Revenue Recognition Crossroads: Principal versus Agent Evaluation
The surge in e-commerce necessitates clarifications on Principal vs. Agent roles. FASB’s ASU 2016-08 provides guidance in multi-party setups.
Lease accounting is essential for businesses in managing and reporting their lease obligations, particularly under the ASC 842 standard. In this engaging episode, Lord Gen Rilloraza, a Lease Accounting Specialist, and Gliezel David, Technical Accounting Group Director at Scrubbed, discuss the common challenges organizations face in this area and offer practical solutions to address them.
Designed for CFOs, controllers, accountants, auditors, and finance enthusiasts, this podcast dives deep into real-world applications, compliance insights, and expert perspectives to help you stay informed and prepared in today’s dynamic accounting environment.
Key points:
- Unraveling Complex Contracts: Separating lease and non-lease components, accounting for variable payments, and addressing lease incentives.
- The Hidden Leases: Identifying and accounting for embedded leases within other contracts.
- Navigating Lease Modifications: Understanding the impact of changes in lease agreements
- Assessing Impairment: Evaluating lease asset impairments and their effect on financial reporting.
Find out how Scrubbed can help with you Technical Accounting challenges.
Episode Transcript
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About the Podcast Participants
Lord Gen Rilloraza
Lord Gen Rilloraza is a Technical Accounting Supervisor at Scrubbed, bringing expertise in business combinations, FS conversions, and lease accounting. With over a decade of professional experience, he has worked as an Audit Associate at Deloitte Philippines, a General Ledger Accountant at Texas Instruments, and a professor at Saint Louis University and the University of the Cordilleras. Currently a lecturer at CRC-ACE Review School, Inc., Lord Gen combines his academic and corporate expertise to address complex accounting challenges, ensuring clients meet regulatory standards while driving continuous learning within the Technical Accounting Group.
Gliezel David
Gliezel is the Director of the Technical Accounting Services at Scrubbed with more than 15 years of experience providing technical accounting, audit, and advisory services to public and private companies and professionals. She has extensive knowledge of IFRS, US GAAP, and SOX/PCAOB reporting requirements. Gliezel helps our clients prepare technical memoranda, adopt new accounting standards, convert financial statements between accounting frameworks and conventions, and prepare and review SEC forms. Before joining Scrubbed, she was an Audit and Methodology Senior Manager in PwC Philippines and was assigned to the New York and Connecticut offices of PwC USA.
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