UPDATE ON REVENUE RECOGNITION

WHY YOU SHOULD ATTEND

This afternoon workshop will make you aware of your responsibilities for the establishment of and compliance with your company’s revenue recognition policies as well as other key reporting issues including off-balance-sheet items, related party transactions, and MD&A issues. Understand the implications of changes in revenue recognition practices and the viewpoint of the auditor regarding these practices.

• Fundamentals of SAB No. 101 as amended by SAB No. 104

—Evidence of an arrangement

—Determination of the time of delivery of product or performance of services

—Fixed or determinable prices

—Probability of cash receipt and impact of cash receipt

—Separating revenue streams

—FAS 48 on revenue recognition when right exists

—FAS 49 on seller financing

• SEC’s FAQ to Supplement SAB No. 101

• Other Current Issues Regarding Revenue Recognition

—Gross vs. net presentation of revenue including EITF Consensuses 99-19, 00-10, and 01-14

—Barter arrangements

—Shipping and handling costs

—Accounting for vendor incentives for both vendor and reseller including EITF Consensuses 01-9 and 02-16-vendor incentives

— Accounting for multiple element arrangements EITF Consensus 00-21

—Separating software accounting requirements from other multiple element arrangements

• Application of SOP 81-1 to Service Arrangements

ACCOUNTING FOR LEASES

 (post-conference) New York, Las Vegas and Orlando