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Financial Accounting Update 2016

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Presentation given in December 2015 at Financial Accounting & Reporting Update at Philadelphia Hyatt Bellevue

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Link to 2016 event schedule: 2016 CPE Calendar

Presented: Rich Stuart from RSM where he is a Partner in their National Standard Group

The three main topics covered in the presentation included an Accounting Standard Update, Other agenda projects and Private Company Accounting Alternatives.

Topics in the update included;

ASU 2015-01: Extraordinary and unusual items

ASU 2015-02: Consolidations

ASU 2015-03: Debt Issuance Costs

ASU 2015-15: Debt Issuance Costs/Line of Credit Arrangements

ASU 2015-05: Cloud computing fees

ASU 2015-11: Inventory

ASU 2015-14: Deferral of Effective Date

ASU 2015-16: Business Combinations and Measurement Period Adjustments

ASU 2015-17: Balance Sheet Classification of Deferred Taxes

 

Other agenda projects covered included convergence projects (revenue recognition, financial instruments and leasing).

Link to 2016 event schedule: 2016 CPE Calendar

 

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2016 Accounting Conferences: reviews and comments from recent events

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Here is a link to the 2016 events from ACS: 2016 Events

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We typically have 50-100 attendees at each event with expert speakers from the Big 4 and beyond.  About 90% of the audience is typically comprised of accountants working in industry.  Here is what some of the 2015 attendees had to say about recent events:

I attend this conference every year – very good mix of regional firms and Big 4     –Aruba Networks

This was my first ACS training.  I was incredibly impressed with the caliber of the presenters.  The topics were timely and relevant.  I’ll definitely be encouraging my colleagues to use ACS for their future training needs.     –SolarCity

Great conference – plenty of key insights for me to bring back to my team.     –Aviation Capital

Facilities and food were top notch.  Will definitely return.     –Luminex Corporation

This conference continues to be one of the best CPE events I’ve been to     -Quaker Chemical

Excellent conference and love the facility     -HID Global

Great materials and facility     -Pivot Consulting Group

Found the conference to be a great value and very well done     -Cadence Design Systems

This was an extremely beneficial conference and I would do another seminar with ACS     -JG Wentworth

An excellent summary of recent changes in GAAP, SEC, fraud and megatrends     -Baker Healthcare Consulting

Great conference.  Extremely relevant and hits all relevant topics, views and areas     -Excentus

Informative and well organized.  Will definitely recommend     -Immucor

Excellent conference.  Was glad that presenters provided substantive written materials to supplement the discussion     -Perforce Software

This conference was very informative and all of the presenters were very knowledgeable.  I learned a lot that I will be able to take back to my company and most likely will return next year     -Factual, Inc.

Great conference – will attend again and encourage others to do so     -Adobe

Timely and relevant topics presented by knowledgeable professionals –Solera Holdings

Enjoyed the conference.  Choice of topics were very relevant and speakers were knowledgeable and engaging     -Equinix Inc.

Great conference, well organized and great speaker knowledge     -Grey Healthcare Group

Great Job!  Keep it up!     -Stoneridge

Great conference, very well run     -Performance Sports Group

Overall, the conference was great.  Quality of the speakers was excellent and topics covered were relevant.  I felt that my time was well spent and I walked away with valuable knowledge that I can used to benefit myself personally as well as my company professionally     -Iron Mountain

Excellent training    -Medtronic

Great conference.  I will certainly look to ACS first for my next CPE needs.  Thank you     -Bazaarvoice

Great conference.  Will look to attend more ACS conferences     -WP Engine

First ACS Conference….great!     -Home Depot

First time attending.  Great presentations: quality material covered, mix of topics, level of details, length of presentations.  Great value as well     -Cal Water Service

Informative.  Relevant topics.  Useful     -Everstring Technology

Excellent CPE.  Definitely will be back     -Quaker Chemical

Enjoyed my first ACS conference.  Would attend again.  Really liked the presenters     -Global Indemnity Group Inc.

