Stay current on the latest in revenue recognition. ASC 606 continues to evolve, and companies are still refining their processes, judgments, and interpretations. This program delivers a practical, up-to-date look at the issues corporate finance and accounting teams are dealing with right now - complete with real-world examples, scenarios, and discussions so you can benchmark your approach against peers.
Designed for professionals who already understand the five-step model, this session dives into recent updates, emerging challenges, disclosure considerations, and areas where practice is still developing.
Learning Objectives:
- Understand recent updates, interpretations, and areas of ongoing complexity under ASC 606
- Explore how revenue recognition interacts with other key accounting guidance
- Identify the common sticking points organizations face and compare approaches used by your peers
Agenda
Agenda: DAY 1
8:45-11:00 Revenue Recognition: Past Issues and Emerging Trends
- Where people are getting stuck within the five-step model
- Price concessions
- Modifying contracts
- Customer options and material rights
- Performance obligations - software industry considerations
- Significant financing component
- Principal-versus-agent considerations
- Contract costs
- Onerous performance obligations/contracts
11:00-11:15 Break
11:15-12:40 Cases and Examples
- Areas of significant complexity and judgement
- Top causes of restatements
- Operational and business model changes
- Interaction with other guidance
12:40-1:30 Lunch Break
1:30-2:55 Disclosures
- Recent Trends
- Disaggregated revenue
- Reconciliation of contract balances
- Qualification of performance obligations
- Disclosure of significant assumptions
- Quantification of costs to complete a contract
2:55-3:10 Break
2:50-4:20 Revenue Recognition: AI & Automation
- Use Cases
- How to take the first steps
- Different automation options
Agenda: DAY 2
8:45-12:10 ASC 606: Interactive Discussion on a Series of Scenarios Part 1
- 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
12:10-1:00 Lunch Break
1:00-2:15 Incremental Costs: Deeper Dive
- Adoption of ASC 340-40, Other Assets and Deferred Costs - Contracts With Customers
- Provide foundational understanding of identifying costs to be capitalized under ASC 340-40
- Provide foundational understanding of how to amortize incremental contract costs
- Provide an overview of disclosure requirements
2:15-2:25 Break
2:25-3:30 Revenue Recognition: Technical Update
- Industry specific issues
- Evolving issues
- Practical examples
3:30-3:40 Break
3:40-4:50 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
Speakers
Abby Cohen, Deloitte, Senior Manager
Brian Aubuchon, Riveron, Partner
Laura Wong, Deloitte, Strategic Risk Management: IA - ERM - SOX
Aleks Zabreyko, Connor Group, Partner
McKenzie Rangel, Connor Group, Senior Manager
Jesse Fillerup, Connor Group, Partner - Technical Accounting
Barret Cook, PwC, Senior Manager
Angela Liu, Gaapsavvy, Founder
Jeff Griffiths, PwC, Managing Director
Dominic Mills, Grant Thornton, Partner - Technology Industry
Julie Dockins, Grant Thornton, Audit Manager
Kristen Ewing, Riveron, Senior Manager
