ICFR: The Foundation of Reliable Financial Reporting

ICFR systems provide reasonable assurance regarding the reliability of financial reporting and the preparation of statements in accordance with Generally Accepted Accounting Principles (GAAP). An effective ICFR system reduces the risk of material misstatements and ensures compliance with regulations like SOX.

However, challenges such as evolving business landscapes, technological advancements, and complex regulatory requirements necessitate continuous assessment and modernization of ICFR frameworks.

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Key ICFR Challenges and Solutions

1. Risk Assessment Refresh
An effective ICFR system starts with a robust risk assessment. Companies must evaluate their maturity using a structured framework, incorporating qualitative and quantitative factors to identify Risks of Material Misstatement (ROMMs).

Common pitfalls in risk assessment include:

• Overlooking IT and outsourced service provider risks.
• Failing to differentiate risk levels (e.g., lower vs. significant).
• Selecting inappropriate controls to mitigate identified risks.

Best Practice: Regularly refresh risk assessments using the COSO framework to integrate enterprise risk management processes and prioritize ROMMs effectively.

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2. Integrated IT and Business Controls
Technology plays a critical role in financial reporting, making IT risk assessment integral to ICFR. IT controls must be harmonized with business processes to ensure completeness and accuracy of system-generated reports and data.

Deloitte’s Tip: Foster collaboration between IT and business process owners during risk assessments, system walkthroughs, and control testing to identify gaps and ensure seamless integration.

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3. Choosing the Right Controls
Determining the right mix of manual and automated controls is essential for mitigating risks. Preventative and detective controls must align with organizational needs, with a focus on automation to enhance efficiency.

Challenge: Over-reliance on manual processes can slow down compliance efforts.

Solution: Invest in automated control mechanisms and analytics to streamline processes and provide deeper insights into risks.

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4. Evaluating Deficiencies
Deficiencies in ICFR are categorized as:

• Control Deficiency: A design or operational issue that prevents timely detection of misstatements.
• Significant Deficiency: A serious deficiency requiring oversight attention.
• Material Weakness: A deficiency that presents a reasonable possibility of material misstatement.

Steps for Evaluating Deficiencies:

1. Gather facts and identify causes.
2. Assess potential misstatement risks.
3. Consider compensating controls.
4. Conclude and document findings.

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5. Modernizing SOX Programs
After two decades, many SOX programs remain outdated, layering on excessive controls and testing requirements without extracting value. Modernization focuses on reducing compliance costs while improving effectiveness.

Key Questions for SOX Modernization:

• How can compliance costs be reduced while maintaining regulatory obligations?
• Can innovative tools and techniques improve processes?
• How can SOX add value beyond compliance?

Outcomes of Optimization:

• Enhanced transparency into business risks.
• Strategic use of automation and analytics.
• Reduced compliance costs through precise testing methods.

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Driving Value with ICFR Modernization

To derive value from ICFR systems, organizations must adopt a proactive, ongoing approach. This involves:

• Regularly updating risk assessments.
• Applying innovative tools to streamline processes.
• Aligning ICFR with organizational goals for enhanced decision-making.

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Conclusion

The modernization of ICFR systems and SOX programs is not just about compliance—it’s about driving efficiency, transparency, and value. By integrating technology, refining processes, and fostering collaboration, organizations can build resilient ICFR frameworks that support business growth and regulatory compliance.

For additional resources, consult Deloitte’s expertise on internal controls and risk management. Their guidance and industry knowledge can help organizations navigate the complexities of ICFR and beyond.

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Understanding Revenue Recognition: Key Insights and Emerging Trends

Revenue recognition is a cornerstone of accurate financial reporting, ensuring transparency and consistency in how companies present their financial performance. This article delves into the essentials of ASC 606, the new revenue recognition standard, and examines emerging trends and challenges across industries. The insights shared here stem from a presentation by Deloitte experts at the ACS Conference on Revenue Recognition, held on December 11, 2024.

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Meet the Experts

The session was led by two distinguished Deloitte professionals:

• Miki Liu, Senior Manager – National Office, Accounting and Reporting Services
  With expertise in revenue recognition, stock compensation, and business combinations, Miki has provided advisory services across industries such as software/SaaS, e-commerce, and semiconductors.
• Mike Parducci, Partner – National Office, Accounting and Reporting Services
  Specializing in revenue, leases, and financial instruments, Mike has extensive experience auditing public and private entities in aerospace, defense, and technology sectors.

