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The concept of a circular economy emphasizes reducing, reusing, repairing, and recycling to minimize waste and maximize resource use in the context of a planet with finite resources. And as you’ll hear in this episode, circularity is increasingly becoming a business issue, both a challenge and opportunity, that interacts with multiple sustainability topics.

This week, Heather Horn is joined by Tom Beagent, a partner in PwC UK’s Global Sustainability and Climate Change practice, to discuss the circular economy, a sustainable alternative to the traditional linear economy model.

In this episode, we discuss:

• 3:02 - The concept of a circular economy and its importance in the context of finite resources
• 7:52 - The relationship between a circular economy, net zero emissions, and biodiversity
• 9:07 - The scale of change required, and the steps involved to transition to a circular economy
• 13:18 - Examples of industries and products that would benefit the most from transitioning to a circular economy 
• 19:18 - Consumer practices that fit within a circular economy
• 24:21 - Why regulators are stepping in to mandate change
• 26:40 - The business opportunities that arise from solving problems related to waste and resource use
• 28:34 - The challenge of changing consumer behavior and perceptions of abundance
• 31:58 - Reporting under the EU's ESRS E5 standard and insights from the related data

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership on sustainability standards.

Tom Beagent is a partner in PwC UK’s Global Sustainability and Climate Change practice, specializing in integrating natural and social capital analysis into decision making for sustainable growth. With over 20 years’ experience delivering sustainable business projects, he also co-developed PwC’s Total Impact Measurement and Management methodologies (TIMM), which allows organizations to measure and value the social, environmental, economic, and fiscal impacts resulting from their operations, as well as their extended value chains.

Heather Horn is the PwC National Office Sustainability & 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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While the SEC has stayed its climate disclosure rule for now, our team is still fielding many questions as preparers work toward complying with global sustainability reporting regulations. In this episode, host Heather Horn sits down with PwC National Office partners Kevin Vaughn, Diana Stoltzfus, and Valerie Wieman to break down some frequently asked questions on the SEC climate-related disclosures rules. 

In this episode, we discuss:

• 2:05 - The implications of the SEC staying the new climate disclosure rules, and how the rules fit into an environment with multiple reporting frameworks
• 5:17 - The continued applicability of previously issued interpretive guidance on climate-related disclosures
• 7:05 - The scope of the SEC’s new climate disclosure rules
• 10:11 - Impacts of the disclosure rules to management certifications and internal controls
• 11:20 - Frequently asked questions from SEC filers about:
  • 11:25 - Scenario analysis
  • 13:53 - Materiality
  • 15:31 - Targets and goals
  • 21:10 - Renewable energy certificates and carbon offsets
  • 23:51 - Financial statement impacts
  • 30:26 - Severe weather events and other natural conditions
• 33:56 - Advice and action steps for preparers

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to for the latest thought leadership on sustainability standards. Also, refer to the SEC staff’s Dear Issuer Letter for sample comments on a company’s climate-related disclosures.

Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.

Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.

Diana Stoltzfus is a partner in the National Office. Diana helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings, and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the Professional Practices Group within the OCA.

Heather Horn is the PwC National Office Sustainability & 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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Companies subject to multiple sustainability reporting regulations are sorting through how best to meet each framework’s requirements in an effective and efficient manner. In this episode, host Heather Horn sits down with Valerie Wieman, PwC National Office Partner, to discuss the concepts of interoperability and equivalence across global sustainability reporting frameworks as well as the importance of a data-driven assessment.

In this episode, we discuss:

• 2:31 - Defining the concepts of interoperability and equivalence
• 3:29 - What a “data first” approach means when it comes to preparing for compliance
• 4:51 - Overview of interoperability and equivalence in the major frameworks
• 14:00 - Timing considerations across frameworks
• 19:18 - Differences in scope and materiality among frameworks
• 24:59 - Attestation and assurance requirements across frameworks
• 31:29 - Getting started on compliance and how best to leverage interoperability opportunities

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.

Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.

Heather Horn is the PwC National Office Sustainability & 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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A critical step in getting ready for new sustainability reporting requirements is building a comprehensive governance framework. In this episode, host Heather Horn sits down with Stephen Parker and Matt DiGuiseppe of PwC’s Governance Insights Center to discuss the new regulatory environment and what it means for board members looking to discharge their oversight responsibilities effectively and management looking to get the board ready.

In this episode, we discuss:

• 2:21 - Reactions to new sustainability reporting frameworks from senior management and boards
• 6:13 - Strategies for managing the “noise” around new rules and how best to proceed despite uncertainty
• 10:43 - The need to upskill board members so that they are capable of performing their fiduciary responsibility related to oversight of sustainability processes and disclosures
• 18:43 - How management can best help the board prioritize its time given the increase in its responsibilities
• 23:15 - Whether the market has begun to consider a board candidate’s knowledge of climate during board selection processes and the level of expertise required
• 27:39 - How boards are performing their responsibilities with respect to climate information
• 33:55 - Working through the challenges of presenting sustainability information to the board given tight timelines and other reporting responsibilities
• 39:25 - Best practices for governance over sustainability matters at the board and management levels

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.

Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has advised boards of directors on a variety of complex financial reporting matters. Stephen’s client service experience includes energy and utility companies, financial services companies, and nonprofits.

Matt DiGuiseppe is a managing director in PwC’s Governance Insights Center, which helps stakeholders navigate the evolving governance landscape. Matt has participated in numerous industry groups and was the founding chairperson of the Investor Stewardship Group (ISG), which advanced a set of corporate governance and stewardship principles for the US market.

Heather Horn is the PwC National Office Sustainability & 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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While the changing global sustainability reporting landscape may pose challenges for preparers, there continue to be opportunities for companies in every industry to take a holistic approach to disclosure – whether mandatory or voluntary.

In this episode, host Heather Horn sits down with Marc Siegel, PwC National Office partner, for a discussion of the key focus areas and action steps for C-suite executives as they ready their companies for the future of global sustainability reporting.

In this episode, we discuss:

• 2:36 - How the market has spoken – and determined that sustainability disclosures are needed, regardless of regulatory actions
• 4:15 - Challenges of reporting under multiple frameworks
• 14:50 - How to prioritize gathering information
• 18:51 - The importance of building stronger disclosure controls and processes as well as having the right people focused on the task
• 23:02 - Navigating the market’s expectations for sustainability information
• 28:51 - Challenges resulting from differing time horizons for sustainability and financial reporting, and how to tie these horizons together to communicate a cohesive strategy
• 32:50 - How companies can tailor climate disclosures given the specific risks the company faces due to climate-related factors
• 35:43 - Key governance-related behaviors companies are adopting and how they are disclosing these behaviors
• 38:19 - The importance of starting the readiness process irrespective of ongoing legal challenges

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards. For more information on the SEC climate-related disclosure rules, refer to our publication, SEC adopts climate-related disclosure rules.

Marc Siegel is a PwC National Office partner. He helps boards and executives with transparent articulation of their company’s long term value creation story, throughout investor communication channels within and outside of regulatory filings. Marc completed 14 years of setting reporting standards in both financial accounting and ESG as a member of the FASB and SASB, respectively.

Heather Horn is the PwC National Office Sustainability & 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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The International Sustainability Standards Board (ISSB) under the IFRS Foundation last year released IFRS S1 and IFRS S2, representing a step toward the organization’s goal of achieving a comprehensive global baseline of sustainability disclosures. But implementing such a global baseline effectively goes beyond simply setting standards – it requires a new set of capabilities, infrastructure, knowledge, and talent in economies around the world.

New sustainability reporting requirements in jurisdictions around the world have resulted in the need for companies to take stock of their own capacity to produce high quality sustainability disclosures, as well as the capacity of players in their value chains who will provide inputs to their reporting. In this episode, Heather Horn sat down with Mardi McBrien, Chief of Strategic Affairs & Capacity Building at the IFRS Foundation, to discuss how the IFRS Foundation has been working to build capacity, and how companies can best navigate the overall sustainability reporting environment moving forward.

In this episode, you’ll hear:

• 2:31 - A refresher on capacity building and its importance in sustainability reporting
• 4:38 - A discussion of the need for upskilling in various sectors to meet global sustainability reporting standards
• 8:43 - An overview of the drivers of the IFRS Foundation’s focus on capacity building
• 17:14 - Advice on implementing new business processes and enhancing communication with suppliers to prepare for new disclosure standards
• 21:33 - A discussion of the progress made in capacity building and the role of the IFRS Foundation’s partners in this process
• 29:00 - An overview of the IFRS Foundation’s “three pillar approach” for capacity building
• 35:19 - Where listeners can go to understand where the ISSB is headed with standard setting and what is next for companies preparing to report

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.

Mardi McBrien is the Chief of Strategic Affairs & Capacity Building at the IFRS Foundation responsible for sustainability reporting. In this role she has played an active part in setting up the ISSB. Prior to the IFRS Foundation, Mardi spent over a decade leading the global ESG standard setter, the Climate Disclosure Standards Board (CDSB), in developing quality disclosure standards and thought leadership on environmental and social issues.

Heather Horn is the PwC National Office Sustainability & 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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Companies around the world are now facing the difficult task of operationalizing multiple sustainability reporting regulations, and doing so within an unprecedented timeline. How are they managing the pressures? In this episode, host Heather Horn sat down with Alan McGill, PwC UK’s Sustainability Reporting, Measurements, and Assurance Leader, to illuminate some of the ways that companies are most effectively navigating the current regulatory landscape. 

