Boston Professional Events List


Revenue Recognition Conference Current Industry Trends And Strategies In Financial Reporting


Date
Jun 13, 2017 - 08:45 AM - Jun 14, 04:15 PM
Organizer
Center for Professional Education
Location
5, Blossom St

Boston,
MA,
USA,
ZIP: 02114
Phone:

Now that the New Revenue Recognition Standard is moving full steam ahead toward implementation, it is more important today than ever before that you receive the real-world expert guidance and up-to-date information you need when you need it most.

Today, best practices for how to apply the New Standard have evolved. It is no longer theory. Instead you will be learning proven real-world practices that have been tested by other companies from our unmatchable team of America’s foremost revenue recognition experts from the Big 4, industry leaders and other specialists.

Take full advantage of this unique opportunity to make the transition to the New Revenue Recognition Standard as smooth, painless and effective as possible for you, your company and/or your clients.

 

AGENDA HIGHLIGHTS


•  Understanding ASC 606: Revenue Recognition Under the New Standard

•  SEC Enforcement Issues

•  Industry Roundtable on Today’s Revenue Recognition Issues

•  Applying ASC 606: Revenue Recognition Under the New Standard—Practical Examples

•  Managing Implementation & Transition Within Your Organization

•  New Revenue Standard Disclosure Requirements

•  Exploring Adoption Methods & Transition Adjustments

•  ASC 606: Beyond the Income Statement

 

LEARNING OBJECTIVE  To provide you with a thorough review of the New Revenue Recognition Standard and its implementation
timelines regarding revenue recognition and how to apply these rules to your company.

PREREQUISITE  None.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Update.    NASBA FIELD OF STUDY  Accounting.    DELIVERY METHOD  Group-Live.



Agenda


DAY ONE AGENDA*


Deluxe Continental Breakfast & Registration
8:00 – 8:45 AM

Welcome & Opening Remarks
8:45 – 9:00 AM

Understanding ASC 606: Revenue Recognition Under the New Standard 
9:00 – 10:30 AM
• Implementation date—periods beginning after December 15, 2017 for public companies 
• Overview and objectives of the Standard, including core principles and scope
• Transition alternatives: full retrospective vs. modified retrospective approach
• Areas which require more judgment and estimation
• New Standard in depth: five key steps of the model
   – Identify the contract with the customer
   – Identify the performance obligations in the contract
   – Determine the transaction price
   – Allocate the transaction price to separate performance obligations
   – Recognize revenue when each performance obligation is satisfied
• Expanded qualitative and quantitative disclosure considerations (annual and interim)

Break
10:30 – 10:45 AM

Understanding ASC 606: Revenue Recognition Under the New Standard (continued)  
10:45 AM – 12:00 PM
• Consenus reached by the Transition Resource Group (TRG)
• AICPA industry task forces update
• Industry-specific examples
• Implementation—next steps

Luncheon
12:00 – 1:00 PM

Understanding ASC 606: Revenue Recognition Under the New Standard (continued)  
1:00 – 2:15 PM

SEC Enforcement Issues 
2:15 – 3:45 PM
• SEC revenue recognition enforcement issues
• Current accounting and disclosure-related SEC investigative priorities
• Recent developments
• SEC enforcement triggers on revenue recognition issues

Break
3:45 – 4:00 PM

Industry Roundtable on Today’s Revenue Recognition Issues  
4:00 – 5:00 PM
A panel discussion led by industry practitioners that is focused on best practices in revenue recognition policies and processes. This is an interactive session and we encourage our attendees to join in and share their experiences and expertise.

Cocktail Reception
5:00 – 6:00 PM
 

DAY TWO AGENDA*


Deluxe Continental Breakfast
7:45 – 8:15 AM

Applying ASC 606: Revenue Recognition Under the New Standard—Practical Examples
8:15 – 9:45 AM
This session will take a deep dive into industry-specific considerations and certain implementation challenges. It includes practical examples which apply to many industries. Examples will include collectability, contract modification, license agreement, software-related challenges, volume discount incentive, contingent revenue, contract costs, principal vs. agent, extended payment terms, warranties and more. A leading expert will show you how to analyze a contract under ASC 606, the New Revenue Recognition Standard.

Break
9:45 – 10:00 AM

Applying ASC 606 (continued)
10:00 – 11:00 AM

Managing Implementation & Transition Within Your Organization  
11:00 AM – 12:15 PM
• Communicate early and often with stakeholders and audit committee
   – Project planning and budgeting will be critical to success
• Perform contract reviews
  – Identify and implement system, process and control changes
• Presentation and disclosure challenges
• Provide training to all areas impacted
• Internal controls and SOX considerations
• Preparing for your first audit: close auditor coordination and communication is critical

Luncheon
12:15 – 1:00 PM

New Revenue Standard Disclosure Requirements  
1:00 – 2:15 PM
• How to deal with the new expanded disclosure requirements: qualitative and quantitative information
  about contracts with customers and significant judgments
• Required disclosures under the New Standard
  – Disaggregated revenue
  – Reconciliation of contract balances
  – Performance of obligations
  – Significant judgments
  – Costs to obtain or fulfill a contract
• Practical expedients
• Developing your new accounting policy disclosures
• Transition disclosures 
• SAB 74 disclosures
• Next steps: what your company should be doing now

Exploring Adoption Methods & Transition Adjustments  
2:15 – 3:30 PM
This session will review the two ASC 606 adoption methods—the Full Retrospective and the Modified Retrospective Methods. Specific example transactions will be reviewed with the accounting adjustments for all periods under both methods, including opening balance sheet adjustments and period income statement and balance sheet adjustments. Financial statement disclosures for the adjustments will also be discussed.

Break
3:30 – 3:45 PM

ASC 606: Beyond the Income Statement  
3:45 – 4:15 PM
The New Revenue Recognition Standard doesn’t just impact the income statement. In this session, the implications beyond the income statement will be discussed, including:
• Balance sheet impacts
• Tax considerations
• Transactions other than contracts with customers
• Impacts on costs related to capitalization
• Significant financing components and time value of money 
• Broader business implications

Conference Ends
4:15 PM


Event Categories
Keywords: conference , Financial , implement, industry , learn, Learning , managing, opportunity, program , accounting




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