Revenue Recognition Conference 2020: Current Industry Trends & Strategies in Financial Reporting

Topic Photo
Revenue Recognition Conference 2020: Current Industry Trends & Strategies in Financial Reporting

CPE Credit: 16 Hours

Price: $1,445.00

NASBA Field of Study: Accounting

 

Overview

The Revenue Recognition Standard—ASC 606—dramatically changes the way you, your company, or your clients, recognize revenue by replacing existing US GAAP with a new core principle and 5-Step Process. Our conference will provide you up-to-date guidance to help you fully understand and comply with the latest accounting rules for revenue recognition.

Attendees will discover differences with the previous GAAP, and learn proven real-world practices tested by other companies, from our unmatchable team of America’s foremost revenue recognition experts from the Big 4, industry leaders and other specialists.

At this specialized conference, you’ll also have the opportunity to utilize real-world examples and case studies to discover practical solutions fitting your specific circumstances.
 

AGENDA HIGHLIGHTS

•  ASC 606: Revenue Recognition—Introduction, Scope, New Model

•  Understanding ASC 606: Steps 1–5

•  Transition Methods & Managing the Implementation Process

•  Contract Modifications, Repurchase Agreements, Disclosure, SEC Comment Letters, Significant
   Differences with IFRS, ASU 2018-18, Software Automation

•  ASC 606: Internal Controls

•  Case Examples

 

LEARNING OBJECTIVE  To provide you with a thorough understanding of the latest accounting rules for revenue recognition and to
help you comply with the core principles and 5-Step Process for recognizing revenue as required by the New Standard (ASC 606).

PREREQUISITE  None.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Update.    NASBA FIELD OF STUDY  Accounting.    DELIVERY METHOD  Group-Live.

 

This program is also available via live webinar
Revenue Recognition Conference 2020: Current Industry Trends & Strategies in Financial Reporting Webinar

Agenda

DAY ONE AGENDA*


Deluxe Continental Breakfast & Registration
8:00 – 8:45 AM

Welcome & Opening Remarks
8:45
 – 9:00 AM

ASC 606: Revenue Recognition—Introduction, Scope, New Model
9:00
 – 10:15 AM
ASC Topic 606 is the new Revenue Recognition Standard that affects all businesses that enter into contracts with customers to transfer goods or services—public, private, and non-profit entities. This session reviews the scope of ASC 606, recent amendments to ASU 2014-09, significant differences with ASC 605, and the potential impact on the financial results of many companies; i.e., the New Standard will accelerate or defer the timing of revenue recognition for many companies compared with ASC 605. Also included in this session is a review of the New Standard's goals and a comparison with goals of new CECL Standard, New Standard core principles, interaction with other guidance, contract assets and liabilities, and the implementation experience of public companies.

Break
10:15
 – 10:30 AM

Understanding ASC 606: Steps 1–5 
10:30 AM – 12:00 PM

Luncheon
12:00
 – 12:45 PM

Understanding ASC 606: Steps 1–5 (continued) 
12:45 – 2:30 PM
The core principle of the New Revenue Standard is that an entity recognizes revenue to depict the transfer of promised goods, or services, to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This session reviews the five-step model—how an entity recognizes revenue in accordance with the core principles with numerous examples. The five steps are:
• Identification of contract existence
Identification of distinct promises
• Performance obligations within the contract
• Determination of the transaction price
• Allocation of the transaction price to performance obligations
• Recognition of revenue when control is transferred and the performance obligation(s) are satisfied
  either at a point-in-time or over time

Break
2:30 – 2:45 PM

Understanding ASC 606: Steps 1–5 (continued) 
2:45 – 3:15 PM

Transition Methods & Managing the Implementation Process
3:15 – 5:00 PM

The New Standard requires transition to be either full or modified retrospective. This session discusses the pros and cons of each method with examples, including required disclosure. Also, this session reviews best practices on implementing ASC 606 based on the prior experience of public companies, with a focus on managing the implementation workstream process.
 

DAY TWO AGENDA*


Deluxe Continental Breakfast
7:45 – 8:15 AM

Opening Remarks—Day 1 Recap
8:15
 – 8:30 AM
This session reviews Day 1.

Understanding ASC 606: Steps 1–5 (continued) 
8:30 – 10:00 AM

Break
10:00
 – 10:15 AM

Contract Modifications, Repurchase Agreements, Disclosure, SEC Comment Letters, Significant Differences with IFRS, ASU 2018-18, Software Automation
10:15  AM– 12:15 PM
The New Standard changes the accounting for contract modifications and repurchase agreements, and requires a lot more quantitative and qualitative disclosure. This session reviews those changes with an emphasis on the required disclosure for both public and private companies and SEC comment letters. This session also includes a summary of the key differences between ASC 606 and IFRS 15, the 606 impact on taxes, ASU 2018-18 which clarifies the interaction between Topic 808 and ASC 606, and a brief discussion on the benefits of revenue software automation.

Luncheon
12:15 – 1:00 PM

ASC 606: Internal Controls
1:00 – 2:30 PM
This session discusses the New Standard's impact on Internal Controls. Internal Controls should be a key consideration in your adoption of 606, and should be considered early in the implementation process to ensure a successful transition. The New Standard requires many judgments and estimates, and existing processes may not function with the precision required to make accurate estimates under the New Standard. Some of the information will have to be sourced outside the controllership function. This session will discuss what changes to your Internal Control processes are likely required. 

Contract Modifications, Repurchase Agreements, Disclosure, SEC Comment Letters, Significant Differences with IFRS, ASU 2018-18, Software Automation (continued) 
2:30– 3:30 PM

Break
3:30
 – 3:45 PM

Case Examples
3:45 – 4:30 PM
This session will present various case examples on the accounting for revenue recognition under ASC 606.

Conference Ends
4:30 PM

 

* PLEASE NOTE: Session topics and times are subject to change based on location and speaker availability. Please call 1-800-544-1114 for specific agenda details.

 

This program is also available via live webinar
Revenue Recognition Conference 2020: Current Industry Trends & Strategies in Financial Reporting Webinar

Speakers

CONFERENCE SPEAKERS

John Benavides, Director, Plantronics

Michael Fitzgerald, Director, MorganFranklin Consulting

Mike Hoffman, Consultant for CPE INC.

Geoff Jarok, Manager, SeaChange International

Shelley Klee, Director, DXC Technology

Sergey Kvasnyuk, Director, MorganFranklin Consulting

Alan Murdoch, Senior Manager, MorganFranklin Consulting

Jordan Scheiderer, Director, MorganFranklin Consulting

Bill Witt, Director, MorganFranklin Consulting

 

This program is also available via live webinar
Revenue Recognition Conference 2020: Current Industry Trends & Strategies in Financial Reporting Webinar

Workshop

No results found.

Forum

No results found.