Q3 2017 Newsletter

Newsletter 

The Q3 meeting will be hosted by MGM Grand in Las Vegas on Wednesday, September 20 at 9:30 a.m. Pacific.

Feature Article: Jill Klindt, Chief Accounting Officer and Senior Vice President at Workiva

Author's note: We sat down with Jill Klindt, Chief Accounting Officer and Senior Vice President at Workiva, to discuss her experience with the Workiva implementation of ASC 606, and what she expects when the new standard goes into effect on January 1, 2018. 

The clock is ticking on ASC 606 and yet Jill Klindt, Chief Accounting Officer and Senior Vice President at Workiva, is quite calm.  

“We’re deeply into implementation,” she told us. “We’ve got a lot of work left to do, but we’re on schedule and where we need to be on our timelines.”  

ASC 606 is the most transformational change in corporate accounting in more than a decade and will affect business processes across virtually all companies in most industries. 

Well-defined team roles and communication are key to a successful implementation 

“We’re still deep into the implementation of the standard,” Jill told us. “We’re on schedule. I think that’s because we’ve made planning and communication a priority.  

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Advisory Chair Profile: Ron Kral 

Ron Kral, Advisory Chair of the Las Vegas chapter, wants to make the world a little better for SEC reporting professionals.  

He is an advisor, trainer, and industry thought leader who speaks frequently at national conferences about complex accounting and disclosure issues. He is a member of four of the five COSO sponsoring organizations—the AICPA, FEI, IIA and IMA. He served on FEI’s working group for the development of COSO’s 2013 Internal Control–Integrated Framework and is a facilitator for the COSO Internal Control Certification Program. He also conducts in-house training sessions for external audit firms and public companies on SEC rules and PCAOB standards. “This is how I get my joy,” he says, “helping my colleagues navigate treacherous waters in the SEC world.” Through his deep technical expertise and collaborative leadership style, Ron is making a big impact on the SEC Professionals Group and its Q3 National Meeting. Planning began in January, which is an early start even by the high performing standards of SEC Pro Group advisory chairs. Collaborating with national leaders, Ron was instrumental in shaping the meeting agenda and recruiting panelists. He also successfully engaged the Las Vegas chapter in the planning process, with several members volunteering to join a working committee to plan and execute the meeting. 

Without a doubt, the biggest topics facing SEC professionals today are new accounting standards for revenue recognition (ASC 606) and lease accounting (ASC 842). The Q3 national meeting agenda focuses on current challenges, risks, and opportunities around implementing the new accounting standards. 

“I’m excited about this meeting because we really are taking a fresh and current approach to the topic,” says Ron. “What’s on the mind of SEC reporting professionals now is initial implementation and the ripple effect of these new accounting standards. Implementing the rules affects decision- making, processes and systems, internal controls, SEC reporting, and disclosure. Many of these issues aren’t apparent until the implementation is well underway." 

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Announcements 

SEC Pro Group Lease Committee Aug. 2017 meeting highlights
The Aug. 2017 meeting highlights are now available. Agenda items included how to ensure lease population is complete and implementation surprises thus far.
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SEC Institute event discounts
SEC Professionals Group members have the opportunity to get 20% off the regular registration rates for all SEC Institute events.  
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Exclusive opportunity to join Financial Executives International (FEI)
FEI is offering a complimentary one-year membership to SEC Pro members—join today. In addition, members can attend the course Developing SEC Reporting and Filing Competencies at a discounted rate with code SECPROS. 
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