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You’ve checked the new revenue and leases standards off your list. Next up: the current expected credit loss (CECL) standard. If you’ve only just begun or haven’t yet started to think about what CECL means for your company―then, tune in! PwC partner Seth Drucker joins Heather Horn to discuss the CECL model and what it means for companies as they prepare for adoption, including:

  • 0:58 - How we got here. The new standard requires you to rethink your approach to the impairment of financial assets, with many of today’s impairment models under US GAAP soon being replaced. Seth gives an overview of the standard and discusses the scope of CECL.
  • 4:16 - Key changes to the accounting model. Heather and Seth take a look at how the accounting for credit losses differs from current practice and examine the possible changes to a company’s processes, systems, and controls, as well as to key metrics and regulatory requirements.
  • 12:02 - Disclosure considerations. Seth breaks down the enhanced disclosure requirements and the additional data and support that will be needed.
  • 17:35 - Effective date. The clock is ticking. It’s important to get an implementation plan in place―now. Heather and Seth discuss the effective dates for the different types of filers and the importance of not waiting until the last minute.
  • 20:35 - Best practices. Knowing what does and doesn’t apply to your company is a good first step to making a smooth transition. Heather and Seth conclude with a discussion of a few frequently asked questions to help companies gear up.

About our guest

Seth Drucker is a partner in PwC’s National Quality Organization, specializing in accounting for financial instruments. Previously, Seth was a Practice Fellow at the FASB serving as a project manager for financial instrument projects, including credit losses. He also focused on implementation and emerging practice challenges posed by preparers, auditors, and regulators.

About our host

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 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting. 

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Although the FASB simplified the accounting for stock based awards, it’s still a complex area of accounting. In this episode, PwC partner Heather Horn and director Nicole Berman go back to the basics and discuss five things you should know about accounting for stock compensation awards, including:

  • 3:35 - How to determine the grant date and why it’s so important
  • 7:12 - The balance sheet classification of awards (liability vs equity)
  • 10:20 - The different types of vesting conditions
  • 12:46 - Expense attribution, and
  • 14:45 - The related tax accounting considerations.
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Help for private companies―adoption of the new revenue standard is just around the corner. So that you’re ready, hear some of the challenges and lessons learned by public companies from their adoption efforts. In this week’s episode, we’re joined by PwC partner, CJ Finn, to take a look back at how public companies adopted ASC 606 and discuss 5 things private companies need to know, including:

You can also subscribe to our podcast series to stay current on other key technical accounting matters, business issues, current standard setting, and regulatory updates.

About our guest

CJ Finn, PwC’s private company accounting change leader, has 16 years of experience working with public and private companies. He has advised large multinational clients on complex accounting areas, SEC reporting, system development, mergers and acquisitions, and purchase accounting and valuation.

About our host

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 25 years of experience, Heather's accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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Refinancing debt, but not quite sure how it will impact to your balance sheet classification? The current guidance is complex, but help is on the way. Suzanne Stephani, PwC director and debt classification specialist, joins Heather Horn to decipher the guidance, discuss common questions, and provide an update on the FASB’s related project. Highlights include:

●       1:05 - Debt covenant violations  - What should companies be thinking about if they violate a covenant at the balance sheet date?

●       3:35 - Refinancing short-term debt on a long term basis  - How does this impact balance sheet classification of the debt? 

●       9:50 - Puttable debt  - What are the questions companies should be asking that will drive balance sheet classification of debt? 

●       11:51 - Pre-payable debt  - How do anticipated pre-payments impact classification?

●       13:57 - FASB’s simplification initiative - What should companies be considering in regard to the FASB’s ongoing debt simplification project? 

About our guest

Suzanne Stephani is a director with PwC with more than 17 years of experience assisting companies in resolving complex accounting issues. Suzanne specializes in the application and interpretation of the accounting guidance related to financing transactions, such as debt, preferred stock and convertible instruments. As a consultant in PwC's National office, she helps clients understand the application of the accounting guidance in these areas. Suzanne is also the lead producer and director of PwC's popular quarterly Current accounting and reporting developments webcast series.

