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

Research and Markets
·3-min read

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

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900