Deloitte, Bloomberg BNA collaborate to host one-day conference on impact of new revenue recognition standard on companies – Press release | Deloitte US has been added to your bookmarks.
Deloitte, Bloomberg BNA collaborate to host one-day conference on impact of new revenue recognition standard on companies
Washington, D.C. event to feature corporate and government financial reporting and accounting leaders.
Arlington, Va., April 24, 2017 — Deloitte and Bloomberg BNA today announced that they will host Revenue Recognition: The Way Forward, a one-day conference to help companies navigate implementation of the wide-ranging revenue recognition standard change that will go into effect January 1, 2018. Details for this complimentary event, which takes place from 8:00 a.m. to 4:00 p.m. on Monday, May 8 at Washington, D.C.’s Newseum, are available on the event website.
The new accounting standard for revenue was jointly issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). These changes will likely affect every aspect of a business that relates to revenue, from a company’s financial results and compliance with debt covenants to executive compensation and IT systems. As a result, companies will need to foster extensive collaboration across the enterprise. With the implementation date rapidly approaching, the event will help companies discover new tools and strategies to smooth the transition to the new standard.
“We’re excited to bring together senior corporate practitioners as well as leaders from the FASB, the SEC, and PCAOB to give attendees insights into how to best prepare to transition to the new requirements for revenue disclosure and financial reporting,” said Mike MacKay, President of Bloomberg BNA Plus. “This conference is ideal for attendees whose companies would benefit from perspectives into key issues including auditor coordination, the role of the pertinent regulatory and oversight bodies, implementation considerations and operational challenges, and difficult issues to address.”
“Given all the complexities associated with the new standard, we cannot overemphasize enough how important it is for companies to dig in and seriously address what is often described as the most significant accounting and financial reporting change since Sarbanes-Oxley,” said Eric Knachel, senior consultation partner in the Professional Practice Network at Deloitte & Touche LLP.
“This takes on a greater urgency for those companies that are behind in their efforts. These companies first need to determine which method of adoption, full retrospective or modified, they will undertake. Moreover, they need to understand the full implications of the standard and its impact beyond just the accounting aspect, as well as the significant disclosure requirements,” Knachel added.
The event will feature a morning keynote address from Sylvia Alicea, professional accounting fellow in the Office of the Chief Accountant at the SEC and a luncheon keynote from Marc Siegel, Member of the Board, Financial Accounting Standards Board (FASB). Other featured speakers include:
- Sarah Esquivel, Associate Chief Accountant, Office of the Chief Accountant, SEC
- Eric Knachel, Senior Consultation Partner, Deloitte & Touche LLP
- Pat McNamee, Deputy Chief Auditor, Public Company Accounting Oversight Board (PCAOB)
- Mary Mazzella, Supervising Project Manager, FASB and member of the FSB/IASB Joint Transition Resource Group for Revenue Recognition (TRG)
About Bloomberg BNA
Bloomberg BNA provides legal, tax and compliance professionals with critical information, practical guidance and workflow solutions. We leverage leading technology and a global network of experts to deliver a unique combination of news and authoritative analysis, comprehensive research solutions, innovative practice tools, and proprietary business data and analytics. Bloomberg BNA is an affiliate of Bloomberg L.P., the global business, financial information and news leader. For more information, visit www.bna.com.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including 80 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to deliver measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to make their most challenging business decisions with confidence, and help lead the way toward a stronger economy and a healthy society.