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The FASB and IASB asked for input on where to focus their standard-setting efforts. PwC breaks down the key topics suggested by respondents.
With the ever changing landscape of accounting practice, the FASB and IASB periodically request feedback from stakeholders to assist the boards prioritizing their standard-setting efforts. This week, Andreas Ohl, a partner in PwC’s National Office, and Gary Berchowitz, a partner in PwC’s global IFRS technical accounting group, join our host Heather Horn to help unpack what respondents were focused on in each respective consultation.
Topics include:
  • 2:15 - What is the process? Andreas and Gary explain the FASB and IASB agenda consultations and how these processes ultimately feed into standard setting.
  • 7:45 - Where did the FASB respondent’s focus? Andreas provides insight from the responses to the FASB’s agenda consultation. Notably he summarizes thoughts on digital assets, intangibles, ESG in the financial statements, and government grants.
  • 26:45 - What about the IASB? Gary and Heather discuss where he thinks the IASB may land after their agenda consultation. Gary provides his perspective on  cash flow statement disclosures, going concern, and variable payments to acquire intangible assets.
  • 31:02 - Wrap up and timeline. We close by walking through what comes next in this process for the FASB and IASB and how this feedback will influence their agendas.
About our guests
Andreas Ohl is a partner in PwC's National Office focused on mergers and acquisitions under US GAAP and IFRS. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group.
Gary Berchowitz is a partner in PwC’s Global Accounting Consultancy Department. Gary brings more than 17 years of financial accounting experience, working to drive quality and connectivity throughout the PwC network and help local teams solve complex accounting issues in a practical way. Gary contributes to the firm’s global view on a variety of financial reporting matters.
About our host
Heather Horn is a Deputy Chief Accountant in PwC’s National Office and leader of the thought leadership group, 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.
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