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Some Feedback from Virtual Conference – May 2020

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Some Feedback from Virtual Conference – May 2020

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

Accounting Conferences and Seminars Reviews and Testimonials acslive.com

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Select Testimonials from 2019 Events:

• Well organized and extremely relevant. Excellent way to earn CPE and learn/update on various topics. Speakers were knowledgeable and I learned something in every session. – eGenesis, Inc. on Life Science Accounting Update

• Very good lineup of instructors on relevant topics. One of the better conferences I’ve been to – Topco on Financial Accounting & Reporting Update

• Very helpful session – Neovia Logistics on Revenue Recognition Conference

• Great variety of topics! Really appreciated all the SOX optimization tips. Excellent food – TDS on SOX & Internal Controls Update Conference

• Overall, I think the conference was great! Well organized and planned out – TD Ameritrade on SOX & Internal Controls Update Conference

• Great! Well organized and one of the best I’ve attended – C&J Energy Services

• Great conference. First time for me – Astellas on Life Science Accounting Update

• I attend a lot of workshops and seminars. I knew the content would be great. I did not anticipate the delivery and ambience would be equally as great. Thank you! – Santen Inc. on Life Science Accounting Update

• Very informative and got to get a great refresher of various topics which are either relevant or we expect will be relevant in the near future. – Global Blood Therapeutics on Life Science Accounting Update

• Very good conference. Good topics that provided useful information – Exelixis on Life Science Accounting Update

• Overall great seminar with appropriate timing for each topic. Also, had a variety of topics that make it interesting and engaging. – Cohesity on Accounting Update for Tech Companies

• Lots of information and speakers were a wealth of knowledge. -AppFolio on Accounting Update for Tech Companies

• Speakers were very knowledgeable and cared a lot about their topics and presentations – Vimeo on Accounting Update for Tech Companies

• Enjoyed the conference very much overall. One of the better events being offered in the realm of SOX – Federal Home Loan Bank on SOX & Internal Controls Update Conference

• The binders and handouts are wonderful! Great variety and some great speakers. Good food, drinks, snacks. – Ascendium Education on Financial Accounting & Reporting Update

• Great conference overall to attend. Enjoyed the corporate culture discussion. SEC Developments is the best. – JBSS on Financial Accounting & Reporting Update

• Great training sessions. Very informative – UL on Financial Accounting & Reporting Update

• Great training yet again – Maxim Integrated on Financial Accounting & Reporting Update

• Engaging speakers and creative presentations – Cohesity on Financial Accounting & Reporting Update

• Great conference. I will be back. – Tanner LLC on Financial Accounting & Reporting Update

• Excellent two days! – gainsight on Financial Accounting & Reporting Update

Lease Accounting Conference 2019 (ASC 842)

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Here is a link to the upcoming events including Lease Accounting in March in Santa Clara and August in Manhattan Beach/Los Angeles, CA: https://acslive.com/events/

PwC’s Ashima Jain led off the October version of the Accounting for Leases Conference with an overview discussion.  Ashima went on to cover key concepts including:

Identifying a lease

Key Concepts

Contract Components

Lease Classification

Recognition and measurement

Ongoing requirements

Other transactions

Disclosures

Transition

ASC 842 vs IFRS 16

Implications beyond accounting

 

Ashima is a managing director in PwC’s national office, PwC’s think-tank, providing technical advice and thought leadership on complex accounting matters.

Prior to joining the national office in 2008, Ashima worked in PwC’s Transaction Services Group, a global business unit that provides quality, real-time advice on accounting, financial reporting and valuation implications inherent in a variety of complex transactions.  Ashima specializes in merger & acquisition, joint venture, consolidation and lease accounting and focuses on several sectors including technology, entertainment, media, telecom, cable, power, healthcare, real estate, retail, transportation & logistics, etc.

Ashima is a leasing subject matter specialist and has been doing lease accounting for over 15 years. She advises clients in lessor and lessee matters and is a popular speaker at conferences.

