Debt classification can significantly affect liquidity metrics, covenant compliance, and how stakeholders view a company’s financial position. This episode discusses the accounting guidance for classifying debt as current or noncurrent, including key judgments related to covenant violations, subjective acceleration clauses, refinancing arrangements, revolving credit facilities, and going concern.

For more, see chapter 12 of our Financial statement presentation guide.

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About our guests

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows as well as the application and interpretation of the accounting guidance related to financing, leasing, and foreign currency transactions.

Christopher Gerdau is a partner in PwC’s National Office specializing in accounting for financial instruments and banking-related topics. Chris also conducts technical reviews of SEC filings and provides technical support to PwC’s practice offices. Chris’s client service expertise includes the banking, capital markets, and insurance industries.

About our guest host

Diana Stoltzfus is a partner in PwC’s National Office who 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 OCA’s Professional Practices Group.

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 FASB’s disaggregation of income statement expenses (DISE) guidance requires public business entities to provide significantly more detail about key income statement expense captions beginning in 2027. This episode covers what the new disclosure requirements mean, why implementation may be more complex than expected, and how companies can start preparing their data, systems, processes, controls, and judgments now.

For more on this topic read section 3.11 of PwC’s Financial statement presentation guide and our publication, FASB issues new disaggregated expense disclosure requirements (DISE).

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About our guests

Angela Fergason is a partner in PwC’s National Office. She is an experienced consultant on technical accounting and financial reporting matters, specializing in revenue recognition, employee compensation, and emerging issues impacting the technology industry. Angela is also PwC’s standard setting leader, managing PwC’s strategy for engaging in accounting standard setting activities.

Gary Sardo is a partner in PwC’s Deals practice who advises companies on accounting and financial reporting matters from acquisitions, divestitures, capital raises, and complex deals, particularly in the pharmaceutical and life sciences industry. In this role, Gary also supports companies navigate the implementation of new accounting standards and evolving financial reporting requirements. Recently, Gary completed a tour in PwC’s National Office and a two-year fellowship at the Financial Accounting Standards Board.

About our host

Heather Horn is the PwC National Office Sustainability and 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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FASB standard setting activity continues full steam ahead in 2026, with projects focused on crypto assets, hedge accounting, liability-versus-equity classification, the statement of cash flows, and other key accounting topics. While the pace of new accounting standards may appear quieter than in recent years, the Board has been actively evaluating stakeholder feedback from its agenda consultation process and advancing projects that could lead to significant future accounting updates. This episode discusses the key themes emerging from that feedback, recent agenda decisions, and other developments companies should monitor.

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About our guest

Brandon Browne is a FASB Practice Fellow focusing primarily on standard setting matters affecting the financial services industry including hedging, current expected credit losses, paid-in-kind dividends, commodities accounting for banks, and others. Prior to his role at the FASB, Brandon was a director in the PwC Assurance practice, mainly supporting multinational companies in the Insurance industry and was also a member of the National Office where he focused on the review of SEC documents.

About our guest host

Angela Fergason is a partner in PwC’s National Office. She is an experienced consultant on technical accounting and financial reporting matters, specializing in revenue recognition, employee compensation, and emerging issues impacting the technology industry. Angela is also PwC’s standard setting leader, managing PwC’s strategy for engaging in accounting standard setting activities.

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.