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Presenting the balance sheet – to net or not to net
Publication date: 27 Feb 2024
us Podcast
This podcast shares insights on offsetting amounts in the balance sheet.
We continue our month of podcasts focused on financial statement presentation.
In this episode, host Heather Horn sits down with Bret Dooley, Deputy Chief Accountant in PwC’s National Office leading our financial instruments team, for a refresher on a topic that is fundamental to financial reporting for its impact on financial statement ratios – balance sheet offsetting. Together, they break down the complexities involved in determining whether and how to offset balance sheet amounts.
In this episode, you’ll hear:
- 1:30 – A refresher on balance sheet offsetting, including its purpose and significance to financial statement users
- 6:15 – A discussion of the general accounting framework, including the four conditions to determine whether a right of setoff exists
- 15:33 – An explanation of the different offsetting arrangements for derivatives
- 19:11 – A breakdown of the six criteria for balance sheet offsetting of reverse repurchase and repurchase agreements
- 22:59 – Final accounting reminders for companies navigating balance sheet offsetting
For more information, read chapters 19 and 22 of our Financial statement presentation guide. Additionally, follow this podcast on your favorite podcast app for more episodes.
About our guest
Bret Dooley is a Deputy Chief Accountant in PwC’s National office who leads teams focused on the financial services sectors and accounting for financial instruments. He has over 25 years of experience in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues related to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.
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. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. 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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