Dublin, Dec. 23, 2020 (GLOBE NEWSWIRE) -- The "Revenue Recognition Accounting Update (ASC 606)" conference has been added to ResearchAndMarkets.com's offering.
Get your annual revenue recognition update here! The new Revenue Recognition Standard made a significant impact on the way most companies recognize revenues. Best practices continue to evolve and there are a number of areas where companies are still searching for answers.
This conference assumes you are already familiar with the five-step model. It will address the latest developments in key areas, significant changes, scope, disclosure, and impacts. There will be plenty of examples and a detailed case study.
Learning Objectives:
- Review the latest changes in key areas
- Understand the big picture concepts from an SEC perspective
- See where your counterparts are getting stuck
Speakers
- Brianne Loyd Deloitte, Audit and Assurance Senior Manager
- Kajal Shah Deloitte, Partner
- Keith Ma Effectus Group, Director of Technical Accounting
- Kevin Jensen Deloitte, Senior Manager - Accounting & Reporting Advisory Services
- Abby Cohen Deloitte, Senior Manager
- Brian Aubuchon Effectus Group, Director
- Jesse Fillerup Connor Group, Technical Accounting Director
- Caroline Yan Connor Group, Director
- James Bell KPMG, Managing Director
- Narayanan Balakrishnan Ernst & Young
- Angela Liu Stealth, Strategy and Product
Agenda: DAY 1
8:45 - 10:55
- Revenue Recognition: Past Issues and Emerging Trends
- Review of the five-step model
- Where people are getting stuck within the model
- Principal/Agent determination
- Customer options and material right
- Identification of performance obligations
- Licensing guidance applicability
- Free trials
- Contract modification
- Determination of SSP
- Measure of progress for overtime performance obligations
11:10 - 12:40
- Modifications, Repurchase Agreements, Disclosures and Revenue Automation
1:25 - 2:45
- Panel Discussion
- The format of this session will be interactive and led by a moderator. Three industry panelists will briefly introduce their companies and discuss their revenue recognition hot topics. Questions will follow from the moderator and attendees.
3:00 - 4:00
- Impact on Internal Controls
- Changes in Information and Related Data - Quality Needs
- ASC 606 Internal Control Considerations
- On-going ASC 606 Controls
- Management Review Controls
- Information Used in Controls (IUC)
- IT-General Control Considerations
- COVID-19 Impact on Internal Controls
- SOX Optimization & Modernization
Agenda: DAY 2
8:45 - 11:00
- ASC 606: Interactive discussion on a series of scenarios
- Selected practice areas: Revenue Customer, Contract Duration, Enforceable Rights, Performance Obligations, Replacement Right, License Modifications, Measure of Progress, Contract Cost
- Group will use polling to work through each question
- Moderators from Connor Group will explain their recommended answers and explanations
11:15 - 12:30
- Tax Impact of the New Standard
- Tax Principle for revenue recognition
- How to discuss these issues with your tax team
- Examples
- Next steps
1:00 - 2:00
- Commissions
- Adoption of ASC 340-40, Other Assets and Deferred Costs - Contracts With Customers
- Provide a foundational understanding of identifying costs to be capitalized under ASC 340-40
- Provide a foundational understanding of how to amortize incremental contract costs
- Provide an overview of disclosure requirements
2:10 - 3:30
- Key Areas and Examples
- Material right - renewal option
- Sales to distributor
- Principal vs Agent
- Contract does not meet criteria to apply the new revenue model
- Good or service is distinct in the context of the contract
- Estimating the transaction price
- Sales-or-usage based fees
- When does control transfer?
- Contractual Resale Restrictions - Transfer of Control
- Incremental costs to obtain a contract
- Costs to capitalize
3:35 - 4:40
- Updates and Implementation Issues
- Upcoming Effective ASUs
- Share-Payments to Customers
- EITF Issues
- Licensing of Intellectual Property
- IP Renewals
- Conversion Rights
- Illustrative Examples
For more information about this conference visit https://www.researchandmarkets.com/r/llp111
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