Be compliant with IFRS 15 with the right amount of automation
The new revenue recognition requirements, which go into effect on January 1, 2018 for public companies and January 1, 2019 for private companies, can be found in the Accounting Standards Codification 606 (it supersedes ASC 605) and IFRS 15.
Some firms will be affected more than others, including those that:
- Sell on a subscription or other time-based method
- Create contracts with combinations of services, products and/or warranties
- Permit mid-contract adjustments, additions or other changes
- Allow customers to return products for refunds
- Allow customers to make periodic payments over the life of the contract
- Pay sales professionals commissions that may be earned over the life of the contract
- Require deposits/advances
- Offer long-term warranties
- Deliver goods and/or services over a time period (not just at contract signing)
- Offer buyback provisions in their contracts
Solutions for IFRS Automation
Leave your archaic revenue recognition spreadsheets behind and get a solution that will help you stay compliant with the new revenue recognition standards. Make IFRS compliance easier with the right amount of automation where you are in total control. Automate recognition calculations, eliminate error-prone, time-intensive spreadsheets, and strictly adhere to key revenue recognition standards.