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Revenue Recognition CPE Training Conference Recap

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See upcoming training schedule here: 2016 CPE Schedule

Here is a recap of case study topics covered by Sean St. Germain and Ducky Min from Deloitte at the Dec 3-4 Revenue Recognition Accounting Update conference at the Hyatt Santa Clara.

hyatt s clara ballroom

On the first day of the event, PwC covered the new rules and how to implement the five steps detailed in the new standard.  KPMG followed in the afternoon with a discussion of transition options and recommendations.  An industry panel discussion provided a practical perspective on how others are going through the planning, preparation and implementation of the new rules.  E&Y concluded the opening day with a look at SEC Comment Trends relating to revenue recognition.

Sean and Ducky opened up the second day of the conference with a series of case studies and how to account for the various scenarios in light of the new rules.  Here are the case study topics that were covered in the 90 minute session:

Modification of a contract

Material-right renewal option

Sales to distributor (2 versions: with estimate of variable consideration constrained/not constrained)

Contract does not meet criteria to apply the new revenue model

Good or service is distinct

Estimating the transaction price

Implicit price concessions

Point in time or over time

Intellectual property

A four step technology case study

 

About the presenters: 

Sean St. Germain
Senior Manager, Mergers, Acquisitions, & Divestitures, Deloitte & Touche LLP
Sean is a senior manager specializing in M&A deal management and financial diligence with over 10 years of public accounting experience. He has worked on numerous domestic and cross-border M&A transactions providing services to both private equity and strategic buyers for deal sizes ranging from $20 million to $19 billion. Sean’s experience has been focused primarily in the technology, media, and telecommunications industry.
Sean’s previous experience includes a three-year rotation in Deloitte’s National Office as a technical accounting resource and five years in Deloitte’s audit practice. During Sean’s time in Deloitte’s National Office (2010-2012), he focused a majority of his time leading Deloitte’s efforts related to the joint FASB/IASB revenue recognition project.
Sean holds a C.P.A. license in the State of Minnesota and California and is a member of the AICPA. Sean received a Bachelor’s degreein Finance and Accounting from Bethel University in St. Paul, MN.

Dukkyung (Ducky)Min
Senior Manager, Accounting & Reporting Transformation, Deloitte & Touche LLP
Ducky has over 12 years of experience providing assurance and advisory services around operational and technical accounting. Ducky provides assistance to mostly technology and consumer products companies in; (1) improving close processes; (2) implementing new GAAP; (3) technical accounting review (e.g. revenue recognition, share based payment, etc.); (4) transactional accounting (e.g. acquisition/carve-out/IPOs); and (4) SEC regulatory issues (e.g. IPOs, comment letter responses).
Previously, Ducky served five years in Deloitte’s audit practice; completed two years in M&A practice as part of the Management Development Program and subsequently completed a two year international assignment in Asia.
Ducky holds a C.P.A. license in the State of Virginia and California and is a member of the AICPA. She received a Bachelor of Science in Accounting from Georgetown University.

See upcoming training schedule here: 2016 CPE Schedule

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2016 New Accounting for Leases Standard Preview and Executive Summary

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From presentation given on Dec 15-16 at Philadelphia Hyatt Bellevue

Financial Accounting & Reporting Update Conference

See similar upcoming CPE Conferences here: 2016 Schedule of CPE Conferences by ACS

By Dave Christensen of RGP:  As a Managing Consultant at RGP, Dave works as a part of RGP’s client service team focusing on the delivery of multiple engagements in support of its advisory services.  He has extensive US GAAP expertise and is currently focused on revenue recognition efforts.  Prior to joining RGP in 2015, Dave spent 9 years with United Services Automobile Association (USAA) as the Assistant Vice President of Accounting Policy and External Reporting, 3 years with GE Insurance as the Lead Technical Accounting Advisor, 5 years at the National Association of Insurance Commissioners as the Statutory Accounting Principles Manager and 6 years as an audit manager at Deloitte & Touche.

Dave began the presentation with an executive summary of the long history, impetus and background of the FASB project.