Their combined expertise ensured a comprehensive exploration of ASC 606 and its implications for businesses.

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What is ASC 606?

ASC 606, established by the Financial Accounting Standards Board (FASB), redefines how companies recognize revenue. It replaces the traditional “risks and rewards” model with a control-based framework, offering greater standardization and comparability across industries.

At its core, ASC 606 is structured around a five-step model for revenue recognition:

1. Identify the Contract: Establish a legally enforceable agreement with clear terms and expectations.
2. Identify the Performance Obligations: Determine distinct goods or services promised to the customer.
3. Determine the Transaction Price: Assess the total consideration, accounting for variables like discounts or non-cash payments.
4. Allocate the Transaction Price: Distribute the price across performance obligations based on standalone selling prices.
5. Recognize Revenue: Recognize revenue as performance obligations are fulfilled, either over time or at a point in time.

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Step-by-Step Breakdown

1. Identifying the Contract
To qualify as a contract under ASC 606, it must have commercial substance, approval from all parties, and identifiable rights and payment terms. It should also meet the collectibility threshold, ensuring the entity can reasonably expect to collect the agreed payment.

2. Performance Obligations
Each distinct good or service in the contract must be identified. A good or service is considered distinct if the customer can benefit from it independently or with other readily available resources.

3. Determining the Transaction Price
This step involves considering fixed and variable considerations, such as discounts, non-cash payments, and adjustments for customer credit risk.

4. Allocating the Transaction Price
The transaction price is allocated to performance obligations based on their standalone selling prices. When these prices are not directly observable, methods like market assessment or cost-plus margin are used.

5. Recognizing Revenue
Revenue is recognized based on the transfer of control to the customer. This can occur over time (e.g., subscriptions) or at a specific point (e.g., delivery of goods).

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Emerging Issues and Trends

1. Contract Modifications
Changes in the scope or price of a contract require careful assessment to determine whether they constitute new obligations or adjustments to existing ones.

2. Price Concessions and Customer Options
Economic uncertainties have increased the prevalence of price concessions. Companies must evaluate whether these are concessions or reflect credit risk. Options like discounts or loyalty programs must also be analyzed for material rights.

3. Software and SaaS Considerations
From software licenses to SaaS implementation, companies face unique challenges in determining whether these arrangements are distinct promised services or setup activities.

4. Principal vs. Agent Considerations
A key question is whether the entity controls the goods or services before transferring them, which determines whether it acts as a principal or agent.

5. Contract Costs
Costs to obtain or fulfill contracts can often be capitalized if they directly relate to the contract and are expected to be recovered. These costs are then amortized systematically as obligations are fulfilled.

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Practical Industry Applications

Revenue recognition challenges vary by industry:

• Software: Companies must evaluate whether licenses are distinct from post-contract support services.
• Construction: Assessing whether control transfers over time involves determining if the customer controls the asset during the contract period.
• E-commerce and SaaS: Customer loyalty programs and upfront implementation services require careful evaluation for material rights or performance obligations.

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Key Takeaways

1. Exercise Judgment: Revenue recognition often requires significant judgment, particularly for variable considerations and contract modifications.
2. Invest in Technology: Robust systems can streamline compliance and accuracy in revenue recognition processes.
3. Stay Informed: Ongoing education on ASC 606 updates and industry-specific applications is critical for maintaining compliance.

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Conclusion

The shift to ASC 606 marks a significant evolution in revenue recognition, prioritizing transparency, comparability, and consistency. While the standard introduces complexities, understanding its core principles and emerging issues can empower businesses to navigate these challenges effectively.

For further insights, Deloitte’s resources, including their “Roadmap to Applying the New Revenue Recognition Standard,” offer valuable guidance. If you have questions, reach out to Deloitte’s revenue recognition experts, Miki Liu and Mike Parducci, for professional advice.Understanding Revenue Recognition: Key Insights and Emerging Trends

Revenue recognition is a critical aspect of financial reporting, ensuring transparency and accuracy in representing a company’s financial performance. In this article, we unpack the essential principles of ASC 606, the new revenue recognition standard, while exploring emerging trends and practical examples from various industries. These insights are based on Deloitte’s expertise and their presentation on revenue recognition issues and trends.

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ors or reach out to Deloitte’s revenue recognition experts.