Ashima has been closely involved with the new leasing standard.  She has attended the FASB/IASB outreach roundtables, is in close touch with the FASB staff and works closely with PwC’s global national office.  Ashima has authored several thought leadership papers and presentations, led several roundtables and one-on-one meetings with clients across several regions and sectors helping them navigate through the rules and the implications.

Before her appointment with PwC, Ashima worked in strategic and financial planning in the ocean transportation industry where she advised C-suite executives on strategic initiatives and helped raise $500 million from global sources under tough economic conditions.

Ashima obtained a BS degree in Physics from Bombay University, India, and MBA degree from Indian Institute of Management, Ahmedabad, India’s premier management school set up in collaboration with Harvard.  Ashima is a CPA and is based in San Francisco/Bay Area.

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acslive Accounting Conferences and Seminars Reviews from 2018 Events

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Select Testimonials from 2018 Events:

Link to 2018 schedule: Upcoming events

 

  • Very informative! Looking forward to putting this guidance to work! – Analytical Graphics on Revenue Recognition Conference
  • It was a good conference, very organized and the speakers were very knowledgeable in their area of expertise. I really enjoyed the specific case studies and examples that walked us through the accounting aspects. – Basic Research on Revenue Recognition Conference
  • Overall this conference was great! I liked the multiple examples.  Speakers were great at answering questions.  Providing research links was great for future reference. – aPriori Technologies on Revenue Recognition Conference
  • ACS Conferences just keep getting better and are an excellent value. High caliber speakers, latest topics and great networking.- KNG Consulting on Accounting Update for Tech Companies
  • Great conference as always! – Adobe, Inc. on Accounting Update for Tech Companies
  • The speakers were great. Very engaging.  I enjoyed the real-life examples. – VFP on Accounting for International Operations
  • Very Satisfied – Smart Software, Inc. on Accounting for International Operations
  • I really enjoyed this conference. It was very relevant for my company and my position. – Universal Forest Products on on Accounting for International Operations
  • Well organized, Very informative – Rotork Controls on Financial Accounting & Reporting Update
  • Great conference. I look forward to attending again next year. – Essendant on Financial Accounting & Reporting Update
  • Great seminar in content, professional knowledge updates and facility/setting. Time is well planned with maximum benefits. – Applied Optoelectronics Inc. on Financial Accounting & Reporting Update
  • Excellent Event! – Santen Inc. on Life Science Accounting Update Conference
  • Thanks! Awesome job and I learned a great deal – Vets First Choice on Revenue Recognition Conference
  • Great information overall. Will definitely re-read and continue to refer to conference materials. – Day and Zimmerman on Revenue Recognition Conference
  • Honestly, you hit the mark with the topic line-up. Great blend of relevant topics. – Excentus on Financial Accounting & Reporting Update
  • The conference was very good and content are directly impactful to my position.- Twilio on Financial Accounting & Reporting Update
  • Loved It! – Southwest Gas Corporation on SOX & Internal Controls Update
  • Great conference! – Pivotal Software on SOX & Internal Controls Update
  • Second time coming to this conference! Great content and speakers, always interactive and I learn a lot.  Made good connections! – Envestnet, Inc. on SOX & Internal Controls Update
  • Excellent overall. Glad I chose to participate in this conference.  Interactive and engaging speakers. – Encompass Health on SOX & Internal Controls Update

 

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ACSLIVE Accounting Conferences and Seminars reviews from 2017 events

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Select Testimonials from 2017 Events:

