Seminar  Workshop

Implementing the FASB/IASB New Revenue Recognition Standard Workshop 2017


Why You Should Attend:

By using interactive lecture, examples and case studies, Workshop participants will learn the provisions of the Financial Accounting Standards Board’s (FASB) and the International Accounting Standards Board’s (IASB) new revenue recognition standard.  Participants will build an understanding of how the new standard changes revenue recognition accounting, how it affects the related estimates and judgments required, and discuss the process of building a concrete implementation plan, along with implementation issues identified to date.  The latest FASB amendments, proposed amendments and discussions of the Joint Transition Resource Group will also be reviewed.

 

What You Will Learn:

  • The required five-step process for revenue recognition in the new standard
  • The alternative adoption methods allowed
  • Issues in identifying contracts with customers
  • What is a “performance obligation”?
  • How to identify performance obligations in a contract
  • Evolution and clarification of the concept of distinct
  • How to measure arrangement consideration
  • Dealing with variable consideration and other measurement issues
  • Allocating consideration to performance obligations
  • When a performance obligation is satisfied
  • Performance obligations satisfied over time
  • The substantial new judgments and estimates in the new standard
  • License and intellectual property accounting issues
  • Principal versus agent analysis
  • Implementation issues for the new standard
  • Dealing with the volume of required disclosure
  • Joint Transition Resource Group Issues
  • Identify other sources of information that may be helpful, such as SEC Staff speeches and AICPA Industry Task Forces

 

What You Should Bring:

To customize your Workshop experience and gain the most benefit from this interactive learning experience we recommend you bring examples of revenue recognition transactions from your company or a client along with the related disclosures.


Course Materials
:

Course books and presentation materials will be distributed to attendees upon arrival at the Workshop

Who Should Attend:

This Workshop is geared to financial reporting professionals who are involved in revenue recognition accounting, who review such accounting, or who need to understand how revenue recognition affects their financial reporting.  In addition, professionals in other areas such as treasury, analysis, counsel and operations who need to understand how revenue recognition changes will affect financial statements and related disclosure will benefit from this Workshop.


Prerequisites:
  None


Cancellations

All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.

Day One: 9:00 a.m. - 5:00 p.m.

9:00 Transition and a Big Picture Overview of the Standard
  • Implementation date – periods beginning after December 15, 2017 for public companies
  • Transition alternatives
  • Issues in selecting a transition method
  • Objectives of the standard – underlying principles you need to know
  • The five-step model for revenue recognition
  • Scoping issues
  • Is convergence with the IASB version achieved?
  • Considerations for SAB 74 Disclosures


10:45 Networking Break

11:00 Five-Step Revenue Recognition Process
  • Step 1:  Identifying Contracts with Customers
  • Characteristics of contracts in scope for revenue recognition
  • When does a contract have economic substance?
  • Grappling with collectability
  • Collaboration agreements?
  • Distribution networks?
  • When to combine contracts
  • Contract acquisition costs
  • Contract fulfillment costs
  • Changes required for systems and recordkeeping
  • Contract modifications
  • Step 2: Identifying Separate Performance Obligations in Contracts
  • What are performance obligations?
  • Why identifying performance obligations is important – the unit of account for revenue recognition
  • Identifying deliverable products and services
  • When are products or services separate performance obligations?
  • The concept of distinct
  • The FASB’s clarification of the concept of distinct
  • Bundling or aggregating products or services that are not distinct
  • Are warranties a performance obligation?
  • Onerous performance obligation guidance, no immediate losses
  • Immaterial items within a contract
  • Shipping and handling issues


12:00 Networking Luncheon

12:30 Five-Step Revenue Recognition Process (continued)
  • Step 2: Identifying Separate Performance Obligations in Contracts, continued

 

  • Step 3: Determining the Transaction Price
  • Variable consideration issues
  • Time value of money
  • Collectability considerations
  • Constraints on amount of revenue recognized
  • Sales tax considerations
  • Non-cash consideration
  • Consideration paid to a customer


3:00 Networking Break

3:15 Five-Step Revenue Recognition Process (continued)
  • Step 4: Allocating the Transaction Price to Separate Performance Obligations
  • Basis for allocation – relative standalone selling price
  • Estimating relative standalone selling price
  • When alternative allocation methods (e.g., the residual method) are appropriate
  • Case examples of allocating transaction price

 

5:00 Adjourn



Day Two: 9:00 a.m. - 4:30 p.m.

