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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number: 001-34448
acn-20210228_g1.gif
Accenture plc
(Exact name of registrant as specified in its charter)
Ireland98-0627530
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 Grand Canal Square,
Grand Canal Harbour,
Dublin 2, Ireland
(Address of principal executive offices)
(353) (1646-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A ordinary shares, par value $0.0000225 per shareACNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☑
The number of shares of the registrant’s Class A ordinary shares, par value $0.0000225 per share, outstanding as of March 4, 2021 was 665,114,728 (which number includes 29,467,523 issued shares held by the registrant). The number of shares of the registrant’s Class X ordinary shares, par value $0.0000225 per share, outstanding as of March 4, 2021 was 521,004.



Table of Contents
Page
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
3
Part I — Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets
February 28, 2021 and August 31, 2020
February 28, 2021August 31, 2020
ASSETS(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents$9,166,578 $8,415,330 
Short-term investments3,518 94,309 
Receivables and contract assets8,725,392 7,846,892 
Other current assets1,665,232 1,393,225 
Total current assets19,560,720 17,749,756 
NON-CURRENT ASSETS:
Contract assets44,485 43,257 
Investments306,162 324,514 
Property and equipment, net1,500,781 1,545,568 
Lease assets3,145,755 3,183,346 
Goodwill8,752,119 7,709,820 
Deferred contract costs714,586 723,168 
Deferred tax assets4,179,778 4,153,146 
Other non-current assets1,781,015 1,646,018 
Total non-current assets20,424,681 19,328,837 
TOTAL ASSETS$39,985,401 $37,078,593 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$9,040 $7,820 
Accounts payable1,740,395 1,349,874 
Deferred revenues4,181,625 3,636,741 
Accrued payroll and related benefits5,551,999 5,083,950 
Income taxes payable439,820 453,542 
Lease liabilities733,082 756,057 
Accrued consumption taxes740,868 662,409 
Other accrued liabilities693,839 712,197 
Total current liabilities14,090,668 12,662,590 
NON-CURRENT LIABILITIES:
Long-term debt59,323 54,052 
Deferred revenues685,193 690,931 
Retirement obligation1,919,561 1,859,444 
Deferred tax liabilities240,741 179,703 
Income taxes payable960,322 930,695 
Lease liabilities2,672,945 2,667,584 
Other non-current liabilities514,221 534,421 
Total non-current liabilities7,052,306 6,916,830 
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of February 28, 2021 and August 31, 2020
57 57 
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 665,114,728 and 658,548,895 shares issued as of February 28, 2021 and August 31, 2020, respectively
15 15 
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 521,004 and 527,509 shares issued and outstanding as of February 28, 2021 and August 31, 2020, respectively
  