In this episode, we discuss:

• 2:45 - The complexity of the current sustainability regulatory landscape 
• 7:03 - The market response to sustainability regulations, including challenges companies may face regarding short implementation timelines 
• 10:38 - The significant increase in the scope of reporting requirements under the CSRD compared to previous voluntary reporting and what that means for companies in scope 
• 13:14 - The current knowledge gap in ESG, and the importance of using sustainability data to drive business innovation and transformation 
• 21:42 - Examples of steps companies have taken to prepare for reporting 
• 36:02 - How multi-jurisdictional companies are managing the interoperability (or lack thereof) of the major frameworks 
• 38:05 - Reflections on whether new regulations have resulted in companies changing their operations to be more sustainable, and how companies can seize opportunities for innovation

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to receive all of our thought leadership on sustainability.

Alan McGill is PwC UK's Sustainability Reporting, Measurements, and Assurance Leader. With experience delivering sustainable business projects, Alan’s work focuses on the impact of sustainability issues on business and providing organizations with attestation services over their reporting on relevant sustainability issues.

Heather Horn is the PwC National Office Sustainability & 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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The SEC’s new climate-related disclosures rules include new required disclosures on greenhouse gas (GHG) emissions reporting and assurance will be required.

In this episode, host Heather Horn sits down with Marcin Olewinski, a Trust Solutions partner, to unpack the key GHG emissions reporting requirements in the SEC’s new rules and to share insights for companies navigating the intersection among regulatory reporting requirements globally.

In this episode, you’ll hear:

• 2:20 - An overview of GHG emissions reporting requirements under the new SEC rules
• 7:30 - A discussion of the materiality qualifier for GHG emissions reporting and judgments involved in assessing materiality of nonfinancial information
• 14:30 - Insights on the notable changes between the proposed and final rules as well as a breakdown of the key requirements, including:
  • 15:05 - Considerations for navigating the requirements for electing and reporting organizational boundaries
  • 19:50 - A discussion of the requirements on operational boundaries and considerations for classifying direct and indirect emissions
  • 21:41 - Insights on measurement of GHG emissions, including considerations for disclosing inputs, assumptions, and calculation methodologies
• 33:58 - An overview of filing requirements, including timing and assurance considerations 
• 36:23 - Final advice for companies preparing to adopt the new SEC rules and seeking to navigate interoperability with other regulatory requirements

Looking for the latest developments in sustainability reporting? Tune into to our prior podcast for a primer on GHG emissions reporting. Additionally, follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.

For more information specific to the SEC’s climate disclosure rules, read our In brief summary and comprehensive In depth publications.

Note: On March 15, 2024, the US Court of Appeals for the Fifth Circuit temporarily stayed the rules. Next steps, including the timing and location of a potential hearing, are unclear.

Marcin Olewinski is a partner in PwC’s Trust Solutions practice, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he is focused extensively within PwC’s National Office on greenhouse gas and sustainability reporting.

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.

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In this episode, host Heather Horn sits down with Kyle Moffatt, PwC’s Professional Practice leader, and PwC National Office partners Kevin Vaughn and Valerie Wieman to break down the much-anticipated SEC climate-related disclosures rules. 

For more information on the SEC climate-related disclosure rules, refer to our In brief publication.  Note: On March 15, 2024, the US Court of Appeals for the Fifth Circuit temporarily stayed the rules. Next steps, including the timing and location of a potential hearing, are unclear.

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.

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.

Kevin Vaughn is a partner in PwC’s National Office. Prior to joining PwC, Kevin was senior associate chief accountant in the Office of the Chief Accountant (OCA) at the SEC where he spent almost 20 years focusing on complex financial reporting and technical accounting issues.

Valerie Wieman is a PwC National Office partner with over 30 years of experience. She helps lead the creation, development, and publication of our brand-defining thought leadership, with a focus on domestic and international sustainability requirements.

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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The GHG Protocol has been one of the most widely used sustainability reporting frameworks for companies reporting GHG emissions information. With the evolution of the sustainability reporting landscape, including the adoption of regulatory sustainability reporting frameworks both in the United States and globally, the criticality of GHG emissions information and the GHG Protocol is reinforced by its incorporation in the primary sustainability reporting frameworks.

In this episode, host Heather Horn sits down with Marcin Olewinski, a PwC Trust Solutions partner, to unpack some of the fundamental judgments in GHG emissions reporting as companies prepare for the shift from a voluntary to mandatory reporting environment.