9:00 Five-Step Revenue Recognition Process (continued)
  • Step 5: Recognizing Revenue When a Performance Obligation Is Satisfied
  • The concept of control
  • Assessing when control transfers for each performance obligation
  • Transfer of control over time
  • Transfer of control at a point in time
  • Customer acceptance
  • Performance obligations satisfied over time – measuring performance
  • Case questions about transferring control


10:30 Networking Break

10:45 Disclosure Requirements and a Preview of Implementation Challenges
  • Disclosure Requirements
  • Review of the new disclosure requirements – qualitative and quantitative
  • Disaggregated revenue
  • Contract cost disclosures
  • Presentation of uncollectible revenue
  • Judgments made in applying the standard
  • Transition disclosures
  • Thinking ahead to Critical Accounting Estimates disclosure
  • SEC reporting disclosure issues

 

  • Overview of Implementation Challenges
  • What sort of support will come from the FASB?
  • Managing changes to your ICFR
  • Specific issues in applying the five-step model
  • Market communication challenges
  • Disclosure infrastructure
  • Tracking contract costs
  • Industry and product specific challenges
  • Other considerations
  • Managing the transition internally


12:00 Networking Luncheon

12:30 Implementation and Related Accounting Issues
  • Transition Decision Considerations
  • Pros and cons of the alternative methods
  • Market expectations
  • Making SAB 74 disclosures – growing in volume and more specifics near adoption date
  • Issues for the five-year summary in Form 10-K
  • Who should be involved in making the decision?
  • Survey of participants about expected adoption methods
  • Other recognition issues
  • Gross versus net issues
  • License accounting
  • Specific issues, e.g. slotting fees, licenses and industry examples


2:45 Networking Break

3:00 Planning Your Transition
  • Changes to Your ICFR
  • Where will system modifications be necessary?
  • Managing the changes
  • Disclosure Infrastructure
  • System requirements for the new disclosures
  • Building your new accounting policy disclosure
  • Building appropriate processes and reviews
  • ICFR considerations for disclosures
  • Tracking Contract Costs
  • Which costs to track?
  • Policy election for one-year limit
  • System requirements
  • Industry and product specific challenges
  • Licenses – a right versus access
  • Performance obligations satisfied over time?
  • Interpretation of performance obligation definition in specific industries
  • Software related challenges
  • Managing the transition internally
  • Building the team
  • Impact on planning and budgeting
  • Impact on taxes
  • Impact on other areas, compensation arrangements, etc.
  • Internal communication and transition planning
  • Final Q&A and Wrap-up

4:30 Adjourn



Instructor(s)
Ronald W. Maples ~ Independent Business Consultant, The Maple Tree Group
George M. Wilson, MBA, CPA ~ Director, SEC Institute, a Division of PLI
Program Attorney(s)
Robin D. Goldstein ~ Director & Sr. Program Attorney, PLI

New York City Seminar Location

PLI New York Boardroom, 1177 Avenue of the Americas, (2nd floor), entrance on 45th Street, New York, New York 10036. Message Center, program days only: (212) 824-5733.

New York City Hotel Accommodations

Crowne Plaza Times Square Manhattan, 1605 Broadway (at 48th Street), New York, NY 10019 (212) 977-4000. When calling, mention Practising Law Institute. You can also make reservations online to access PLI's rates.

The Muse, 130 West 46th Street, New York, NY 10036. Please call reservations at 1-800-546-7866. When calling, please mention Practising Law Institute. You can also book online at https://gc.synxis.com/rez.aspx?Hotel=26750&Chain=10179&promo=PRLW.

Millennium Broadway Hotel, 145 West 44th Street, New York, NY 10036. Please call reservations at 1-800-622-5569. When calling, please mention Practising Law Institute. You can also book online at https://reservations.millenniumhotels.com/ibe/index.aspxhotelid=13507&langid=1&rooms=1&adults=1&corp=practising.

Hyatt Times Square, 135 W. 45th Street, New York, NY 10036. For reservations, please call (646) 364-1234. When calling mention rate code CR56218 or Practising Law Institute.

General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.


U.S. MCLE States

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New York

Experienced Attorneys:  All SEC Institute products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via SEC Institute products.

Newly Admitted Attorneys: Select transitional SEC Institute workshops can be used to fulfill the requirements for newly admitted attorneys. Please check the “Credit Information” box on the program page to ensure credit is approved. All credit categories may be earned via transitional SEC Institute workshops.

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Texas:  All SEC Institute products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via SEC Institute products.

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Other Credit Types

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Certified Anti-Money Laundering Specialists (CAMS):  SEC Institute’s workshops may fulfill CAMS credit requirements.

New York State Social Worker Continuing Education (SW CPE):  SEC Institute’s workshops may fulfill SW CPE credit requirements.

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