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
8:00 - 8:45
Continental Breakfast and Registration
8:45 - 10:45
Revenue Recognition: Past Issues and Emerging Trends
Where people are getting stuck within the new model
Implementation observations
Beware These Hot Spots - Comment Letters
Survey results
10:45 - 11:00 - Break
11:00 - 12:30
Revenue Recognition: Key Areas and Illustrative Examples
Collectibility
Contract Modifications
Identifying Performance Obligations
Contingent Revenue
Costs to Obtain a Contract
Significant Financing Component
Performance Obligations Over Time
Elimination of VSOE Requirement for Software Transactions
12:30 - 1:30 - Lunch
1:30 - 2:45
Industry Panel Discussion
Hear from your counterparts in the industry about their experiences in working through ASC 606
Unseen obstacles
Communication Issues
Internal Control Issues
2:45 - 2:55 - Break
2:55 - 4:00
Commissions
Incremental Cost Capitalization
Accelerator Commission Payments
Multiple Costs for One Contract
Contract Modifications
Clawback Provisions
Fringe Benefits
Amortization Period
Common Questions
4:00 - 4:05 - Break
4:05 - 5:05
Disclosure Issues
Adoption and Post-Adoption
Disaggregated Revenue
Reconciliation of Contract Balances
Qualification of Performance Obligations
Disclosure of Significant Assumptions
Quantification of Costs to Complete a Contract
Examples
Next Steps
Agenda: DAY 2
8:45 - 10:45
ASC 606: Interactive discussion on a series of scenarios
Selected practice areas
Group will use polling to work through each question
Moderators from Connor Group will explain their recommended answers and explanations
10:45 - 11:00 - Break
11:00 - 12:00
Round Robin session on operational issues
12:00 - 1:00 - Lunch
1:00 - 2:15
Revenue Recognition: Case Studies and Practical Examples
Material Right - Renewal Option
Sales to Distributor
Contract Does Not Meet the Criteria of Apply the New Model
Good or Service is Distinct in the Context of the Contract
Estimating the Transaction Price
Sales-or-usage Based Fees
When Does Control Transfer?
Recognizing Revenue
2:15 - 2:25 - Break
2:25 - 3:35
Tax Impact of the New Standard
Tax Principle for revenue recognition
Examples
Other considerations
Next steps
3:35 - 4:30
Implementation Observations
Making revenue recognition manageable for those on the front lines
Engaging in a dialogue: narrowing the gap between sales and accounting
When and how to communicate issues of emerging importance