In this episode, you’ll hear:

• 00:44 - An overview of the prominence of GHG emissions reporting across jurisdictions, including the impact of the evolution in the regulatory landscape
• 2:24 - A discussion of the key concepts and definitions that are foundational to GHG emissions reporting, including:
  • 3:01 - An overview of scope 1, 2, and 3 emissions
  • 10:30 - A breakdown of organizational and operational boundaries
  • 14:15 - Insights on practical challenges companies face in establishing the reporting boundary and preparing a GHG emissions inventory
• 16:05 - A refresher on the key differences in organizational boundaries among the sustainability reporting frameworks and advice for companies subject to multiple frameworks
• 18:50 - Considerations for companies establishing policies, processes, and controls to collect and aggregate data across its own operations and its value chain as a starting point for a GHG emissions inventory that is complete and accurate
• 27:59 - A discussion of the importance of consistency and reliability of input data as it relates to both activity data and emissions factors, including advice for companies navigating this reporting journey

For more information, read our Navigating the ESG landscape publication as well as our comment letter to the GHG protocol. Additionally, note that this podcast was recorded prior to issuance of the SEC climate disclosure rules on March 6. Stay tuned for more content specific to the SEC rules. Lastly, follow this podcast on your favorite podcast app for more episodes.

Marcin Olewinski is a partner in PwC’s Trust Solutions practice, with over 20 years of experience bringing valued perspectives and insights to large clients in the energy sector. Additionally, he is focused extensively within PwC’s National Office on greenhouse gas and sustainability reporting.

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.

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.

Continuing our CSRD series, this week Heather Horn is joined by PwC Netherlands partner Kees-Jan de Vries to discuss the topic of the EU’s green taxonomy disclosures for financial institutions, including how the metrics and key performance indicators differ from the baseline taxonomy disclosures, as well as what financial institutions should be doing to prepare. 

In this episode, you’ll hear:

• 2:31 - Explanation of the European Union's green taxonomy and its implications
• 9:14 - Discussion on how the green taxonomy is different for financial institutions
• 12:17 - Breakdown of key performance indicators (KPIs)
• 18:58 - Challenges financial institutions face in reporting on the green taxonomy
• 22:03 - Expectations for banks and insurance companies to seek out more data due to the green taxonomy
• 27:10 - The shift from the Non-Financial Reporting Directive (NFRD) to the Corporate Sustainability Reporting Directive (CSRD) and its impact
• 30:34 - How adoption of taxonomy disclosures requires similar oversight and controls as adoptions of other accounting rules and disclosure frameworks

Kees-Jan de Vries is a sustainability partner for PwC Netherlands, specializing in reporting for banks and insurance companies. He serves as chair of PwC's international Financial Services Sustainable Reporting Working Group that interprets EU Taxonomy, CSRD, ESRS, and SFDR requirements.

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.

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.

Continuing our CSRD series, this week Heather Horn is joined by Peter Flick and Nina Schäfer to discuss the topics of reporting boundaries and other common CSRD implementation questions companies are facing.

In this episode, you’ll hear:

• 3:30 – Explanation of the concepts of reporting boundaries and value chain in sustainability reporting
• 8:59 – An analogy of concentric circles to explain the concept of own operations and value chain
• 12:24 – A discussion on the importance of considering subsidiaries in ESG reporting
• 23:01 – Insights on the impacts of leasing contracts and special purpose entities on sustainability reporting
• 33:16 – Context for the implementation guidance provided by EFRAG for companies starting with their adoption of CSRD reporting

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.

Peter Flick is the Sustainability Reporting Technical Leader for PwC Germany, where he oversees a team focused on sustainability reporting issues in the National Office. Prior to taking on sustainability reporting, Peter consulted with clients on complex financial instrument accounting under IFRS and German GAAP.

Nina Schäfer is a Director in PwC Germany’s National Office, where she focuses on sustainability reporting technical issues and consultations.

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.

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The International Sustainability Standards Board (ISSB) issued final IFRS® Sustainability Disclosure Standards (SDS) in June of 2023. Multiple jurisdictions around the world have signaled their intent to adopt the new standards, including some with fulsome legislative or regulatory proposals.

To capture the latest updates regarding the adoption of ISSB standards, Heather Horn sat down with Katie Woods, PwC UK Senior Director, to discuss measures advancing the standards in specific jurisdictions, as well as other important updates on the standard setter’s recent activities.

In this episode, you’ll hear discussion of:

• 3:15 – The International Sustainability Standards Board (ISSB) and its role in the global framework
• 4:00 – The first two standards issued by the ISSB, including the general disclosure standard and the climate standard
• 4:19 – Countries moving forward with potential adoption of ISSB standards
• 7:32 – Updates on Singapore's adoption of ISSB standards and its impact on public and large private companies in Singapore
• 8:12 – An update on the UK's approach to sustainability disclosure standards as well as a rundown of other countries’ recent measures on sustainability reporting
• 14:45 – The ISSB’s work to internationalize Sustainability Accounting Standards Board (SASB) standards, and its recently issued educational materials
• 20:42 - The focus of the ISSB's next thematic standards and the importance of the digital taxonomy in sustainability reporting
• 27:10 – The importance of understanding multiple reporting frameworks to keep up with the rapid pace of change in sustainability reporting

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter for the latest thought leadership on sustainability standards.

