Revenue Recognition - A Government Contractor's Guide

Overview

While the effective dates for the new ASC 606 standards are staggered, they are now upon us. Many public entities have already implemented the new guidance, and nonpublic entities are required to implement the new guidance in their first annual reporting period beginning after December 15, 2018. Developed by CohnReznick LLP, this seminar will provide government contractors with various factors to consider during revenue recognition.

In addition, we will be discussing ASC 606 – Revenue from Contracts with Customers, and how the new guidance will affect their revenue recognition policies and disclosures, how to develop an implementation plan and complete that implementation plan in time for the first reporting period. Distinguished course faculty will:

Explain the main provisions of the updated standard;
Identify the contractor’s performance obligations;
Provide licensing implementation guidance; and
Discuss real world examples for a better understanding of the standards.

At the end of this seminar, participants will have an understanding of various contract types effects on revenue and the ASC 606 updated standards.

Dates/Locations

No upcoming dates/locations at this time

Agenda

8:00 AM - 3:00 PM

La Jolla, CA

AGENDA

We will be discussing revenue recognition standard theory and examples around areas important to government contractors such as:

Effect of various contract types (FP, T&M, CPFF, Hybrid, Etc.)
Various fee types (Performance, Incentive, Fixed, Etc.)
Project manager estimates
How to handle milestone billings
Terminations and REA’s
How to treat common contractual issues such as modifications post year-end, indirect rate ceilings, LCAT ceilings, Indirect Rate Variances, Fee Withhold, Retainage, Etc.
Unbilled Accounts Receivable and Billings in Excess of Costs
Revenue Recognition on WIP / Inventory
Accruals of Subcontractor and Other Direct Costs
Background on ASC 606 Standards and Why they were Updated
- Who is affected by the updates and the timing for implementation
- The Main Provisions of the Update and How those are an Improvement
- Identification of the Performance Obligations
- Guidance on Licensing
- Real World Examples of Implementing the Updated Standards
Audit evidence considerations

Experts

Marisa Garcia

CPA, Partner, CohnReznick

Marisa brings more than 20 years of experience in finance, accounting, auditing, risk management, and financial management and serves as a financial reporting leader and trusted advisor for her clients. Marisa provides extensive support to the Office of the CFO. This includes preparing compan...

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Rebecca Kehoe

Manager, CohnReznick

As a Manager in CohnReznick’s Government Contracting and Technology Group, Ms. Kehoe has more than 30 years of experience addressing compliance issues for government contractors. She consults with small and medium-sized businesses providing all aspects of federal contract compliance, including...

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Accreditation

See Individual Courses For Available Credits

Certificates of Completion are provided to all seminar participants who attend Federal Publications Seminars courses following the event, upon request.

CPE: Continuing Professional Education

Field of Study: Specialized Knowledge

Delivery Method: Group-Live Classroom

Federal Publications Seminars is affiliated with West Professional Development and is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

For more information regarding administrative policies such as refunds, cancellations and complaints, please contact Federal Publications Seminars at 888.494.3696.

CPE Hours

This program is eligible for: 6 (CPE) hours of credit

Program Level: n/a

Program Prerequisite: n/a

Advance Preparation: n/a

Method: n/a

CLP: Continuous Learning Points

Approved for CLP by Defense Acquisition University

Defense Acquisition Workforce members must acquire 80 Continuous Learning Points (CLP) every two years from the date of entry into the acquisition workforce for as long as the member remains in an acquisition position per DoD Instruction 5000.66. We will provide you with documentation of points awarded for completing the event.

CLP Hours

This program is eligible for: 6 (CLP) hours of credit

CLE: Continuing Legal Education

States have widely varying regulations regarding MCLE credit. LegalEdcenter is an approved provider in AL, AK, AR, CA, GA, IL, ME, MO, MS, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA, VI, VT, WA, WI, and WV. Credit may be applied for in other jurisdictions on request and in accordance with state MCLE rules.

Please note that because some states are changing their policy on CLE reporting, you will need to fill out the request for credit from Federal Publications Seminars within 10 business days, or we may not be able to issue credits for the program.

CLE Hours

This program is eligible for: 5.5 (60 minutes), 6 (50 minutes)

Travel

No travel information is available at this time

Level

100

Basic or fundamental subject matter is covered. Courses are geared to general knowledge or can be taken as a refresher.
200

Specific topics or issues within a topic area are covered. Students should be familiar with terms of art and general concepts concerning the course topic.
300

Workshops and class discussions cover specific subject matter in-depth, and participation is strongly encouraged. Attendees should have at least 2-3 years' experience in the area of study.
400

Courses build upon students' knowledge and experience, and cover complex issues within the subject matter. Should have 4-5 years' mastery of subject for in-depth analysis.
500

Masters-level programs designed for professionals with 5+ years' experience. Courses cover in-depth and technical analysis on specific subjects and updates on current issues.