FASB

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In September 2009 the FASB ratified ASU No. 209-13, Multiple-Deliverable Revenue Arrangements, and ASU No. 2009-14, Certain Revenue Arrangements That Include Software Elements (formerly known as EITF’s 08-1 and 09-3, respectively, prior to the effective date of the FASB Accounting Standards Codification). These new standards result in fundamental changes to the accounting rules for multiple-deliverable revenue arrangements and must be adopted no later than fiscal years beginning on or after June 15, 2010. The intent of the new rules is to better reflect the underlying economics of such transactions and the new rules will likely result in significant changes in revenue recognition for many transactions. In this Knowledge Group LIVE webcast, a panel of distinguished professionals will help you understand the most critical issues which will include:

      - Overview of the key changes in the revenue recognition rules
      - Implementation requirements and considerations
      - Key factors to consider in evaluating whether to early adopt and whether to adopt the new rules
         prospectively or retrospectively
      - New disclosure requirements and alternatives

This live webcast will provide accounting and related professionals with a comprehensive overview of applying the new revenue recognition rules. Advanced registration is recommended as space is limited.

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: 103997
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for New FASB Revenue Recognition LIVE Webcast:


Proposed Agenda (click to view more)
SEGMENT 1:


Brian Christie, Managing Director,
F T I

1. ASU 2009-13 (f/k/a EITF Issue 08-1) supersedes the existing multiple deliverable arrangement     revenue guidance in EITF Issue 00-21 and is intended to result in revenue recognition that better     reflects the underlying economics of certain multiple deliverable arrangements.

2. ASU 2009-13 removes the EITF Issue 00-21 requirement for objective and reliable evidence of fair     value for undelivered elements, and instead establishes a selling price hierarchy that includes the     new alternative of a management-estimated selling price ("ESP") in the absence of vendor specific     objective evidence ("VSOE").

3. ASU 2009-14 (f/k/a EITF Issue 09-3) provides a scope exception from the software revenue     recognition rules for many tangible products containing more than an incidental amount of     software.

4. The new rules become effective for all revenue arrangements entered into (or materially modified)     in fiscal years beginning on or after June 15, 2010. However, early adoption is permitted and     companies may elect to apply the new rules retrospectively.


SEGMENT 2:


Susan D. Resley , Partner (Former Staff Attorney in the U.S. Securities and Exchange Commission Division of Enforcement (Pacific Regional Office),
Orrick, Herrington & Sutcliffe LLP

- How will the SEC view a company's ability to use a "best estimate of selling price"
- Does the new guidance allow for more or less possibilities of abuse now that companies may rely   on their own estimates of selling prices
- Given the SEC's focus on revenue recognition, will the Enforcement Division step up efforts in   scrutinizing management's judgment

SEGMENT 3:


Hank Galligan, Partner, Technology Practice,
BDO Seidman, LLP

- How do the new rules effect software arrangements
- What types of industries will be most affected by the new rules
- What is estimated selling price and how will it be determined?
- What will the elimination of the residual method mean to most companies?

SEGMENT 4:


Gisele Dion, Director, Technical Accounting,
Biogen Idec Inc.

- ASU 2009-13 introduces the concept of management determining its best estimate of selling price,   I will provide some guidance on the objective of the concept of the "best estimate of selling price"   and what an entity may consider when determining its best estimate of selling price.

- ASU 2009-13 retains the requirement that a revenue generating element must have "standalone   value" to the customer inorder to be considered a separate unit of accounting. At times, determining   whether an element has stand-alone value can be difficult. I would like to provide some practical




F T I
Brian Christie
Managing Director
speaker bio »»

Orrick, Herrington & Sutcliffe LLP
Susan D. Resley  
Partner
speaker bio »»

BDO Seidman, LLP
Hank Galligan
Partner, Technology Practice
speaker bio »»

Biogen Idec Inc.
Gisele Dion 
Director, Technical Accounting
speaker bio »»

Who Should Attend?

- CPAs
- Corporate Accounting Professionals
- Finance Executives
- Corporate Attorneys
- Corporate Counsel (SEC reporting)

Why Attend?

This is a must attend event to everyone to hear the latest updates and developments on Revenue Recognition Rules
    - Detailed 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.

 

 

 

 


New FASB Revenue Recognition Rules

Speaker Firms:



Orrick, Herrington & Sutcliffe LLP



BDO Seidman, LLP





 

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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.

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