I loved all the sessions, thank you     -Unity Healthcare

Excellent conference with really great presenters.  Knowledgeable, good communicators, well laid out material.  Extremely well organized conference     -Rentrak

Good conference with relevant topics.  Speakers are definitely knowledgeable about their subject matter.  Will definitely attend this seminar next year     -Intel

Wonderful speakers who are knowledgeable.  Their expertise and stories helped make me aware of issues our team may encounter     -Infoblox

Here is a link to the 2016 events from ACS: 2016 Events

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SAAS Accounting: How the New Rev Rec Rules will impact Technology Companies

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Led by Rita Dhir, PwC Director
Date: September 2015
Event: Accounting Update for Technology Companies Conference
Here is a link to similar upcoming events: 2016 CPE Events

Speaker bio: Rita Dhir is a Director in PwC’s National Professional Services Group based in San Jose. She has over 15
years of experience in serving technology companies ranging from venture capital-backed start-ups to public
multinationals in the computers and networking, software, internet and semiconductor industries. She
has advised non-audit clients in their successful implementation of the new revenue recognition
standards, including establishing fair value / estimate of selling price for multiple element transactions, and
related design of effective internal controls. Rita graduated from the University of Illinois at Urbana-
Champaign with a B.S. and M.S. in Accountancy, with a special focus in Taxation. She is a member of American
Institute of Certified Public Accountants and the California Society of CPA.

Rita began the presentation with an overview of cloud computing including the definition, market size and characteristics of software-as-a-service (SAAS) companies. The next step was an examination of how to determine whether the arrangement falls under “software” or “service”.

Rita took the group through SAAS arrangements with multiple elements and the four stepsin an example:
Determine whether separate contracts are actually one multiple-element arrangemet
Identify all the deliverables
Determine which deliverables may be treated as separate units of accounting
Allocate the transaction consideration to units of accounting (VSOE, third party evidence, managements best estimate of selling price).

The presentation closes with a look at SAAS under the new revenue recognition rules:
Determine performance obligations
Allocate the transaction price based on relative standalone selling price
Management must estimate variable consideration (e.g., SLA) when determining the transaction price
SaaS arrangements that include a license of IP and have usage-based fee structures are likely to be recognized only when subsequent usage occurs
Contingent revenue guidance on allocation of revenue to services is replaced by application of the constraint to the transaction price
Collectability is assessed as part of the identification of the contract

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2016 Accounting CPE Conferences

2 2.3k

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The new revenue recognition standard had been issued and there are a number of industry questions and transition guidance sure to follow.

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Here is a link to see agenda and description of all events: 2016 List of Events

ACS is offering 2016 Revenue Recognition Accounting Conferences in San Francisco, San Jose, Philadelphia and Boston.

The 2016 Leasing standard is also set to be released. Find out about the details and other FASB & SEC related topics at the Financial Accounting & Reporting Updates in San Jose, Boston, Philadelphia, Chicago, Austin TX, New York City and San Francisco.

We will also be getting more industry specific with a 2016 Software Revenue Recognition Conference, 2016 Life Science Accounting Update and 2016 Accounting Update for Technology Companies as well as an Accounting Update for Private Companies.

Each of these events qualify for 16 CPEs – approved in all states. Speakers are experts from the Big Four and beyond. The audience is typically comprised of 40-90 attendees from industry. Pricing is $795 if you register at least 45 days in advance (regular price id $995 per person).

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Sarbanes-Oxley Update 2016: Past Issues and Emerging Trends

2 2.4k

From October 2015 Conference at Marriott Tysons Corner

Led by Deloitte’s Wei Sheng, Antionio Farias and Ryan Gulino

See upcoming conference dates – including 2016 SOX event details: 2016 Schedule

 

The Deloitte team led off the discussion with a summary of the 2013 COSO Framework – the components and principles including the key areas of focus (Risk assessment concepts, outsourced service providers, information technology).  They also discussed who actually implemented the new framework: as of April 2015, 75% of companies with public filings had used the framework.