Restricted share units1,207,161 1,585,302 
Additional paid-in capital8,389,344 7,167,227 
Treasury shares, at cost: Ordinary, 40,000 shares as of February 28, 2021 and August 31, 2020; Class A ordinary, 29,467,505 and 24,383,369 shares as of February 28, 2021 and August 31, 2020, respectively
(3,913,917)(2,565,761)
Retained earnings14,035,805 12,375,533 
Accumulated other comprehensive loss(1,410,438)(1,561,837)
Total Accenture plc shareholders’ equity18,308,027 17,000,536 
Noncontrolling interests534,400 498,637 
Total shareholders’ equity18,842,427 17,499,173 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$39,985,401 $37,078,593 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
4
Consolidated Income Statements
For the Three and Six Months Ended February 28, 2021 and February 29, 2020
(Unaudited)
Three Months EndedSix Months Ended
February 28, 2021February 29, 2020February 28, 2021February 29, 2020
REVENUES:
Revenues $12,088,125 $11,141,505 $23,850,310 $22,500,463 
OPERATING EXPENSES:
Cost of services 8,492,893 7,782,334 16,356,782 15,493,533 
Sales and marketing 1,139,486 1,162,653 2,366,662 2,353,776 
General and administrative costs 802,231 707,573 1,582,682 1,396,946 
Total operating expenses10,434,610 9,652,560 20,306,126 19,244,255 
OPERATING INCOME1,653,515 1,488,945 3,544,184 3,256,208 
Interest income8,407 21,386 19,092 48,805 
Interest expense(8,922)(8,567)(17,776)(14,041)
Other income (expense), net 109,443 7,792 203,810 19,231 
INCOME BEFORE INCOME TAXES1,762,443 1,509,556 3,749,310 3,310,203 
Income tax expense300,950 257,474 765,760 682,953 
NET INCOME1,461,493 1,252,082 2,983,550 2,627,250 
Net income attributable to noncontrolling interest in Accenture Canada Holdings Inc.(1,602)(1,532)(3,302)(3,273)
Net income attributable to noncontrolling interests – other(19,032)(15,810)(39,113)(32,269)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,440,859 $1,234,740 $2,941,135 $2,591,708 
Weighted average Class A ordinary shares:
Basic635,993,980 637,485,626 635,137,704 636,594,169 
Diluted646,321,916 648,833,880 646,803,693 649,210,807 
Earnings per Class A ordinary share:
Basic$2.27 $1.94 $4.63 $4.07 
Diluted$2.23 $1.91 $4.55 $4.00 
Cash dividends per share$0.88 $0.80 $1.76 $1.60 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars)
ACCENTURE FORM 10-Q
5
Consolidated Statements Of Comprehensive Income
For the Three and Six Months Ended February 28, 2021 and February 29, 2020
(Unaudited)
Three Months EndedSix Months Ended
February 28, 2021February 29, 2020February 28, 2021February 29, 2020
NET INCOME$1,461,493 $1,252,082 $2,983,550 $2,627,250 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation98,999 (47,448)166,311 (9,718)
Defined benefit plans10,255 9,805 21,136 18,557 
Cash flow hedges(40,490)15,354 (36,097)29,481 
Investments  49  
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC68,764 (22,289)151,399 38,320 
Other comprehensive income (loss) attributable to noncontrolling interests511 (1,157)1,972 23 
COMPREHENSIVE INCOME$1,530,768 $1,228,636 $3,136,921 $2,665,593 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,509,623 $1,212,451 $3,092,534 $2,630,028 
Comprehensive income attributable to noncontrolling interests21,145 16,185 44,387 35,565 
COMPREHENSIVE INCOME$1,530,768 $1,228,636 $3,136,921 $2,665,593 
The accompanying Notes are an integral part of these Consolidated Financial Statements.



Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
6
Consolidated Shareholders’ Equity Statement
For the Three Months Ended February 28, 2021
(Unaudited)
 Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 $No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of November 30, 2020$57 40 $15 660,519 $ 527 $1,721,681 $7,551,089 $(3,163,841)(26,939)$13,276,702 $(1,479,202)$17,906,501 $519,715 $18,426,216 
Net income1,440,859 1,440,859 20,634 1,461,493 
Other comprehensive income (loss)68,764 68,764 511 69,275 
Purchases of Class A shares1,156 (1,180,077)(4,623)(1,178,921)(1,156)(1,180,077)
Share-based compensation expense424,892 424,892 424,892 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(6)(4,509)(4,509)(4,509)
Issuances of Class A shares for employee share programs4,596 (961,863)838,732 430,001 2,054 (98,880)207,990 205 208,195 
Dividends22,451 (582,876)(560,425)(617)(561,042)
Other, net2,876 2,876 (4,892)(2,016)
Balance as of February 28, 2021$57 40 $15 665,115 $ 521 $1,207,161 $8,389,344 $(3,913,917)(29,508)$14,035,805 $(1,410,438)$18,308,027 $534,400 $18,842,427 
The accompanying Notes are an integral part of these Consolidated Financial Statements.



Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
7
Consolidated Shareholders’ Equity Statement — (continued)
For the Three Months Ended February 29, 2020
(Unaudited)
 Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 $No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of November 30, 2019$57 40 $15 656,946 $ 594 $1,525,898 $6,162,252 $(1,977,391)(21,990)$11,236,275 $(1,779,968)$15,167,138 $434,070 $15,601,208 
Net income1,234,740 1,234,740 17,342 1,252,082 
Other comprehensive income (loss)(22,289)(22,289)(1,157)(23,446)
Purchases of Class A shares1,055 (968,034)(4,683)(966,979)(1,055)(968,034)
Share-based compensation expense371,846 459 372,305 372,305 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(6)(2,022)(2,022)(2,022)
Issuances of Class A shares for employee share programs4,796 (822,243)720,701 374,169 2,122 (72,845)199,782 218 200,000 
Dividends20,059 (530,663)(510,604)(634)(511,238)
Other, net2,518 2,518 (2,567)(49)
Balance as of February 29, 2020$57 40 $15 661,742 $ 588 $1,095,560 $6,884,963 $(2,571,256)(24,551)$11,867,507 $(1,802,257)$15,474,589 $446,217 $15,920,806 
The accompanying Notes are an integral part of these Consolidated Financial Statements.















Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
8
Consolidated Shareholders’ Equity Statement — (continued)
For the Six Months Ended February 28, 2021
(Unaudited)
Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture  plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of August 31, 2020$57 40 $15 658,549 $ 528 $1,585,302 $7,167,227 $(2,565,761)(24,423)$12,375,533 $(1,561,837)$17,000,536 $498,637 $17,499,173 
Net income2,941,135 2,941,135 42,415 2,983,550 
Other comprehensive income (loss)151,399 151,399 1,972 153,371 
Purchases of Class A shares1,921 (1,948,472)(7,964)(1,946,551)(1,921)(1,948,472)
Share-based compensation expense695,118 41,095 736,213 736,213 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(7)(5,009)(5,009)(5,009)
Issuances of Class A shares for employee share programs6,566 (1,114,936)1,182,515 600,316 2,879 (121,342)546,553 533 547,086 
Dividends41,677 (1,159,521)(1,117,844)(1,250)(1,119,094)
Other, net1,595 1,595 (5,986)(4,391)
Balance as of February 28, 2021$57 40 $15 665,115 $ 521 $1,207,161 $8,389,344 $(3,913,917)(29,508)$14,035,805 $(1,410,438)$18,308,027 $534,400 $18,842,427 
The accompanying Notes are an integral part of these Consolidated Financial Statements.















Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
9
Consolidated Shareholders’ Equity Statement — (continued)
For the Six Months Ended February 29, 2020
(Unaudited)
Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of August 31, 2019$57 40 $15 654,739 $ 609 $1,411,903 $5,804,448 $(1,388,376)(19,005)$10,421,538 $(1,840,577)$14,409,008 $418,683 $14,827,691 
Net income2,591,708 2,591,708 35,542 2,627,250 
Other comprehensive income (loss)38,320 38,320 23 38,343 
Purchases of Class A shares1,866 (1,692,652)(8,504)(1,690,786)(1,866)(1,692,652)
Share-based compensation expense610,523 36,711 647,234 647,234 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(21)(6,615)(6,615)(6,615)
Issuances of Class A shares for employee share programs7,003 (965,168)1,044,361 509,772 2,958 (89,108)499,857 543 500,400 
Dividends38,302 (1,056,631)(1,018,329)(1,290)(1,019,619)
Other, net4,192 4,192 (5,418)(1,226)
Balance as of February 29, 2020$57 40 $15 661,742 $ 588 $1,095,560 $6,884,963 $(2,571,256)(24,551)$11,867,507 $(1,802,257)$15,474,589 $446,217 $15,920,806 
The accompanying Notes are an integral part of these Consolidated Financial Statements.




