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Presenting discontinued operations Feb 20, 2024

Show notes

We continue our month of podcasts focused on financial statement presentation.
In this episode, host Heather Horn sits down with Jay Seliber, a partner in PwC’s National Office specializing in business combinations, to share insights on the accounting and reporting considerations for discontinued operations. Together, they unpack the judgments and practical challenges in navigating discontinued operations, an area of increased focus given the current economic environment in which many companies are considering disposing of portions of their businesses.
In this episode, you’ll hear:

2:27 – An overview of the criteria and qualifications for discontinued operations, including highlights of the key areas of judgment, timing considerations, and implications for businesses
13:05 – Insights on the qualifications for held-for-sale treatment
18:40 – Key questions on presentation and classification of discontinued operations after meeting the gating criteria, including:
- 19:01 – Impact to the balance sheet and income statement
- 21:45 – Debt and income tax implications
- 25:25 – Impact on earnings per share (EPS) computations
- 28:55 – Statement of cash flows implications
30:50 – Overview of the SEC filing requirements related to discontinued operations
36:16 – Final advice for preparers on presenting discontinued operations

For more information, read chapter 27 of our Financial statement presentationguide and chapter 12 of ourIncome taxes guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
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.
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. 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.

Presenting the income statement Feb 13, 2024

Show notes

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 metrics
8:50 - The SEC's rules on the form and content of income statements, including considerations for financial institutions
21:44 - Income and expense disaggregation reminders, including classification of operating versus non-operating expenses as well as considerations for cost of sales, depreciation, and amortization
33:50 - The complexities of income statement classification in collaborative arrangements, discontinued operations, and impairments
42:05 - An update on the FASB project on disaggregation of income statement expenses (DISE) project

For more information, read chapter 3 of ourFinancial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
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 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. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Felix Perez is a partner in PwC’s National Office specializing in SEC reporting. He has over 25 years of experience serving clients and engagement teams across financial services and technology sectors.
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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Presenting earnings per share (EPS) Feb 06, 2024

Show notes

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 community
02:59 - A refresher of the differences between basic and diluted EPS and a discussion of judgments involved in the computation, including redeemable securities
9:50 - A discussion of the impact of changes in capital structure and reorganizations, including stock dividends, stock splits, and IPOs, on the EPS computation
20:25 - Reporting reminders, including disclosure requirements and considerations related to subsequent events

For more information, read chapter 7 of ourFinancial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
John Horan is a managing director in PwC’s National Office where he assists clients with complex accounting issues in the areas of foreign currency, liabilities and equity, earnings per share, and derivatives and hedging. John specializes in large capital transactions and initial public offerings.
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. 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.

Talking ESG: How technology enables reporting agility Oct 19, 2023

Show notes

As effective dates for sustainability reporting requirements inch closer, companies face pressure to stand up reporting workstreams before it is too late. With multiple frameworks coming into play in the near term, managing the data gathering, aggregation, and reporting of numerous metrics is a manual exercise for many companies. But is there technology that can help?
In today’s episode, host Heather Horn is joined by Sammy Lakshmanan, principal in PwC’s Sustainability Consulting Solutions practice, to discuss the ways that leading companies are integrating technology into their sustainability reporting work plans. Sammy provides insights on how companies can leverage the power of technology to generate value that goes beyond compliance.
In this episode, you’ll hear discussion of:
4:02 - Expected impacts of the shift from voluntary to mandatory ESG reporting
7:47 - The current landscape of sustainability reporting technology solutions
10:29 - A roadmap for digital transformation, including the sequencing of events, and which stakeholders to involve
16:04 - The importance of controllership and governance over reporting
26:32 - Harnessing technology investments to report and provide value through data analytics
36:14 - Using technology to capture, aggregate, and organize data for different reporting frameworks
42:36 - Crowdsourcing ideas from peers and partners to address similar challenges
45:34 - Three things companies should consider to maximize technology enablement for sustainability reporting
Looking for more information on getting ready for mandatory ESG reporting? Check out our publication, Preparing for tomorrow's rules today. Additionally, refer to our Navigating the ESG landscape publication for the latest updates on major global sustainability frameworks.
Sammy Lakshmanan is a principal in PwC’s Sustainability Consulting Solutions practice. With over 20 years of experience helping companies shape their ESG and sustainability strategies leveraging technology and data to operationalize sustainability, he helps customers develop and execute strategies to shift from a compliance-driven to a value-driven approach. Sammy also serves as co-chair for the Open Footprint Forum, which is developing a data standard for carbon-management data.
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. 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.