Link to 2018 schedule: Upcoming events

• Great conference – Really helped jump start my knowledge of rev rec – SVB Financial Group on Revenue Recognition Conference
• Great seminar. Information was incredible apt and helpful. Caliber of content, presenters and participants much higher than
other seminars I’ve attended from other CPE providers. – Dermira Inc on Revenue Recognition Conference
• The speakers were very knowledgeable and accommodating to any questions. The flow and presentation of the material was easy
to follow and kept the audience engaged. – Capital Lumber on Revenue Recognition Conference
• Really enjoyed the topics and presenters – Elevate Services on Revenue Recognition Conference
• I’m so glad I came. Extremely useful. Learned a lot and had offline time for my specific questions with several presenters.
All willing to answer any questions. Good networking too and good group of presenters – Toyon Associates on Revenue
Recognition Conference
• Will certainly use services in the future! – Bruker Corporation on Lease Accounting Conference
• This was the most engaging/organized accounting seminar I’ve been to in a while. Great work by everyone across the board –
FTI Consulting on Lease Accounting Conference
• Very good speakers and seminar – DaVita on Accounting for International Operations Conference
• Great course! Nice framework of the new guidance, practical examples and knowledgeable speakers – Integration Appliance on
Revenue Recognition Conference
• Great conference as always! – Jazz Pharmaceuticals on Revenue Recognition Conference
• Very well organized technical conference. Great speakers and the topics were covered in-depth. Overall very satisfied with
the conference. – Equinix Inc. on Revenue Recognition Conference
• Great conference. Meaty contents and technical solid presenters – KNG Consulting on Accounting for International Operations
Conference
• Excellent conference – good mix of consultants and auditors too – Netronome Systems Inc. on Revenue Recognition Conference
• Fantastic overview of lease accounting with relevant topics. Really got me thinking about the steps we need to take as an
organization to successfully implement ASC 842! – Salesforce on Lease Accounting Conference
• This is my third time attending this seminar. I have found the content to be educational, presented well, gave good examples
and very informative. The meals are great too. – Wave Life Sciences on Financial Accounting & Reporting Update Conference
• Very relevant topics and a great overview. Much better delivery and much better value of what you get vs. other conference
providers – Cadence Design Systems on Financial Accounting & reporting Update Conference
• Great conference – would recommend – Ironwood Pharmaceuticals on Financial Accounting & Reporting Update Conference
• Very useful seminar and will come back for training next year. – Infoblox on Revenue Recognition Conference
• Great combination of technical speakers, guests and hands-on. Learned a lot! – Extrahop Networks on Revenue Recognition
Conference
• Wonderful in-depth conference covering ASC 606. It will be critical in getting ready for adoption. The venue was marvelous
and the materials will be used as a good reference. – Fibrogen on Revenue Recognition Conference
• This is my first ACS Conference and I was very impressed with the nature and quality of the speakers – Bridgeport Education on
SOX & Internal Controls Conference
• Great conference, knowledgeable speakers, relevant and interesting topics covered! ACS always does a quality event. – Equinix
on SOX & Internal Controls Conference
• Amazing conference! Information was very relevant and presented in a way that was meaningful. This was my first ACS seminar.
I was very impressed with the presenters, the content was perfect. I got a lot out of this seminar. Great job! – Envestment
on SOX & Internal Controls Conference
• Really informative conference – Southwest Gas Corporation on SOX & Internal Controls Conference
• Overall very informative and worthwhile – Flex Electronics on SOX & Internal Controls Conference
• Great conference and presenters. The audience was lively. I look forward to attending more in the future. – RBC Bearings on
SOX & Internal Controls Conference
• I really enjoyed the conference. I very much like the facility as well. I appreciate being sent the agenda early and that I
didn’t have to send a reminder (like I always do with IIA seminars). I will try to attend next year. – TriNet on SOX &
Internal Controls Update
• Excellent conference. Exactly what I needed to hear. – One, Inc. on Software Revenue Recognition Conference
• Absolutely spot on, great quality content that directly the promised education – Townsend Security on Software Revenue
Recognition Conference
• Outstanding, comprehensive, practical training led by industry experts – highly recommended – Virgin Pulse Inc. on Software
Revenue Recognition Conference
• Excellent content. So glad I attended. – Philips Wellcentive on Software Revenue Recognition Conference
• Exactly what I was looking for. A lot of information and really opened my eyes to level and extent of effort to adopt 606. –
Vista Higher Learning Inc. on Software Revenue Recognition Conference
• Great organization and good mix of topics – Sensiba San Filippo on Accounting for Technology Companies
• Another great conference filled with relevant content and great speakers – Excentus Corporation on Accounting for Technology
Companies
• The conference was very information and was very organized with great speakers. I appreciate it ran on time and on schedule.
– Factual Inc. on Accounting for Technology Companies
• Wonderful workshops. Great speakers with useful topics from Bloom on Accounting for Technology Companies
• Excellent speakers on very relevant topics – Vasco on Financial Accounting & Reporting Update Conference
• Always a great conference – BP on Financial Accounting & Reporting Update Conference
• Great speakers, good location, relevant topics. Two days well spent. Never have heard participants ask this many questions
during an accounting seminar – Essendant on Financial Accounting & reporting Update Conference
• I’ll be returning. Great conference. – UFPI on Financial Accounting & Reporting Update Conference
• This is the second ACS conference I’ve been to and it was just as good as the first. The topics are applicable and the
speakers are knowledgeable. – Universal Forest Products on Financial Accounting & Reporting Update Conference
• This was my first ACS conference and I am completely satisfied. The speakers were very well spoken. Everything overall was
an “A” plus experience – Neugart USA on Financial Accounting & Reporting Update Conference

