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Revenue Recognition Accounting Update (ASC 606) - June 22-23, 2021 - ResearchAndMarkets.com

·3 min read

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/k0cn4u

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201230005302/en/

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