The Argon Advisors Presents The Rundown: Gross vs. Net – Clarity on Services, Credit Risk, and Indicators

The IASB and FASB held joint board meetings on December 16, 2015 to discuss comments received by the public on the proposed guidance on Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The Boards largely approved the proposed amendments with few changes. We have included highlights from the meetings in the second edition of the Argon Advisor's Rundown.

Click here to read the full version of the Rundown.

Sam Kerlin

Prior to joining The Argon Advisors, Sam was a partner at KPMG. Sam recently completed a rotation as an audit partner in KPMG’s Department of Professional Practice, the firm’s national technical office in New York City. Sam has served several global and public audit clients in software technology, pharmaceuticals and bio-manufacturing. Previously Sam also served as tax manager in KPMG’s Washington National Tax practice in D.C., specializing in mergers and acquisitions tax accounting. He spent several years abroad in Germany and Russia and is fluent in both languages. Sam’s rotation in KPMG’s Department of Professional Practice included serving primarily on the firm’s Revenue and Debt/Equity topic teams. Sam has also served as the lead partner on several public software and other technology companies in recent years and specializes in technology and healthcare industries. Additionally, Sam serves as a representative observer for KPMG on the AICPA’s Software Task Force. Sam helped implement the adoption of SFAS 123R, Accounting for Share-Based Payments, at several companies within the Southeast. He has served as a consultant for revenue recognition and accounting for income taxes on several advisory engagements and leads firm training in revenue recognition, income taxes, and accounting for business combinations. Sam is a frequent instructor/speaker for clients and national training events on various accounting topics, including FASB/IASB convergence, revenue recognition, and accounting for income taxes. Sam has also co-authored several articles of KPMG thought leadership and helped draft KPMG’s publication on the new revenue standard. He has also taught corporate taxation in the graduate school at Georgia State University Other Activities Member of Finance Society, Technology Association of Georgia Member of Program Committee, GaBio Sam holds a CPA license in the state of Georgia and New York. He graduated from Wake Forest University with a BA in Russian and Masters in Accountancy.

Upcoming FASB Meeting 12/16: Principle versus Agent Considerations (Gross vs Net Recognition) #RevRec

Refer to the FASB upcoming meetings page to register for the video conference. The meeting will be held Wednesday 12/16 at 8:00 AM EST.

The FASB will redeliberate changes proposed in its August 2015 Proposed Accounting Standards Update, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), in light of stakeholder feedback received. 

These redeliberations will be conducted jointly with the IASB as it redeliberates the proposed amendments to principal versus agent considerations in its Exposure Draft, Clarifications to IFRS 15.