Hidden Risk, Hidden Opportunity: ASC 606 Has Benefits If You Are Ready (ACHR)


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Discussion Leader
Erik Charles

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Hidden Risk, Hidden Opportunity: ASC 606 Has Benefits If You Are Ready (ACHR)

Customer Rating

Field of Study

Accounting

Level

Basic

Credits

1

Qualifies For

CPE

Overview

Due to the accounting standards update ASC 606 from the Financial Accounting Standards Board, your organization may need to change how it manages accounting for commissions. In this webinar, you’ll learn how the update affects plan design and incentive calculations and explore the implications and complexities involved in reporting under the new standard, which goes into effect January 2018.

With ASC 606 fast approaching, many organizations are preparing in order to comply with the new requirements under “subtopic 340-40,” more commonly known as the cost of obtaining a contract. By meeting the standard, your organization is doing more than just meeting GAAP compliance. You are uncovering the true ROI of your customer and unlocking the door to hidden potential.

Navigating commission expense accounting under the new revenue recognition standard will require careful planning, yet most organizations have not done anything to prepare. As a finance leader, knowing the impact will be critical to ensure your team and technology is ready before January 2018 changes take place.  Learn how this exercise in GAAP compliance and disaggregating data can benefit you in the long run.

Major Topics

  • FASB’s revenue recognition rules and their requirements regarding the associated commission expenses
  • The impact to incentive plan design, plan calculations, and reporting
  • How the tactical need for better data can lead to strategic insights impacting revenue growth and margin protection

Learning Objectives

  • Understand how the new standards will impact commission expense accounting
  • Know the necessary data elements that need to be tracked and reported on
  • See how different transition methods could be applied
  • Learn how to manage the prior period look back and comparison
  • Identify potential speed bumps that could trigger a need for restatement of earnings

Designed For

CFOs, controllers, and others in the accounting space who are focused on GAAP level reporting and compliance

Prerequisite

None

Advanced Preparation

None


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Discussion Leader
Erik Charles

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