In 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued new standards on revenue recognition: “Revenue From Contracts With Customers” ASC 606 and IFRS 15 respectively. These standards outline a single model for revenue recognition from contracts with customers and it supersedes current industry-specific guidance, improving comparability across industries and across global markets.

Benefits

  • Effectively and quickly adopt ASC 606 and IFRS 15 standards
  • Fixed bid Implementation services that protect your IT investments
  • Rapid Deployment that delivers agreed upon quick wins with a big picture focus
  • Automate revenue calculations based on the new accounting standard
  • Integrate with your existing ERP and third party system
  • Provide complete and accurate access to revenue
  • Identify issues and opportunities quickly with constant reviews and communication

Solutions

  • Your organization, like many others, is most likely in the process of consulting with auditors and other advisors to determine how to adjust your processes and procedures for the new revenue accounting rules. Unfortunately, this is only half of your problem.
  • For many companies, their business systems will need to be adjusted to accommodate these new standards. These adjustments take on average of nine months or greater depending on size and complexity of the business. This assumes proven software to handle the new revenue recognition standards. There are two proven alternatives.
    • Oracle Revenue Management Cloud
    • RevStream Revenue Recognition Automation
  • OneGlobe has experience in both the areas of revenue recognition and the software solutions required to meet these standards. Get in touch with us to know more.

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