Talking ESG: TNFD launches a final nature reporting framework Oct 05, 2023

Show notes

The Taskforce on Nature-related Financial Disclosures (TNFD) released its final disclosure recommendations for nature-related dependencies, impacts, risks and opportunities on September 18. Given the interrelationship between climate and nature — and the dependence of business on nature — companies may want to consider this new framework as a tool in communicating their full sustainability story.

This week, Heather Horn is joined by Daniel O’Brien, PwC Canada’s Sustainable Business Solutions leader and TNFD member, to discuss what companies should do now to prepare to make effective nature-related disclosures.

In this episode, you’ll hear discussion of:

4:18 - Background on the TNFD, including how the taskforce was formed and its mission
8:11 - The key principles of the TNFD framework and interoperability of the TCFD framework with existing climate reporting frameworks
13:36 - Complexities in critical areas of the TNFD framework
20:08 - Recommendations for how companies should approach TNFD disclosures
29:29 - How companies should approach data collection for qualitative and quantitative nature disclosures
31:10 - Best practices and common pitfalls in reporting nature-related disclosures
37:33 - Final thoughts on why companies should consider utilizing the TNFD framework

Looking for more information on nature related reporting? Check out a podcast from our “Becoming nature positive” series on Committing, measuring, and reporting.

Daniel O'Brien is PwC Canada’s Sustainable Business Solutions leader, helping clients to align their business strategies with the environmental and social challenges and opportunities of the future economy. Daniel has over 18 years of experience in environmental consulting and management. He is also a member of the Taskforce on Nature-related Financial Disclosures (TNFD).

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. 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.

Earnings per share: 5 things you need to know Aug 29, 2023

Show notes

Every Tuesday in August, Bret Dooley, Deputy Chief Accountant in PwC’s National office, is taking over the podcast to share insights on financial instruments hot topics. In each 25-minute episode, Bret will discuss 5 things you need to know.

In this episode, Bret is joined by John Horan, a managing director in PwC’s National office with a focus on financial instruments, to break down what we need to know on earnings per share (EPS).

In this episode, you’ll hear:

2:20 - Reminders on the basic EPS calculation, including considerations for participating securities and application of the the two-class method
11:45 - The impact of mezzanine equity on the basic EPS calculation
15:12 - The impact of new FASB guidance (ASU 2020-06) on EPS calculations for contracts that can be settled in cash or shares
20:01 - Complexities in the dilution calculation for liability-classified warrants and convertible debt with bifurcated conversion options
21:48 - Why companies should evaluate repurchased convertible instruments separately

For more information, read chapter 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this mini series.

John Horan is a managing director in PwC’s National office where he assists clients with complex accounting issues in the areas of foreign currency, liabilities and equity, earnings per share, and derivatives and hedging. John specializes in large capital transactions and initial public offerings.

Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting 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. 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.

Convertible instruments: 5 things you need to know Aug 22, 2023

Show notes

In this episode, Bret is joined by Chip Currie, another partner in PwC’s National office with a focus on financial instruments, to discuss convertible instruments and the impacts of updated accounting guidance in this area.