Select Testimonials from 2024 Events:

• Best training I’ve taken in years. -Sandridge Energy, Inc. attendee on SOX & Internal Controls Conference
• Impressed at how well organized all the sessions were.  Probably the best all-online training I’ve ever had. -Graybar attendee on SOX & Internal Controls Conference
• This is a great seminar that I enjoy attending each year.  Good content. always different and very good speakers. -RGP attendee on SOX & Internal Controls Conference
• Excellent conference as always! -Incline P&C attendee on SOX & Internal Controls Conference
• Very well organized, great topics, knowledgeable speakers – really enjoy these sessions -Taulia attendee on Financial Accounting & Reporting Update
• Great conference as always Elsewhere Partners on Financial Accounting & Reporting Update
• I do several online trainings for controls each year and this is the best. The technology platform is great and well run. I ask questions and they actually get answered. It is well worth it and three of my new team members also signed up for this training this year. -AgWest Farm Credit attendee on SOX & Internal Controls Conference
• Everything was great! I really enjoyed all the presentations. I appreciate that everything always ran on time. -GES attendee on SOX & Internal Controls Conference
• Thanks to the presenters and organizers for the very informative 2-day conference. I look forward to future events.  – W. L. Gore & Associates, Inc. attendee on Life Science Technical Accounting Update
• The conference has covered most of the common topics impacting the life sciences industry, very up to date and comprehensive, such an impressive conference!  – Kezar Life Sciences, Inc. attendee on Life Science Technical Accounting Update
• I enjoy these conferences every year. I think there is a great selection of topics.  – Mirum Pharmaceuticals Inc. attendee on Life Science Technical Accounting Update
• Great conference and excellent selection of topics covering the current industry landscape. – Nkarta attendee on Life Science Technical Accounting Update
• Great conference as usual -Ocusoft Inc. attendee on Life Science Technical Accounting Update
• All of the speakers were very well spoken and very knowledgeable, especially as they were taking questions as they came in, without preparation. They clearly knew what they were doing. – AFL Telecommunications LLC attendee on Revenue Recognition Update
• Great training! – Pratt and Whitney Canada attendee on Revenue Recognition Update
• Would do this again, look forward to every year. – Ingersoll Rand attendee on SOX & Internal Controls Conference
• Amazing conference, very deep dive in many topics. Appreciate share-based payment update, it will be good to spend even more time on that (longer session)  Best rev rec sessions, very fundamental and solid, deep dive with examples – Citrine Informatics attendee on Accounting Update for Tech Companies
• Great speakers. The conference and the agenda was comprehensive. – Experity Ventures attendee on Financial Accounting & Reporting Update
• I really enjoyed this conference.  All topics were relevant and well done. -Ironclad Inc. attendee on Best Practices in Accounting & Finance

Accounting Conferences and Seminars LLC Reviews – Select Testimonials from 2023 Events

Select Testimonials from 2023 Events:

• Great Conference.  Thanks to all the presenters, moderators and everyone involved in setting this up.  Greatly appreciated and great content. -Kaise Permanents attendee on SOX Conference
• Overall, continues to be a great conference.  Like the new changes to the dashboard, very user friendly.  -Centene attendee on Best Practices Conference
• Awesome speakers and content. The conference was well organized, and very interesting! -Salesforce attendee on SOX Conference
• Excellent as always! Really premium CPE – Thanks! -Flex attendee on Rev Rec Conference
• Everything was great and look forward to attending another conference -Sophia Genetics on Financial Accounting & Reporting Update
• Great format for training.  It was very easy to follow along and to answer the CPE polls.  The speakers were well-prepared and the moderator was very responsice.  Many thanks! -Solid Biosciences attendee on Life Science Accounting Update
• Amazing job organizing the event!  Great speakers and relevant topics. -Apptio attendee on Rev Rec Conference
• Another great conference, learned so much from experts. -Netskope attendee on Rev Rec Conference
• Great virtual conference! Very informative and thorough. The guest speakers were great! -Mattermost attendee on Rev Rec Conference
• Very impressed with the format, I learned a lot! -Splashtop attendee on Rev Rec Conference
• This was a great conference – really appreciate the examples and scenarios -NEC Corporation attendee on Rev Rec Conference
• Great conference.  Really enjoyed the content. -NI attendee on Rev Rec Conference
• Thank you for a great SOX update, it was informational and helpful. -OBIO attendee on SOX Conference
• Thank you, this was very informative, engaging and well presented. -AngloGold Ashanti attendee on SOX
• Great presenters and panelist throughout the entire seminar! -Binance attendee on SOX Conference
• Wow! I was blown away by this two-day course.  The speakers we good and well prepared with great presentations.  They all did a good job of anwering questions. -Washington Trust Bank on SOX Conference
• This is the first time I have attended an ACS training.  I’m super impressed and will definitely keep and eye out for future trainings. -Brown and Caldwell attendee from Financial Accounting & Reporting Update
• Thank you for the great conference.  I look forward to sharing key takeaways with colleagues and management.  It would be great for other members of our team to participate in further conferences. -AFS attendee on Financial Accounting & Reporting Update
• Great conference as always, full of information. -Elsewhere Partners from Financial Accounting & Reporting Update
• Great virtual conference and delivery was flawless. -Citizens Property Insurance Company on Rev Rec Conference

