Revenue Recognition is critical for all business.  As the FASB regulations evolve, CFO’s need to stay ahead of the statutory requirements to ensure that their financials are adhering to the relevant standards.  During this session, our experts will discuss strategies, insights, and considerations for businesses facing the deadline to comply with these new revenue recognition rules. 

This session on revenue recognition will review:

• Best practices for managing revenue recognition, an overview of the new revenue recognition hierarchy
• What you need to know about the new EITF 08-01 and EITF 09-03 rules and concepts like Estimated Selling Prices
• How the new rules impact your existing accounting, financial systems and business processes
• Practical approaches to more accurately calculate revenue allocations, get full audit trails, reduce manual effort, and get centralized control and compliance monitoring

Learning Objectives

After attending this program, participants should understand:

• The important aspects of the new FASB regulations  and best practices to demonstrate compliance with the law
• Methodologies to analyze your businesses in preparation for the new regulations
• Existing practices utilized by companies that have already adopted the new regulations 

Presenters:

Sujan Jain, VP Finance, NetSuite

Sujan Jain is Vice President of Finance at NetSuite, Inc. and has been instrumental in leading the company's successful efforts in adoption of the new accounting guidelines. Jain brings in a decade of experience as an operationally-focused seasoned finance executive with strong record in strategic planning and comprehensive experience across all aspects of financial management, accounting, planning and administration. 

Prior to joining NetSuite, Jain served as the EVP & CFO at Transmeta Corporation, a public company listed on the NASDAQ stock exchange, where he was instrumental in structuring and negotiating the sale of the company for $255 million. During his tenure, shareholder return exceeded 125%. Before joining Transmeta, Jain served as CFO & Secretary at NanoAmp Solutions Inc., a low-power memory solutions company targeted at the wireless and medical markets. Jain has held several investment banking and operating roles at J.P. Morgan Chase, Lazard and Schlumberger. In addition, Jain is an advisor to several publicly and privately held high-tech companies. 

Jain holds a MBA, with Beta Gamma Sigma honors, in finance and management of organization from Columbia University and a B.S. degree in engineering from Delhi Institute of Technology. Jain is also a certified public accountant

Edward Sullivan, Audit Partner, KPMG

Ed is an Audit partner in KPMG’s New England Information, Communications, and Entertainment practice. He has more than 20 years of experience providing financial statement audit and audit of internal control services as well as advising clients on a wide range of business and regulatory matters in his role as auditor.

Ed specializes in working with both publicly and privately owned companies at all stages of development, both domestic and multi national.  Industry knowledge includes software, electronics, communications, media, Internet, and professional services.  His relevant technical experience includes issues regarding revenue recognition, including software and contract accounting, channel management, restructuring, acquisition accounting, impairments, restructuring and stock compensation/equity transactions.

Ed has provided professional audit services to several large multinational groups in accordance with PCAOB requirements and U.S. GAAP.  In addition to the technical accounting areas noted above, his audit experience ranges from SEC filings, carve-out financial statements, and pension plan audits to the successful coordination of large global audits.  He has a thorough understanding of SEC rules and regulations and has been involved in numerous debt and equity offerings.  Ed also has extensive international experience in the software and technology sectors.

In addition to his client responsibilities, Ed serves as the Partner In-charge of the New England Employee Benefit Plan Audit practice, responsible for risk and practice management activities related to our portfolio of Plan clients as well as providing second partner quality reviews of Plan audits.  Ed is also the Partner In-charge of the Venture Capital practice for the KPMG New England region responsible for business development and practice management.

Matt Svetich, Senior Manager, Audit Practice, KPMG

Matthew is a senior manager in the audit practice of KPMG’s Boston office. He recently joined us from KPMG’s Silicon Valley office where he conducted audits for public companies in the OEM technology and software accounting sector. 

Matthew has provided professional audit services to several multinational corporations in accordance with PCAOB requirements, U.S. GAAP, and IFRS. He is currently responsible for auditing revenue at a large software company in the greater Boston area.

Matthew has more than 10 years of experience in the software and technology industry. He specializes in revenue recognition for software clients.  

Matthew’s past audit engagement are described as follows:

·     Public OEM technology company (annual revenues: $10 billion)

·     Public software security company (annual revenues: $2 billion)

·     Public software firewall company (annual revenues: $145 million)

He also served a rotation in Sao Paulo, Brazil where he performed IFRS conversion audits and reviewed foreign private issuer (20-F) filings. 

Matthew’s engagements as part of the rotation are described as follows:

·     Public steel and mining company (annual revenues: $6 billion)

·     Public electric energy company (annual revenues: $5 billion)

·     Private oil refinery company (annual revenues: $300 million)

·     Private ethanol company (annual revenues: $100M)

Other Information:

• Program level: Advanced
• Recommended CPE: 2.0
• Program prerequisites: None
• Advanced Preparation: None
• Delivery Method: Live/Group

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