Cash Flow

Event Details:                                                                                                                                                           printer-friendly page

The biotech industry provides the world with vaccines, therapeutic products, and medical equipments. Over the last 30 years, investors have poured billions into the industry. As the industry matures, it continues to grapple with accounting issues such as Revenue Recognition. Under GAAP, Revenue Recognition guidance comes from SAB 101 & SAB 104. Under these guidelines, the concepts that revenue recognition is based on completing the whole earnings process & transferring the risks and rewards to the final customer are directly applicable to the biotech industry. This live webcast will cover the most critical issues surrounding Revenue Recognition for Biotechs including:

      - Sale of products
      - Research
      - Inventory
      - Regulatory Issues

Revenue Recognition for Biotech Firms Update What You Need to Know in 2010 is a must-attend event for accounting professionals in the Biotech and related industries. A team of experts and thought leaders will help you stay in-the-know with respect to the most critical issues surrounding this topic. The audience will have an opportunity to ask the speakers questions directly during the live Q&A session. Sign up for this class by clicking “Register” below. Advanced registration is recommended as space is limited. (Significant discounts apply for early registration.)

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Group, LLC
Recommended CLE/CPE Hours: 1.75 - 2.0
Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code: 103966
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for Revenue Recognition for Biotech Firms Update What You Need to Know in 2010LIVE Webcast:


Proposed Agenda (click here to view more)
SEGMENT 1:


Michael McCollister ,Global Biotechnology Leader, Boston,
Ernst & Young LLP

- Rule changes around multi-element transactions (e.g., collaboration arrangements) could impact   accounting for life sciences companies
- New rules will likely result in more elements accounted for separately
- However, there will be implementation challenges
- Have not seen a rush by life sciences companies to early adopt the new rules
- Complicating matters is the FASB/IASB joint convergence project on revenue recognition which   could lead to more rule changes


SEGMENT 2:


Jeff Pickett , Managing Director,
Connor Group

** speaker talking points coming soon **

SEGMENT 3:


Nicolas Morgan , Partner,
DLA Piper

SEC Enforcement and FASB Guidance Regarding Revenue Recognition

- Recent FASB Guidance Increases Discretion and Judgment
          - Multiple Deliverables: No longer deferring revenue recognition until all portions have been delivered
          - Milestones: Determining whether "substantive effort" was required and the amount is "reasonable"
- Greater Discretion May Lead to Greater SEC Scrutiny
          - Bally Revenue Recognition Case
- Avoiding Pitfalls: Documenting Decisions
          - Multiple Deliverables--how was estimated selling price arrived at?
          - Milestones--why was company effort "substantial" and why was payment "reasonable"?
          - Greater transparency to senior management, audit committee, and outside auditors

SEGMENT 4:


David B. Elsbree, Jr. , Partner,
KPMG LLP

- Overview of recently issued accounting pronouncements that may affect biotechnology companies
    · ASU 2009-13, Multiple-Deliverable Revenue Arrangements (EITF 08-1)
    · ASU 2009-14, Certain Revenue Arrangements That Include Software Elements (EITF 09-3)
    · ASU 2010-17, Milestone Method of Revenue Recognition (EITF 08-9)



Ernst & Young LLP
Michael McCollister
Global Biotechnology Leader, Boston
speaker bio »»

Connor Group
Jeff Pickett
Managing Director
speaker bio »»

DLA Piper
Nicolas Morgan
Partner
speaker bio »»

KPMG LLP
David B. Elsbree, Jr.
Partner
speaker bio »»

Who Should Attend?

- CPAs
- Biotech Firms
- CFOs
- CPAs
- Controllers
- Accountants
- Auditors
- Senior Finance Executives
- Pharmaceutical and Biotech professionals
- Biotechnology and Medical Device Industries

Why Attend?

This is a must attend event for anyone interested in having clear understanding on Revenue Recognition for Biotech Firms
    - New guidance explained by the most qualified key leaders & experts
    - Hear directly from key regulators & thought leaders
    - Interact directly with panel during Q&A

Registration Information:                                                                                                                                    


 

Disclaimer:
Please note, the event date is firm although it may be subject to change. Please click here for details.

 

 

 

 


Revenue Recognition for Biotech Firms Update What You Need to Know in 2010

Speaker Firms:









 

The Knowledge Group, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org


 

We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, and Virginia, we submit programs for individual approval in advance. In all other states, once attendance is verified, participants are emailed an official certificate of attendance which they submit to their respective State Bar Associations. Our programs are created with continuing education in mind and are therefore designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordinator at: info@knowledgecongress.org

Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

To Claim Your CLE Credits:

The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

To learn more about New York’s Approved Jurisdiction policy. Please visit: http://www.nycourts.gov/attorneys/cle/approvedjurisdictions.shtml



 
Enrolled Agents Sponsor ID Number: 760

We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.