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acslive reviews: accounting conferences and seminars reviews and testimonials

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Link to: upcoming events

Here is a select list of comments and testimonials from our 2016 attendees who allowed themselves to be quoted:

• Great conference and topics presented by subject matter experts – Golden State Water Company on SOX & Internal Controls Conference
• Best CPE I’ve attended. The case studies and examples are a great way to walk through real-world applications. It is what same-thing traditional “death by PowerPoint” CPEs lack. – edX on Revenue Recognition Conference
• Excellent Course and gave me a huge perspective on how ASC 606 will likely impact my business – Affirmed Networks on Revenue Recognition Conference
• I truly enjoyed this conference. It is the most informative/useful conference I’ve attended to date. Not only was the information useful but the ability to speak with other companies was extremely beneficial. – Pentaho on Revenue Recognition Conference.
• Fantastic, Terrific. Thank You! -Texbase Inc. on Accounting for Technology Companies Conference
• Very informative. A great foundation of knowledge to help companies get ready for changes and how to get started on everything – Oracle on Revenue Recognition Conference
• Great venue and strong speakers = Citigroup on Financial Accounting & Reporting Update
• The seminar had a good selection of topics that cover various areas of accounting, tax and internal controls. It offers a balanced combination of technical accounting and practical operations issues such as how to close your books faster. The seminar is well organized – AIG on Financial Accounting & Reporting Update – AIG on Financial Accounting & Reporting Update
• This was a great conference and very well put together – First Orion Corp on Accounting for Technology Companies Conference
• Great conference (again). Great content variety and all was current and relevant – Excentus on Financial Accounting & Reporting Update
• Very Well put together! Really learned a lot and found the presenters to be very knowledgeable – Aronson LLC on Accounting for Technology Companies Conference
• Very informative conference and all the speakers clearly have technical expertise. All presenters were willing and able to answer questions as they arose. – Hydra Biosciences on Revenue Recognition Conference
• Greatly appreciated the time and effort put into presenting updates. Each speaker was very well informative and knowledgeable on subject matters. Delivery was understandable and can be re-communicated – ThoughtWorks Inc. on Financial Accounting & Reporting Update
• Very well organized and speakers were very knowledgeable and easy to understand – Pythian Group on Revenue Recognition Conference
• The mix of topics/subject matters covered were excellent, relevant and timely – Interbrand on Accounting for International Operations
• Great speakers and very good materials – Shaklee Corporation on Revenue Recognition Conference
• Always a good conference. Will be back again next year – Day & Zimmerman on Financial Accounting & Reporting Update
• Very satisfied. Good use of time, topics were relevant and interesting. Good speakers. This is my 2nd year attending an ACS Conference – Equinix Inc. on Financial Accounting & Reporting Update
• Overall conference experience is very useful and especially after reviewing the slides after each presentation. I am able to connect the dots – Plug Power on Revenue Recognition
• Great conference. A good mix of topics and a wide variety of relevant knowledgeable and engaging speakers – Crown Castle on Financial Accounting & Reporting Update
• This was my first ACS conference. I was very satisfied with the topics covered, speakers and overall logistics planning. My plan is to attend next year’s conference based on the positive experience – Purdue University on Financial Accounting & Reporting Update
• Always well done across the board from content to speakers to food. Great job – LMI Aerospace on Accounting for International Operations
• Always a high-quality conference with technical speakers and great networking experiences – Aviva Spectrum on SOX & Internal Controls Conference
• Very informative. Clearly the presenters were all very knowledgeable – Tintri on Revenue Recognition Conference
