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Overview
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-alone selling price, allocating consideration to performance obligations, point in time versus over time revenue recognition, and disaggregated revenue disclosures 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, discussion will address how to avoid SEC comments and potentially worse outcomes related to revenue recognition.
Please join our discussion leaders Bob Laux and George M. Wilson of PLI’s SEC Institute for this deep dive into SEC revenue recognition comments.
Topics include:
- Brief review of the FASB’s and IASB’s revenue recognition standards – 5 minutes
- Accounting Standards Codification Topic 606
- IFRS Statement 15
- Interpretations
- Enumeration of frequent comment issues for revenue recognition – 5 minutes
- Review and discussion of detailed real-world examples – 35 minutes
- Company disclosures
- Subsequent SEC comments
- Company responses and SEC follow-on comments
- Summary of overall considerations and conclusions from examples – 5 minutes
- Discussion of how to avoid revenue recognition comments – 10 minutes
Who Should Attend: Accountants and attorneys who deal with SEC reporting and disclosure and related accounting issues, including CFOs, controllers and their staff, internal auditors, partners of public accounting firms and their staff, in-house counsel, and outside attorneys
Program Level: Update
Prerequisites: None
Advanced Preparation: None