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Topic: Impact of ASC 606 - Revenue Recognition on the Technology Sector
Speakers: Atul Deshmukh, Founding Partner; Navneet Sharma, Associate Partner and Arpit Padhiar, Senior Manager with International Assurance and Advisory Services, KNAV
The core principle of the new revenue recognition standard - ASC 606 is that a seller should recognize revenue when (or as) the customer obtains control of a good or service, in an amount the seller expects to be entitled in exchange for those goods or services. The new revenue standard, ASC 606 will supersede long-standing, industry-specific rules for revenue recognition and aim to improve comparability across industries and capital markets. This new standard will force organizations to evaluate their accounting policies, procedures, controls, and systems. This webinar will prepare you for the financial reporting challenges that the new guidance will impose on financial statement preparers for technology sector. The webinar will additionally focus on new disclosure requirements under ASC 606 for technology sector, understanding various qualitative and quantitative disclosures with a comprehensive example.
Join our accounting experts in understanding the overview of revenue recognition standard, implementation challenges and lessons learnt.
HIGHLIGHTS OF THE WEBINAR:
- Impact of new revenue standard on technology sector
- Best practices for transitioning to the new rules
- Discover new disclosure requirements
- Understand the five step process
- Key impact areas
- Atul Deshmukh – Founding Partner, International Assurance and Advisory Services , KNAV – 30 years
Atul heads the International Assurance and Advisory Services Practice of the KNAV Group. As the lead Partner at KNAV’s Atlanta ofﬁce, USA, Atul leverages his extensive business experience to advise multinational clients in a rapidly changing business environment with his workable but creative ideas and intrepid accounting skills.
- Navneet Sharma – Associate Partner, International Assurance and Advisory Services, KNAV – 12 years
Navneet has over 12 years of experience in providing assurance and advisory services to clients reporting under US GAAP, IFRS and Indian GAAP (Ind AS). Navneet has extensive experience and knowledge of SEC Reporting. Navneet has helped clients with assistance in preparation of 10K and 10Q including liaison with auditors, assistance in translating USGAAP financials to IndAS/ IFRS. He also provided assistance to multiple tech companies in implementing the new revenue recognition and new lease standards as per US GAAP, Ind AS and IFRS.
- Arpit Padhiar – Senior Manager, International Assurance and Advisory Services , KNAV – 10 years
Arpit has extensive experience in leading and conducting US GAAP, IFRS, Canadian and Indian GAAP assurance engagements including audits, reviews and compilations His experience includes preparation and consolidation of financial statements as per US GAAP, Ind AS, IFRS and Canadian GAAP. He has assisted companies in implementing the new revenue recognition and new lease standards as per US GAAP, Ind AS and IFRS