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Life Sciences Accounting & Reporting Congress Executive Summary

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Throughout the 16th Annual Life Science Accounting & Reporting Congress leaders from life sciences companies, board members, and regulators, shared insights and best practices on some of the most important issues facing accounting leaders in life sciences companies.

In this executive summary - which you can download using the Download Now button above - we focus in on three key sessions:

Industry Fireside Chat: Jeff Ellis led a discussion with board members of life sciences companies about how COVID-19 has affected the life sciences industry. The panelists shared their thoughts about the most critical issues confronting boards at this time, the importance of risk oversight, and the increasing importance around ESG (environmental, social, and governance) issues. The panelists also stressed the importance of board and management teams evaluating the quality of earnings and working collaboratively on M&A and IPO transactions.

Intercompany Reporting: Deloitte’s Katie Glynn and Benjamin Reese did a deep dive on intercompany accounting (ICA), with a specific focus on the use of ICA in life sciences
companies. They shared a model and an end-to-end ICA framework to improve intercompany accounting processes. They also highlighted steps that companies can take to improve ICA outcomes.

101 Boot Camp: This year’s Boot Camp consisted of a panel from Deloitte that focused on some of the implications of the COVID-19 pandemic on accounting. The panelists looked at impairment considerations, contract and revenue recognition considerations, internal control considerations, and SEC reporting and disclosure considerations. They also examined how COVID-19 has affected the close process and discussed the near-term and longer-term organizational implications of working remotely, closing virtually, and adopting technologies to streamline and automate key processes, while creating more flexible, agile work environments.

Download the report using the Download Now button at the top of the page.

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