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

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

CPE Credit: 16 Hours

Price: $899.00

NASBA Field of Study: Accounting

$499 per day or take both days for just $899!

 

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 webinar will provide you up-to-date guidance to help you fully understand and comply with the latest accounting rules for revenue recognition.

You 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.

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

Introducing our Conference Flex Pass! For the ultimate in flexibility, sign up for two consecutive or non-consecutive days of the same conference! (Non-consecutive days must be purchased at the same time.)
 

DAY ONE AGENDA HIGHLIGHTS


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

•  Understanding ASC 606: Steps 1–5

 

DAY TWO AGENDA HIGHLIGHTS


•  Contract Modifications, Disclosure, Financial
   Statement Impact beyond Revenue Line,
   Software Automation, Principal vs. Agent
   Considerations, Case Examples

•  ASC 606: Internal Controls

•  Case Examples & Closing Comments

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 Internet-Based.

 

This is a broadcast of our
Revenue Recognition Virtual Conference: Current Industry Trends & Strategies in Financial Reporting

Agenda

DAY ONE AGENDA


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
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

Lunch
12:00
 – 12:45 PM

Understanding ASC 606: Steps 1–5 (continued) 
12:45 – 2:30 PM

Break
2:30 – 2:45 PM

Understanding ASC 606: Steps 1–5 (continued) 
2:45 – 5:00 PM
 

DAY TWO AGENDA


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

Contract Modifications, Disclosure, Financial Statement Impact beyond Revenue Line, Software Automation, Principal vs. Agent Considerations, Case Examples
8:30 – 11:00 AM
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.

Break
11:00
 – 11:15 AM

Contract Modifications, Disclosure, Financial Statement Impact beyond Revenue Line, Software Automation, Principal vs. Agent Considerations, Case Examples (continued) 
11:15 AM – 12:15 PM

Luncheon
12:15 – 1:00 PM

ASC 606: Internal Controls
1:00 – 2:00 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. 

Break
2:00
 – 2:05 PM

Contract Modifications, Disclosure, Financial Statement Impact beyond Revenue Line, Software Automation, Principal vs. Agent Considerations, Case Examples (continued) 
2:05– 3:05 PM

Break
3:05
 – 3:20 PM

Case Examples & Closing Comments
3:20 – 4:50 PM
This session will present various case examples on the accounting for revenue recognition under ASC 606.

Conference Ends
4:50 PM

 

This is a broadcast of our
Revenue Recognition Virtual Conference: Current Industry Trends & Strategies in Financial Reporting

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 is a broadcast of our
Revenue Recognition Virtual Conference: Current Industry Trends & Strategies in Financial Reporting

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