Understanding the New U.S. GAAP & IFRS Proposals on Revenue Recognition

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Source: CFA Institute
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90 min, audio webcast, recorded on 12 January 2012

Sandra J. Peters, CPA, CFA, leads the Financial Reporting Policy team at CFA Institute, which is responsible for tracking all financial reporting issues. The team also coordinates the efforts of the Corporate Disclosure Policy Council, a key committee of CFA Institute volunteers that reviews and comments on financial reporting policy initiatives worldwide. Ms. Peters serves as spokesperson for CFA Institute to key financial reporting standard setters, including the IASB, FASB, and U.S. SEC. Most recently before coming to CFA Institute, Ms. Peters served as vice president and corporate controller at MetLife. Prior to joining MetLife, she was a partner at KPMG providing audit services for primarily insurance and financial services firms in the United States and Europe. Ms. Peters graduated summa cum laude from the University of Nebraska with a BSBA in accounting, and she holds an MBA in finance from Indiana University. She is a Certified Public Accountant licensed in New York, Texas, and Nebraska.

This information is accurate as of the date of posting.

Vincent Papa, PhD, CFA, is a director of Financial Reporting Policy at CFA Institute. Prior to joining CFA Institute, Dr. Papa worked as an investment research analyst for London-based Observatory Capital. This position entailed analysis of company fundamentals and capital structure and making investment recommendations concerning European and emerging market high-yield fixed-income securities. Previously, he worked for Accenture in Johannesburg as a management consultant and for KPMG in Johannesburg as a management consultant and auditor. Dr. Papa received his doctoral degree from Cranfield School of Management. He also holds a master’s degree in finance from the London Business School, an MBA from Witwatersrand University in Johannesburg, and a BSc in electrical engineering from the University of Nairobi, Kenya.

This information is accurate as of the date of posting.

Russell G. Golden was appointed to the Financial Accounting Standards Board (FASB) in 2010 and reappointed to a second term effective 1 July 2012. He brings to the role deep experience in technical accounting issues obtained during his six years in various staff positions with the FASB. Prior to his appointment, he was technical director, overseeing FASB staff work on standards-level projects, including both major projects and technical application and implementation activities. He also chaired the FASB’s Emerging Issues Task Force (EITF). Previously, as director of technical application and implementation activities for the FASB, Mr. Golden managed FASB activities relating to the application and implementation of accounting standards and other Board pronouncements. Prior to joining the FASB staff, as a senior technical advisor in 2004, Mr. Golden was a partner at Deloitte & Touche LLP in the National Office Accounting Services Department after serving in various other positions within the company. Mr. Golden earned his bachelor’s degree from Washington State University. He is a licensed CPA in the states of Washington and Connecticut.

This information is accurate as of the date of posting.

Stephen Cooper was appointed to the IASB in July 2007. He had been actively involved in the IASB's work for a number of years through his participation in various IASB committees and other groups. He served on the IASB's Advisory Group for Share-Based Payments and more recently the joint IASB – FASB Working Group on Financial Statement Presentation. He was a member of the Analyst Representative Group, the IASB's consultative group for analysts and investors, and has been a member of the Financial Reporting Committee of the Institute of Chartered Accountants in England and Wales and the Pensions Accounting Advisory Group of the U.K. ASB. Mr. Cooper was also an active member of the Corporate Reporting User Forum, a group of analysts and investors formed to consider financial reporting issues. Before his appointment to the IASB, Mr. Cooper was a managing director in the equities business of UBS Investment Bank in London, where his main role was as a publishing analyst and head of valuation and accounting research.  He was also a member of the European and Global investment recommendations committees and the Investment Committee of the UBS pension fund in the U.K. As a specialist in accounting, security valuation, and finance, he worked closely with other professionals throughout the investment bank, including those involved in quantitative and sector equity research, pension finance, and corporate finance; as an analyst he advised many institutional investors around the world on investment issues. Mr. Cooper has been recognized as a leader in his field and was voted the top European valuation and accounting analyst by the Extel and Institutional Investor surveys on 10 consecutive occasions. Prior to joining UBS as an analyst, Mr. Cooper was a consultant in training and business, providing education courses on accounting and finance to many of the leading global investment banks and institutional investors. Earlier, he worked in the Corporate Finance Division of Schroders in London (now part of Citigroup). Mr. Cooper is a fellow of the Chartered Association of Certified Accountants; he has a master’s degree in accounting and finance from the London School of Economics.

This information is accurate as of the date of posting.
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Summary

Why Should Investors Listen to this Webcast?
Revenue is a key driver in analyzing investment performance and making investing decisions.  The FASB and IASB have recently released new proposals which, if adopted, would change how revenue from transactions with customers will be recognized within financial statements prepared under U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS).  The new joint standard may have a significant impact on how entities in particular industries recognize revenue.  Because of this potential impact, and the importance of revenue to financial statement analysis and investment decision making, changes to accounting for revenue should be a focus of investor attention.

What Is Discussed?
This webinar features Russell Golden, FASB member, and Stephen Cooper, IASB member, along with CFA Institute staff who describe the key provisions of this joint and substantially converged standard on revenue recognition under U.S. GAAP and IFRS. This webcast reviews the key provisions of the proposals with emphasis on presenting practical examples of how the accounting and financial reporting will change from the existing financial reporting requirements.

This is an archived recording of a live event that took place on 12 January 2012.

Topics
Financial Statement Analysis
    :
  • Accounting and Auditing Standards Development
    • ·
  • Financial Reporting System
Credits · About the CE Program
1.5 CE (including 0 SER) Manage CE Credits

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