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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 May 31, 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
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 June 10, 2021 was 666,431,662 (which number includes 32,295,028 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 June 10, 2021 was 515,704.



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
May 31, 2021 and August 31, 2020
May 31, 2021August 31, 2020
ASSETS(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents$10,009,380 $8,415,330 
Short-term investments4,433 94,309 
Receivables and contract assets9,473,441 7,846,892 
Other current assets1,657,604 1,393,225 
Total current assets21,144,858 17,749,756 
NON-CURRENT ASSETS:
Contract assets40,455 43,257 
Investments327,497 324,514 
Property and equipment, net1,538,778 1,545,568 
Lease assets3,129,128 3,183,346 
Goodwill9,144,313 7,709,820 
Deferred contract costs730,919 723,168 
Deferred tax assets4,225,383 4,153,146 
Other non-current assets1,843,553 1,646,018 
Total non-current assets20,980,026 19,328,837 
TOTAL ASSETS$42,124,884 $37,078,593 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$9,157 $7,820 
Accounts payable1,926,910 1,349,874 
Deferred revenues4,230,907 3,636,741 
Accrued payroll and related benefits6,195,545 5,083,950 
Income taxes payable489,096 453,542 
Lease liabilities733,571 756,057 
Accrued consumption taxes614,874 662,409 
Other accrued liabilities729,499 712,197 
Total current liabilities14,929,559 12,662,590 
NON-CURRENT LIABILITIES:
Long-term debt61,629 54,052 
Deferred revenues698,740 690,931 
Retirement obligation1,944,392 1,859,444 
Deferred tax liabilities278,306 179,703 
Income taxes payable1,128,791 930,695 
Lease liabilities2,643,509 2,667,584 
Other non-current liabilities545,994 534,421 
Total non-current liabilities7,301,361 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 May 31, 2021 and August 31, 2020
57 57 
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 666,394,391 and 658,548,895 shares issued as of May 31, 2021 and August 31, 2020, respectively
15 15 
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 515,704 and 527,509 shares issued and outstanding as of May 31, 2021 and August 31, 2020, respectively
  
Restricted share units1,482,357 1,585,302 
Additional paid-in capital8,756,315 7,167,227 
Treasury shares, at cost: Ordinary, 40,000 shares as of May 31, 2021 and August 31, 2020; Class A ordinary, 31,959,433 and 24,383,369 shares as of May 31, 2021 and August 31, 2020, respectively
(4,639,423)(2,565,761)
Retained earnings15,004,281 12,375,533 
Accumulated other comprehensive loss(1,260,757)(1,561,837)
Total Accenture plc shareholders’ equity19,342,845 17,000,536 
Noncontrolling interests551,119 498,637 
Total shareholders’ equity19,893,964 17,499,173 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$42,124,884 $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 Nine Months Ended May 31, 2021 and 2020
(Unaudited)
Three Months EndedNine Months Ended
May 31, 2021May 31, 2020May 31, 2021May 31, 2020
REVENUES:
Revenues $13,263,795 $10,991,305 $37,114,105 $33,491,768 
OPERATING EXPENSES:
Cost of services 8,859,411 7,462,617 25,216,193 22,956,150 
Sales and marketing 1,406,606 1,118,204 3,773,268 3,471,980 
General and administrative costs 879,122 697,751 2,461,804 2,094,697 
Total operating expenses11,145,139 9,278,572 31,451,265 28,522,827 
OPERATING INCOME2,118,656 1,712,733 5,662,840 4,968,941 
Interest income4,551 12,671 23,643 61,476 
Interest expense(28,739)(4,961)(46,515)(19,002)
Other income (expense), net (467)(39,670)203,343 (20,439)
INCOME BEFORE INCOME TAXES2,094,001 1,680,773 5,843,311 4,990,976 
Income tax expense524,429 428,134 1,290,189 1,111,087 
NET INCOME1,569,572 1,252,639 4,553,122 3,879,889 
Net income attributable to noncontrolling interest in Accenture Canada Holdings Inc.(1,699)(1,518)(5,001)(4,791)
Net income attributable to noncontrolling interests – other(18,447)(22,919)(57,560)(55,188)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,549,426 $1,228,202 $4,490,561 $3,819,910 
Weighted average Class A ordinary shares:
Basic635,203,753 636,146,240 635,151,632 636,445,172 
Diluted645,454,021 645,607,914 646,244,001 648,025,669 
Earnings per Class A ordinary share:
Basic$2.44 $1.93 $7.07 $6.00 
Diluted$2.40 $1.90 $6.96 $5.90 
Cash dividends per share$0.88 $0.80 $2.64 $2.40 
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 Nine Months Ended May 31, 2021 and 2020
(Unaudited)
Three Months EndedNine Months Ended
May 31, 2021May 31, 2020May 31, 2021May 31, 2020
NET INCOME$1,569,572 $1,252,639 $4,553,122 $3,879,889 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation68,079 (100,750)234,390 (110,468)
