21:27 - Remaining disclosures. Angela covers the final three primary areas of disclosures for public companies: significant judgments, contract balances, and cost to obtain or fulfill a contract27:47 - Non-public companies. Angela highlights which disclosures apply to non-public companies, and which don’t. 29:05 - Closing. Heather tries to stump Angela with a few revenue and ASC 606 trivia questions before Angela provides some final advice and reminders to companies evaluating their disclosures.Want to hear more about revenue from Angela? Check out some of our past podcasts:Identifying performance obligations: PwC breaks it downVariable consideration: How it impacts your top and bottom lineRevenue contract costs: capitalize or expense?Revenue contract modifications: 5 things you need to knowAlso listen to Full disclosure: The balance sheet to learn more about balance sheet offsetting and see our Financial statement presentation guide for more details on presentation and disclosure for revenue. Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.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.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on the fair value disclosure requirements for other liabilities—specifically payables, contingencies, and asset retirement obligations (AROs). Pat Durbin and John Brittain are in the guest seats to share helpful insights and key remindersTopics include:1:23 - Accounts and notes payable. Pat and John explain the presentation and disclosure requirements for payables and highlights key requirements in S-X Rule 5-02. 9:02 - Contingencies. Pat dives into accounting considerations for environmental liabilities as well as general presentation and disclosure matters for other contingencies. 20:19 - AROs. John breaks down the disclosure requirements for AROs and what to do when they cannot be reasonably estimated. 24:45 - Wrap up. Heather tries to stump Pat and John with two challenging questions, and Pat and John provide some final advice to companies to consider while preparing their financial statements.Want to learn more? Read our Financial statement presentation guide on other liabilities and contingencies. Pat Durbin is a Deputy Chief Accountant, leading the revenue and liabilities division in PwC’s National Office. He has nearly 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.John Brittain is a partner in PwC's National Office with over 30 years of experience helping clients and engagement teams navigate the accounting and financial reporting considerations related to business combinations, as well as issues in the energy and utilities 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 nearly 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 us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on the fair value disclosure requirements. Chip Currie from our National Office is back in the guest seat to discuss key reminders with our host, Heather Horn. Topics include:1:10 - The Basics. Chip and Heather begin by discussing some of the “core” fair value disclosure requirements and how the requirements evolved into their current state.9:32 - Leveling. Chip explains the objectives of fair value leveling classifications, how they’re determined by their inputs, and their presentation in the footnotes. 23:58 - Additional requirements. Chip dives into additional required disclosures for public business entities and companies electing the fair value option. 32:12 - Wrap up. Heather tries to stump Chip with two challenging questions, and Chip provides pointers on where to find additional resources as companies hone their fair value disclosures.Want to learn more? Read our Financial statement presentation and Fair value measurements guides. And listen to our podcast, Full disclosure: Investments—debt and equity securities.Chip Currie is a Partner in PwC’s National Office with over 25 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.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 nearly 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 us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on the presentation and disclosure requirements for pension obligations and plan assets. Jay Seliber and Ken Stoler from our National Office are back in the guest seats to discuss key reminders with our host, Heather Horn. Topics include:1:24 - Pension costs. Jay outlines the typical six accounting components of pension and other postemployment benefit (OPEB) costs for single-employer defined benefit plans.  7:31 - Financial statement presentation. Ken explains the balance sheet and income statement and classification matters for pension and OPEB obligations. 11:02 - Disclosures. Jay highlights key objectives to consider and specific required disclosures for pensions. 24:47 - Key takeaways. Heather, Jay, and Ken close with some final advice to help make the preparation of these disclosures easier.Want to learn more? Read our Financial statement presentation and Pensions and other employee benefits guides. And listen to our podcast, Accounting for pension plans: Back to the basics with 5 things to know. 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. Jay is presently PwC's representative to the FASB's Emerging Issues Task Force.Ken Stoler is a partner in PwC’s National Office with over 15 years of experience. He helps companies to address one of their most fundamental concerns, how they should compensate their employees and executives. Helping companies navigate their employee issues during an IPO, spin off, acquisition, or other major transaction or event, Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. 