Dive into practical, hands-on guidance on coming up with standalone selling prices that are compliant with the new standard.
Accountants often seek to avoid estimating standalone selling prices and using them to allocate the transaction price. The estimation process is resource-intensive and judgmental and may produce results that are not intuitive to the rest of the business. While the concept of using standalone selling prices to allocate the total price is not new, the new revenue accounting standard ASC 606 has broadened the need for standalone selling prices. This topic will discuss the new requirements and common misconceptions about this aspect of revenue recognition. The material will provide practical, hands-on guidance on coming up with standalone selling prices that are compliant with the new standard. The presenter will discuss several common challenges that accountants encounter when estimating standalone selling prices at their organizations. You will take away some ideas on tackling those challenges in an efficient, replicable way.
Agenda
Faculty
Sergey Kvasnyuk
MorganFranklin Consulting, LLC
- Senior Manager in the McLean, Virginia, office of MorganFranklin Consulting, LLC
- After starting his career with EY, joined MorganFranklin in 2012 Assists clients with complex technical accounting issues and the accounting and reporting aspects of transactions
- Since 2014, has performed ASC 606 implementations at publicly held and private clients in a variety of industries including software and SaaS, telecommunications, life sciences, specialized business services, and government contracting
- Conducted multiple client workshops on aspects of ASC 606 implementations
- CPA licensed in Virginia
- Can be contacted at [email protected] or 301-273-5308
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