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Full disclosure: Commitments and contingencies
Publication date: 26 Oct 2021
us Podcast
Our series on presentation and disclosure wraps up with a focus on commitments and contingencies.
Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes.
This week we focus on the presentation and disclosure requirements for commitments and contingencies. Jay Seliber, PwC National Office partner, is back in the guest seat to share helpful insights and key reminders with our host, Heather Horn.
Topics include:
- 1:22 - Background. Jay and Heather discuss the scope of the commitments and contingencies guidance, including discussion of guarantees.
- 4:43 - Presentation on the balance sheet and income statement. Jay walks listeners through when commitments need to be recognized. He also covers the contingency model and related presentation, including insurance recoveries.
- 20:03 - Disclosure requirements. Jay takes us through the disclosure requirements for commitments and contingencies in the financial statements, including some of the areas that require more judgment.
- 39:42 - Closing remarks. Jay closes with areas of GAAP where disclosures of other types of commitments are required. Heather tries to stump Jay with some niche accounting questions.
About our guest
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 to the FASB's Emerging Issues Task Force.
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 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request. Please send requests to us_podcast@pwc.com.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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