Jeff Johnson, EY
Operationalizing the New Revenue Recognition Standard
Open season for adoption of the new revenue recognition standard is closing in. Some organizations have completed their analysis of the impact on their accounting policies, drafted their positions papers, reviewed them with their auditors and are in the process of finalizing their policy updates and defining their new financial disclosure requirements. Many others are still in the process of completing this work. A smaller number of organizations have full implementation efforts underway to operationalize their accounting requirements through changes to their business processes and supporting information systems. Companies are learning lessons about how to plan and execute the implementation efforts and how to effectively kick off the implementation phase. They are developing options and approaches to address important operational topics including:
What tools will be used to perform dual accounting for either full or modified retrospective adoption? Where will the results be recorded to recast the two prior year’s financial results for full retrospective or dual results for modified retrospective adoption? How will companies identify open contracts and what processing changes are necessary to enable the impacted ones to generate the correct revenue entries for the remainder of their term after adoption?
In this keynote address, we will discuss experiences and successful approaches for transitioning into the implementation phase for operationalizing the new revenue accounting standard.
Shauna Watson, Global Managing Director of Finance & Accounting, RGP
Top 10 Lessons Learned in Implementing ASC 606
RGP will discuss the top 10 lessons they’ve learned in helping clients implement ASC606, along with tips/tricks to achieve success in your project.
Aleks Zabreyko, Connor Group
Connor Group Keynote
The first wave of companies is currently working through implementation of ASC 606. Applying the standard’s provisions to account for different types of business transactions brings challenges and requires developing accounting judgments and new approaches. One of the biggest challenges is how to stay practical while complying with the standard’s complex provisions. Aleks Zabreyko (Head of Connor Group’s Professional Practice) will share the firm’s experiences from working with companies in different industries who are among the trail-blazers in this brave new world of ASC 606 revenue recognition.
Tony Sondhi, President, A.C. Sondhi & Associates
Implementation and Use of ASC 606– Implications for Revenue Recognition and Financial Reporting Risks
EITF Member Tony Sondhi, (author, instructor and one of the preeminent experts in the fields of revenue recognition and financial reporting risks), will discuss the critical implications for revenue recognition and the attendant financial reporting risks you will face as you implement and use ASC 606.
Tony will address the following challenges in the implementation, documentation, and application of this new reporting standard:
Brian Lillie, Equinix
The CIO-CFO (IT-Finance) Relationship in the Digital Era
Brian will discuss the importance of IT and Accounting/Finance departments working closely together in a project like this. The impacts of the new revenue recognition guidance (ASC 606) reach further than any other recent regulatory change and it is critical that there is alignment within the organization.
Technology Perspective on ASC 606 Implementation
This session is intended to provide a technology perspective on 606 implementations in tandem with accounting implications. The speaker will cover key implementation challenges, findings from ongoing implementations and share lessons learned and sleeper issues. Participants will also gain an understanding of the latest regulatory developments on the guidance and how they impact system implementations. This session is intended for both accounting and IT executives that will oversee the implementation activities by bridging the gap between technology and accounting.