• I thoroughly enjoyed the conference, found the speakers both informative and engaging. Included current situations and made them applicable to the subject at hand. Engaging questions and example worksheets were helpful – GBG Loqate on Revenue Recognition Conference
• Great conference – Corcept Therapeutics on Revenue Recognition Conference
• Very informative course. I’d take courses from ACS Again – Yahoo Inc. on Revenue Recognition Conference
• Very informative. Excellent examples – Alarm.com on Revenue Recognition Conference
• This was a fantastic conference. Most of the topics that were covered were very applicable to what we are facing in our foreign operations and accounting. I was very satisfied with this conference and felt that the topics covered will help our company immediately – doTerra International on Accounting for International Operations Conference
• This is the second ACS conference I have attended. Phenomenal again! I can’t go wrong with ACS Conferences – Bank of the West on SOX & Internal Controls Conference
• Great conference and informative. Thanks for putting this together – Hudl on SOX & Internal Controls Conference
• Nice overview of standard and well organized. I am able to walk away with more information and ways to begin addressing the new standard’s issues as it relates to our company – AppFolio on Revenue Recognition Conference
• Very good seminar, as always! – Natera on Revenue Recognition Conference
• Update identified some important first steps that I hadn’t thought of for implementation – Clovis Oncology on Revenue Recognition Conference
• This conference provided real hands-on guidance that can be used as soon as you get back to the office. I plan to attend another ACS conference soon – Chugach on Financial Accounting & Reporting Update
• Excellent conference and excellent location. Broad range of topics covered and knowledgeable presenters. – Hydra Biosciences on Financial Accounting & Reporting Update
• Very well done. Liked the mixture of presentations/examples/information – CliftonLarsonAllen on Revenue Recognition Conference
• Excellent conference. Would recommend to other CPAs. – TopImage Systems on Revenue Recognition Conference
• It was an enriching and a very educational conference. As a first- time attendee, I am quite impressed and hope to attend more sessions – BP Carpets and Floors on Financial Accounting & Reporting Update
• Great session – more informative than other vendors – Pentaho on Revenue Recognition
• Excellent conference. Very useful information laid out in a good format with overview to start. Then lots and lots of examples and case studies. This is complex and the case studies helped me understand – World Forestry Center on Revenue Recognition Conference
• Excellent! This gave our company great insight to begn the journey of the new rev rec standard implementation – Analytical Graphics on Revenue Recognition Conference
• Good flow of topics from theory to practical examples. A lot of thought provoking examples – AGI on Revenue Recognition Conference
• Great. Loved it – Axia Partners on Revenue Recognition Conference
• Great sessions. Clear and concise materials. – Popsugar on Revenue Recognition Conference

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ASC 606 Summary and Examples by PwC

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Revenue Recognition New Standard: Key Areas and Examples was presented by Brandon A. Campbell Jr. on June 3, 2016. Brandon Campbell Jr. is a Director in PwC’s Transaction Services accounting advisory practice and regularly addresses various complex accounting matters with clients including revenue recognition, leasing and income tax accounting. Brandon’s most recent experience has been advising companies in regarding the application of the new leasing and revenue recognition standards under both IFRS & US GAAP. Since the issuance of the new leasing and revenue recognition standard, Brandon has been assisting clients with the implementation of the new Standards. Prior to Brandon’s time in Transaction Services, Brandon was in the audit practice of another international accounting firm. Brandon has over 10 years of accounting and auditing experience and has served clients ranging from early stage companies to large multinationals.

