Get your annual revenue recognition update here! ASC 606 significantly impacted the way most companies recognize revenues. Best practices continue to evolve, and companies are still searching for answers in several areas.
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
Agenda
Agenda: DAY 1
8:45 - 11:00 - Revenue Recognition: Past Issues and Emerging Trends
- Where people are getting stuck within the five-step model
- Price concessions
- Modifying contracts
- Customer options and material rights
- Performance obligations - software industry considerations
- Significant financing component
- Principal-versus-agent considerations
- Contract costs
- Onerous performance obligations/contracts
11:00 - 11:15 - Break
11:15 - 12:45 - Cases and Examples
- Areas of significant complexity and judgement
- Top causes of restatements
- Operational and business model changes
- Interaction with other guidance
12:45 - 1:20 - Lunch Break
1:20 - 4:30 - ASC 606: Interactive discussion on a series of scenarios
- Selected practice areas: Revenue Customer, Contract Duration, Enforceable Rights, Performance Obligations, Replacement Rights, 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
Agenda: DAY 2
8:45 - 9:55 - Commissions: Deeper Dive
- 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
9:55 - 10:05 - Break
10:05 - 11:05 - Revenue Recognition: Operational Issues
- Terms and conditions in contracts
- Contract Modifications
- Close Process
11:05 - 11:20 - Break
11:20 - 12:40 - Disclosures
- Recent Trends
- Disaggregated revenue
- Reconciliation of contract balances
- Qualification of performance obligations
- Disclosure of significant assumptions
- Quantification of costs to complete a contract
12:40 - 1:30 - Lunch Break
1:30 - 2:55 - Revenue Recognition: Fraud Issues
- Context
- Drivers of Rev Rec fraud
- Rev Rec schemes and how they were perpetrated and what the ultimate outcomes were
- How to best manage and or mitigate the risk of rev rec fraud
2:55 - 3:10 - Break
3:10 - 4:40 - 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
Speakers
- Abby Cohen Deloitte, Senior Manager
- Keith Ma Effectus Group, Director of Technical Accounting
- Henry Wilson Deloitte, Manager - National Office Accounting and Reporting Services
- Miki Liu Deloitte, Manager - National Office Accounting and Reporting Services
- Brian Aubuchon Effectus Group, Director
- Aleks Zabreyko Connor Group, Senior Technical Partner
- Jesse Fillerup Connor Group, Partner - Technical Accounting
- Michael Kearney PwC, Director
- Jeff Griffiths PwC, Director
- Guido van Drunen, Retired KPMG PartnerGlobal Compliance Management and Response
- Dominic Mills Grant Thornton, Partner - Technology Industry
- Julie Dockins Grant Thornton, Audit Manager
- Hailey Oh Deloitte, Senior Manager