Select Testimonials from 2022 Webinars:

Webinar comments

• Melissa Critcher is an excellent presenter. She relays the information in a very effective way.
• Melissa was fantastic! She covered a lot of material and went through everything at appropriate pace. I really appreciated her sharing examples of her workpapers and her candidness with auditing EBPs.
• It was a good webinar; in depth in regard to income items, deductions, and calculations related to trusts.
• A great overview.
• Presenter is very competent
• great class
• excellent!
• this was an excellent course and presentation. The slide deck was well laid out and the presenter was knowledgeable and very clear in her delivery.
• One of the best courses I have ever taken, Thanks!
• Best presentation of A&A updates I’ve attended in over 30 years. Kept my attention even through some parts that will never be applicable to me. Great discussion leader. Thank You.
• very relevant information presented
• The best ethics presentation that I have listened to. She made it interesting by giving real examples.
• The best speaker I have listened to in ages. She is brilliant. And love her personality. Kind of like mine!
• I enjoyed listening to the presenter. She gave interesting and relevant examples from “real-life”.
• I recently sat through a 2 day 16 webinar on Federal tax updates and found your’s to be much more relevant and informative.
• Very good presentation and information for a good price!!!
• Excellent Seminar and Presenter
• Very much enjoyed the presenter and his knowledge. Thanks for putting this seminar on.
• The presenter was outstanding in her knowledge of the subject matter and her presentation. Thank you for all the effort that was put into making this an enjoyable and beneficial presentation.
• Jennifer Louis was an excellent speaker
• Great presentation. I feel like my ability to provide service to my clients have been enhanced by this program

Select Testimonials from 2022 Events:

• ACS is always fantastic.  Keeps pace.  Incredibly organized and thorough with impeccably clear instructions. -FTI Consulting attendee on Financial Accounting & Reporting Update
• Well put together, organized, informative, and effective use of materials and virtual method. -Fluidra attendee on Financial Accounting & Reporting Update
• Really nice conference, once again ACS team. I especially liked the presentations on Rev Rec, ESG and Fraud. Good stuff! -MongoDB attendee on Financial Accounting & Reporting Update
• Great selection of topics, very knowledgeable presenters.  I liked the variety of formats.
• -Virtuous Software attendee on Revenue Recognition Conference

• Great group, very talented presenters. Liked the breadth of topics and the pace. Very professionally done. -Science Exchange attendee on Best Practices in Accounting & Finance Conference
• My first conference with ACS, great experience. Easy to fit into schedule, I loved the variety of topics and speakers -Synthego attendee on Life Science Accounting Update
• Overall the topics were very timely and covered a big range of current topics. -Rackspace attendee on Financial Accounting & Reporting Update
• This is probably my favorite conference I have ever attended. All the information was extremely useful, and I will certainly be referring back to slide decks in my daily job duties. Very well executed, knowledgeable speakers, and great flow of modules. -Cynosure attendee on Revenue Recognition Conference
• Always Great! -Ironclad attendee on Revenue Recognition Conference
• Well structured course, super interesting and informative -Catena Media attendee on SOX & Internal Controls Update
• This was my first conference with your organization and I found it very well done.  Would attend again. -GES attendee on SOX & Internal Controls Update
• ACS SOX conference never disappoints! -TriNet attendee on SOX & Internal Controls Update
• Really great variety of topics.  Topics included current issues and changes that are coming to the SOX environment.  The participation and questions from the group was also helpful in understanding the common challenges. -TDS, Inc. attendee on SOX & Internal Controls Update
• Very relevant and in depth coverage of accounting and reporting matters that are important to the LS industry. Great job! -Withum attendee on Life Science Accounting Update
• It was great.  Well run.  Broad array of relevant topics for accountants.  My 2nd year participating, plan to be back next year! -Exelixis attendee on Life Science Accounting Update
• Great conference, especially for the price. I love the conferences you guys put on. -CourseKey, Inc. attendee on Accounting Update for Software Companies
• Year over year this conference continues providing high quality content and presenters! -TDS, Inc. attendee on SOX & Internal Controls Update
• I could not be more content with the conference. The content far exceeded my expectations. -Independent Financial attendee on SOX & Internal Controls Update
• Great Conference. Found it last year and plan to attend annually. -Farm Credit Mid America attendee on SOX & Internal Controls Update
• I working in controls on the management side after spending 9 years in audit. It is hard to find controls specific training that isn’t an internal audit program. This was great training, probably the best I have attended in years. -NFCS attendee on SOX & Internal Controls Update
• These conferences are incredibly detailed and full of information. I always look forward to attending and hearing from the high quality presenters. There was also a lot of audience participation with great questions being asked. -Dimensional Fund Advisors on SOX & Internal Controls Update
• First ACS virtual webinar I have attended, won’t be the last! Appreciated the ITGC content! -Huntington Ingalls Industries on SOX & Internal Controls Update
• Loved it.  Planning on attending next time. -Lear Corporation attendee on Financial Accounting & Reporting Update
• This was awesome -EY attendee on Revenue Recognition Conference

