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Host Heather Horn welcomes back Will Evison, a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, to provide an update on the work of PwC’s Centre for Nature Positive Business and discuss the relationship between nature positive business strategy and reporting.

In this episode, they discuss:

• 2:18– The purpose and progress of PwC’s Centre for Nature Positive Business
• 8:57 – The impact of the Corporate Sustainability Reporting Directive adoption on company strategies
• 10:45 – The importance of nature positive business
• 12:58 – Nature reporting developments, including those related to the European Sustainability Reporting Standards and the Task Force on Nature Related Financial Disclosures (TNFD)
• 23:27 – Insights on how companies can combine nature strategy and reporting
• 28:55 – What’s on the horizon for nature positive business

Interested in more background on measuring and reporting nature and biodiversity? Listen to our previous podcasts in the “Becoming nature positive” series (Committing, measuring and reporting and Strategizing and implementing) and check out PwC’s global nature hub here.

Also, referenced in the podcast, is the Nature Strategy Handbook developed by Business for Nature in collaboration with PwC UK (official partner of the campaign), as well as Managing natures risks: from understanding to action, a follow-up to an earlier analysis of the nature dependence of industries’ direct operations that was carried out by PwC as part of the World Economic Forum’s New Nature Economy Report Series and published in the Nature Risk Rising report in 2020.

Will Evison is a director in PwC UK’s Global Sustainability, Climate, and Nature Strategy practice, specializing in integrating natural and social capital analysis into decision making. With over 18 years’ experience delivering climate and nature-related projects with businesses, investment firms and public sector organizations across more than 20 countries, he also led the development of PwC’s Total Impact Measurement and Management methodologies (TIMM), and now manages PwC’s global TIMM center of excellence. These methodologies utilize predictive analytics, health economics, and wellbeing techniques to model outcomes.

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 us_podcast@pwc.com.

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This episode begins a podcast miniseries on revenue topics with a discussion of principal versus agent (PvA) or “gross versus net” revenue. In other words, the principal in a transaction records revenue on a gross basis and the agent records revenue net. The PvA analysis can be subjective but it's important to get it right as it can materially impact a key line item in the income statement, revenue from contracts with customers.

In this episode, we discuss:

• 2:00 – An overview of the PvA model and reporting impacts
• 8:45 – Key considerations in the PvA analysis
• 9:50 – Assessing control
• 16:25 – Challenges in applying the PvA analysis to specific arrangements, including:
  • 16:59 – Healthcare services
  • 24:15 – Payment processing
• 30:12 – Additional reminders relating to the PvA analysis and related disclosures

For more information, read chapter 10 of our Revenue guide. 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 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 us_podcast@pwc.com.

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This episode dives into valuation relating to goodwill impairments, long-lived asset impairments, and business combinations. We discuss:

• 1:15 – The meaning of “fair value” in financial reporting
• 5:55 – Valuation considerations and insights related
  • 6:20 – Goodwill impairments
  • 34:30 – Impairments of long-lived assets
  • 42:53 – Business combinations

For more information, read chapter 7 of our Fair value guide, chapters 2 and 9 of our Business combinations guide, and chapter 5 our Property, plant, equipment and other assets guide. Also, check out another recent podcast related to this topic, Impairment of long-lived assets held and used. Additionally, follow this podcast on your favorite podcast app for more episodes.

Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting.

Adam Smith is a managing director in PwC’s Deals practice with experience related to performing valuations of businesses, business interests, intangible assets, and derivatives. Adam’s valuation specialization supports a wide range of purposes, including financial reporting, litigation support, corporate planning and consulting, and mergers and acquisitions.

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 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 us_podcast@pwc.com.

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In June 2024, PwC released its 2024 Global Corporate Sustainability Reporting Directive (CSRD) survey, which covers a variety of topics on the current state of companies’ CSRD implementation. In this week’s podcast, host Heather Horn welcomes back Nadja Picard, PwC’s Global Reporting Leader, to dive into the results of the survey conducted in April 2024, including company readiness, data availability, and the use of technology in reporting.

In this episode, we discuss:

• 01:55 - Purpose of the 2024 global CSRD survey and demographics of survey participants
• 04:57 - Summary of key topics included in the survey
• 06:35 - Summary of key insights gained from the survey
• 11:18 - How companies are approaching double materiality
• 16:59 - The two main challenges companies say they are experiencing
• 19:43 - How companies are using tools and technology
• 24:25 - The most surprising result of the survey – companies’ positive perspectives on the benefits of sustainability reporting
• 28:16 - Takeaways for conversations with key stakeholders
• 35:14 - The key role of senior management
• 36:50 - The importance of setting up data processes and systems to comply with various reporting requirements
• 39:54 - What we will learn from first-time CSRD reporters

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership on sustainability standards.

Nadja Picard is PwC’s Global Reporting Leader. In this role, she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.

