Le Lézard
Classified in: Health, Business
Subjects: SVY, ECO

Deloitte's New Financial Reporting Update Provides Fresh Accounting Insights for Life Sciences Companies


NEW YORK, March 20, 2018 /PRNewswire/ --

What:   

2018 edition - and ninth annual - Deloitte Life Sciences Accounting and Financial Reporting Update ? Including Interpretive Guidance publication



Who:   

? Chris Cooper, partner, U.S. audit & assurance leader, life sciences and health care, Deloitte & Touche LLP

? Jeff Ellis, partner, life sciences industry professional practice director, Deloitte & Touche LLP
? Dennis Howell, senior consultation partner, accounting services and life sciences deputy industry professional practice director, Deloitte & Touche LLP





When:   

Available immediately



Details: 

Tax reform, new licensing guidance and a host of other changes to accounting standards may fundamentally change the way life sciences companies report financial results in 2018 and beyond. Financial professionals may be confronted with challenges in how they adopt and apply new accounting standards related to revenue recognition, leases, and the definition of a business, as well as existing guidance rules related to R&D costs, M&A transactions, contingencies, financial instruments, financial disclosure and more.




In one of the most extensive overviews overview of its kind, Deloitte has published the "Life Sciences Accounting and Financial Reporting Update - Including Interpretive Guidance" publication which provides comprehensive, interpretive guidance on how life sciences companies can weather the coming regulatory storm.




The implications are expected to be significant. Biotech companies seeking to raise capital for research and development initiatives may be impacted by complex terms and conditions associated with accounting for financial instruments, especially when approaching an IPO. Partnerships between collaborating companies bringing new products to market may be impacted by ongoing uncertainty related to accounting for these arrangements. Medical device companies may have to modify how they recognize revenue due to new revenue standards, to name just a few coming disruptions.




This publication from Deloitte offers keen insights on these emerging issues, so that financial professionals in life sciences can better prepare to address these complex accounting challenges.

As used in this document, "Deloitte" means Deloitte LLP. Please see  www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. (PRNewsFoto/Deloitte)

 

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including more than 85 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to make an impact that matters -- delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

SOURCE Deloitte


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