Sustainability and Transparency for Tax Professionals
In this podcast episode, Doug McHoney, PwC’s International Tax Services Global Leader, interviews Heather Horn, PwC's Assurance National Thought Leader and host of the twice-weekly PwC Accounting Podcast. Doug and Heather discuss sustainability reporting and its increasing importance in the business world. They cover various regulations and standards, such as the EU’s Corporate Sustainability Reporting Directive (CSRD), and the potential intersection between sustainability reporting and tax transparency. Doug and Heather note the similarities between CSRD and other recent reporting requirements, like Pillar Two and the EU’s Foreign Subsidies Regulation (FSR). They also highlight the challenges and considerations for companies as they deal with new stakeholders and navigate the new reporting requirements.
Timestamps:
- 0:23 - Introduction to the podcast and the topic of sustainability reporting
- 1:08 - Heather Horn's background and the focus of the PwC Accounting Podcast
- 3:00 - The importance of sustainability reporting and its recent growth
- 5:28 - Overview of sustainability reporting regulations in various jurisdictions, including the European Union and California; disclosures of greenhouse gas (GHG) emissions
- 8:32 - Focus on the Corporate Sustainability Reporting Directive (CSRD) and its requirements, plus why it is important for non-EU companies
- 10:36 - Considerations for companies in determining the level of reporting and filing options
- 18:01 - The role of organizational charts in determining reporting levels and considerations for tax departments
- 25:05 – Teaming is important for tax and sustainability to be in synch
- 26:11 – Data collection challenges and drawing comparisons with Pillar Two reporting issues
- 28:43 – How does ESG and sustainability reporting inform tax transparency discussion? What does this mean for our tax listeners?
- 31:12 – Heather highlights the role of tax practitioners in supporting sustainability reporting efforts and staying informed and leaves us with her key takeaways
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