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Tariffs are dominating headlines and reshaping global trade. In this episode we break down what they may mean for businesses and financial reporting, and we share insights on how companies can prepare.

In this episode, we discuss:

• 1:44 – Overview of tariffs and the current state of play
• 16:28 – Key financial reporting impacts
• 21:12 – Reciprocal tariffs: Country- and industry-specific impacts
• 25:44 – Accounting implications: Cost capitalization, customer contracts, asset impairments, income taxes, and disclosures
• 37:30 – Strategies for managing tariff impacts

For more on this topic, read our publications, Accounting implications of tariffs and How Trump's tariffs could impact US companies.

About our guests
Christopher Desmond is a leader in PwC's US Global Trade Services team with over 20 years of experience in transfer pricing. He is known for customized offerings in trade / tariffs combined with other specialties such as supply chain, transfer pricing, and international tax. Chris develops transfer pricing and value chain strategies to help clients manage their businesses using a “best foot forward” approach.

Pat Durbin is a PwC National Office Deputy Chief Accountant. 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.

About our host
Heather Horn is the PwC National Office Sustainability and 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.