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Webinar Recording

Best Practices in Services Revenue Recognition - ASC 895-605, ASC 605-25, ASC 605-35

Date: Friday, August 7, 2015
Time: 2:00 pm - 3:00 pm EDT
In this webinar Charlie Hodgin, Technical RevRec Consultant, will discuss the concepts of revenue recognition in regards to professional services offerings in software and hardware/software companies. Charlie will begin with an overview of the relevant literature governing professional services when sold with hardware, software, and/or SaaS – in multi-element arrangements. Industry examples will be discussed. This will lead into a brief discussion about the transition from the “completed contract” method to the “percentage of completion” method of revenue recognition.

We will also examine openings in the literature for management’s judgement in regards to fair value determination in hardware related sales. The final discussion points will speak of best practices for documenting deliverables and the relevance of time keeping and use of automation software for tracking and managing services revenues.
After attending this event you will be able to:
Recognize a basic understanding of revenue recognition principles and best practices related to Professional services and software/hardware sales.
Identify the differences in revenue recognition of professional services when related to Software sales vs. Hardware sales.
Recognize fair value principles in multi-element arrangements in technology sales that include professional service offerings.

Speakers

Charles Hodgin, Senior Advisor, Technical RevRec Consultant, RevRec.net
Charles Hodgin
Senior Advisor, Technical RevRec Consultant, RevRec.net
A finance and accounting professional of 18 years, Charles has demonstrated acumen for business by taking on increased responsibility as his career has developed. Charles’ most recent career step is to join the group at RevRec.net as a freelance technical RevRec consultant for various Software, SaaS, and other mature businesses in need of guidance in regards to revenue policy, financial policy implementation, financial software implementation, financial close processes & Sarbanes Oxley compliance.

Prior to RevRec.net, Charles was Sr. Director of Revenue Recognition at SuccessFactors, a web 2.0/social media SaaS business. As the “in-charge” accountant for revenue & Order to Cash (OTC) from 2008, progressing to head of the Revenue Department and process owner (SOX) for OTC, in early 2010, SFSF did not have a single audit adjustment for revenue nor did SFSF have any deficiencies in relation to the Sarbanes Oxley compliance. At the end of 2012 Charles was managing a team of 19 with a management dotted line to the Sr. Manager of Financial Systems, along with 5 direct reports including 3 Sr. Managers. As the head of Revenue for SFSF Charles specifically owned new business models, the building/promulgation of revenue policy, pre/post due diligence for M&A activities and integration, revenue forecasting, revenue operations, contract drafting/negotiations, sales controller, company-wide training (including sales) for all technical revenue topics.
Moderated by: Blair Cook, Corporate Director, Clarke Inc.
Moderated by: Blair Cook
Corporate Director, Clarke Inc.
Blair Cook is a many-time CFO, corporate director, and educator working with dozens of public and private companies; and professional bodies and post-secondary institutions across Canada.

His career is divided between academic endeavors, such as developing the new certification program for CPA Canada, and working in the corporate world at the highest levels. As an academic-practitioner, he’s a life-long learner who observes and experiments with various financial and management theories in real world context. He shares stories of success and lessons learned to others who share a passion for developing financial leadership competency. Blair’s focus in recent years has been to define and develop a career path for financial professionals aspiring to the Office of the CFO.

Sponsor

Event Sponsor Intacct
Intacct - Intacct is the cloud financial management company. Bringing cloud computing to finance and accounting, Intacct's award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications, in use by more than 8,500+ organizations from startups to public companies, are designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers offer Intacct to their clients. The Intacct system includes accounting, contract management, revenue management, project and fund accounting, inventory management, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.

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There are no CPE Credits for this Solution Demonstration.