Defined benefit plans11,048 10,704 32,184 29,261 
Cash flow hedges70,554 (101,516)34,457 (72,035)
Investments  49  
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC149,681 (191,562)301,080 (153,242)
Other comprehensive income (loss) attributable to noncontrolling interests3,993 (2,285)5,965 (2,262)
COMPREHENSIVE INCOME$1,723,246 $1,058,792 $4,860,167 $3,724,385 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,699,107 $1,036,640 $4,791,641 $3,666,668 
Comprehensive income attributable to noncontrolling interests24,139 22,152 68,526 57,717 
COMPREHENSIVE INCOME$1,723,246 $1,058,792 $4,860,167 $3,724,385 
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 May 31, 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 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 
Net income1,549,426 1,549,426 20,146 1,569,572 
Other comprehensive income (loss)149,681 149,681 3,993 153,674 
Purchases of Class A shares811 (832,456)(3,006)(831,645)(811)(832,456)
Share-based compensation expense282,861 48,177 331,038 331,038 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(5)(2,539)(2,539)(2,539)
Issuances of Class A shares for employee share programs1,279 (30,160)315,312 106,950 515 392,102 376 392,478 
Dividends22,495 (580,950)(558,455)(615)(559,070)
Other, net5,210 5,210 (6,370)(1,160)
Balance as of May 31, 2021$57 40 $15 666,394 $ 516 $1,482,357 $8,756,315 $(4,639,423)(31,999)$15,004,281 $(1,260,757)$19,342,845 $551,119 $19,893,964 
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 May 31, 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 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 
Net income1,228,202 1,228,202 24,437 1,252,639 
Other comprehensive income (loss)(191,562)(191,562)(2,285)(193,847)
Purchases of Class A shares661 (626,116)(3,672)(625,455)(661)(626,116)
Share-based compensation expense248,055 42,811 290,866 290,866 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(3)(572)(572)(572)
Issuances of Class A shares for employee share programs1,791 (24,614)264,298 111,928 617 (2,809)348,803 362 349,165 
Dividends18,760 (527,043)(508,283)(630)(508,913)
Other, net(1,982)(1,982)1,599 (383)
Balance as of May 31, 2020$57 40 $15 663,533 $ 585 $1,337,761 $7,190,179 $(3,085,444)(27,606)$12,565,857 $(1,993,819)$16,014,606 $469,039 $16,483,645 
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 Nine Months Ended May 31, 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 income4,490,561 4,490,561 62,561 4,553,122 
Other comprehensive income (loss)301,080 301,080 5,965 307,045 
Purchases of Class A shares2,732 (2,780,928)(10,970)(2,778,196)(2,732)(2,780,928)
Share-based compensation expense977,979 89,272 1,067,251 1,067,251 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(12)(7,548)(7,548)(7,548)
Issuances of Class A shares for employee share programs7,845 (1,145,096)1,497,827 707,266 3,394 (121,342)938,655 909 939,564 
Dividends64,172 (1,740,471)(1,676,299)(1,865)(1,678,164)
Other, net6,805 6,805 (12,356)(5,551)
Balance as of May 31, 2021$57 40 $15 666,394 $ 516 $1,482,357 $8,756,315 $(4,639,423)(31,999)$15,004,281 $(1,260,757)$19,342,845 $551,119 $19,893,964 
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 Nine Months Ended May 31, 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 income3,819,910 3,819,910 59,979 3,879,889 
Other comprehensive income (loss)(153,242)(153,242)(2,262)(155,504)
Purchases of Class A shares2,527 (2,318,768)(12,176)(2,316,241)(2,527)(2,318,768)
Share-based compensation expense858,578 79,522 938,100 938,100 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(24)(7,187)(7,187)(7,187)
Issuances of Class A shares for employee share programs8,794 (989,782)1,308,659 621,700 3,575 (91,917)848,660 905 849,565 
Dividends57,062 (1,583,674)(1,526,612)(1,920)(1,528,532)
Other, net2,210 2,210 (3,819)(1,609)
Balance as of May 31, 2020$57 40 $15 663,533 $ 585 $1,337,761 $7,190,179 $(3,085,444)(27,606)$12,565,857 $(1,993,819)$16,014,606 $469,039 $16,483,645 
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 Nine Months Ended May 31, 2021 and May 31, 2020
(Unaudited)
May 31, 2021May 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$4,553,122 $3,879,889 
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other1,404,961 1,286,234 
Share-based compensation expense1,067,251 938,100 
Deferred tax expense (benefit)(59,713)128,245 
Other, net(291,096)(142,943)
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current(1,311,984)(96,365)
Other current and non-current assets(369,888)(483,825)
Accounts payable522,087 (245,718)
Deferred revenues, current and non-current477,116 263,274 
