A 1-Day Training Course Delivered by
Michelle I Olufeso

Michelle I Olufeso

  • Founder and CEO of MIO Consult GmbH, an accounting consultancy specialising in International Financial Reporting Standards (IFRS) accounting for licence deals in the pharma-biotech-medtech world.
  • Formerly with Roche (2004-2016) as Head of Accounting and External Relations, Michelle managed the accounting for all R&D alliances within the Roche Group globally.
  • Highly respected for her contribution to IFRS standard setting and EU adoption of the standards.


  1. The types of financial statements and their components relevant for deal accounting.
  2. To understand the accounting terminology and implications of licensing contracts.
  3. How the classification of the IP transferred in a deal impacts on deal accounting.
  4. How to mitigate the risk of having income fluctuations in financial statements as a result of uncertainty around R&D deals.
  5. How to determine the accounting implications of in-licensing deals before deal signing.
  6. How to determine the accounting implications of out-licensing deals before deal signing.
  7. The accounting implications of equity transfers before deal signing.

Additional Benefits

  • You will be able to use decision trees that show in advance how any licensing deal will be accounted for.
  • You will have the opportunity to ask questions to a finance expert about the deals you are working on.


Why You Should Attend

The Content: Most BusDev & Licensing executives in pharma, biotech or medtech companies have little understanding of accounting implications of the deals they are working on. As a result, when the deals are signed, the accounting treatment is often contrary to what was expected by the executives. By attending this course, you will be well equipped to pre-determine the accounting treatment to ensure there are no surprises post-deal signing.

The Expert: As Roche’s former Head of Accounting, managing the accounting for all R&D alliances within the Roche Group globally, Michelle experienced firsthand the implications of a lack of understanding of accounting principles across functions involved in deal making. Her passion for inspiring others towards excellence led her to head the Roche Diploma in Accounting (RDA) trainings (Basic and Advanced), to develop training materials and to actively facilitate workshops worldwide. Her roles have enhanced her ability to have in-depth discussions with various stakeholders and high-profile professionals, from different countries, having very different backgrounds, across very different accounting and non-accounting topics.

The Accounting Implications of Pharma Licensing Deals for BD&L Managers course is the only available public training course delivered by Michelle I Olufeso on this topic.

Agenda of Accounting Implications of Pharma Licensing Deals for BD&L Managers

For start and end times, please check Dates & Locations below.

Welcome & Audience Expectations (~30 min)

Financial Statements: Accounting Considerations for License Deals (~30 min)

  • Q&A session related to the pre-course reading document “What are Financial Statements?”
  • What parts of a licensing deal could be categorised under Financial Statement headings (group activity)?
    • Fixed assets and intangible assets
    • Goodwill
    • Investments
    • Liabilities and equity
    • Income: revenue, milestone, royalties, commissions, profit sharing
    • Expenses: depreciation, amortisation, milestones, royalties, commission, option and option maintenance fees, cost sharing

Elements of Licensing Deals With Accounting Implications (~1 h)

  • Research costs
  • Development costs, including jointly incurred costs
  • Upfront fees, milestones
  • Option fees, option maintenance fees and opt-in fees
  • Commercial milestones and royalties
  • Costs already incurred by license partner and reimbursements
  • Equity
  • Exchange of assets

Accounting for In-Licensing Deals (~1 h 30 min)

  • What is the accounting treatment for in-licensing deals?
  • What qualifies as an asset?
  • What types of assets exist in license deals?
  • What is the difference between acquired assets and single assets?
  • What happens when a deal goes bad after signing?
  • Examples based on real world cases

Lunch Break

Transfer of Equity: Accounting Considerations and Implications (~45 min)

  • What happens when shares are transferred as part of the deal?

Accounting for Out-Licensing Deals (~1 h 45 min)

  • How should amounts received be accounted for?
  • Factors to be considered in order to recognise amounts received
    • Contract Identification
    • Performance Obligations
    • Purchase Price
    • Allocation
  • Examples based on real world cases

Summary & Final Q&A (~30 min)


>> Click here if you wish to receive the PDF brochure of this course

Learning Methodology

Michelle uses real-life cases to illustrate the theory. Interactive sessions, including a decision tree exercise, are embedded in this programme to ensure you leave equipped with actionable knowledge.