Select Testimonials from 2021 Events:

• Incredibly well organized. Instructors all kept on-pace for the most part.  Technology worked perfectly – loved and appreciated the on-line method of delivery -Maxim Integrated attendee on SEC Update
• Excellent lineup of speakers, topic, and presentation materials. -Taulia Inc attendee. on SEC Update
• Compared with the seminars hosted by PWC or KPMG that I went before, what I like this webinar most is we have speakers from different accounting firms with different background and expertise, different style of presentations and it covers different areas and industry. Overall, it is very good webinar. I would join again if this is an annual webinar/boot camp to have updates/hot topics on Rev Rec. -Omnicell attendee on Rev Rec Update
• Great conference and great lineup of speakers! -Taulia attendee on Rev Rec Update
• I had yet to attend a full-blown virtual conference and I was extremely surprised at how well organized and ran this was. The content was excellent and the technology cooperated. Super happy I was able to attend.  LaSalle Network attendee on Best Practices in Accounting
• Great content, very relevant and insightful! -BioMarin attendee on Life Science Accounting Update
• Great conference! I learned a lot. -Matterport, Inc. on Financial Accounting & Reporting Update
• Great event – really like the mixed topics -Cogniac Corporation attendee on Financial Accounting & Reporting Update
• As usual, this was a great conference. -Bruker Corporation attendee on Financial Accounting & Reporting Update
• Very pleased with this training. Feel like I learned a lot and fully plan to attend next year. Speakers were fantastic -Mercury Systems attendee on Financial Accounting & Reporting Update
• This was my first conference at this organization, and it was my favorite accounting conference I’ve ever been to. The presenters and presentations were all fantastic. Thank you! -Mailchimp attendee on Financial Accounting & Reporting Update
• All of the speakers and panel members had a lot of knowledge to share and were able to answer guest’s questions quickly and with detail. Overall, I have a greater understanding of the new revenue recognition standard. -SusieCakes Holdings attendee on Rev Rec Update
• Great content! Enjoyed participating and listening to the instructors and speakers -Google attendee on Rev Rec update
• Thanks for another great virtual conference! It was the perfect mix of review and learning new concepts. -Preston Pipelines attendee on SOX & Internal Controls Update
• Great group of speakers who are well versed in their areas of expertise.  Also content provided was definitely well thought out and kept me engaged through the CPE sessions -Biotelemetry attendee on SOX & Internal Controls Update
• Great CPE course.  I look forward to attending it annually going forward.  Thank you! -Topgolf attendee on SOX & Internal Controls Update
• This was my first year attending this conference. Will definitely attend in the future. – Farm Credit Mid America attendee on SOX & Internal Controls Update
• A wonderful two days with a lot of information. I’ve definitely downloaded a number of the materials and will be referencing them OFTEN. -BioMarin Pharmaceuticals attendee on Life Science Accounting Update
• Very well organized with the modules of the right length and spaced out so that I could stay engaged the whole day while attending virtually. -Mission Bio attendee on Life Science Accounting Update
• All the speakers were great. The topics were all interesting and very relevant to today’s issues. I learned a lot and will definitely attend another ACS conference! -Sante attendee on Life Science Accounting Update
• I will be absolutely looking out for more classes from this organization. I was extremely impressed with the knowledge and most topics were directly relevant to my company. Thank you all for this! -Waystar attendee on Software Accounting Update
• I really like the format with different sessions, topics, and speakers. Presenters were very knowledgeable in their subjects and the various formats were well received. -Emburse attendee on Software Accounting Update
• This really was the best webinar I’ve been to in years.  Practical and relevant information.  Even though  this is the busiest time of the year for me, it was worth my time to listen to all of it!  Thank you! -Coastal Community Bank attendee on SOX & Internal Controls Update
• I am really happy I attended and the information was super helpful and will make a big impact. I am looking forward to use what I have learned to further improve our organization. Thank you so much!! -Zocdoc attendee on SOX & Internal Controls Update
• This is my third time attending this conference and it gets better each time. I enjoy the variety of presenters and topics. -Stinnett & Associates attendee on SOX & Internal Controls Update
• This was my first course through ACS and it will not be the last! Very impressed with the level of knowledge from the presenters. -Aurinia Pharmaceuticals attendee on SOX & Internal Controls Update

