2018 Software Revenue Recognition Bootcamp

Bootcamp details

Date: Wednesday 9th May 2018

Time: Registration and breakfast from 8:30am (9:30am start), close by 4pm.

Venue: PwC offices, 7 More London Riverside, London, SE1 2RT

Cost: £475 (+VAT) including training materials, refreshments and lunch.

Register

Our 2018 Software Revenue Recognition Bootcamp, will be taking place on 9th May in our More London office. Our renowned training is used all over the world to help our software clients understand, apply and update their knowledge of revenue recognition. This year our Bootcamp is focused on the critical change to the new Revenue Recognition standard (IFRS 15).

The New Standard for Revenue Recognition

The new accounting standard "IFRS 15 - Revenue from Contracts with Customers" (or ASC 606 for US GAAP reporters) represents a fundamental change in how revenue will be recognized for Software companies. It is also a "joint" standard being adopted under both IFRS and US GAAP so impacts nearly all companies across the world. 

The new revenue standard impacts both the timing and amount of revenue recognised and what you will need to disclose (including "backlog"). Our Bootcamp will analyse the specific impact of this on Software companies including;

  • How the new guidance treats multiple element arrangements and what constitutes a "separate performance obligation" for Software companies? 
  • What represents "variable consideration"? 
  • How are term licences and future upgrades accounted for? 
  • How do I treat implementation/deployment revenues?
  • Should revenue be recognised "over time" or at a "point in time"? 
  • How are sales commissions treated?  And what must be disclosed?

Timings - are you ready to transition?

The new standard was effective from 1 January 2018 (for years ending 31 December 2018) so you should be accounting for new contracts under the new standard today!  Furthermore on transition (on 1 January 2018) you have to re-state your balance sheet for all contracts that started before this but are still open at this date.

In addition to reporting your 31 December 2018 results under IFRS 15, you are also required to re-state or disclose the impact on the comparative period so need to know the impact for the year ending 31 December 2017.

Understanding what the impact will be on your business (and your future forecasts) for all stakeholders is critical. We will provide detailed guidance on how to most effectively transition to the new standard if you have not already.

Who should attend?

This bootcamp provides Revenue Accountants, Financial Controllers, Chief Financial Officers and Financial Directors the opportunity to learn how the changes will affect them, exchange ideas and identify best practices with our experts and with their peers from the software industry. The course is relevant for all companies reporting under US GAAP and IFRS.

"I report under UK GAAP (FRS 102) therefore I do not need to adopt”.

True – not yet but if you have growth and exit plans, your future investors will very likely want to know what are the differences.

Registration

If you would like to attend our 2018 Revenue Recognition Bootcamp, please complete the registration form on this page. Please note that by completing the reigstrations form you will be invoiced for the full course fees of £475+VAT.

If you have any questions, please contact Clare Matthews.

"I cannot attend the Bootcamp but would like some help!"

If you cannot attend the Bootcamp (or need help sooner!) please do not hesitate to contact Gareth Murfitt.  We can support with 'one on one' training sessions, "impact assessments", contract reviews or full transition project support and management.

By submitting your information you confirm that you have read our privacy statement . We may, from time to time, send you material relevant to your interests. If you change your mind at any time about wishing to receive material from us, you can click on the unsubscribe link in the relevant email received from us or send an e-mail to pwc.email.consent@uk.pwc.com

Contact us

Clare Matthews

Manager, PwC United Kingdom

Tel: +44 (0)20 7213 4525

Follow us