Brandon has been focusing on SEC engagements for his entire

professional career. His experience includes accounting advisory, debt

offerings, and quarterly and annual filings with the SEC.

 

Campbell began his presentation with a five step model of a comparison to existing guidance. He identified step number one as identifying the contracts with a customer. The focus areas of this step include

-Portfolio approach

-Contract combination

-Contracts

-may be written, verbal or implied by customary business practices

-Master supply agreements and separate purchase orders for individual orders

-Contract modifications

-Collectability

His analysis of identifying contracts include

-Some contracts include components that are in the scope of the revenue

standard and other components that are in the scope of other standards. An entity should first apply the separation or measurement guidance in other applicable

standards (if any) and then apply the guidance in the revenue standard.

  • To account for a contract to provide leased equipment and product sales, an entity first

applies the separation and/or measurement guidance in the leasing standard to

separate and/or measure the contract price that relates to the equipment lease,

including the related executory costs and profits thereon.

  • The guidance in the revenue standard is then applied to the sale of product component

of the contract.

 

Campbell identified step two as identifying the performance obligations in the contract. The focus areas of this step include

-Implied performance obligations

-Loyalty point programs

-Marketing offers

-Installation

-Training

-Renewal options and upfront fees (material right)

-Minimum purchase orders- stand ready obligation

-Free goods and other marketing incentives

-Shipping and handling- risk of loss service

-Options to acquire additional goods and services

-Implied services

Warranties and other post -delivery obligations

 

The speaker identified step three of the comparison to existing guidance as determining the transaction price. The focus areas of step three include

-Variable consideration

-Time value of money

-Tiered pricing and volume discounts

-Rebates

-Rights of return

-Significant financing component -extended payment terms

-Performance Bonuses

-Price Concessions

-Incentives

-Profit Margin Guarantees

 

Campbell identified step four as allocating the transaction price to the performance obligations. He presented the key focus areas of this step which include

-Allocate based on relative standalone (actual or estimated) selling price

-No contingent revenue/cash cap

 

Campbell identified the final step as recognizing revenue when the entity satisfies a performance obligation. The key focus areas of step five include

-Determination of over time versus at a point in time

-Contract Manufacturing –no alternative use

-FOB synthetic Destination -shipping terms, change of control

 

Campbell continued the presentation with a discussion on the 3rd criteria of recognizing revenue which is no alternative use and right to payment. He discussed a deeper look into the 3rd criteria which includes

-The assessment of alternative use should be made at inception and not reassessed.

-The right to payment should include consideration of the contract terms and any legal precedent.
The speaker concluded the presentation with a discussion on implementation challenges by displaying data predicting the GAAP changes as a result of the new standards from 2016 to 2019.

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Revenue Recognition New Rules – Tax Impact ASC 606

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Revenue Recognition: Tax Impact of the New Standard was presented by Mary Duffy of Andersen Tax in Washington DC and Jessica Hawn of Andersen Tax in Chicago. In this presentation, the speakers summarized the tax impact of the new revenue recognition standard with a discussion on tax principles for revenue recognition, revenue recognition examples, and key tax implications of the new standard.

 

The presentation began with an opening question, “Why does tax matter?” as well as several answers such as

-Tax rules generally do not follow the GAAP rules.

– Changes to the accounting for book purposes may identify or generate a need to make a change in method of accounting for tax purposes or impact the computation of the Schedule M (book/tax difference) or impact deferred tax assets/liabilities

 

The speakers discussed tax principles for revenue recognition including

  • Sale of goods -Revenue is generally earned when the benefits and burdens of ownership pass to the customer
  • Services –Revenue is generally considered recognized when the performance of services is complete
  • Licenses –Over the period the licensee has the right to use the property
  • Long term contracts –As costs are incurred

They continued by discussing advanced payments which are generally taxable upon receipt and have limited deferral allowed. They also provided information on long-term contracts and tax treatment of contract inducement costs which are generally capitalizable for tax purposes only to the extent all of the below are met:

  • External costs (not internal labor/overhead)
  • Contract term exceeds 12 months
  • Contract is not terminable at will
  • Amount is not de Minimis ($5,000 Or less)

 

The presentation provided examples of revenue recognition such as separate performance obligations and advanced payments, contingent consideration and long term contracts.

