2-Day Online Training in Revenue Recognition Accounting (ASC 606) – December 7-8, 2022 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The lecture “Revenue Recognition Accounting Update (ASC 606) 2022” has been added to from ResearchAndMarkets.com offer.

Get your annual revenue recognition update here! The new revenue recognition standard has had a significant impact on how most companies recognize revenue. Best practices continue to evolve and there are a number of areas where businesses are still looking for answers.

This lecture assumes that you are already familiar with the five-step model. It will address the latest developments in key areas, significant changes, scope, disclosure and impacts. There will be lots of examples and a detailed case study.

LEARNING OBJECTIVES:

  • Review the latest changes in key areas

  • Understand the big picture concepts from an SEC perspective

  • See where your counterparts are stuck

This event will run from 8:45 a.m. to 4:40 p.m. (PST) each day.

Who should attend:

  • CFOs (and their staff)

  • Controllers

  • Vice Presidents of Finance

  • Directors and Accounting Managers

  • Senior Accountants

  • Revenue Managers and Analysts

  • Internal auditors

  • Tax accountants

  • Treasury staff

  • Internal Control/SOX Managers

  • Accountants

  • Educators

Agenda:

Agenda: DAY 1

8:45 a.m. – 10:55 a.m. Revenue Recognition: Past Issues and Emerging Trends

  • Review of the five-step model

  • Where people get stuck in the pattern

  • Determination of principal/agent

  • Customer options and material rights

  • Identification of performance obligations

  • Applicability of licensing guidelines

  • Free Trials

  • Change of contract

  • Determination of SSP

  • Measurement of progress in overtime performance obligations

10:55 a.m. – 11:10 a.m. Break

11:10 a.m. – 12:30 p.m. Committee:

  • Adoption of ASC 340-40, Other assets and deferred charges – Customer contracts

  • Provide a fundamental understanding of the identification of costs to be capitalized under ASC 340-40

  • Provide a basic understanding of how to amortize additional contract costs

  • Outline disclosure requirements

12:30 p.m. – 1:00 p.m. Lunch break

1:00 p.m. – 2:15 p.m. Round table on industry

  • The format of this session will be interactive and moderated. Three industry panelists will briefly introduce their companies and discuss their hot topics in revenue recognition. Questions will follow from the moderator and participants.

2:15 p.m. – 2:30 p.m. Break

2:30 – 5:00 p.m. ASC 606: Interactive discussion on a series of scenarios

  • Selected Practice Areas: Paying Customer, Contract Duration, Enforceable Rights, Performance Obligations, Replacement Right, License Amendments, Progress Measurement, Contract Cost

  • The group will use the survey to work through each question

  • The Connor Group moderators will explain their recommended answers and explanations

Agenda: DAY 2

9:00 – 9:55 Tax impact of the new standard

  • Tax principle for revenue recognition

  • How to discuss these issues with your tax team

  • Examples

  • Next steps

9:55 a.m. – 10:10 a.m. Break

10:10 – 11:15 Disclosures

11:15 a.m. – 11:25 a.m. Break

11:25 – 12:40 Hot Industry Topics

  • 1. Software/SaaS: Usage-Based Charges: Variable Consideration

    • Hybrid software layouts

  • 2. Life Science Issues

  • 3. Manufacturing: Non-recurring engineering – Presentation of revenue received

12:40 p.m. – 1:10 p.m. Break

1:10 – 2:40 Key areas and examples

  • Substantive right – renewal option

  • Distributor sales

  • Principal vs Agent

  • The contract does not meet the criteria for applying the new revenue model

  • The good or service is distinct within the scope of the contract

  • Transaction price estimate

  • Charges based on sales or usage

  • When is control transferred?

  • Contractual Resale Restrictions – Transfer of Control

  • Incremental costs to obtain a contract

  • Costs to capitalize

2:40 p.m. – 2:45 p.m. Break

2:45 p.m. – 4:05 p.m. Impact on internal controls

  • Changes in Information and Related Data – Quality Needs

  • ASC 606 Internal Control Considerations

  • ASC 606 checks in progress

  • Management review checks

  • Information used in controls (IUC)

  • General IT Control Considerations

  • Impact of COVID-19 on internal controls

  • SOX optimization and modernization

For more information on this conference, visit https://www.researchandmarkets.com/r/q2mled

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