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New Revenue Recognition Guidance

 

Are you Prepared for FASB ASC 606/IFRS 15?

The new revenue recognition standards issued by FASB and the IASB represent the most significant accounting change for US businesses since Sarbanes-Oxley. Public companies are expected to comply with the new regulations by the end of 2017. Private companies must start using them by December 2018. It's more critical than ever to understand how the new rules will affect the way you report your revenue - and how they change your financial risk reporting profile.

 What's Changing in FASB ASC 606 and IFRS 15?

Under the new guidance, old, industry-specific guidelines for revenue recognition
are replaced with a 5-step procedure: 

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Identify the contract with the customer

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Identify the performance obligations in the contract

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Determine the overall transaction price for the contract

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Allocate the transaction price to the performance obligations

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Recognize Revenue when performance obligations are satisfied

What Are The Transition Options?

Retrospective Method

 

Retrospective adjustment: Use prior revenue recognition rules in the period leading up to the changeover, then provide updated financials for that time period using the new guidelines in the 2018/2019 financial statements. 

Cummulative Method

 

Cumulative effect adjustment: Use prior revenue recognition rules in the period leading up to the changeover. In doing so, disclose how each line item will be affected by the new guidance, and explain any significant changes created by applying the new versus the prior guidance. 

 

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Softrax: built to Ease Your Transition

Our family of revenue management solutions can help take the stress out of this transition with minimal disruption to your business. SOFTRAX works alongside your existing systems, building up revenue recognition capabilities when and where they're needed most through improved automation, controls, and security.

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Why Choose SOFTRAX?

EXPERIENCE

Since 1999, hundreds of corporations have used our
solutions to optimize revenue, reduce operating expenses,
streamline compliance, and gain unprecedented visibility into their business performance.

17+ YEARS OF EXPERIENCE

EXPERTISE

Our customers represent some of the most successful, innovative, and high-growth enterprises in the world. With hundreds of successful customer deployments, SOFTRAX offers both expertise and experience where it is needed most.

500+ CUSTOMER DEPLOYMENTS

ERP AUGMENTATION

SOFTRAX provides solutions that integrate with your existing ERP and financial systems, expanding their capabilities to meet new and emerging business need with a minimum of disruption.

200+ ERP SYSTEMS

RESULTS

For almost 2 decades, companies have been managing billions of dollars with our products. In industry after industry, SOFTRAX has successfully streamlined business processes, increased efficiency, and delivered real hard-dollar savings.

17+ YEARS OF EXPERIENCE

COMPLIANCE

Time is running out to adopt these
standards. SOFTRAX provides the
most rapid, least disruptive means of
automating revenue recognition to
ensure compliance in this time of
regulatory change.

ASC 606 / IFRS 15 AND BEYOND

SUPPORT

SOFTRAX provides premium customer support including a team of dedicated support staff who can respond quickly and meet the individual needs of each of our customers.

Premium CUSTOMER SUPPORT
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Speak to a Rev Rec Specialist Today Contact Us