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Revenue Recognition: The Challenges of Adoption


This is a virtual event, accessible over the phone. Access instructions will be provided after registration.


This is a complimentary program presented with CohnReznick.

Despite its 2014 origin, the new Revenue Recognition standard (ASC 606), which fundamentally alters how many companies account for the top line of their income statements, will finally begin showing up on quarterly financial reports this April. Beyond the collection of sparse early adopters throughout corporate America, until now we have been left to speculate on the standard’s impact. A 30 year old SEC Staff Accounting Bulletin (SAB 74) has served as the guide for corporate estimates on ASC 606.

This 60-minute webinar will address issues that arose in 10-Q’s and 10-K’s from the 1st quarter of 2018 in relation to revenue recognition (material, quantitative, disclosures, etc.), hone in on where issues are appearing and the adoption of best practices for the life sciences, pharma, and other major industries.

The following topics will be discussed:
1. Sales Commissions Part of Contract Acquisition Costs
2. Disaggregation of Revenue Disclosures
3. Determination of Principal vs. Agent
4. Customized Products
5. Unfunded Performance Obligations/Variable Consideration

Educational Objectives:
In 60 minutes attendees will understand:
1. The prevalent Issues with ASC 606
2. Common Additional Disclosures in Financial Reports resulting from ASC 606
3. Evolution of Internal Controls over Financial Reporting to Meet Standard Implementation Guidelines of ASC 606
4. Remaining Potentially Fluid Areas of ASC 606

Who would benefit most from attending this program?
Controller/Comptroller, CPA/Accountant, CEO/President, CEO/President, Partner


Scott A. Taub
  • Managing Director
  • Financial Reporting Advisors, LLC (FRA)

Scott A. Taub joined Financial Reporting Advisors, LLC (FRA) as a Managing Director in 2007. Based in Chicago, Illinois, FRA provides consulting services related to accounting and SEC reporting and litigation support services.

From September 2002 through January 2007, Mr. Taub was a senior official at the Securities and Exchange Commission (SEC).  As a Deputy Chief Accountant, he played a key role in the SEC’s implementation of the accounting reforms under the landmark Sarbanes-Oxley Act, and was responsible for the day-to-day operations of the Office of the Chief Accountant, including resolution of accounting and auditing practice issues, rulemaking, oversight of private sector standard-setting efforts, and regulation of auditors.

Mr. Taub represented the SEC in many venues, including the FASB and IASB’s advisory committees, and in front of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.  He also served as the SEC Observer to the FASB’s Emerging Issues Task Force (EITF) and as Chair of the Accounting and Disclosure committee of the International Organization of Securities Commissions (IOSCO).  He twice served as Acting Chief Accountant for a total of 14 months.  Mr. Taub also was a member of the SEC staff between 1999 and 2001 as a Professional Accounting Fellow in the Office of the Chief Accountant.

Mr. Taub is currently a member of the FASB/IASB Joint Transition Group for Revenue Recognition.  He previously served on the IASB's IFRS Interpretations Committee and the FASB’s Valuation Resource Group. He is a frequent speaker, having addressed numerous audiences sponsored by a variety of organizations. He was the primary author of several SEC reports and publications, including the Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley Act of 2002 On Arrangements with Off-Balance Sheet Implications, Special Purpose Entities, and Transparency of Filings by Issuers and the Study Pursuant to Section 108(d) of the Sarbanes-Oxley Act of 2002 on the Adoption by the United States Financial Reporting System of a Principles-Based Accounting System. Mr. Taub is the author of the Revenue Recognition Guide, a 500-page comprehensive guide to accounting for revenue recognition published by CCH and a co-author of CCH's Financial Instruments Guide.

Mr. Taub attended the University of Michigan in Ann Arbor, where he received an undergraduate degree in economics in 1990, and won the William A. Paton Award for his performance on the CPA exam.  In 2005 Mr. Taub won the SEC’s award for Supervisory Excellence. He is a licensed CPA in Michigan and is a member of the American Institute of Certified Public Accountants.  

Gordon L. Chatterton, CPA
  • Senior Manager
  • CohnReznick

Gordon L. Chatterton, CPA, is a senior manager at CohnReznick and a member of the Firm’s Assurance Practice.  Gordon has more than 15 years of accounting and auditing experience, during which he has served the nation’s leading technology, telecommunications, and industrial and consumer products companies.  He has specialized in the evolving requirements public entities in those industries have faced as the regulatory and capital markets landscape has changed over the last decade.

Gordon is responsible for keeping the Assurance Practice informed on emerging issues in accounting and finance for both public and private enterprises and researching technical accounting and auditing matters.  Gordon also leads the Firm’s efforts to respond to standard setting bodies and regulators, such as the Financial Accounting Standards Board (FASB), the American Institute of Certified Public Accountants (AICPA), and the Securities and Exchange Commission.

Gordon earned his B.S. (Accounting) from the University of Tennessee and an M.S. in Accounting from Auburn University.

Todd Cheney, CPA
  • Accounting Editor
  • Bloomberg Tax

Todd Cheney, CPA, has been an Accounting Editor with Bloomberg Tax since 2016. He spent multiple years working at the public accounting firm Eide Bailly, LLP within its Federal Tax Division, after starting his career as a Revenue Officer with the Internal Revenue Service. Todd graduated with a B.S. in Finance with Honors from the University of Wyoming and a B.A. Summa Cum Laude from Ashford University. He currently resides in Washington D.C.

Amanda Iacone
  • Accounting Reporter
  • Bloomberg Tax

Amanda Iacone’s career has spanned print, web and radio. Before joining Bloomberg Tax, Iacone was a reporter and editor for where she focused on crime and government reporting. An award-winning journalist, she previously reported for the Associated Press, Virginia Public Radio and The Journal Gazette in Fort Wayne, Ind. She covers accounting and auditing from Washington.

Continuing Education

1.2 CPE, 1.0 General COA
Practice Areas:
Fundamental understanding of Revenue Recognition principles is required
Production Date: