Dublin, May 10, 2023 (GLOBE NEWSWIRE) -- The "Revenue Recognition Accounting Update (ASC 606)" conference has been added to ResearchAndMarkets.com's offering.
Get your annual revenue recognition update here! The new Revenue Recognition Standard made a significant impact on the way most companies recognize revenues. Best practices continue to evolve and there are a number of areas where companies are still searching for answers.
This conference assumes 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 plenty 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 getting stuck
Agenda:
Agenda: DAY 1
8:45 - 10:55 Revenue Recognition: Past Issues and Emerging Trends
- Where people are getting stuck within the five-step model
- Price concessions
- Modifying contracts
- Customer options and material rights
- Performance obligations - software industry considerations
- Significant financing component
- Principal-versus-agent considerations
- Contract costs
- Onerous performance obligations/contracts
10:55 - 11:10 Break
11:10 - 12:30 Cases and Examples
- Areas of significant complexity and judgement
- Top causes of restatements
- Operational and business model changes
- Interaction with other guidance
12:30 - 1:00 Lunch Break
1:00 - 2:15 Industry Panel Discussion
- The format of this session will be interactive and led by a moderator. Three industry panelists will briefly introduce their companies and discuss their revenue recognition hot topics. Questions will follow from the moderator and attendees.
2:15 - 2:25 Break
2:25 - 3:40 SEC & Revenue Recognition Perspectives
- SEC Comment Letter Trends and Themes
- Accounting for usage-based fees
- Acquired Contract Assets/Liabilities from Business Combinations
3:40 - 3:45 Break
3:45 - 4:45 Revenue Automation
- Components of Revenue Automation
- Defined Approach to Automate Revenue Operations with Illustrative Example
- Types of Solutions that Enable Revenue Automation
- System Selection Considerations
Agenda: DAY 2
8:45 - 11:15 ASC 606: Interactive discussion on a series of scenarios
- Selected practice areas: Revenue Customer, Contract Duration, Enforceable Rights, Performance Obligations, Replacement Right, License Modifications, Measure of Progress, Contract Cost
- Group will use polling to work through each question
- Moderators from Connor Group will explain their recommended answers and explanations
9:55 - 10:10 Break
11:30 - 12:40 Disclosures
- Recent Trends
- Disaggregated revenue
- Reconciliation of contract balances
- Qualification of performance obligations
- Disclosure of significant assumptions
- Quantification of costs to complete a contract
12:40 - 1:20 Lunch Break
1:20 - 2:40 Commissions: Deeper Dive
- Adoption of ASC 340-40, Other Assets and Deferred Costs - Contracts With Customers
- Provide foundational understanding of identifying costs to be capitalized under ASC 340-40
- Provide foundational understanding of how to amortize incremental contract costs
- Provide an overview of disclosure requirements
2:40 - 2:45 Break
2:45 - 4:05 Impact on Internal Controls
- Changes in Information and Related Data - Quality Needs
- ASC 606 Internal Control Considerations
- Ongoing ASC 606 Controls
- Management Review Controls
- Information Used in Controls (IUC)
- IT-General Control Considerations
- COVID-19 Impact on Internal Controls
- SOX Optimization & Modernization
For more information about this conference visit https://www.researchandmarkets.com/r/rbp7mq
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