For lessees: most leases will be on the balance sheet

Leases will be classified into two types: Type A- similar to today’s capital leases and Type B- similar to today’s operating leases

Income statement recognition pattern will depend on lease type

Additional disclosures

For Lessors: Type A – similar to today’s sales type of direct financing leases (initial selling profit deferred if lessor does not transfer control) Type B leases similar to today’s operating leases

Leveraged lease model is eliminated

Additional disclosures

David continued with a deeper dive into the scope and definition of leases, lease identification, identified asset, short-term leases, separating lease and non-lease components, contract combinations, portfolio approach, lease terms, lease payments, discount rates, implicit interest examples, economic life, fair value, lease classification, lessee accounting, disclosures and examples.

See similar upcoming CPE Conferences here: 2016 Schedule of CPE Conferences by ACS

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ASC 606: Transition Options – New Revenue Recognition Rules

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Dec 3-4 at Hyatt Santa Clara
Revenue Recognition Accounting Conference hosted by Accounting Conferences and Seminars LLC
See all upcoming Revenue Recognition Conferences and other CPE Training Seminars here: 2016 CPE Training Events

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Led by KPMG’s Deglan Reager: Deglan is a Director in KPMG’s Accounting Advisory Services group with over 8 years of accounting experience. He specializes in on-call technical accounting advice, accounting change services, and buy side assistance. Prior to joining the San Francisco office of KPMG’s Accounting Advisory Services group in 2009, Deglan worked as an auditor in KPMG’s New York City Office and then as a staff member at the Financial Accounting Standards Board (FASB) with a focus on the Revenue Recognition project and FASB Statement No. 167—Amendments to FASB Interpretation No. 46(R).

and KPMG’s Adrien Vion: Adrien Vion is a Manager with KPMG finance management advisory services practice based out of San Francisco. He has over 5 years of experience in Europe (KPMG France) assisting clients in key business process analysis and transformation as part of the Management Consulting practice. He has a strong international experience by working in over 15 different countries for his clients. He also has advanced operational skills in SAP.
Adrien is a key member of the KPMG team developing the integrated Revenue Recognition service offering.

Deglan and Adrien covered the current timeline for adoption of ASC 606 – the new rules on Revenue Recognition and discussed four main ideas:
1. Industry-specific guidance is eliminated and replaced with a single model
2. Significant judgements and estimated are required in many circumstances
3. New business requirements to comply will require changes to systems
4. There is a cumulative effect or retrospective transition method for adopting the standard which will require parallel processing of revenue for a period of time

Deglan covered the three current transitions options: full retrospective-no practical expedients, retrospective with practical expedients, and cumulative effect.

The choice of option will have a significant effect on the plan for Deglan recommends entities begin to: perform a high level analysis to idenitfy potential drivers of changes, determine the contracts that need to be restated, initiate the design of a model to compare revenue under current GAAP to revenue under the new rules, consider putting together a sub-group within the project team to focus on transition option considerations and finally monitoring the activities of implementation groups established by the FASB.

Adrien covered the broad impact to organizations including the obvious impact to accounting policies, the impact on ERP systems and peripheral systems and interfaces, the governance organization changes and the financial and operational changes.

See all upcoming Revenue Recognition Conferences and other CPE Training Seminars here: 2016 CPE Training Events

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ASC 606 Revenue from Contracts with Customers: Overview of the new revenue recognition standard

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From Dec 3-4 conference at Hyatt Santa Clara
Presentation led by Emily Liu and Alisher Zokhidov from PwC
See upcoming Revenue Recognition training events and other CPE conferences from ACS here: Upcoming Events

The training session carried two objectives as the opening morning of the two-day conference on revenue recognition accounting:
1. Why the new standard was issued and why it is important
2. Observations of the impacts of the new standard and how it departs from current GAAP.

Emily and Alisher detailed the five steps to apply the new model
fasb five step

Where things begin to increase in complexity are other considerations including Principal vs. Agent Assessment, contract costs (incremental costs of obtaing a contract, costs to fulfil a contract, amortization, impairment), method of adoption (retrospective or practical expedient) and prospective disclosures.

More guidance will likely be added during the transition period and companies will need to continue to monitor the ongoing evolution.

The second half of the PwC presentation on the new revenue recognition standard focused on key areas and illustrative examples.

