Revenue Recognition CPE Training Conference Recap
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.
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