Financial reporting ecosystem: How preparers can stay engaged

Continuing our October all-star series, Tom Barbieri, PwC US Chief Accountant, shares insights on the financial reporting ecosystem and how to stay engaged amid ongoing developments in the landscape. Tom is joined by Kevin Vaughn, PwC National Office partner, and Ying Compton, PwC managing director, to unpack the financial reporting ecosystem, including the key players, how they work together, and the critical role they play in the capital markets. In this episode, you’ll hear: 4:58 - An overview of the key players in the financial reporting ecosystem and their significance to the investor-driven reporting mission 11:28 - How standard setting, application, and enforcement drive the US reporting environment 13:22 - The roles and composition of both the SEC and the FASB 17:44 - Interaction between the SEC and FASB and the opportunities for preparers to collaborate with each 21:34 - Why preparers should pay attention to PCAOB developments 23:35 - A comparison of the rule-making processes across standard-setters and regulators, including the balance between high-quality reporting and its associated costs 30:14 - Final advice for preparers on engaging with other players in the ecosystem to enhance reporting quality and efficiency Tom Barbieri is PwC’s US Chief Accountant. He has over 30 years of experience advising large financial services and multinational corporations on complex accounting issues. Tom leads the Accounting & SEC Services Group within the National Office, which is focused on supporting our clients and engagement teams in navigating complex technical accounting and financial reporting matters. He is also a member of the Financial Accounting Standards Advisory Council. 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. Ying Compton is a PwC managing director in the office of the vice chair. Prior to joining PwC, Ying was a senior accounting and economic advisor in the Office of the Chief Accountant (OCA) at the SEC. She also holds a PhD in accounting from Massachusetts Institute of Technology (MIT). 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 . Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.