Engineering & Construction Webcast: FASB/IASB Revenue Recognition
June 25, 2014



Engineering & Construction Webcast: FASB/IASB Revenue Recognition
 This presentation is no longer available.
  In our commitment to continue to inform our clients regarding important standard updates, PwC's Engineering & Construction practice will hold its next webcast on Wednesday, June 25, 2014 at 01:00 PM Eastern Daylight Time to 2:30pm Eastern Daylight Time. The discussion will focus on the latest proposed changes by the FASB/IASB to the lease accounting and revenue recognition standards.

Background:
On May 28, 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) issued their long-awaited converged standard on revenue recognition. There are potentially significant changes coming for certain industries, including engineering and construction, and some level of change for almost all entities.

Some of the areas that could create the most significant challenges for entities as they transition to the new standard include transfer of control, variable consideration, allocation of transaction price based on relative standalone selling price, licenses, time value of money, contract costs, and disclosures.

The new standard will affect most entities that apply U.S. GAAP or IFRS. Entities that currently follow industry-specific guidance should expect the greatest impact.

Facilitators & Registration:
This webcast will be co-facilitated by our Engineering & Construction industry client service partners and specialists from our National Office. CPE credits will be offered for online participation.
 
  Speakers:
Dusty Stallings
Partner
National Professional Services Group
PwC


Dusty has been with PwC for 22 years, and she is currently a partner in PwC’s National Professional Services Group focusing on revenue recognition, International Financial Reporting Standards (IFRS), and SEC reporting.

Dusty is PwC’s current representative on FinREC, the AICPA’s senior technical body, which focuses on accounting issues across all industries. She also chaired FinREC’s task force on the new revenue recognition standard as FinREC developed its views, and is actively engaged in their current revenue recognition initiatives.

Dusty has substantial experience serving companies in a variety of industries on the application of IFRS and the identification of differences between IFRS and US GAAP. She is a member of PwC's global network of partners specializing in interpretation and application of IFRS. Dusty leads all PwC IFRS training initiatives in the US, and she helped author PwC’s guidance on revenue recognition under international standards.
 
H. Kent Goetjen
Partner
US Engineering and Construction Leader
PwC


Kent is an assurance partner in PwC's Hartford office and is the firm's US Engineering Construction industry sector leader.

Kent's experience encompasses many complex transactions including construction joint ventures, acquisitions, dispositions, and mergers. He has also been involved as an expert witness in a number of complex construction disputes. Kent has extensive experience in providing auditing and accounting services, development of accounting systems, review and improvement of internal control systems, and numerous other consultative services including business plan development, cash flow analysis, contract claims consultation and reviews and other business advisory services.

Kent graduated from Bryant University, Summa Cum Laude, with a Bachelor of Science in Business Administration. He is a member of the American Institute of Certified Public Accountants and the Connecticut Society of Certified Public Accountants. Kent is licensed to practice in ten states. He is a member of the Construction Financial Management Association National Board of directors and serves on the national accounting & reporting and tax legislative affairs committees. Kent is also active in Associated General Contractors of Connecticut, the University of Hartford Construction Institute and is involved in various other industry associations.


Michael Sobolewski
Partner
PwC


Mike is an assurance partner in our Private Company Services practice and an industry technical specialist for PwC’s Engineering & Construction practice. Mike recently completed a two-year tour in PwC’s National Office in Florham Park, NJ, and has relocated to PwC’s Detroit, MI office. While on tour in the National Office, Mike was a member of the Accounting Consulting Services team focused on Revenue Recognition, as well as International Financial Reporting Standards (IFRS). Mike served as the firm’s project manager for its global working group assessing the Joint FASB/IASB Revenue Recognition Project.

He has extensive experience, and has spent his entire career, in the construction, automotive and manufacturing industries, working with private companies having operations locally, nationally, and globally. He currently serves as our US firm’s engineering and construction client service advisor. He is a widely recognized expert by these industries, is a frequent contributor to thought leadership, and is often sought after to provide advice and views on a variety of industry topics.
 
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