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Revenue Recognition for Biotech Firms Update What You Need to Know in 2010
LIVE webcast
Michael McCollister
Senior Manager, Global Biotechnology Center
Ernst & Young LLP
Mike is a senior manager within the Ernst & Young Global Biotechnology Center located in Boston, Massachusetts. He has approximately 13 years of experience serving a variety of clients in the health and life sciences industries, including Fortune 100 corporations, entities with multiple operating locations, and early stage and start-up entities. His experience also includes serving clients with significant private equity participation. Mike’s current and past clients include American Renal Holdings, Inc., Navilyst Medical Holdings, Inc., Taligen Therapeutics, Inc., Virdante Pharmaceuticals, Inc., HCA Inc., Biocryst Pharmaceuticals, Inc., NitroMed, Inc., and AdvanSource Biomaterials Corp.
Mike’s primary expertise is accounting and financial reporting for health and life sciences enterprises. He has in-depth experience related to a number of technical accounting topics, SEC filing and reporting requirements, and the Sarbanes-Oxley Act of 2002.
In addition to his client service responsibilities, Mike supports the activities of the Global Biotechnology Center. The Center is a physical hub dedicated to offering insight and delivering practical solutions to the assurance, risk, tax, transactional, and finance-related issues facing biotechnology corporate executives and their boards. The Center links Ernst & Young’s life sciences professionals through a strategic global network and facilitates collaboration and knowledge sharing in order to enable consistent, high quality, seamless service to our clients worldwide.
Mike’s role within the Center includes providing thought leadership related to accounting and financial reporting topics affecting the life sciences industry, developing service offerings relevant to life sciences companies, providing training materials for Ernst & Young life sciences professionals, and facilitating knowledge sharing among life sciences engagement teams.
Mike is a certified public accountant in Alabama, Tennessee and Massachusetts and received undergraduate (summa cum laude) and master’s (honors graduate) degrees in accounting from the University of Alabama.
Jeff Pickett
Managing Partner
Connor Group
Jeff is Managing Partner for the firm's Technical Accounting practice, which provides finance executives with technical assistance on their most complex and critical accounting issues. Jeff is also the revenue subject matter expert at multiple companies across the United States including public and private biotechnology companies.
Jeff has directed multiple IPO engagements, revenue restatements, acquisitions, SEC comment letters, structuring of complex revenue contracts and collaborative agreements and several other technical accounting engagements. Before Connor Group, Jeff was an audit professional at Ernst & Young in Palo Alto where he managed the audits for various biotechnology clients, taught as a firm instructor and served as a contributor to Ernst & Young's Annual IPO CEO Retreat.
Nicolas Morgan
Partner
DLA Piper
Nick Morgan practices complex securities litigation in state and federal courts with special emphasis in representing issuers, officers and directors, investment funds, analysts, and brokers in connection with Securities and Exchange Commission and Financial Industry Regulatory Authority investigations, litigation, and arbitration. Mr. Morgan also advises clients in non-litigation settings, such as counseling public companies, funds and broker-dealer firms in securities compliance and corporate governance issues, conducting internal investigations and assisting in regulatory examinations by the SEC's Division of Corporation Finance and Office of Compliance Inspections and Examinations.
For more than seven years, from 1998 to 2005, Mr. Morgan prosecuted securities fraud in the SEC’s Enforcement Division, rising from staff attorney to branch chief to senior trial counsel. Additionally, Mr. Morgan served as a Special Assistant US Attorney for the Southern District of California, obtaining indictments against the principals of a $330 million subprime mortgage lending scheme.
While at the SEC, Mr. Morgan was lead counsel on a wide variety of litigated matters including prosecution of insider trading, investment adviser fraud, revenue recognition fraud, broker/dealer fraud, mutual fund market timing, and market manipulation. He was also lead trial counsel in a multi-week jury trial in the Southern District of California in which he obtained verdicts against the former CEO and CFO of a publicly traded company for violation of the antifraud provisions of the federal securities laws.
Mr. Morgan writes and speaks on SEC enforcement and securities litigation issues and has served as a faculty member, speaker, and panelist at conferences on corporate compliance and securities regulation.
David B. Elsbree, Jr.
Partner
KPMG LLP
David’s responsibilities in KPMG’s Department of Professional Practice include writing interpretive guidance in KPMG publications, helping engagement teams resolve complex accounting issues, and teaching technical accounting topics at training events and webcasts for KPMG professionals and external participants. His areas of specialization include revenue recognition, consolidation, stock-based compensation, and accounting for income taxes.
In August 2009, David completed a two-year assignment as a practice fellow at the Financial Accounting Standards Board. He served as the project manager for Disclosure of Certain Loss Contingencies and Emissions Trading Schemes, and assisted on EITF Issues No. 08-1, “Revenue Arrangements with Multiple Deliverables,” and No. 08-9, “Milestone Method of Revenue Recognition,” as well as FSP FAS 141(R)-1, “Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies.”
Prior to joining KPMG’s Department of Professional Practice in 2006, David primarily served multinational consumer products and industrial products clients in KPMG’s Boston office. He has also served retail and software clients.
David worked on an international assignment in KPMG’s Berlin office from September 1998 to March 2004. He served as a technical resource for his German colleagues resolving U.S. GAAP issues and taught U.S. GAAP training courses for KPMG professionals and external participants in both English and German. He also served two Web site design clients who converted their German GAAP financial statements to U.S. GAAP and went public on the former Neuer Markt segment of the Frankfurt Stock Exchange.
Revenue Recognition for Biotech Firms Update What You Need to Know in 2010
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