WHEN ACCOUNTING GOES UNACCOUNTED FOR

byJASON BRAMWELL

Sponsored by: Accounting Conferences and Seminars LLC

If there’s one main thing pandemic living has taught us it’s how to pivot. For many of us, we’ve had to figure out how to do our jobs at home (oftentimes while simultaneously wearing our parent hat). Our kids have had to adjust to learning in virtual classrooms. The past year has forced some people to switch or start new careers. And many businesses had to adapt to new business models.

Take Accounting Conferences and Seminars LLC, for example. For nearly a decade, the NASBA-registered professional training organization held two-day in-person conferences about 15 times a year, in different parts of the country, offering CPE credit to those attending sessions on the latest accounting developments.

But that all changed a year ago when the Rona caused companies to shut down all business travel. So ACS had to … you guessed it, PIVOT, by moving to a virtual format via GoToWebinar.

“Things have worked out really well,” said Rob Dowd, founder and managing director of ACS, who cut his teeth in public accounting at Deloitte and later Arthur Andersen. “We’re getting new clients that wouldn’t necessarily be able to travel to the different geographical locations where the conferences were held.”

The independent in-person conferences hosted by ACS attracted accounting and finance professionals from around the country who do the bidding of their company’s CFO—corporate controllers, vice presidents of finance, chief accounting officers, and accounting directors and managers, among others—so they could spend two days being briefed on the ever-changing accounting rules and requirements for topics like:

• Revenue recognition;
• Financial accounting and reporting update;
• SOX and internal controls;
• SEC reporting; and
• Life sciences accounting.

“It has always been a two-day format because people will travel for two days and it allows enough time to really delve into the nuances of the topics,” Dowd said. “All the speakers come from the Big 4 or the different regional or niche public accounting firms. And then we’d also have panelists from industry.” 

Through the years conferences were held at different locations throughout the country, but the San Francisco Bay Area had by far the best turnouts, according to Dowd.

“That area has such a high concentration of technology and software companies, and they have the most complex technical accounting issues like revenue recognition,” he said. “So we gravitated toward there and found that other people, whether they’re from Boston or Texas or other hubs of technology like Salt Lake City or Denver, were willing to travel there to get that expertise. Most of our events are on Pacific Daylight Time so we can accommodate our folks in the Bay Area.”  

Now, accounting and finance professionals from those tech and software companies can learn about how rev rec is being applied in a SaaS environment and be educated on the standard’s latest nuances—and earn CPE credit in the process—from the comfort of their own home offices, wearing a T-shirt and sweatpants or even their PJs, if they so desire.

“The thing that separates us from other webcast providers is generally during a webcast you’re going to jump on there for an hour or two hours or four hours to learn about this new topic. It’s really rare to jump on there for two days and sit in your home or office and get updated during that big chunk of time,” Dowd said. “Attendees appreciate having the chance to really dig deep into these topics that you can’t do in an hour, two hours, or four hours.

“But you’re not going to sit down for 16 straight hours and hear somebody pontificate on what they think are the best ways to walk through revenue recognition, so it’ll be a mixture of lecture, case studies, and industry panelists,” he added. “One of the great things about going virtual is you can have great panelists from all over the country. Our next revenue recognition conference will have panelists from Starbucks and Bay Area tech companies. We might not be able to get those speakers in a live format, but the time commitment for them is not as difficult for just coming in and participating for an hour-and-a-half panel discussion.”