Katie Woods is a Senior Director in PwC's Global Corporate Reporting Services - sustainability group advising on ESG and International accounting standards. Katie specializes in the new and emerging ESG reporting frameworks working across the PwC Network. She has over 30 years of experience working with a broad range of companies. Katie speaks regularly on a range of ESG and accounting topics at national and international seminars.

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.

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Investors today want to better understand how companies are managing crises and staying resilient, while creating and protecting long-term value in today’s fracturing world. They are looking closely at two areas—emerging technology and sustainability—to gauge whether companies can seize opportunities for reinvention and business transformation, or whether they will instead succumb to rivals.  

That’s according to PwC’s most recent Global Investor Survey, which is now in its third consecutive year. To break down some of the survey’s results and their implications for preparers, Heather Horn sat down with Nadja Picard, PwC’s global reporting leader. 

In this episode, you’ll hear: 

• 3:19 - The importance of sustainability in the context of broader business activity and how it is no longer a siloed topic 
• 5:54 – How investors prioritize agility in managing long-term risks and opportunities 
• 17:25 - The challenges companies face in collecting and managing sustainability data and the importance of having a well-defined data strategy 
• 18:19 - The importance of credibility in sustainability reporting and how investors are looking for strategies that are underpinned by good plans 
• 24:43 - Investor perspectives and beliefs on corporate greenwashing, per our survey 
• 29:41 - The learning journey of companies in implementing sustainability reporting and the role of regulators in this process 
• 32:58 - The future of sustainability reporting and the role of technology in improving data collection and reporting 

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards. 

Nadja Picard is PwC’s Global Reporting Leader. In this role, she leads PwC’s global initiative to help clients transform their corporate reporting to meet investor and stakeholder demands for trusted and assured reporting beyond financial reporting. Nadja also advises companies on the accounting, corporate reporting, and investor relations requirements in advance of capital markets transactions, especially IPOs.

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. 

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Even as mandatory sustainability reporting regulations near effective dates in jurisdictions around the world, voluntary reporting remains an important part of many companies’ disclosures. With more than 10,000 companies around the world using its standards, the Global Reporting Initiative (GRI) remains a key standard setter in the impact reporting space.

Today’s guest makes the case that there are myriad benefits to voluntary reporting – not the least of which is preparation for mandatory reporting. Host Heather Horn sits down with Eelco van der Enden, CEO of GRI, to discuss GRI's recent accomplishments and the path ahead for sustainability reporting around the world.

In this episode, you’ll hear them discuss:

• 1:05 - GRI’s accomplishments in the past year
• 6:29 - The development of a digital taxonomy that will facilitate interoperability between the European Sustainability Reporting Standards (ESRS) and GRI
• 12:16 - The overlap between impact reporting and financial materiality, and the importance of considering demographic challenges, climate change, and related legislation in impact reporting
• 17:45 - The collaboration between GRI and the International Sustainability Standards Board (ISSB) in launching a Sustainability Innovation Lab in Singapore
• 30:53 – How GRI is innovating to support small and medium company reporting
• 39:16 – The launch of GRI’s new disclosure standard on biodiversity
• 41:15 – How standard setters are working together to address the challenges faced by companies in complying with multiple reporting regimes

Looking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards.

Eelco van der Enden is the CEO of the Global Reporting Initiative. Prior to this role, Eelco led PwC’s global ESG platform for the Tax & Legal and People Services, and PwC's Tax Administration Consulting practice. Eelco is also Chairman of the Tax Policy Group of Accountancy Europe, and has published multiple articles on tax governance and reporting.

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. 

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XBRL is an open international standard for digital business reporting that allows information to move between organizations rapidly and with accuracy. While XBRL is a mature component of today’s financial reporting ecosystem, a shared digital reporting language may also be critical for the future of sustainability reporting.  

In this episode, host Heather Horn sits down with John Turner, CEO of XBRL International, the global consortium that manages and promotes XBRL, to discuss the framework’s role in enhancing the quality and usefulness of sustainability disclosures. 

In this episode, you’ll hear: 

• 4:02 - Defining digital taxonomies, digital languages, and XBRL 
• 9:49 - How standard setters interact with digital taxonomies 
• 16:27 - How accurate digital tagging of financial data is crucial to robust investment analysis 
• 22:10 - Approaches on digitally tagging qualitative information and footnotes 
• 25:38 - How digital taxonomies could impact sustainability reporting 
• 28:30 - Anticipated challenges in aligning digital reporting across differing sustainability standards 
• 40:23 - Digital readiness considerations for issuers planning for mandatory sustainability reporting 
• 45:03 - The importance of issuers voicing feedback to regulators as standards are set 

Looking for more information on XBRL? Check out our previous podcast episode, What’s next in tech for finance? XBRL, your competitive advantage, as well as PwC’s XBRL service offerings. Additionally, follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards. 

