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Across industries today there is wide-ranging disparity in how revenue recognition guidance is applied. This is often true even within specific industries. In an attempt to reduce the inconsistencies in practice and the complexity inherent in current revenue recognition guidance, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their converged standard on revenue recognition in May 2014. This new guidance is meant to provide a comprehensive, industry-neutral revenue recognition model.

This webinar is intended for professionals in the areas of: 
Accounting or Finance 
Compliance, Internal Audit, Internal Controls
Program or Contract Management 
IT Professionals

The new revenue recognition standard eliminates the transaction and industry-specific revenue recognition guidance under current GAAP and replaces it with a principle-based approach for determining revenue recognition. The model in the new standard is a five-step model that results in an entity recording revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized based on the satisfaction of performance obligations, which occurs when control of a good or service transfers to a customer.

Just five steps – sounds easy doesn’t it? As is so often the case the devil is in the details, which is no exception here. Application of the model to a company’s current revenue streams requires a thorough understanding of not only the new model, but also of new terms and concepts. This can (and likely will), result in significant changes to how much and when companies recognize revenue. Some of the issues expected to specifically affect government contracting firms are as follows:
  • Identifying the unit(s) of account – contracts vs. performance obligations
  • Variable consideration – accounting for award/incentive fees and claims
  • Satisfaction of a performance obligation over time – reassessing if percentage of completion is still effective
  • Contract modifications – changes to the current accounting practices
  • Recognition of contract assets and liabilities – changes to how unbilled receivables and deferred revenue are accounted for
What you will learn
You will come away with an understanding of the model set out under the new revenue recognition standard and challenges facing the government contracting industry as a result of its issuance. Specifically related to the government contracting industry. You will gain insights on where to focus as you evaluate current financial reporting processes for compliance with the new standard.

Not sure if you should attend?
The new standard is effective in 2018 for public companies and in 2019 for private companies. Given the scope of the change, it is important that all accounting and finance personnel understand how the new standard will affect their industry so that preparations can be made in advance of the effective date. As a result of changes made, the compliance and information systems functions at companies will likely also be affected. Compliance professionals including those in charge of contracts administration, internal controls, internal audit, etc. should be aware of changes affecting the respective roles. IT professionals will need to understand how changes resulting from the new standard will affect a company’s process for collecting and processing financial and other information.

This webinar is sponsored by ... 


RyanSharkey, LLP is a leading accounting and consulting firm in the Washington, D.C. region, serving the technology, consumer services and government contracting industries. Our government contract consultants are uniquely qualified to help assure your success by guiding you through complex regulatory and compliance requirements. Our comprehensive tax, assurance and compliance consulting services offer seamless delivery with industry experts dedicated to helping you succeed. The firm’s professionals provide personalized insight and forward-thinking solutions that are strategically aligned with our clients’ specific goals.
To learn more, visit us online ryansharkey.com/govcon.
About Our Presenter ...
Perry Kessler, Assurance Partner
RyanSharkey


Perry Kessler is a Partner in RyanSharkey’s Assurance practice. Perry specializes in providing assurance and business advisory services to government contracting and technology firms. His expertise in business advisory services is an accumulation of over twelve years of experience. His most recent post was as assurance senior manager for BDO USA LLP, for more than three years. Prior to that, Perry spent nearly six years at Argy, Wiltse & Robinson, P.C. (acquired by BDO in 2012) first as a senior associate, then as an assurance manager. Perry began his career as an associate at KPMG LLP.
Perry’s advisory specialties include design and implementation of audit procedures that are efficient and focused on adding value to government contractors, policy and procedure reviews, government contract compliance, accounting system reviews, indirect rate structure review, merger and acquisition accounting, and due diligence engagements.
Samples of Recent Projects:
  • New Revenue Recognition Standard Presentation: prepared and delivered national training on the new revenue standard, specifically from the perspective of the government contracting industry.
  • Value-Add Integration into Audit Methodology: co-led effort to stream-line and integrate value-add procedures into the government contracting audit methodology at an international accounting firm. This effort led to an efficient and effective audit methodology where clients receive the benefit of an efficient process (potential cost savings, reduced demands on resources, timely completion of deliverables, etc.) as well as the added value of an effective process (best practices analysis, high level indirect rate analysis, high level cost allowability compliance review, identification of potential current or upcoming non-compliance with federal regulations, etc.). The resulting methodology was presented at a national accounting conference.
  • Audit Engagement Work Plan: proactively worked with the private equity group ownership and senior leadership of a $100M government contractor to design and implement an audit plan specific to their unique entity (several recently acquired entities, none of which had been integrated) such that the historically late audit report was delivered on time and significantly under budget. This was done through effective and timely communication with all relevant parties (to include bankers, attorneys, valuation experts, and tax professionals) as well as application of the aforementioned enhanced audit methodology. Further, the resulting deliverable included recommendations for implementation of best practices to align with the quickly changing needs of the organization, including: the accounting system, personnel (accounting, contract compliance, and human resource departments), interaction between operations and senior leadership/accounting department, and remediation of significant issues considered detrimental to the future sale of the entity. 
  • Forward Price Rate Recommendation (FPRR) Preparation: assisted a veteran-owned small business (VOSB) in preparation of an FPRR needed under severe time constraints. The VOSB was able to present the FPRR to the government in a timely manner, thus mitigating potential delays in awarding follow-on work.
Education and Professional Affiliations:
Perry graduated from the University of Kansas with Bachelor of Science degrees in Business Administration, Marketing, and Accounting. He is also a Certified Public Accountant. Perry is an active member of the following organizations:
  • American Institute of Certified Public Accountants
  • Virginia Society of Certified Public Accountants
  • Small and Emerging Contractor Forum
  • Greater Reston Chamber of Commerce, Government Contracting Committee
  • Northern Virginia Chamber of Commerce
  • Professional Services Committee
About Our Presenter ...
Ed Ryan, CPA and Managing Partner
RyanSharkey

Edward Ryan, CPA and Managing Partner with RyanSharkey leads the firm’s Assurance practice. With more than 20 years of experience, Ed works with a wide range of clients, including those in the government contracting, technology and service industries.
Ed brings seasoned expertise to auditing and reviewing companies, ranging from small start-ups to large publicly held corporations. He has managed and performed IPOs, SEC filings, financial statement audits and financial statement reviews and compilations. 
Ed's industry knowledge enables him to provide proactive advice to executives on financial transactions, business combinations and other key accounting issues, including:
  • Employee stock compensation and complex equity transactions
  • Revenue recognition
  • Financial statement presentation 
  • Best practices for accounting processes and internal controls
Prior to forming RyanSharkey in 2002, Ed served as a manager at two global firms, Grant Thornton and Ernst & Young, overseeing audits on companies ranging from development stage to $100 million in revenue.  
Professional Affiliations:  Ed is a member of the Association for Corporate Growth (ACG), Professional Services Counsel (PSC), Northern Virginia Technology Council (NVTC), American Institute of Certified Public Accountants (AICPA) and Virginia Society of Certified Public Accountants (VSCPA)
Education: Ed earned B.S. in accounting at George Mason University
Specific Areas of Expertise Include:
 
  • Audits, reviews and complications
  • Governance, Risk, and Compliance Consulting
  • Business and advisory services
  • Employee benefit plan audits
  • SEC Filings
  • Accounting
  • GAAP
  • Internal Controls
  • Sarbanes-Oxley Act
  • Financial Reporting
  • Financial Analysis
  • International Tax
  • ASC 740 practice
  • Tax Rate Analysis
  • Financial Diligence
  • Internal Audit Sourcing and Consulting