 

The speakers continued presenting with a discussion on key tax implications of the new standard.

This included the impact on cash taxes such as the potential acceleration of taxable income

-Advanced Payments under Rev. Proc. 2004 -34 or Treas. Reg. sec. 451 -5

  • Deferral in the year of receipt limited to the extent of deferral for financial reporting purposes
  • Generally, tax deferral CANNOT exceed deferral for financial reporting purposes
  • Book income change forces tax income change

 

This also included the changes in tax accounting methods such as

-Generate a need to change tax accounting methods

-Analysis of new revenue recognition standard may highlight a need to change tax accounting methods

-Cumulative catch -up adjustments (section 481 (a) adjustments)

-Voluntary change from Proper accounting methods -Automatic

The speakers spoke on creating or changing existing temporary differences and changes in accounting for income taxes such as the cumulative effect adjustment on adoption.

 

Duffy and Hawn concluded the presentation by discussing tax impacts: get plugged in now. The speakers encourage the audience to

Get plugged in as soon as possible to ensure input into:

  • Potential changes to systems needed to capture data for tax
  • Potential changes in book accounting that may
  • Create book/tax differences
  • Inadvertently result in a change in accounting method (without IRS consent)
  • Require obtaining IRS consent to change from prior book -driven method to an alternative method
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SEC Accounting & Reporting Update 2016 – Summary

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You can see all upcoming events here: Upcoming events

SEC update was presented on June 3, 2016 by David Lynn from Morrison Foerster. This presentation begins with the opening question, “Is the Staff still reviewing filings?”. The presentation provides an answer to the question giving these following reasons for why comment letters are down around 30%.

  • The Staff has worked on the efficiency of the comment process, particularly through the efforts of the Office of Disclosure Standards;
  • The Staff is more focused from an industry perspective;
  • The transparency of the comment process has increased to the point where issuers can readily anticipate issues; and
  • The back and forth in the comment process has been decreasing

 

philadlphia_thumb

The presentation continues on the topic of Non-GAAP measures as discussed by the Staff including

  • The Staff has said that they will focus on companies using non -GAAP measures to accelerate the recognition of revenue earlier than allowed under GAAP
  • The Staff will also challenge companies reporting adjusted earnings on a per share basis when they appear to look to much like measures of cash flow
  • It is also expected that the Staff will comment when companies “cherry-pick” non-GAAP measures
  • The Staff recently updated the Non -GAAP Measures Compliance and

Disclosure Interpretations to reflect a number of new and revised interpretive positions

A list of non-GAAP presentations that could be misleading are listed in this presentation such as

  • A performance measure that excludes normal, recurring, cash operating expenses necessary to operate the business
  • A non-GAAP measure that adjusts a particular charge or gain in the current period and for which other, similar charges or gains were not also adjusted in prior periods, unless the change between periods is disclosed and the reasons for it explained.

The presentation continued by providing examples of non-GAAP presentations that fail to give “equal or greater prominence” to the comparable GAAP measure as well as the disclosure of tax effects on non-GAAP measures.

The second topic covered by the SEC update was SEC comments: Revenue Recognition. This section of the presentation touched on SAB topic 11.M disclosures, requirements for revised financial statements, consistency of filings versus elsewhere, cybersecurity disclosure, little “r” and big “R” restatements,  and typical revenue recognition comment areas such as

-gross versus net reporting

-software revenue recognition

-service revenue recognition

-sales returns

-sales incentives

-reseller transactions

-principal vs. agent transactions

-Revenue recognition for long-term construction and production contracts

 

The presentation provides the following information on audit committee disclosure.