In this episode, you’ll hear discussion of:

1:38 - Why companies use convertible instruments and the complex financial decisions accompanying their use
6:38 - The impact of new accounting guidance for convertible instruments in ASU 2020-06
9:49 - Key information when accounting for induced conversions
12:10 - Down round provisions in equity-linked instruments
19:27 - Judgments involved in determining whether to separate the conversion option and account for it as an embedded derivative

For more information, read chapter 6 of our Financing transactions guide and chapter 3 of our Derivatives and hedging guide. Additionally, check out a prior podcast in this mini series.

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 services clients on treasury-related matters.

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.

CECL: 5 things you need to know about credit risk Aug 15, 2023

Show notes

In this episode, Bret shares insights on the current expected credit loss model, or CECL, and why it’s not just for banks. All companies, regardless of industry, need to understand the requirements.
In this episode, you’ll hear:

1:50 - A refresher on CECL
3:34 - Insights on the impacts of CECL across industries
7:03 - A discussion of how to apply CECL to various asset classes, considerations on estimation methodologies, and why companies should seek continuous improvement in the application of CECL
9:32 - Key information to consider when preparing CECL disclosures
11:22 - How subsequent events could impact CECL estimates
20:43 - An overview of the FASB’s exposure draft that proposes changes to the accounting for purchased credit deteriorated assets

For more information, read chapter 7 of our Loans and investments guide. Additionally, check out the prior podcast in this mini series.

Bret Dooley is a Deputy Chief Accountant in PwC’s National office and leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting 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. 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.

Investment securities: 5 things you need to know Aug 08, 2023

Show notes

Every Tuesday in August, Bret Dooley is taking over the podcast to share insights on financial instruments hot topics. In each episode, Bret will discuss 5 things you need to know in 25 minutes.

To kick off the series, Bret shares insights on accounting for investment securities, a topic of recent headlines. He breaks down the complexities of held-to-maturity and available-for-sale securities, and touches on foreign currency bonds.
In this episode, you’ll hear discussion of:

2:05 - Key reminders for identifying and accounting for debt securities
6:32 - Accounting for held-to-maturity (HTM) securities and the long-term implications of HTM designation
12:30 - Tips on accounting for unrealized losses on available-for-sale (AFS) securities
17:18 - An overview of accounting for foreign currency bonds
19:25 - Complexities in the application of the measurement alternative model for equity securities

For more information, read chapters 2, 3, and 8 of our Loans and investments guide.

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

Decoding the accounting for contingent consideration in a bus com Jul 25, 2023

Show notes

Every Tuesday in July, Jay Seliber is taking over the podcast to share insights on business combinations, which are often significant events in a company’s life cycle. Jay takes us on a journey through a deal, beginning with the complexities of the overall acquisition accounting model, then diving into some of the more complex areas—identifying the accounting acquirer, accounting for contingent consideration, and reporting with the SEC.

To continue the series, Heather and Jay are joined by Chip Currie, another partner in PwC’s National Office, to share insights on the intersection between contingent consideration and acquisition accounting, as well as the key decision points in the multi-step accounting model.

In this episode, you’ll hear:

2:25 - An overview of the accounting framework for contingent consideration arrangements from the buyer’s perspective, including:
- 7:01 - The criteria for meeting the definition of contingent consideration
- 12:04 - An assessment of whether the arrangement is part of the purchase price
- 16:03 - A discussion of common pitfalls in the performing the assessment
23:19 - An analysis of the accounting for contingent consideration arrangements classified as compensation expense
24:25 - A discussion of the multi-step analysis of contingent consideration arrangements that is not classified as compensation expense, including:
- 24:38 - Liability-classified contingent consideration and applying the liability versus equity accounting model
- 29:59 - Equity-classified contingent consideration and applying the derivative accounting model
41:56 - An overview of the impact of contingent consideration on earnings per share and the statement of cash flows
48:40 - Final advice for clients dealing contingent consideration in a business combination

For more information, read chapters 2 and 3 of our Business combinations guide, chapter 5 of our Financing guide, and chapters 6 and 7 of our Financial statement presentation guide. Additionally, check out a prior podcast in this miniseries.

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 on the FASB's Emerging Issues Task Force.

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.

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.

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