Consolidated Financial Statements
(In thousands of U.S. dollars)
ACCENTURE FORM 10-Q
10

Consolidated Cash Flows Statements
For the Six Months Ended February 28, 2021 and February 29, 2020
(Unaudited)
February 28, 2021February 29, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$2,983,550 $2,627,250 
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other925,975 841,574 
Share-based compensation expense736,213 647,234 
Deferred tax expense (benefit)4,506 86,989 
Other, net(260,222)(169,286)
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current(686,924)(320,707)
Other current and non-current assets(339,380)(438,456)
Accounts payable364,506 (120,997)
Deferred revenues, current and non-current446,304 423,056 
Accrued payroll and related benefits350,559 (831,611)
Income taxes payable, current and non-current(19,978)(37,266)
Other current and non-current liabilities(367,543)(390,228)
Net cash provided by (used in) operating activities4,137,566 2,317,552 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(185,625)(260,433)
Purchases of businesses and investments, net of cash acquired(1,115,175)(584,304)
Proceeds from sales of businesses and investments410,142 79,200 
Other investing, net4,896 2,355 
Net cash provided by (used in) investing activities(885,762)(763,182)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares547,086 500,400 
Purchases of shares(1,953,481)(1,699,267)
Proceeds from (repayments of) long-term debt, net(724)(366)
Cash dividends paid(1,119,094)(1,019,619)
Other, net(19,971)(18,648)
Net cash provided by (used in) financing activities(2,546,184)(2,237,500)
Effect of exchange rate changes on cash and cash equivalents45,628 (7,267)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS751,248 (690,397)
CASH AND CASH EQUIVALENTS, beginning of period
8,415,330 6,126,853 
CASH AND CASH EQUIVALENTS, end of period
$9,166,578 $5,436,456 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net$746,219 $796,248 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
11

1. Basis Of Presentation
The accompanying unaudited interim Consolidated Financial Statements of Accenture plc and its controlled subsidiary companies have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. We use the terms “Accenture,” “we” and “our” in the Notes to Consolidated Financial Statements to refer to Accenture plc and its subsidiaries. These Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended August 31, 2020 included in our Annual Report on Form 10-K filed with the SEC on October 22, 2020.
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from those estimates. The Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. The results of operations for the three and six months ended February 28, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending August 31, 2021.
Allowance for Credit Losses - Client Receivables and Contract Assets
We record client receivables and contract assets at their face amounts less an allowance for credit losses. The allowance represents our estimate of expected credit losses based on historical experience, current economic conditions and certain forward-looking information. As of February 28, 2021 and August 31, 2020, the total allowance for credit losses recorded for client receivables and contract assets was $39,480 and $40,277, respectively. The change in the allowance is primarily due to immaterial write-offs and changes in gross client receivables and contract assets.
Concentrations of Credit Risk
Our financial instruments, consisting primarily of cash and cash equivalents, foreign currency exchange rate instruments and client receivables, are exposed to concentrations of credit risk. We place our cash and cash equivalents and foreign exchange instruments with highly-rated financial institutions, limit the amount of credit exposure with any one financial institution and conduct ongoing evaluations of the credit worthiness of the financial institutions with which we do business. Client receivables are dispersed across many different industries and countries; therefore, concentrations of credit risk are limited.
Investments
All available-for-sale securities and liquid investments with an original maturity greater than three months but less than one year are considered to be Short-term investments. Non-current investments consist of equity securities in publicly-traded and privately-held companies and are accounted for using either the equity or fair value measurement alternative method of accounting (for investments without readily determinable fair values).
Our non-current investments are as follows:
February 28, 2021August 31, 2020
Equity method investments$181,238 $240,446 
Investments without readily determinable fair values124,924 84,068 
Total non-current investments$306,162 $324,514 
For investments in which we can exercise significant influence but do not control, we use the equity method of accounting. Equity method investments are initially recorded at cost and our proportionate share of gains and losses of the investee are included as a component of other income (expense), net. Our equity method investments consist primarily of an investment in Duck Creek Technologies. As of February 28, 2021 and August 31, 2020, the carrying amount of our investment was $171,956 and $230,219, and the estimated fair value of our approximately 16% and 22% ownership was $847,172 and $956,308, respectively. We