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 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 us_podcast@pwc.com.

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This episode covers the latest developments in the world of crypto assets from the current landscape to the regulatory environment to the accounting. In this episode, we discuss:

• 4:13 – An overview of the market
• 8:42 – US legislative activity related to SEC Staff Accounting Bulletin 121
• 14:30 – Use cases for crypto assets and related technology
• 19:15 – Accounting for crypto assets and recent guidance from the FASB
• 31:15 – Key disclosure requirements
• 36:07 – SEC guidance related to lending arrangements and custodians of crypto assets

For more information on this topic, read our Crypto assets guide. Additionally, follow this podcast on your favorite podcast app for more episodes.

Kevin Jackson is a partner in PwC’s Capital Markets Accounting Advisory Services practice who assists clients with complex accounting and financial reporting issues. Kevin is also a member of the AICPA's Digital Assets Working Group, which provides interpretive guidance on how to account for digital assets.

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 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 us_podcast@pwc.com.

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PwC provides a summary of the latest accounting, financial reporting, and regulatory updates to support your quarterly reporting.

We begin this edition of The quarter close with a mid-year check-in on SEC comment letter trends. Spoiler alert: non-GAAP financial measures continue to draw the most comments from the SEC staff. We also highlight key considerations for service or supply arrangements that may have embedded leases.

In sustainability reporting news, the SEC stayed its climate disclosure rules in light of pending litigation. However, beyond the SEC’s rules, companies may be subject to a range of sustainability reporting obligations. We keep you informed on the latest developments.

This quarter we spotlight recent international standard-setting activities, including a new IFRS standard that redefines financial performance reporting. Although US GAAP reporters are not subject to IFRS standards, you’ll want to stay updated on the changes, which could influence the views of stakeholders in the US. In addition, we summarize the FASB’s latest decisions on its project on software costs.

In this edition of The quarter close, we highlight these and other relevant accounting and reporting topics you should consider as you close out the second quarter of 2024.

Transcripts available upon request for individuals who may need a disability-related accommodation Please send requests to us_podcast@pwc.com.

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We conclude our miniseries on consolidation accounting with an episode on identifying the primary beneficiary of a VIE, the reporting entity required to consolidate the VIE. In this episode, we discuss:

• 3:15 – Determining which entity should consolidate the VIE
• 6:07 – The primary beneficiary power criterion
• 17:35 – The primary beneficiary economics criterion
• 21:17 – Related party impacts on the VIE model
• 26:00 – Ongoing reassessment of the primary beneficiary

For more information on this topic, read chapter 5 of our Consolidation guide. Also, for an overview of the consolidation framework, listen to the first two episodes in this miniseries, The consolidation framework – Getting started and The consolidation framework – Identifying a VIE. Additionally, follow this podcast on your favorite podcast app for episodes on other topics.

Matt Sabatini is a partner in PwC's National Office who helps clients and engagement teams navigate the accounting and financial reporting for complex transactions. He specializes in the accounting for M&A, consolidations, corporate reorganizations, recapitalizations, joint ventures, and other investments.

Alexander Martin is a partner in PwC's Deals practice with over a decade of deals experience, helping clients solve complex accounting, financial reporting, and other business issues that arise from transaction-driven events such as mergers and acquisitions, divestitures, and capital raises.

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 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 us_podcast@pwc.com.

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In this podcast, host Heather Horn sits down with Emily Kirsch, a director in PwC's sustainability practice, to discuss how companies are approaching the Corporate Sustainability Reporting Directive (CSRD) implementation process. The clock is ticking as companies navigate the various phases of the process, including scoping, the double materiality assessment, the gap assessment, and remediation.

In this episode, we discuss:

• 2:08 – CSRD implementation process overview and where companies are in the journey
• 2:41 – The importance of scoping and weighing the options for various reporting approaches
• 3:50 – How the double materiality assessment drives reporting requirements
• 5:08 – Key cross-functional workstreams needed and required upskilling
• 7:32 – Applying an integrated approach across multiple ESG frameworks
• 9:16 – Pitfalls and best practices of the double materiality assessment
• 14:50 – Identifying gaps and addressing them as part of the remediation process
• 18:12 – Assessing the timeline for mandatory and voluntary reporting
• 22:13 – Difficulty in collecting data, including the availability of data at a disaggregated level
• 23:56 – A narrow lead time requiring consistent communication company wide
• 26:17 – Common challenges companies are experiencing during CSRD implementation
• 35:25 – Keys to successes throughout the CSRD implementation process

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership on sustainability standards.

Emily Kirsch is a director in PwC's sustainability practice focused on sustainability reporting and standard setting in the EU. She advises both public and private companies in navigating complex emerging sustainability reporting requirements and implementing new reporting regulations during periods of change in an organization.

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 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 us_podcast@pwc.com.