One of the most valuable aspects of attending any CELforPharma course is not only being able to have your specific questions answered by a leading expert, but also having the opportunity to share experiences and have in-depth discussions with your international peers.

infoThe typical audience size of our courses ranges from 6 to 20 (max) participants.

Who Should Attend?

  • Business Development Executives who scout and negotiate deals.
  • Legal Executives who draft term sheets and the actual contracts.
  • Finance Executives who need to understand deal structures, legal terminology and the accounting implications.
  • Pharma, Biotech and Medtech Partnering Executives who source deals to complement existing portfolio.
  • R&D or Disease Biology Area (DBA) Executives who want to better inform their finance colleagues about the nature of the science behind the IP transferred in deals.
  • Executives in Marketing and Distribution who want to better inform their finance colleagues about the marketing elements to be transferred in deals.

As this course is delivered by Michelle I Olufeso from MIO Consult GmbH, a leading pharma consultancy company, executives from other professional service agencies should request approval prior to registering for this course. Please contact Annelies Swaan, Director Business Operations, for more information (aswaan@celforpharma.com, tel +32 (0)2 709 01 42).


Past Participants

Below is a non-exhaustive list of past participants who have benefited from attending this course.


Job Title



Global Head Business Development and Licensing Animal HealthBoehringer IngelheimGermany
Respiratory & Neonatology Biotech SpecialistChiesiItaly
Senior Manager Business DevelopmentEUSA PharmaUnited Kingdom
Head of Finance, Tax, AccountingSotioCzech Republic



Dates & Locations

Currently this CELforPharma course is planned to only be held live online (hosted in Zoom).​​​​

The start and end times for all below sessions will be: 09:30 - 17:00 CET (Brussels/Amsterdam/Paris).​​​​

  • 30 November 2022, live online

Included in the Registration Fee​

  • Access to a small-class (max 20 participants), expert led course in real-time, using an interactive platform for break-out rooms, whiteboard exercises, polling, plenary discussions and chats.
  • Course material, which will be provided to you in both digital format (by email) and in hard copy (by post, so you can make notes during the course).
  • Certificate of attendance signed by the expert and CELforPharma.


Special Offer for Biotech Executives

Executives from biotech start-ups (companies that do not have products on the market yet) and academia can apply for a € 200 discount. Please contact Annelies Swaan, Director, Business Operations, (aswaan@celforpharma.com) for more details.


Group Discounts

Team discounts can be offered to 3 or more delegates from the same company.
Contact Annelies Swaan, Director Business Operations, (aswaan@celforpharma.com) for more details.


How to Register

  1. Click the "Register Here" button on this page.
  2. Choose a course date, then fill out your personal details and company / invoicing details.
  3. Choose to pay via bank transfer or by credit card.
  4. Click "Confirm Registration". You will be sent an automatic email confirming your registration followed by a personal email containing an invoice and further payment instructions.

For assistance in registering, raising a PO or invoicing, please do not hesitate to contact Kealeigh Steel.
(email: kealeigh.steel@celforpharma.com or call: +32 2 709 01 45)


Transfer & Cancellation Policy

Flexible Transfer

  • If a registrant cannot attend the scheduled course, he/she can avoid any cancellation charge by sending a suitable replacement participant.
  • Alternatively, the registrant can transfer once at no extra cost, until 3 weeks prior to the event, to another course held within one year of the original course date.

Registration Cancellation

  • Less than 14 days prior to the course date: registrant liable to pay the full invoiced registration fee.
  • Between 15 and 30 days prior to the course date: registrant liable to pay 50% of the invoiced registration fee.
  • More than 30 days prior to the course date: registrant liable to pay a cancellation fee of € 450 per registrant.
  • If a registrant postpones his/her participation to a future course, and cancels again, no refund can be claimed for registration fees.

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