GovConnects CFO Round Table

. Please Note --> This is a Past Event!! .

Date: 5/4/2017
Time: 12:00 PM TO 2:00 PM

Howard County Chamber of Commerce
5560 Sterrett Place, Ste. 105
Columbia, MD 21044


Event Description:

GovConnects CFO Round Table

Federal Contractors Only

12:00- 1:30 pm, lunch is included

Are you a federal contracting CFO looking to connect with peers to discuss various issues such as pricing, compliance, audits, and other challenges to accounting in the federal sector? The Howard County Chamber of Commerce CFO Roundtable is just the series for you. With five sessions spanning the calendar year, this interactive program provides participants with executive level networking, quality information sharing, and unparalleled access to subject matter experts with the insights to assist you in making critical business decisions.

 The series has an alternating format of invited speakers and moderated discussions, selected by the participants. The program is open to all federal contractors. Vendors are limited to those asked to facilitate a session. Registration includes lunch and all related materials.

Program Agenda: 12:00 - 12:45, Networking and Lunch, 12:45 - 1:30 Facilitated Discussion on a Predetermined Topic

For questions regarding the Round Table format or content or to register, please contact Leonardo McClarty, President & CEO, at 410-730-4111 or


May 4: “The Future of Revenue Recognition”

Presented by Claudia Wolter, CPA, CCIFP, CCA -
Shareholder, Katz Abosch

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update, Revenue from Contracts with Customers in May 2014. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers, and supersedes current revenue recognition guidance, including industry-specific revenue guidance. Leases, financial instruments, insurance contracts, and nonmonetary exchanges are not impacted. Construction contractors in particular will find that the standards require some major rethinking by their accounting functions and the significant application of judgment.

The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. The effective date for public registrants has been postponed to 2018 for calendar year-end (annual reporting periods beginning after December 15, 2017). Early adoption as of the original effective date (2017 for calendar year-end) is permitted. The guidance permits companies to either apply the requirements looking back to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment.

The May 4 CFO Roundtable will discuss these changes and what you can do to develop an action plan to implement the new revenue recognition standard.



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