John Turner is the CEO of XBRL International. In his role, John is responsible for enhancing reporting under regulatory standards and supporting the adoption of XBRL globally. Throughout his career, he has been focused on improving business reporting and analytics, having been a leading member of the XBRL community since 2001 when it was founded, and also serving in roles within the consulting and regulation spaces.

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. 

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The European Green Deal is a package of policy initiatives introduced by the European Commission (EC) in December 2019 with objectives to achieve “no net emissions of greenhouse gases by 2050, economic growth decoupled from resource use, and no person and no place left behind.” Many companies are already focused on one aspect of the Green Deal — the Corporate Sustainability Reporting Directive (CSRD). But the CSRD is far from the only EU regulation needing immediate attention. This audio companion details several other pressing and broadly applicable EU regulations that would also be newly applicable — or possibly already applicable — for both EU and non-EU companies. In this episode, podcast host Heather Horn brings you an audio version of our publication covering the EU regulations beyond CSRD. 

In this podcast, we cover: 

• 1:00 - Overview of the EU regulatory landscape 
• 7:01 – EU Taxonomy
• 30:54 – Sustainable finance disclosure regulation
• 38:17 – Carbon Border Adjustment Mechanism
• 44:06 – Foreign Subsidies Regulation
• 49:13 – Corporate Sustainability Due Diligence Directive
• 54:16 – Final thoughts Looking for more information on the CSRD and other EU reporting requirements? 

Check out our publications  European Union regulations beyond CSRD, Worldwide impact of CSRD - are you ready?, and  Take the next step - decide how to report under CSRD  for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.

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.

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.  

Continuing our CSRD series, this week we dive into a core component of reporting under the directive: the value chain. The CSRD will extend reporting to a company’s direct and indirect business relationships and activities across its value chain, which is expected to be one of the more challenging areas of compliance. In this episode, host Heather Horn is joined by PwC sustainability director Luca Bonaccorsi to discuss the concept of value chain reporting and what companies can do to navigate this “quantum leap” in reporting. 

In this episode, you’ll hear: 

• 3:00 - What the value chain is, and its importance in the context of CSRD and sustainability reporting 
• 6:27 – The importance of upstream and downstream (i.e., across the whole product life cycle from manufacturing to end use) value chain considerations 
• 13:27 - How to assess the relevance of information from the different levels of the value chain 
• 18:28 - The role of materiality in identifying and disclosing value chain risks 
• 21:19 - Where to start in gathering information for impact reporting 
• 23:59 – Updates on implementation guidance from the European Financial Reporting Advisory Group (EFRAG) 
• 29:07 - Key benefits companies can gain from value chain reporting 
• 32:42 – Actions companies can take to improve the quality of value chain data during the CSRD transitional provision period 
• 40:34 - Best practices to navigate uncertainty when preparing for final effectiveness of reporting 

Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.

Luca Bonaccorsi is a sustainability director at PwC based in Belgium. Prior to joining the firm, he previously served in ESG and sustainable finance roles, and had career experience in investment banking and investigative journalism. He is a co-author of the EU Taxonomy technical criteria, and serves as a member of the Sustainability Reporting Technical Expert Group (SRT) at EFRAG.

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. 

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.  

Continuing our CSRD series, in this episode we discuss how the investor community views and benchmarks sustainability requirements. This week, host Heather Horn is joined by Claire Berthier, CEO of French asset management firm Trusteam Finance, to share her viewpoint on how companies can align their sustainability reporting and corporate strategy to meet investor needs.  

In this episode, you’ll hear: 

• 3:35 - Background on why investors look for enhanced sustainability disclosures 
• 10:11 - The explanation of strategy, mission, and other key initiatives in sustainability disclosures  
• 19:52 - The importance of communications among investors, companies, and other stakeholders 
• 32:22 - How the EU’s Green Taxonomy regulation data points support certain investor needs 
• 37:13 - Converting ESG risk to opportunity 
• 40:05 - Recommendations for companies that are early in their sustainability reporting journeys 
• 45:22 - Key messages and themes that Claire believes investors want to hear from companies in their sustainability reporting 

Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership. 

Claire Berthier is the CEO of Trusteam Finance, an investment and asset management firm based in Paris, France. With a background in M&A investment banking and private equity, she currently focuses on responsible investing and has co-founded a social impact start-up. She regularly shares her financial and non-financial ESG analysis expertise with fellow investors. 

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.

Follow PwC’s accounting podcast on your favorite podcast app for future episodes in this SEC comment letter series, and subscribe to our weekly newsletter to get all of our thought leadership.  

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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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

This week we zoom out to review the broader landscape of EU regulations. Introduced as a result of the European Green Deal strategic policy initiative, these regulations will have impacts on topics from carbon pricing, to foreign subsidy disclosures, to corporate governance, and more. In this episode, Heather Horn is joined by PwC Netherlands partners Niels Muller and Linda Thonen to review these regulations, and how they will impact entities that are in scope. 

