Revenue Recognition Accounting Update (ASC 606): Understand the Big Picture Concepts from an SEC Perspective - Two Day Online Conference - March 23rd-24th, 2021

Dublin, Dec. 30, 2020 (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

• Review of the five-step model

• Where people are getting stuck within the model

• Principal/Agent determination

• Customer options and material right

• Identification of performance obligations

• Licensing guidance applicability

• Free trials

• Contract modification

• Determination of SSP

• Measure of progress for overtime performance obligations

10:55 - 11:10

• Break

11:10 - 12:40

• Modifications, Repurchase Agreements, Disclosures and Revenue Automation

12:40 - 1:25

• Lunch Break

1:25 - 2:45

• 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.

2:45 - 3:00

• Break

3:00 - 4:00

• Impact on Internal Controls

• Changes in Information and Related Data - Quality Needs

• ASC 606 Internal Control Considerations

• On-going ASC 606 Controls

• Management Review Controls

• Information Used in Controls (IUC)

• IT-General Control Considerations

• COVID-19 Impact on Internal Controls

• SOX Optimization & Modernization

Agenda: DAY 2

8:45 - 11:00

• 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

11:00 - 11:15

• Break

11:15 - 12:30

• Tax Impact of the New Standard

• Tax Principle for revenue recognition

• How to discuss these issues with your tax team

• Examples

• Next steps

12:30 - 1:00

• Lunch Break

1:00 - 2:00

• Commissions

• Adoption of ASC 340-40, Other Assets and Deferred Costs - Contracts With Customers

• Provide a foundational understanding of identifying costs to be capitalized under ASC 340-40

• Provide a foundational understanding of how to amortize incremental contract costs

• Provide an overview of disclosure requirements

2:00 - 2:10

• Break

2:10 - 3:30

• Key Areas and Examples

• Material right - renewal option

• Sales to distributor

• Principal vs Agent

• Contract does not meet criteria to apply the new revenue 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?

• Contractual Resale Restrictions - Transfer of Control

• Incremental costs to obtain a contract

• Costs to capitalize

3:30 - 3:35

• Break

3:35 - 4:40

• Updates and Implementation Issues

• Upcoming Effective ASUs

• Share-Payments to Customers

• EITF Issues

• Licensing of Intellectual Property

• IP Renewals

• Conversion Rights

• Illustrative Examples

For more information about this conference visit https://www.researchandmarkets.com/r/pywfyg

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