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In each episode of our Year-end toolkit series, our guests share insights on key areas of the year-end accounting and reporting process. The conversations are relevant for all finance teams, even if it’s not year-end close time. And it’s relevant even for those not engaged in the company’s closing process – the episodes have something for everyone.

To kick off the series, host Heather Horn is joined by Tim Carey, PwC National Office leader, and Kyle Moffatt, PwC National Office Professional Practice leader, to reflect on the key developments of 2024 from their perspectives and look ahead at what’s to come in 2025.

In this episode, we discuss:

• 1:45 – External factors impacting accounting and reporting, including the presidential election and the recent AICPA/SEC conference
• 10:11 – Supreme Court case rulings impacting financial regulation and rulemaking from the year
• 15:17 – What’s on the horizon for cryptocurrency accounting and the latest on the cybersecurity disclosure rule
• 27:32 – Notable regulatory activity from the PCAOB, including the costs and benefits of current proposed rules
• 40:21 – What role the FASB plays in the current regulatory and rulemaking landscape
• 47:12 – SEC climate disclosure rule and other sustainability requirements
• 53:30 – What’s in store for 2025

Tim Carey is PwC’s National Office leader, with 30+ years of experience in complex accounting, tax, and reporting issues. Tim has led large-scale teams on a wide range of projects including financial statement audits, transaction structuring, financial due diligence, and post-merger integration.

Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

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.

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This final episode of our 2024 SEC comment letter podcast miniseries discusses non-GAAP measures. Non-GAAP measures are commonly used by companies as supplements to their financial statements to deepen investors’ understanding of their performance or financial condition. Given their importance, not only does non-GAAP top the list this year, but it’s been a top focus area for the SEC staff in the last several years, and we expect that trend to continue. We discuss the issues most frequently raised by the SEC staff and offer advice to preparers for getting ahead of them.

In this episode, we discuss:

• 3:11 – Overview of non-GAAP comment letter trends
• 9:09 – Insights into comments on basic compliance areas
• 22:24 – Individually tailored accounting principles
• 27:27 – Adjustments for cash operating expenses that are normal and recurring
• 41:17 – Controls over non-GAAP measures
• 46:12 – Advice and other considerations when responding to comment letters
• 51:38 – Potential post-election impacts on the SEC

For more information, see our full analysis of SEC comment letter trends and our publication Earnings with a twist: 2024 update on SEC non-GAAP comment trends. Also, check out our other episodes in this miniseries.

Kevin Vaughn is a PwC National Office partner specializing in SEC reporting matters. Kevin leverages his extensive experience to support PwC public company and pre-IPO clients on accounting and SEC reporting matters. Prior to joining PwC in 2023, Kevin spent over 18 years at the SEC, most recently serving on the leadership team in the SEC’s Office of the Chief Accountant where he focused on technical accounting consultations, SEC rulemakings, and standard setting matters.

Lindsay McCord is a PwC National Office partner specializing in matters related to the SEC and the capital markets. Prior to joining PwC, Lindsay spent over 15 years at the SEC, most recently as the Chief Accountant in the Division of Corporation Finance. In this role, Lindsay led an accounting team in providing technical accounting and reporting support to the Division, including SEC rulemaking, interpretation, and guidance.

Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

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.

It is that time of the year again. As 2024 comes to an end, the focus of many companies turns to their annual reporting process. We begin this edition of The quarter close by providing general income tax reminders and highlighting new guidance that will be effective for the first time this year.

In regulatory developments, we provide the latest updates on sustainability reporting under the California climate disclosure laws as well as updates on frameworks outside of the US. And although the impact of the recent election remains to be seen, we’ve summarized expected impacts to keep you informed.

As expected, the FASB made significant progress on its agenda by issuing final guidance on both the disaggregation of income statement expenses and induced conversions of convertible debt instruments projects as well as proposals and invitations to comment on several other projects. We provide a summary of all the latest FASB activity.

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

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