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Accounting for revenue recognition is perennially a top SEC comment area. Issues including identification of distinct products and related performance obligations, measuring consideration, estimating stand-along selling price, allocating consideration to performance obligations, and point in time versus over time revenue recognition present challenging and subjective accounting judgments. This program will begin with a brief review of the FASB’s and IASB’s revenue recognition accounting guidance. This guidance will be applied to detailed real-world examples of revenue recognition disclosures and the SEC comments and company responses related to those disclosures. Based on these examples, the discussion will address how to avoid SEC comments and potentially worse outcomes related to revenue recognition.
Please join our discussion leaders Bob J. Laux and George M. Wilson of PLI’s SEC Institute for this deep dive into SEC revenue recognition comments.
- Brief review of the FASB and IASB revenue recognition standards – 5 Minutes
- Accounting Standards Codification Topic 606
- IFRS Statement 15
- Detailed real-world examples of company disclosures and subsequent SEC comments – 15 minutes
- Explanation of the basis for each SEC comment – 10 minutes
- Detailed examples of company responses and follow-on SEC comments – 15 minutes
- Discussion of frequent comment issues for revenue recognition – 5 minutes
- Discussion of how to avoid revenue recognition comments – 10 minutes