The topics included examples on:
collectibility
contract modifications
identifying performance conditions
variable considerations
time value of money
performance obligations over time
elimination of VSOE requirement for software transactions
term licenses

Overview of the new revenue recognition standard: ASC 606 Revenue from Contracts with Customers

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Oct 27, 2015 in Austin, TX

See all upcoming Revenue Recognition CPE Events here: Link to events schedule

Led by PwC Partner Reto Micheluzzi and former Postgraduate Technical Assistant to the FASB, Nick Passalugo the session provided an overview of the new standard and why it was issued and its importance. They also covered the impacts of the standard and discussed how it departs from existing GAAP

The session began with a discussion of a discussion of the history of the project beginning with inception through the 2018 effective date. Reto covered the effective dates for public, non-public and IFRS companies as well as early adoption.

There are five steps to apply the new model.
1. Identify the contract with the customer
2. Identify the separate performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price
5. Recognize revenue when a performance obligation is satisfied

Reto and Nick went into depth on each of these steps with examples and illustrations to provide clarity.

They followed this discussion by covering other considerations including principal vs. agent indicators, bill-and-hold, incremental costs of obtaining a contract, costs to fulfill a contract, amortization, impairment.

The method of adoption Retrosepctive and Practical expedient were also covered.

Prospective disclosures will exceed the general current guidance under GAAP.

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New COSO Guidance for 2013 – SOX Training

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SOX & Internal Controls continue to be a dynamic area. Numerous best practices have evolved and the new COSO guidance put out in May 2013 adds more room for disucssion.

All of these topics and more will be addressed in the SOX & Internal Controls Conference on November 18-19 in Washington D.C. at the Grand Hyatt. Here is a link to the details and registration info: https://acslive.com/events/sox_2013dc.html

Deloitte will discuss the latest developments as well as emerging issues. We’ll dive into the latest COSO guidance and an industry panel will share the issues they grapple with in their organizations. Past SEC officials will provide perspective on the big picture and E&Y will lead the fraud discussion. PwC will discuss GRC and ERM. Deloitte will circle back on the second day for more practical talk on Optimization of your process.

Pricing is $795 if you register 45 days early. Regular price is $995. You will earn 16 CPEs,

“Very interactive and energetic…attended last year too and found topics very relevant..” – Dole

“Very informative and relevant material – good to relate to current topics and trends” – Cisco

“Excellent. Relevant, timely and engaging speakers – the interactive panel was very informative. Several ideas to implement or suggest – always a plus” – Freddie Mac

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Revenue Recognition Training on New FASB Standard

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The new Revenue Recognition Standard from the FASB/IASB is rumored to be finalized in the next month. Experts from the Big 4 and industry are developing plans to prepare for the changes.

ACS is hosting (2) two-day conferences to get attendees from industry up to speed on what the changes will mean for their organizations and industries.

The conferences focus on the new accounting standard and the practical differences from current GAAP. We’ll also have an industry panel discuss how they are planning to handle the changes and convey the changes throughout their organization as they prepare to adopt.

The SEC will also weigh in on rev rec related issues, we’ll cover Software as a Service (SAAS) accounting and case studies to further illustrate how the new standard will look in practice.

Pricing is $795 if you register well in advance – 45 days early.

Locations are Boston Hyatt Cambridge on September 19-20 and Santa Clara/San Jose, CA on December 3-4: https://acslive.com/events/revenue_2013.html

Morning News

Morning News

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Travel the world

Travel the world

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Boston CPE Events

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We’ve expanded our Boston CPE for CPAs this year to three events. All will be held at the Boston Hyatt Cambridge.

We’ll again have the Financial Accounting & Reporting Update designed for corporate CPAs on June 12-13. Attendees will earn 16 CPEs. The agenda has been updated and we have added a number of new topics based on the latest SEC & FASB developments: https://acslive.com/events/financial_2013cambridge.html

We’ve added a one-day (8 CPE hour) course on Employment Law in June. Dan Corey will lead the discussion. Dan is a top notch instructor who has honed his presentation to be both highly educational and entertaining: https://acslive.com/events/employment_2013cambridge.html

Also, we have scheduled a Revenue Recognition Accounting Conference in September. The agenda will explore all the latest developments including the FASB project, SEC guidance and industry practicalities: https://acslive.com/events/revenue_2013_cambridge.html

Click the links to see the full agenda and details

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