Dowd also said each 75- or 90-minute session is followed by a break so attendees can check their email and reply to urgent matters before the virtual conference reconvenes with the next topic and speaker.

While Dowd still believes there’s immense value that comes from a live in-person conference, he offered up a few other advantages to attending a virtual training event:

1. It’s more convenient (and cheaper)

Business travel can sometimes be a hassle—and expensive (well, expensive for your company because you’ll be trying to expense the hell out of everything you possibly can). The virtual conference means not having to worry about being stuck in traffic or flight delays or your luggage being lost or booking a room at a hotel with erratic Wi-Fi (although your Wi-Fi at home might be spotty because your kids are sucking it up on Zoom during school, but that’s a different story). So you’re saving precious time and your employer is saving precious money.

Speaking of saving money, once ACS decided to go virtual, Dowd said the business cut out all direct costs it would have to pay for a two-day in-person event, like for venue rental and food and beverages, which reduced the cost of attending a two-day virtual conference by $250 per person.

“We were able to reduce the fee for the virtual conferences from $795 to $545, which people really liked,” Dowd said. “We were getting comments like, ‘Why isn’t everyone doing this?’ and ‘Not only am I able to attend from my living room and having to not travel, my boss loves the cost savings.’”

2. These aren’t pre-recorded sessions

“They’re all done in a live format. Attendees are getting that instant interaction,” Dowd said. “If you don’t understand something on the slide the speaker is talking about, in real time you’re able to reach out to the instructor via the chat box and say, ‘Can you clarify what you mean by this acronym or this point?’ and they’ll be able to get right back to you and answer that question in real time. The average class size is manageable. We’re not talking about 500 people on a webcast. It’s usually an average of 80 to 100 attendees.”

3. Ask questions anonymously

So you’re in a hotel ballroom listening to a speaker and his or her talk ends and now it’s time for the audience Q&A. You’ve got a question you think is a pretty good one and you start to raise your hand for the moderator to give you the mic. But speaking in public is not an accountant’s forte, and anxiety sets in after scanning around at the 300 or so people in the same room as you. “Nevermind, my question isn’t really that important,” you tell yourself as you put your hand down. 

Well guess what? You needn’t feel intimidated by asking a question during a virtual conference. GoToWebinar is one directional, so you can’t see your fellow attendees, only the speaker and whatever materials he or she provides. And the instructor can’t see you. So ask your question pantsless if you want. Nobody would ever know.

“If you have a question that you might think is stupid or if you have a question that might put your company in a bad light—‘We’ve been doing it this way. Is this the right way we should be doing it?’—you’re able to ask your question anonymously in the chat box,” Dowd said. “We found that people are actually participating more than they would in a live event. They are asking more questions and they do like the low-risk anonymity of being able to ask questions through chat without having to hear their voice, without having to stand up and ask a question, and without having to identify themself.”

4. Review course materials repeatedly

The good news for those attending an ACS two-day virtual conference is you’ll get a video replay of the conference to rewatch at your leisure. The bad news for those who don’t attend is the conferences are not on-demand. So y’all are missing out on really engaging speakers presenting information in a way that won’t make your head spin. And the best part is you won’t have a person sitting next to you who was out drinking until the wee hours of the morning with his eyes closed and his head tilting backward snoring during the duration of the presentation. You know what I’m talking about. 

“One of the constant things we’re told by attendees is that the instructors are able to keep their attention during the session,” Dowd said. “And there are a variety of different delivery methods. It’s not just a straight lecture. It’s industry panels. It’s case study discussions with interactive polling. It’s more of a livelier format than just sitting there in a passive lecture.”

The next ACS virtual conference will be held on March 23 and 24, from 8:45 a.m. to 4:40 p.m. PDT on both days. The topic is “Revenue Recognition Accounting Update (ASC 606).” You can register for the two-day virtual conference here.

A full list of ACS events for 2021 can be found here.