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
12
account for the investment under the equity method because we have the ability to influence operations through the combination of our voting power and through other factors, such as representation on the board and our business relationship.
Depreciation and Amortization
As of February 28, 2021 and August 31, 2020, total accumulated depreciation was $2,522,213 and $2,313,731, respectively. See table below for summary of depreciation on fixed assets, deferred transition amortization, intangible assets amortization and operating lease cost for the three and six months ended February 28, 2021 and February 29, 2020, respectively.
 Three Months EndedSix Months Ended
 February 28, 2021February 29, 2020February 28, 2021February 29, 2020
Depreciation$119,490 $122,592 $253,408 $219,682 
Amortization - Deferred transition81,617 78,754 162,973 146,668 
Amortization - Intangible assets73,746 55,799 140,953 109,171 
Other - Operating lease cost182,922 184,971 368,641 366,053 
Total depreciation, amortization and other$457,775 $442,116 $925,975 $841,574 
Recently Adopted Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-13 (“Topic 326”)
On September 1, 2020, we adopted FASB ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends guidance on recognition and measurement of credit losses and related disclosures. The amendments replace the existing incurred loss impairment model with a methodology to measure and recognize lifetime expected credit losses for all in-scope financial assets, including accounts receivable and contract assets. The adoption did not have an impact on our Consolidated Financial Statements.






Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
13
2. Revenues
Disaggregation of Revenue
See Note 11 (Segment Reporting) to these Consolidated Financial Statements for our disaggregated revenues.
Remaining Performance Obligations
We had remaining performance obligations of approximately $21 billion and $20 billion as of February 28, 2021 and August 31, 2020, respectively. Our remaining performance obligations represent the amount of transaction price for which work has not been performed and revenue has not been recognized. The majority of our contracts are terminable by the client on short notice with little or no termination penalties, and some without notice. Under Topic 606, only the non-cancelable portion of these contracts is included in our performance obligations. Additionally, our performance obligations only include variable consideration if we assess it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty is resolved. Based on the terms of our contracts, a significant portion of what we consider contract bookings is not included in our remaining performance obligations. We expect to recognize approximately 54% of our remaining performance obligations as of February 28, 2021 as revenue in fiscal 2021, an additional 25% in fiscal 2022, and the balance thereafter.
Contract Estimates
Adjustments in contract estimates related to performance obligations satisfied or partially satisfied in prior periods were immaterial for the three and six months ended February 28, 2021 and February 29, 2020, respectively.
Contract Balances
Deferred transition revenues were $685,193 and $690,931 as of February 28, 2021 and August 31, 2020, respectively, and are included in Non-current deferred revenues. Costs related to these activities are also deferred and are expensed as the services are provided. Deferred transition costs were $714,586 and $723,168 as of February 28, 2021 and August 31, 2020, respectively, and are included in Deferred contract costs. Generally, deferred amounts are protected in the event of early termination of the contract and are monitored regularly for impairment. Impairment losses are recorded when projected remaining undiscounted operating cash flows of the related contract are not sufficient to recover the carrying amount of contract assets.
The following table provides information about the balances of our Receivables and Contract assets, net of allowance, and Contract liabilities (Deferred revenues):
As of February 28, 2021As of August 31, 2020
Receivables$7,986,153 $7,192,110 
Contract assets (current)739,239 654,782 
Receivables and contract assets, net of allowance (current)8,725,392 7,846,892 
Contract assets (non-current)44,485 43,257 
Deferred revenues (current)4,181,625 3,636,741 
Deferred revenues (non-current)685,193 690,931 
Changes in the contract asset and liability balances during the six months ended February 28, 2021, were a result of normal business activity and not materially impacted by any other factors.
Revenues recognized during the three and six months ended February 28, 2021 that were included in Deferred revenues as of November 30, 2020 and August 31, 2020 were $2.0 billion and $2.8 billion, respectively. Revenues recognized during the three and six months ended February 29, 2020 that were included in Deferred revenues as of November 30, 2019 and August 31, 2019 were $1.7 billion and $2.4 billion, respectively.


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
14
3. Earnings Per Share
Basic and diluted earnings per share are calculated as follows:
 Three Months EndedSix Months Ended
 February 28, 2021February 29, 2020February 28, 2021February 29, 2020
Basic earnings per share
Net income attributable to Accenture plc$1,440,859 $1,234,740 $2,941,135 $2,591,708 
Basic weighted average Class A ordinary shares635,993,980 637,485,626 635,137,704 636,594,169 
Basic earnings per share$2.27 $1.94 $4.63 $4.07