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Full disclosure: Revenue
Publication date: 31 Aug 2021
us Podcast
Our summer series on presentation and disclosure continues with a focus on revenue.
Our Full disclosure podcast series brings you back to the basics on all things related to financial statement presentation and disclosure, from the top of the financial statements through the footnotes.
This week we focus on the presentation and disclosure requirements for revenue. Angela Fergason is joining us again to break down revenue from contracts with customers and what needs to be included in your financial statements.
Topics include:
- 1:15 - Income statement and balance sheet. Angela opens with a quick overview of how to present revenue on the income statement and balance sheet, and a few reminders of key requirements.
- 11:29 - Disaggregated revenue. Angela gives an overview of the five major disclosure areas for revenue and dives into requirements around disaggregating revenue.
- 16:23 - Performance obligations. Angela explains the quantitative and qualitative disclosure requirements for performance obligations, paying particular attention to those related to remaining performance obligations—which are often the most time consuming to prepare.
- 21:27 - Remaining disclosures. Angela covers the final three primary areas of disclosures for public companies: significant judgments, contract balances, and cost to obtain or fulfill a contract.
- 27:47 - Non-public companies. Angela highlights which disclosures apply to non-public companies, and which don’t.
- 29:05 - Closing. Heather tries to stump Angela with a few revenue and ASC 606 trivia questions before Angela provides some final advice and reminders to companies evaluating their disclosures.
About our guest
Angela Fergason is a partner in PwC's National Office with over 20 years of experience who specializes in accounting for revenue and employee compensation arrangements. She is a frequent speaker on accounting and financial reporting topics and is a contributor to many PwC National Office publications, including our accounting guides on revenue and stock-based compensation.
About our host
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request. Please send requests to us_podcast@pwc.com.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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