Sweeping Changes in Revenue Recognition Coming

Prasadh is a Practice Fellow at the Financial Accounting Standards Board, specializing in revenue recognition matters. In this role, Prasadh acts as a project manager focusing on implementation and emerging practice problems and as a consultant on others, answering numerous questions posed by preparers, auditors, and regulators about the application of accounting standards. Prasadh has assisted the Boards and the Emerging Issues Task Force with the development of:

• ASU 2009-13, Revenue Recognition: Multiple-Deliverable Revenue Arrangements
• ASU 2009-14, Software: Certain Revenue Arrangements That Include Software Elements
• ASU 2010-16, Entertainment Casinos: Accrual for Casino Jackpot Liabilities
• ASU 2010-17: Revenue Recognition – Milestone Method
• Proposed ASU: Revenue Recognition: Revenue from Contracts with Customers

Prior to his fellowship, Prasadh was in KPMG’s Department of Professional Practice where he assisted engagement teams in accounting matters, prepared and instructed national trainings, participated in the development of KPMG firm guidance, and participated on the internal inspections core team. He focused on revenue recognition, share-based payments, liabilities and equity and international financial reporting standards (IFRS).

Prior to his rotation in DPP, he served a number of software, technology, biotech and pharmaceutical clients in the Silicon Valley and the New Jersey/ New York areas. Prior to that he was in KPMG India’s United States Capital Markets Group where he assisted companies with initial public offering.

David’s responsibilities in KPMG’s Department of Professional Practice include writing interpretive guidance in KPMG publications, helping engagement teams resolve complex accounting issues, and teaching technical accounting topics at training events and webcasts for KPMG professionals and external participants. His areas of specialization include revenue recognition, consolidation, stock-based compensation, and accounting for income taxes.

In August 2009, David completed a two-year assignment as a practice fellow at the Financial Accounting Standards Board. He served as the project manager for Disclosure of Certain Loss Contingencies and Emissions Trading Schemes, and assisted on EITF Issues No. 08-1, “Revenue Arrangements with Multiple Deliverables,” and No. 08-9, “Milestone Method of Revenue Recognition,” as well as FSP FAS 141(R)-1, “Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies.”

Prior to joining KPMG’s Department of Professional Practice in 2006, David primarily served multinational consumer products and industrial products clients in KPMG’s Boston office. He has also served retail and software clients.

David worked on an international assignment in KPMG’s Berlin office from September 1998 to March 2004. He served as a technical resource for his German colleagues resolving U.S. GAAP issues and taught U.S. GAAP training courses for KPMG professionals and external participants in both English and German. He also served two Web site design clients who converted their German GAAP financial statements to U.S. GAAP and went public on the former Neuer Markt segment of the Frankfurt Stock Exchange.

Nick Morgan practices complex securities litigation in state and federal courts with special emphasis in representing issuers, officers and directors, investment funds, analysts, and brokers in connection with Securities and Exchange Commission and Financial Industry Regulatory Authority investigations, litigation, and arbitration. Mr. Morgan also advises clients in non-litigation settings, such as counseling public companies, funds and broker-dealer firms in securities compliance and corporate governance issues, conducting internal investigations and assisting in regulatory examinations by the SEC’s Division of Corporation Finance and Office of Compliance Inspections and Examinations.

For more than seven years, from 1998 to 2005, Mr. Morgan prosecuted securities fraud in the SEC’s Enforcement Division, rising from staff attorney to branch chief to senior trial counsel. Additionally, Mr. Morgan served as a Special Assistant US Attorney for the Southern District of California, obtaining indictments against the principals of a $330 million subprime mortgage lending scheme.

While at the SEC, Mr. Morgan was lead counsel on a wide variety of litigated matters including prosecution of insider trading, investment adviser fraud, revenue recognition fraud, broker/dealer fraud, mutual fund market timing, and market manipulation. He was also lead trial counsel in a multi-week jury trial in the Southern District of California in which he obtained verdicts against the former CEO and CFO of a publicly traded company for violation of the antifraud provisions of the federal securities laws.