Revenue Recognition Accounting Update (ASC 606) - Virtual Conference 9th-10th December - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--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 evolving revenue recognition impacts on internal controls
• See where your counterparts are getting stuck and how you can avoid similar issues through case studies and examples

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
• 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 - 12:15

• 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

1:00 - 2:15

• Industry Panel Discussion
• The format of this session will be interactive and led by a moderator. Three industry panellists will briefly introduce their companies and discuss their revenue recognition of hot topics. Questions will follow from the moderator and attendees.

2:25 - 3:55

• 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

4:00 - 5:00

• Disclosure Issues
• Adoption and Post-Adoption
• Disaggregated Revenue
• Reconciliation of Contract Balances
• Qualification of Performance Obligations
• Disclosure of Significant Assumptions
• Quantification of Costs to Complete a Contract
• Examples
• Next Steps

Agenda: DAY 2

8:45 - 10:55

• 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

11:10 - 12:15

• Select Topics: Modifications, Repurchase Agreements and Software Automation

1:00 - 1:40

• Tax Impact of the New Standard
• Tax Principle for revenue recognition
• How to discuss these issues with your tax team
• Examples
• Next steps

1:45 - 3:05

• Case Studies
• 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

3:15 - 4:20

• 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/7gm0hn

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