June FARU:

Excellent.  First time attending ACS will do so again. -attendee from Crown Castle

I really enjoy the ACS conferences. Always well done! –attendee from Argo AI

Great job and a very informative conference!!! –attendee from KBR

Thank you so much for making this available for virtual attendance. I will be more likely to attend in the future if all offerings include a virtual attendance option.  Very well done! –attendee from Xoma

June Revenue Recognition:

Great job making this work in a virtual environment -attendee from Alteryx

This was my first conference with your firm and I am very pleased.  You did a great job in pulling off this remote learning. –attendee from Multi-Color Corporation

Great conference even being virtual.  I know with COVID everything had to be changed but I am very happy with the conference.  Sessions were engaging and presented very well.  I learned a lot and received a lot of support that will help my company with implementation. -attendee from VOX Network Solutions

It was great, very informative. The speakers were knowledgeable and it was so well organized. -attendee from Verizon Media Inc.

Very well done and organized. Efficient and on time throughout. Good mix of questions and presentation. First full virtual course I’ve  attended but was quite good. attendee from Huawei

July SOX:

All the speakers were extremely knowledgeable, shared relevant experiences to illustrate the material, and were very engaging. I would definitely recommend ACS to my colleagues. attendee from Fitch Ratings

It was really good. -attendee from Iridium Satelite LLC

Really enjoyed the conference. It was done extremely well given the remote nature of it and will definitely attend other conferences in the future. -attendee from Quanterix

This is my second time to attend this conference. It was fantastic again – there are very few conferences covering SOX and internal controls these days and this one has very high quality speakers and topics. -attendee from Stinnett & Associates

September Life Science Accounting:

I wasn’t sure what to expect from a two-day virtual conference but this was fantastic! -attendee from Zymeworks

Overall, really great conference – the content was very relevant and informative. Thank you, looking forward to the next conference. -attendee from Sarepta Therapeutics

This was an excellent conference to attend for a firs- time attendee. Extremely informative and is perfect for a life sciences finance/account professional. Very well executed for a virtual conference! Thanks to all!  -attendee from Santen Inc.

September Accounting Update for Software Companies:

Everyone who spoke seemed very knowledgable of their topics. I enjoyed the interactive sessions the most as I found lots of things I could relate to in audience questions – notably the Revenue Recognition Past Issues and Emerging Trends and Commissions sessions were very informative. -attendee from WP Engine

I’m glad I attended the conference! Gained new useful knowledge. -attendee from Matterport, Inc.

October SOX:

Thank you for adapting to this COVID situation and putting on a great virtual conference. I did miss the networking aspect to chat with my fellow attendees, but not much to be done about that. I also wanted to say thank you for adjusting the price of the conference to reflect the change from in person to virtual. I’ve seen other organizations not do the same and it is frustrating. I also want to say thank you for the value. I have paid similar amounts for webinars that are much shorter and less impactful.. -attendee from eGenesis, Inc.

Another great ACS conference. I really enjoy these, the topics, and the presenters!  -attendee from Argo AI

Very good even with being virtual.  Time well spent. -attendee from SDI LaFraga

I’ve had to catch up on a lot of CPE recently. This conference was certainly the best overall. Technology platforms provided effective content delivery. Staff was highly responsive of all questions. Topics and presenters were nearly all focused directly on things that matter to my role and will provide great reference materials. Thank you for a great seminar!  -attendee from Myriad Genetics

November Financial Accounting & Reporting Update:

Great speakers and very well organized! -attendee from Equinix

Conference was very well done with appropriate presentation materials . Presenters were great.  I liked that they had personalities (while knowing their stuff). -attendee from Trevi Therapeutics

Great material and presenters. It was engaging – which was a pleasant surprise! -attendee from Glassdoor, Inc.

This was a very informative conference with interesting and relevant sessions. Instructors were knowledgeable and engaging. -attendee from Castlight Health

Regardless of Covid-19, virtual needs to be the way forward – this was great.
~attendee from Cockroach Labs, Inc.

Seems like everyone was able to adapt nicely to the virtual environment. Overall I was satisfied with the content and the vast majority of the speakers were not only well versed in the subject matter but were enjoyable/entertaining to listen to.
~attendee from Jam City

The hosts were great and interacted well and coordinated well between each presenter. Well done!
~attendee from AMD

Overall, very interesting. It’s hard to stay captivated for 8 hours online but the day seemed to fly by.
~attendee from Cummins, Inc.

This was a great conference but I look forward to being able to attend in person in the future!
~attendee from Curation Foods, Inc.

As usual, great conference. New webcast format works well.
~attendee from Adobe

Overall, I find this to be a great “survey” seminar covering a variety of topics. The Webinar does present some challenges personally due to distractions at work/home, but it also provided enhanced flexibility in “stepping out” for a quick call.
~attendee from Revance Therapeutics