In this episode, you’ll hear:

• 4:05 - Background on the European Green Deal
• 6:42 - The Carbon Border Adjustment Mechanism (CBAM) and its impact to carbon pricing on EU imports
• 16:25 - The Foreign Subsidies Regulation (FSR) and its interaction with the Inflation Reduction Act (IRA)
• 23:29 - How corporate strategy and investment decisions are changing due to green regulations 
• 34:53 - Legal risk management, and the role of directors and those charged with governance 
• 41:15 - How CSRD scoping and reporting decisions impact compliance with other regulations
• 45:15 - The proposed Corporate Sustainability Due Diligence Directive (CSDDD) and its far-reaching requirements
• 47:16 - What companies can do today to prepare for upcoming regulations

Looking for more information on these EU regulations and their reporting requirements? Check out our publication European Union regulations beyond CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight series, and subscribe to our weekly newsletter to get all of our thought leadership.

Niels Muller is a PwC partner based in the Netherlands specializing in energy transitions and sustainable energy. In this role he advises institutional investors, financial institutions, and utility companies as well as governments and non-governmental organizations on sustainability and tax projects.

Linda Thonen is a PwC legal services partner based in the Netherlands specializing in corporate and sustainability matters. With over 15 years as a legal practitioner, Linda’s experience has centered around corporate law, corporate governance, with a focus on M&A and cross-border transactions.

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.

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The Task Force on Climate-related Financial Disclosures (TCFD) framework serves as a foundation for the major ESG disclosure frameworks, and also the basis for the California SB 261 climate disclosure rules recently signed into law. The UK first mandated reporting under the TCFD for listed companies beginning in 2021, and as such, there are two years of reports and insights available in 2023.  

In today’s podcast, host Heather Horn sat down with Mark O’Sullivan, PwC UK’s Head of Corporate Reporting, to discuss PwC’s review of the second year of mandatory TCFD reporting for certain companies in the UK, and how insights from this review can help companies looking to start or enhance their climate-related disclosures. 

In this episode, you’ll hear:

• 4:44 - Our review findings for year two of mandatory TCFD reporting in the UK
• 10:12 - Current challenges, including the understanding and expectation gaps faced by companies required to “comply or explain”
• 18:09 - Observations and trends by industry 
• 24:01 - Key takeaways from year two for companies looking to start or enhance their own TCFD reporting
• 30:09 - Regulatory findings from the UK’s Financial Reporting Council (FRC) on metrics and targets
• 34:36 - What’s coming next for TCFD, and its relationship with other ESG frameworks that are becoming mandatory
• 39:39 - Discussion of materiality assessments and the FRC’s recent findings
• 44:30 - Advice for companies preparing for mandatory UK, California, or other ESG reporting rules

Want to learn more about developments in ESG and TCFD? Read PwC UK’s publications, The green shoots of TCFD reporting, and Still early days: A review of year two of TCFD reporting, along with our previous podcast on how TCFD is shaping today’s reporting landscape. Additionally, refer to the FRC’s latest report on its reviews of TCFD disclosures, as well as the FRC Lab’s recent articles on materiality assessments and applications. 

Mark O’Sullivan is PwC UK’s Head of Corporate Reporting. He has more than 15 years of experience advising leading organizations on current and best practices in reporting and the implementation of new reporting strategies to meet the needs of the capital markets. Mark also oversees PwC’s annual review of corporate reporting practices in the FTSE 350.

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.

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

Continuing our CSRD series, this week we discuss the topic of “double materiality,” which represents the intersection between impact materiality and financial materiality. In this episode, Heather Horn is joined by Cécile Saint-Martin, PwC’s Global ESG Assurance Leader, to go over this critical element in determining the applicable impacts, risks, and opportunities, as well as extent of disclosures under CSRD.

In this episode, you’ll hear:

• 3:09 - Lessons learned from legacy reporting under the Non-financial Reporting Directive (NFRD), the predecessor to CSRD
• 4:32 - Introduction to double materiality 
• 10:17 - Examples of the double materiality assessment for specific topics
• 17:29 - The interplay between ESRS and other standards and the double materiality assessment
• 24:53 - Evaluation of double materiality with a governance and strategy lens
• 26:52 - Stakeholder considerations
• 31:28 - Steps for identifying material matters
• 39:24 - Advice on aggregating information for process disclosure and reporting purposes
• 44:09 - Next steps and recommendations for preparers

Looking for more information on the CSRD and reporting requirements? Check out our publications Worldwide impact of CSRD - are you ready? and Take the next step - decide how to report under CSRD for further details. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership.

