Q4 2017 Newsletter

Teaser 
  • The SEC Professionals Group Q4 meeting will be on Wednesday, Dec. 13.
  • Read our Feature Article on SEC Professional Group members Cynthia Qian from Alphabet and Erika Kelley from Intel.
  • Hear from our advisory co-chairs, Aaron Bryant and Teresa Sosse. 
Newsletter 

The Q4 meeting will be hosted by Andeavor in San Antonio on Wednesday, December 13 at 11:15 a.m. CT.

Feature Article: SEC Pro Group Members Cynthia Qian and Erika Kelley Share Their Experiences About Implementing ASC 606 and Disclosure Effectiveness  

Financial disclosure has never been more important or more complicated. Regulatory requirements drive financial disclosure, but a hard and fast definition of disclosure effectiveness is elusive.  

In early 2015, members from Google Inc.’s (Alphabet Inc.’s predecessor issuer) SEC reporting team reached out to the SEC Professionals Group to create a forum for members to gather and discuss the rapidly changing disclosure landscape. The Disclosure Effectiveness Roundtable met for the first time in June 2015. It was well received, and today, the Disclosure Effectiveness Roundtable is a standing committee comprised of members from various companies, dedicated to meeting annually to discuss trending topics in financial reporting and to share best practices about how to facilitate timely disclosure of material information in financial statements.  

Two members of the Disclosure Effectiveness Committee, Cynthia Qian from Alphabet and Erika Kelley from Intel, offer their perspectives about disclosure effectiveness and their experiences applying it to the implementation of ASC 606 Revenue from Contracts with Customers.  

As an early adopter, Alphabet adopted the new accounting standard in 2017. Based on its experience, Cynthia emphasized that companies should not underestimate the amount of time required to finalize a solid disclosure as required by the new revenue recognition standard.  

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Advisory Chair Profile: Aaron Bryant and Teresa Sosse 

Disclosure is about to get more complicated as the Jan. 1, 2018 implementation deadline draws near for the new and comprehensive accounting standard, FASB ASC 606 Revenue from Contracts with Customers. The Securities and Exchange Commission has been closely monitoring quarterly financial statements for the required disclosures about the progress companies are making in transition to the new standard for recognizing revenue. In several cases, SEC staff comment letters have made it clear that boilerplate disclosure is not acceptable.  

San Antonio Advisory Chairs Aaron Bryant and Teresa Sosse have focused the agenda for the SEC Professionals Group Q4 national meeting on disclosure effectiveness and the challenges companies face as they prepare to comply with the accounting standard. “The topic of ASC 606 has been discussed before, but there is a lot of ground left to cover as the majority of SEC Pro Group members transition to full implementation next year,” said Aaron Bryant. The meeting will feature SEC Professional Group members from Andeavor, AT&T, and RGP. They will share their experiences to help you gain a better understanding about their preparation efforts, process challenges, and other considerations. 

Aaron and Teresa agree that the benefit of an association like the SEC Pro Group is to learn from and collaborate with peers. There is a lot of training available in the market, but they believe the quality, detail, and comprehensive quality of those trainings is hit and miss and can be costly. “Members are more candid about issues in an intimate group of peers. I think we all gain from each other’s experiences,” said Aaron.  

Teresa notes that she is involved in an MLP industry group for the specific purpose of sharing information and experiences about how others are treating the revenue recognition standard. “Joining this group has been a valuable experience, and I believe it will continue beyond the near-term implementation of the new accounting standards,” said Teresa.   

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Announcements 

Four hours of ethics CPE credit and discount code
Earn four hours of behavioral ethics CPE credit for $40. Helios' self-study course featuring Kelly Richmond Pope is available at a 50% discount with the voucher code: secpro.
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Lease Committee Oct. 2017 meeting highlights and upcoming Dec. meeting
Read the meeting highlights that featured a Q&A session with two FASB staff members. The next meeting will be an open forum on Dec. 11 at 4 p.m. ET. All SEC Pro members are invited to join the Webex call.  
Read the meeting highlights

SEC Institute event discounts
SEC Professionals Group members enjoy 20% off the regular registration rates for all SEC Institute events. Click below to preview the upcoming workshops and to register.  
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Exclusive opportunity to join Financial Executives International (FEI)
FEI is offering SEC Pro members a complimentary one-year membership. In addition, members can attend the course Developing SEC Reporting and Filing Competencies at a discounted rate with code SECPROS. 
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