"Back to Basics" – Revenue Recognition - Tuesday 30 April 2013 - London
Hosted by Wragge & Co LLP
Clive Davies, Senior Counsel, Fujitsu Services Limited
Sally Mewies, Partner, Wragge & Co LLP
Daniel Feather, Partner, Ernst & Young
Revenue recognition has been described as:
"An accounting principle under generally accepted accounting principles (GAAP) that determines the specific conditions under which income becomes realized as revenue".
It is a financial/legal issue that is critical to a supplier's ability to make money under a contract. It enables a company in simple terms to show a sale in its books. Equally customers often want rights to claw back payments in the event of a future contract failure by the supplier which conflict with the ability of the supplier to recognise revenue.
This seminar discusses:
- The meaning of revenue recognition
- The accounting rules that underpin revenue recognition
- The impact of clauses clawing back revenue
- Striking an acceptable balance between customer and supplier in contracts
Clive Davies is a Senior Counsel with Fujitsu Services advising on major service contracts with customers in the public and private sectors including multinational deals. He specialises in advising on major project contracts for IT outsourcing having represented customers and suppliers in-house and in private practice for many years. He has a particular interest in improving the contracting process believing that a successful contract is one which supports effective delivery.
Clive lectures and writes regularly on IT related legal subjects. Clive is Co-Chair of ITechLaw's In-House Committee, treasurer of IFCLA, an editor of Communications Law and a member of the LexisNexis In-House Advisory Board and immediate past Chair of SCL.
Sally Mewies is a partner in Wragge & Co's Outsourcing, Trade and Technology Group. Sally has a strong background in system procurement, outsourcing and technology licensing. Having worked for many IT suppliers, she is able to bring her experience of the IT market to bear in dealings with clients on both sides of transactions. She has worked for customers on telecom outsourcing, data centre outsourcing, supply chain management as well as many large ERP system procurements. She has written papers on international software licensing and spoken at many conferences.
Daniel Feather is a partner in the Capital Markets group of Ernst & Young LLP and has over 18 years experience of accounting and consulting both inside and outside the profession and in the US and the UK.
Daniel and his team assist clients across multiple sectors in dealing with accounting and reporting implications of Capital Markets transactions including IPOs, GAAP conversions, carve-outs and cross border acquisitions. As part of his responsibilities he looks after the US aspects of reporting for funds in the UK and Channel Islands.
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