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 nearly 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 us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on the presentation and disclosure requirements for stock-based compensation awards. Jay Seliber and Ken Stoler from our National Office are joining us to share helpful insights with our host, Heather Horn. Topics include:1:21 - Balance sheet. Jay opens with balance sheet presentation and classification matters for stock-based compensation awards.5:02 - Income statement. Jay explains the income statement presentation requirements for stock-based compensation expense and the related SEC comment letter trends.8:22 - Statement of cash flows. Ken walks through the impact of stock-based compensation awards on the statement of cash flows.14:31 - Statement of stockholders’ equity. Ken highlights the areas affected by stock-based compensation awards in the statement of stockholders’ equity. 16:29 - Disclosures. Jay and Ken discuss the required disclosures and best practices. 27:52 - Key takeaways. Heather, Jay, and Ken close with some final remarks.Want to learn more? Read our Financial statement presentation and Stock-based compensation guides. And listen to our podcast, Stock-based compensation issues in an IPO and SPAC, explained.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. Jay is presently PwC's representative to the FASB's Emerging Issues Task Force.Ken Stoler is a partner in PwC’s National Office with over 15 years of experience. He helps companies to address one of their most fundamental concerns, how they should compensate our employees and executives. Helping companies navigate their employee issues during an IPO, spin off, acquisition, or other major transaction or event, Ken specializes in financial reporting and plan design issues related to equity compensation arrangements, retirement and healthcare plans, and other benefits. 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 nearly 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 us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on the presentation and disclosure requirements for debt including term debt, revolving debt, and structured payables. Chip Currie and Suzanne Stephani from our National Office are back in the guest seats to discuss key reminders with our host, Heather Horn. Topics include:1:24 - Balance sheet. Chip and Suzanne highlight balance sheet classification matters for refinancings, repayments, covenant violations, issuance costs, and more.  12:58 - Income statement. Chip explains the income statement impacts of gains and losses on debt extinguishment and common acceptable approaches to classification.14:18 - Statement of cash flows. Suzanne reminds listeners how to present debt activity in the statement of cash flows—from debt borrowings and repayments, to extinguishments and modifications. 17:09 - Disclosures. Chip highlights the key required disclosures for debt that investors are focused on. 24:19 - Structured payables. Chip explains structured payables and the related disclosure requirements. 22:33 - Key takeaways. Chip and Suzanne close with some final reminders.Want to learn more? Read Chapter 12: Debt and Section 11.3.1.5: Structured payables of our Financial statement presentation guide, and listen to our podcast, Debt classification: Back to the basics with 5 things you need to know.Chip Currie is a partner in PwC’s National Office with over 20 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.Suzanne Stephani is a director in PwC’s National Office specializing in the application and interpretation of the accounting guidance related to financing transactions.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 nearly 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 us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes. This week we focus on investments, specifically debt securities and equity instruments, as well as the related presentation and disclosure matters. Our host, Heather Horn, sat down with PwC National Office partners, Chip Currie and Bret Dooley, to share some helpful insights. Topics include:1:29 - Reminders on the accounting model. Bret and Chip open with recognition and measurement reminders for equity instruments and debt securities.6:12 - Balance sheet. Bret explains the balance sheet presentation and classification matters for these types of investments. 9:31 - Income statement. Chip highlights the income statement considerations. 13:28 - Disclosures. Chip and Bret explain the key disclosures specific to equity instruments and debt securities. They also remind companies to disclose specific portfolio information. 19:47 - Other important disclosures. Our guests describe other required disclosures for available-for-sale securities, held-to-maturity securities, credit risk, and MD&A.32:22 - Takeaways. Chip and Bret close with some final reminders. Want to learn more? Read:Chapter 9: Investments—debt and equity securities of our Financial statement presentation guideChapter 12: Presentation and disclosure of our Loans and investments guideChip Currie is a Partner in PwC’s National Office with over 20 years of experience assisting companies in resolving complex business and accounting issues. He concentrates on the accounting for financial instruments under both current and emerging standards and works with many of the firm's largest financial services clients and a number of non-financial service clients on treasury-related matters.Bret Dooley  is a Partner in PwC’s National Office, focusing on emerging financial reporting issues related to financial instruments and assisting clients in resolving complex accounting matters. He brings more than 25 years of experience in both public accounting and industry, including leadership roles in accounting policy, financial reporting and controllership teams at global financial institutions.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 nearly 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 us_podcast@pwc.com.Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.