Revenue Recognition Virtual Conference: Current Industry Trends & Strategies in Financial Reporting
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 Virtual Conference will provide you with up-to-date guidance that will help you fully understand and comply with the latest accounting rules for revenue recognition.
In this interactive, online Conference, America's foremost revenue recognition experts from the Big 4 and industry will discuss the differences with previous US GAAP, plus offer best practices and real-world strategies that have been tested by multiple companies. With our new immersive platform, you'll be able to interact with the pros and get practical solutions to fit your specific circumstances.
DAY ONE AGENDA HIGHLIGHTS
• ASC 606: Revenue Recognition—Introduction, Scope, New Model, Executive Summary
• Understanding ASC 606: Steps 1–5
DAY TWO AGENDA HIGHLIGHTS
• Contract Modifications, Disclosure, Other Issues
• 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).
Agenda
DAY ONE AGENDA
Welcome & Opening Remarks
8:45 – 9:00 AM
ASC 606: Revenue Recognition—Introduction, Scope, New Model, Executive Summary
9:00 – 10:15 AM
ASC Topic 606 is the new Revenue Recognition Standard that affects all businesses entering into contracts with customers for the transfer of goods or services, whether they are public, private, or non-profit entities. This session will review the scope, goals, and core principles of ASC Topic 606, and feature a discussion on the transfer of control indicators, customer acceptance provisions, interaction with other authoritative guidance, contract assets and liabilities, and provide examples of revenue recognition fraud and abuse.
Break
10:15 – 10:30 AM
Understanding ASC 606: Steps 1–5
10:30 AM – 12:00 PM
The core principle of ASC 606 is for an entity to recognize revenue in the transfer of promised goods or services in an amount that meets the customer's expectations for those goods and services. Revenue is recognized only when the customer obtains control of said goods, and the entity satisfies its performance obligations. This session will review the five-step revenue recognition model, with numerous illustrative examples.
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, Other Issues
8:30 – 11:00 AM
ASC Topic 606 changes the accounting for contract modifications, requiring additional quantitative and qualitative disclosures. This session will review those changes, with an emphasis on the required disclosures for both public and private companies. Using case studies, we will also address the New Standard's potential impact on income taxes, the benefits of software automation, principal vs. agent considerations, accounting for gift and prepaid value cards, and non-GAAP financial measures.
Break
11:00 – 11:15 AM
Contract Modifications, Disclosure, Other Issues (continued)
11:15 AM – 12:15 PM
A continuation of the previous session, with emphasis on the impact of COVID-19 and SEC comment letters.
Lunch
12:15 – 1:00 PM
ASC 606: Internal Controls
1:00 – 2:00 PM
This session discusses the impact of ASC 606 on Internal Controls.
Break
2:00 – 2:05 PM
Contract Modifications, Disclosure, Other Issues (continued)
2:05– 3:05 PM
Break
3:05 – 3:20 PM
Case Examples & Closing Comments
3:20 – 5:00 PM
Using case examples, we will explore the 5-step model:
• Step 1: Identify contract with customer, excluding criteria of collectability
• Step 1B: Identify contract with customer, including criteria of collectability
• Step 2: Identify performance obligations in contract
• Step 3: Determine transaction price, taking into account financing components, as well as fixed and variable considerations
• Step 4: Allocate transaction price to each performance obligation
• Step 5: Recognize revenue when, or as, each performance obligation is satisfied and control is transferred to customer
Conference Ends
5:00 PM
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