Objectives of the Presentation
Why Should you Attend
- Articulate a deeper understanding of the new ASC 606 / IFRS 15 accounting standard
- Utilize best practices to assess the standard's impact to your business
- Gain confidence with establishing controls
- How to document processes, objectives and requirements
- How to analyze contracts; performance, obligation and price
- Accelerate your preparation for compliance with the standard
- Understand how to manage the complexity of the standard and ensure compliance
Many organizations have come to terms with the looming changes and recognize the daunting task of interpreting the complex standard, assessing its impact to their organization, and implementing the rules. However, many other organizations have still not accepted that clinging to the soon-to-be-superseded accounting rules is not compliance. They are finding it very hard to let go of deferred revenue and replace it with something as seemingly obscure as recording performance obligation liabilities for goods and services to be delivered to customers.
In this webinar participants will learn how the new revenue recognition standards will impact consistency, comparability, disclosures and simplify the preparation of financial statements. They will gain an understanding of the new estimates and disclosures rules relating to revenue recognition. In addition, it will evaluate how the new standards will affect operational and performance metrics, contracts, compensation plans, accounting policies, internal controls and tax matters for your company.
This webinar will help the attendees to understand the process, various techniques, generally accepted accounting practices, concepts, and major phases in the New Revenue Recognition Standard. This standard will eliminate the transaction and industry specific revenue recognition guidelines under current GAAP and replace them with a principle based approach for determining revenue recognition.
Who will Benefit
- Necessity of planning
- How to evaluate your system's strengths and weaknesses
- How to evaluate the changes from current GAAP
- How to evaluate the impact on the company's accounts
- How to outline a plan for anticipating the impact on your internal controls
- The processes, objectives, components and requirements for effective implementation
- How to document your processes, objectives and requirements
- Identify the contract, performance, obligations and price
- Identify when the entity satisfies the performance obligations
- Help all employees, individuals, supervisors, managers and executives assess the rule
- Accounting Managers and Supervisors
- Contracts Department
- Compliance Department
- Business Owners
- Company Board Members
- Anyone who wishes to enhance their knowledge of the new rule
The effective dates for the new revenue recognition standards are quickly approaching. Companies worldwide should be developing an adoption plan that will ensure compliance with ASC 606 & IFRS 15 guidelines. Still undecided on which method you are going to use to adopt this new revenue recognition standard? Get your revenue recognition implementation questions answered in this webinar.