About our host

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 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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The US economy is at a crossroads. While the changes we’re facing weren’t caused entirely by the great recession, it did send us down a different trajectory. In this week’s episode, we take a look forward to examine the dynamics that determine economic growth, including workforce and productivity growth, advancements in technology, and global governance. We also look at the risks that may impact our macroeconomic forecasts. Chris Benko, PwC’s senior economic advisor, joins Heather Horn to discuss:

  • 0:52 - What’s the economy’s “new normal,” and its speed limit for growth? Chris provides an overview on the current US economy and trends. 
  • 6:06 - What could trigger the next economic downturn? Chris answers our questions on the risks associated with monetary policy and helps us understand interest rates and the inverted yield curve. 
  • 11:01 - What stimulates economic growth? Chris talks fiscal policy and the role tax reform plays in the bigger picture.
  • 14:23 - Is the current economic climate rewriting the rules for how the global economy works? You bet. Chris discusses trade policy, tariffs, foreign direct investment and the challenges companies face.
  • 19:35 - What’s going on at the corporate level? Chris shares his views on the new competitive dynamic, the fourth industrial revolution, corporate debt, and how this all affects society’s stability.

You can also subscribe to our podcast series to stay current on other key technical accounting matters, business issues, current standard setting, and regulatory updates.

About our guest

Chris Benko leads the PwC Analytic Insights organization, a team of 100 analysts and data scientists leveraging technology-enabled predictive analytics to develop forward-looking points of view on industry, company and thematic issues as well as help firm leadership solve its most complex problems.

About our host

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 25 years of experience, Heather's accounting and auditing expertise includes financial instruments and rate-regulated accounting.

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Are you using non-GAAP financial measures? Need an update on the SEC’s rules and interpretative guidance around reporting this information? Then listen to this week’s episode. Diane Howell, a partner in PwC’s national office, joins Heather Horn to discuss 5 things companies should know about non-GAAP measures.

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In this week's episode Andreas Ohl, a partner in PwC's National office, joins Heather Horn to discuss "day 2" lease accounting considerations. After spending so much effort just to adopt the new standard, some companies may not have begun to evaluate what comes next. Andreas introduces a concept some companies may not have on their radar: how do you assess the new lease right-of-use asset for impairment.
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Need to know more about the ways the phase out of LIBOR could affect your company? If so, you're not alone. Some say it's one of the most important numbers in finance. So the replacement of LIBOR will reach far beyond the financial markets and is expected to impact the accounting and financial reporting for most companies. It's a complex topic and companies have a lot to think about as they prepare for this change. In this episode, PwC partner Heather Horn leads a lively discussion with Justin Keane, Chip Currie, and Nick Milone. Justin has been focused on LIBOR and reference rate reform efforts and has been on the front lines working with companies as they prepare for the change. Nick shares helpful perspective from his experience in our financial markets practice. And, Chip summarizes the key accounting issues based on his ongoing work as part of our national office.
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This first quarter 2019 edition of The quarter close publication will be read to you by Marc Jerusalem, a Director in PwC's National office. This edition of The quarter close provides timely accounting and reporting information that can help you prepare for this quarter's reporting. Topics include: The new leases standard is here! We provide key reminders about lease disclosures, recently issued guidance for lessors and other implementation considerations, the latest on the frequency of financial reporting for public companies, key considerations related to guidance that is effective now or with an effective date that is just around the corner, including the simplified goodwill impairment test, additional insights about Brexit, the planned LIBOR phase-out, EU non-financial reporting regulations, and more.
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Determining when to recognize revenue under the new revenue standard for customers in financial distress or bankruptcy requires judgment. Don't assume the answer is the same as it used to be. In this episode, PwC partners Heather Horn and Pat Durbin discuss five things you need to know about assessing collectibility under the new revenue standard, with a specific focus on recognizing revenue when customers are in financial distress or bankruptcy. We discuss the collectibility model: credit risk v price concession, the implications of the new credit risk model, judgment points in the model/when to reassess, factors to consider and document in the assessment, and other considerations.
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