Deloitte was hearing the following implementation challenges from the marketplace:

−Effective evaluation of design for internal controls, including entity-level controls

−Demonstrating an effective ethics program

−Maintaining an effective risk assessment process that considers risks to financial reporting, fraud risks, and changes to the entity

−Segregation of duties

−Effective design of management review controls

−Internal controls with respect to outsourced service providers (OSPs)

−Information quality and reliance on erroneous data or reports

 

Their response for best practices for these common areas included:

−Effectively evaluate the design of controls considering multiple factors

−Develop a strong tone at the top related to ethics programs, provide code of conduct to both employees and third parties, and monitor violations reported.

−Review and refresh your risk assessment process annually, including financial reporting and fraud considerations, to account for any changes that occurred.

−Establish and test controls that address segregation of duties conflicts, from both a preventive and a detective standpoint, across business and IT.

−Assess the precision of management review controls and certify that such controls have been consistently executed.

−Establish governance & oversight of controls executed by OSPs.

−Design specific controls over data, including non-system-generated reports and data to and from OSPs.

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The team also discussed PCAOB areas of focus and went into the evolution of SOX Compliance.  They described the movement from controls rationalization to controls optimization, check-the-box to meaningful execution, effectiveness to efficiency and risk response to risk identification.

Deloitte closed the presentation with a description of the three lines of defense, third party risk management and cyber risks.

See upcoming conference dates – including 2016 SOX event details: 2016 Schedule

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SEC Update: Executive Summary

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By: Patricia Woodbury from FTI Consulting

Pat Woodbury is a Managing Director at FTI Consulting and is based in Washington, DC. Ms. Woodbury has more than 30 years of experience gained through consulting and at the Public Company Accounting Oversight Board (PCAOB), the U.S. Securities and Exchange Commission (SEC), in corporate financial management and public accounting. She provides expert, advisory consulting and investigative services related to technical accounting, auditing, financial reporting, professional responsibility, FCPA and other SEC related issues.

Ms. Woodbury’s experience includes assisting companies with the analysis, accounting and disclosure for various complex transactions. She has assisted companies in responding to comments raised by the SEC’s Division of Corporation Finance and other communications with the SEC. She has advised companies on complex accounting issues has provided assistance to public and pre-IPO companies with SEC filings, including “pre-reviews” prior to filing and advised registered accounting firms in their interactions with the PCAOB.

Ms. Woodbury’s experience also includes financial fraud investigations, forensic accounting, FCPA investigations, compliance reviews and other litigation support. She has provided expert opinions related to internal controls, SEC reporting and the responsibilities of auditors.

On Dec 15-16, 2015 at Financial Accounting & Reporting Update at Philadelphia Hyatt Bellevue

See all upcoming 2016 CPE Training Conferences including FASB & SEC Updates: 2016 Calendar of Events

Patricia began the presentation with an overview of the SEC Organization structure.  Patricia provided an update of SEC Enforcement activities including their newest milestones and more aggressive stance.  The Division’s priorities for the coming year include a focus on complex financial products, gatekeepers, financial reporting, market structure, insider trading, and municipal securities.

The next are of focus in the presentation was SEC Comment Letter Trends and the most common areas by percentage:

MD&A

Fair Value Measurements

Signatures, exhibits and agreements

Income taxes

Revenue Recognition

Non-GAAP financial measures

Intangible assets and goodwill

Executive Comp disclosures

Segment reporting

Acquisitions and business combinations

Patricia also detailed the latest rends in restatements, SEC whistleblower program, FCPA, international convergence, Dodd-Frank Act, Clawback policies

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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.

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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

2 2.5k

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

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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

2 2.5k

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
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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

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