The CFO Playbook on Revenue Recognition: Finance's Role in Ensuring Compliance and Optimizing Performance

Date: Tuesday, April 25, 2017
Time: 2:00 P.M. Eastern Time
Duration: 1 hour
 

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Webcast Summary

Your finance team is not the only area of your organization that ensures compliance with new rules for recognizing revenue. Your colleagues from IT have to make sure your finance team has the tools it requires, and establishes efficient processes, to keep track of performance obligations. Your legal team as well as those of your customers and partners — may have to revise contracts not only to comply with the new standard, but also in situations when applying the standard substantively changes the terms of the contracts. Given the effect of the standard not only on contracts, but also on performance metrics throughout your organization, your HR team may have to adapt performance criteria for certain teams, such as sales, whose compensation is connected with the timing of revenue recognition.

During this Webcast, we will outline:

  • How the CFO can take the lead in establishing a roadmap for all areas of an organization affected by the new revenue recognition standard;
  • How the finance team can collaborate with colleagues in IT to determine if the organization collects, maintains, and has sufficient visibility into the information it must report to comply with the standard; and

  • How human resources, legal, and sales teams, among others, can work effectively alongside the finance team to ensure the organization clearly meets its obligations and accurately records its performance in light of the new revenue recognition rules.

About the Panelists

Eric Knachel

Eric Knachel, Senior Consultation Partner, Deloitte & Touche LLP

Eric Knachel is a senior consultation partner in the Professional Practice Group at Deloitte & Touche LLP with more than 25 years of experience. He leads Deloitte's revenue recognition subject-matter team and provides guidance to audit practitioners and companies on complex financial accounting and reporting issues involving revenue recognition. Eric holds a bachelor's degree in accounting from the University of Maryland. He is a CPA and member of the American Institute of Certified Public Accountants. Knachel is based in Deloitte's Stamford, CT office.

Cecil Nazareth, Managing Partner, IFRS Partners

Cecil Nazareth is a managing partner with IFRS Partners. Based in Connecticut, IFRS Partners specializes in IFRS education, training, consulting and conversion. IFRS Partners’ clients include CPA firms, as well as small and medium-sized businesses, including subsidiaries of foreign companies. Cecil previously served as the director of AICPA's internal audit and strategy. In this role, he developed and implemented an executive performance measurement system and balanced scorecard. Before he joined AICPA, Cecil was as an audit supervisor with Ernst & Young, specializing in the financial services industry.

About the Moderator

Joe FleischerJoe Fleischer, Editorial Director, Custom Content and Research,
CFO Publishing

In his role as editorial director of CFO Publishing's custom content team, Joe Fleischer focuses on developing eBooks, research reports, and virtual events on topics that reflect the primary concerns and priorities of senior finance executives. He is based in New York.

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