Accrued payroll and related benefits915,407 (475,183)
Income taxes payable, current and non-current192,362 74,338 
Other current and non-current liabilities(560,909)(67,028)
Net cash provided by (used in) operating activities6,538,716 5,059,018 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(343,837)(410,414)
Purchases of businesses and investments, net of cash acquired(1,544,412)(1,326,366)
Proceeds from sales of businesses and investments409,828 84,886 
Other investing, net19,971 3,717 
Net cash provided by (used in) investing activities(1,458,450)(1,648,177)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares939,564 849,565 
Purchases of shares(2,788,476)(2,325,955)
Proceeds from (repayments of) long-term debt, net(1,286)(207)
Cash dividends paid(1,678,164)(1,528,532)
Other, net(30,190)(30,421)
Net cash provided by (used in) financing activities(3,558,552)(3,035,550)
Effect of exchange rate changes on cash and cash equivalents72,336 (59,883)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS1,594,050 315,408 
CASH AND CASH EQUIVALENTS, beginning of period
8,415,330 6,126,853 
CASH AND CASH EQUIVALENTS, end of period
$10,009,380 $6,442,261 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net$1,090,696 $993,848 
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 nine months ended May 31, 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 May 31, 2021 and August 31, 2020, the total allowance for credit losses recorded for client receivables and contract assets was $36,031 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:
May 31, 2021August 31, 2020
Equity method investments$186,710 $240,446 
Investments without readily determinable fair values140,787 84,068 
Total non-current investments$327,497 $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 May 31, 2021 and August 31, 2020, the carrying amount of our investment was $167,538 and $230,219, and the estimated fair value of our approximately 16% and 22% ownership was $704,066 and $956,308, respectively. We account for


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
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 May 31, 2021 and August 31, 2020, total accumulated depreciation was $2,552,204 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 nine months ended May 31, 2021 and May 31, 2020, respectively.
 Three Months EndedNine Months Ended
 May 31, 2021May 31, 2020May 31, 2021May 31, 2020
Depreciation$124,502 $119,148 $377,910 $338,830 
Amortization - Deferred transition65,417 71,278 228,390 217,946 
Amortization - Intangible assets93,980 62,883 234,933 172,054 
Other - Operating lease cost195,087 191,351 563,728 557,404 
Total depreciation, amortization and other$478,986 $444,660 $1,404,961 $1,286,234 
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 $22 billion and $20 billion as of May 31, 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 39% of our remaining performance obligations as of May 31, 2021 as revenue in fiscal 2021, an additional 37% 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 nine months ended May 31, 2021 and May 31, 2020, respectively.
Contract Balances
Deferred transition revenues were $698,740 and $690,931 as of May 31, 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 $730,919 and $723,168 as of May 31, 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 May 31, 2021As of August 31, 2020
Receivables$8,637,841 $7,192,110 
Contract assets (current)835,600 654,782 
Receivables and contract assets, net of allowance (current)9,473,441 7,846,892 
Contract assets (non-current)40,455 43,257 
Deferred revenues (current)4,230,907 3,636,741 
Deferred revenues (non-current)698,740 690,931 
Changes in the contract asset and liability balances during the nine months ended May 31, 2021, were a result of normal business activity and not materially impacted by any other factors.
Revenues recognized during the three and nine months ended May 31, 2021 that were included in Deferred revenues as of February 28, 2021 and August 31, 2020 were $2.2 billion and $3.1 billion, respectively. Revenues recognized during the three and nine months ended May 31, 2020 that were included in Deferred revenues as of February 28, 2020 and August 31, 2019 were $1.9 billion and $2.6 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 EndedNine Months Ended
 May 31, 2021May 31, 2020May 31, 2021May 31, 2020
Basic earnings per share
Net income attributable to Accenture plc$1,549,426 $1,228,202 $4,490,561 $3,819,910 
Basic weighted average Class A ordinary shares635,203,753 636,146,240 635,151,632 636,445,172 
Basic earnings per share$2.44 $1.93 $7.07 $6.00 
Diluted earnings per share
Net income attributable to Accenture plc$