  • Over the past four years, there has been a substantial increase in attention to the role played by the audit committee of the board of directors and the audit committee-auditor relationship.
  • Several groups have noted the importance of the audit committee and its oversight responsibilities with respect to the auditor, while at the same time citing a lack of transparency about this relationship and the overall role that the audit committee plays within the issuer.
  • In 2015, the SEC issued Rel. No. 33-9862, a concept release soliciting comment on many of the audit committee/auditor disclosure concepts that have been “encouraged” over the past few years.

 

The SEC update continues by answering what Magnum Hunter Resources case can tell the audience about internal controls and concludes with the closing question, “What are the latest practices regarding related party transaction disclosures?”. To answer this question, the audience is provided with information regarding the Auditing Standard  No.18 which deals with related party transactions, significant unusual transactions, and a company’s financial relationships and transactions with its executive officers. The answer is also found when discussing related party transactions, related party lists, and related databases.

 

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Lease Accounting New Rules – Executive Summary ASC 842

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We are hosting a two day conference covering all aspects of the new rules in San Jose, CA on March 21-22, 2017: https://acslive.com/event/leases_sanjose_march2017/

See all upcoming live conferences and live accounting conferences here: 2016 Schedule

The New Lease Accounting Standard was presented by BD’s Hank Galligan on June 14, 2016. This presentation had three learning objectives.

  • To identify the main provisions of the new lease standard as contrasted with prior accounting requirements
  • To identify financial statement presentation and disclosures required by the new lease standard
  • To recognize operational impact of the new standard

 

The presentation begins by providing information on Scope and identifying a lease based upon

  • Whether contract fulfillment depends on use of an identified asset
  • Whether contract conveys right to control use of identified asset for consideration for a time period

The presentation looks further into identifying a lease by identifying the five criteria for lease classification as seen below.

  1. Transfer of ownership of underlying asset to lessee by end of lease term
  2. Option to purchase underlying asset that lessee is reasonably certain to exercise
  3. Lease term = major part of remaining economic life of underlying asset
  4. Sum of PV lease payments and PV any residual value guaranteed by lessee ≥ substantially all of the FV of underlying asset
  5. Underlying asset is of such a specialized nature that it is expected to have no alternative use to lessor at end of lease term

The discussion on leases further with the information on topics such as lease terms, lease payments, and lease modification.

 

It is then shown how Lessee accounting demonstrates the decrease of lease expenses over nine years. The presentation moves on to Lessor Accounting and its initial and subsequent measurements of sales-type, operating, and direct financing leases. Other considerations of variable lease payments are mentioned such as

  • Impairment of net investment
  • Modifications – change in lease type
  • Components
  • Sale/leasebacks
  • Leveraged leases
  • Alignment of principles with Topic 606

Lessee disclosures are provided including

  • Contractual details (lease term, contingent rentals, options, etc.) and related accounting judgments
  • Information about significant leases that have not yet commenced
  • Amounts related to lease cost (including any amounts capitalized) and related cash flows, separately for operating and finance leases
  • If practical expedients related to short-term leases and separation of lease and non-lease components elected, disclose that fact and related details

 

Lessor disclosures mentioned include

  • Contractual details (lease term, contingent rentals, options, etc.) and related accounting judgments
  • Narrative disclosures about leases (including information about variable lease payments and options)

 

BDO Knowledge concludes the presentation by speaking on Lessee and Lessor Accounting transitions as seen below as well as transition considerations.

  • Modified retrospective approach with hindsight allowed for evaluating renewal and purchase options on existing leases. No option for full retrospective.
  • Significant relief provisions allowed as a policy election – No reassessment of:
  • –  Whether any expired or existing contracts are or contain leases
  • –  Classification for any expired or existing lease
  • –  Initial direct costs for expired or existing leases
  • Considerations of planning to transition has an impact on ICFR, Planning and budgeting, Taxes, Compensation arrangements, Debt covenants and other contracts, Internal and external communication, IT systems/data management, and Lease structure strategy.

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