Cécile Saint-Martin is PwC’s Global ESG Assurance Leader, leading the firm’s global initiative to deliver high quality and relevant assurance over ESG reporting. Based in France, she has executed assurance engagements on European corporations, and currently leads interpretation and implementation efforts on CSRD. Cécile has over 25 years of experience at PwC, also serving as an audit partner on global accounts within the Industry & Services sector.

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.

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

Continuing our CSRD series, this week we dive deeper into the EU’s “green” taxonomy regulation, which requires disclosure of certain metrics related to a company’s environmentally sustainable activities as early as 2024. In this episode, Heather Horn welcomes back PwC Germany senior manager Martin Schönberger to address common questions related to interpretation of the rules, eligibility of the activities, and calculation of the metrics as they apply to non-financial services companies. 

In this episode, you’ll hear discussion of:

• 2:32 - The evolution of EU green taxonomy reporting from the original two objectives to the current six
• 12:15 - Using the promulgated reporting templates as a tool to align activities to the taxonomy
• 19:29 - Timeline for assurance requirements
• 21:46 - “Eligible” versus “aligned” activities
• 25:27 - The importance of educating and involving the procurement function and value chain participants
• 33:10 - Challenges in reporting key performance indicators (KPIs)
• 38:09 - Potential pitfalls in disclosures related to planned and aligned activities for sustainable capital expenditures
• 50:02 - What’s coming next for taxonomy reporters

Looking for more information on the EU Taxonomy? Check out the European Commission website for the official legislation and released delegated acts. For the basics on EU Taxonomy, listen to our earlier podcast episode, CSRD spotlight: Get up to speed on required EU taxonomy disclosures. Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.

Martin Schönberger is a senior manager in the National Office at PwC Germany, focusing on sustainability reporting. His work includes interpreting the latest regulations from European legislators and developing publications and trainings to communicate thought leadership to practitioners. Martin is also part of the Taxonomy Working Group, which coordinates technical issues regarding the EU Taxonomy within the PwC network.

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.

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On October 7, 2023, California Governor Gavin Newsom signed into law two landmark climate-disclosure bills that are poised to change the landscape of climate reporting in the United States. Over 10,000 US companies - including both public and private companies as well as subsidiaries of non-US headquartered companies - will be subject to the climate disclosure requirements in the near term.

In this episode, podcast host Heather Horn brings you an audio version of our publication covering the expansive impact of these new laws. 

In this podcast, you’ll hear:

• 1:38 - Background and introduction
• 7:13 - Who would be subject to the new laws, and applicability of AB 1305: Voluntary carbon market disclosures
• 15:44 - Disclosure requirements
• 28:43 - Monitoring
• 31:24 - SB 54: Venture capital diversity disclosures
• 32:34 - What’s next

Refer also to the print version, California's not waiting for the SEC's climate disclosure rules.

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.

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The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation. 

Continuing our CSRD miniseries, this week we discuss the EU’s “green” taxonomy regulation, which requires disclosure of certain metrics related to a company’s  environmentally sustainable activities. Under these rules, companies that are in the scope of CSRD will be further required to identify and disclose the extent of their operations that align with the promulgated classification of sustainable activities. In this episode, Heather Horn is joined by PwC Germany senior manager Martin Schönberger to discuss the essentials of the regulation, including an overview of sustainable activities, how to determine whether activities are “aligned” with environmentally sustainable objectives, and disclosure requirements. 

In this episode, you’ll hear discussion of:

• 2:54 - Context of and impetus for the regulation
• 5:11 - Scoping criteria
• 8:34 - Identifying sustainable activities, qualifying conditions, and underlying objectives 
• 15:57 - The importance of considering whether your company engages in eligible activities, regardless of what sector your business is in
• 18:39 - How to consider the “substantial contribution” and “do no significant harm” criteria in aligning activities with the taxonomy
• 29:13 - Disclosure requirements, including reporting of KPIs (i.e., green net turnover, green capital expenditures, green operating expenses)
• 47:04 - Where companies should start on their journey to compliance with the taxonomy regulation

Looking for more information on the EU Taxonomy? Check out the European Commission website for the official legislation and released delegated acts. For a refresher on CSRD scoping requirements, take a listen to our earlier podcast episode, CSRD spotlight: Updates and essentials for preparers, as well as our publication Worldwide impact of CSRD - are you ready? Additionally, follow this podcast on your favorite podcast app for future episodes in this CSRD spotlight miniseries, and subscribe to our weekly newsletter to get all of our thought leadership, including an upcoming publication on EU sustainability regulations beyond the CSRD that impact non-EU companies, including the EU Taxonomy.

Martin Schönberger is a Senior Manager within the National Office at PwC Germany, focusing on sustainability reporting. His work includes interpreting the latest regulations from European legislators, and developing publications and trainings to communicate thought leadership to practitioners. Martin is also part of the Taxonomy Working Group, which coordinates technical issues regarding the EU Taxonomy within the PwC network. 

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