Revenue Recognition IFRS15/ASC606

Implementing Revenue Recognition IFRS15/ASC606 Standards – by deploying Softrax Revenue Management Software solutions

HMS will facilitate successful implementation of Revenue Recognition IFRS15/ASC606 standards – by deploying Softrax Revenue Recognition Software solutions

Do you find the implementation of the new standardization (International Financial Reporting Standard 15 – Revenue from Contracts with Customers) in your organization an optimal and on-schedule process? Or do you find it challenging?

Our experience shows that most corporations which maintain complex Revenue Recognition models – such as software companies, companies for the provision of services, Project Management companies and other similar companies – are experiencing significant challenges in their attempts to uphold IFRS15 standards.

Here are a few examples of the challenges such companies usually encounter:

  • Keeping accurate records of Revenue Recognition– whilst managing to avoid a cluster of manually maintained Excels documents – and not having to make do with partial handling of the same via the ERP system
  • Making sure Revenue Recognition policy is properly carried out and accurately recorded in the organization’s books – whist upholding standardization.
  • Putting together a simple and automatic record keeping policy for the handling of:
  • Performance undertakings of each contract, order or invoice
  • Adjusted calculation of all non-dependent prices in each order and/or invoice (despit the fact execution of which is being carried out in more than one iteration)
  • Carrying out What-if scenario analysis in a simple fashion and keeping parallel records of several Revenue Recognition methods (IFRS in parallel to ASC, etc.)
  • Easy and automatic handling of estimate changes affected over time
  • Exercising controls over Revenue Recognition accurate Posting (Accountancy Record Keeping) processes and avoiding errors necessitating the submission of Restatements at a later stage

How many of the challenges specified above are relevant to your organization?

HMS will be glad to assist in successful implementation of the new standardization’s record keeping and reporting requirements – by deploying the Softrax solution – Softrax being a leading provider of Revenue Recognition software – exclusively represented in Israel by HMS.

Softrax Sub Ledger software is a smart solution, currently enabling hundreds of organizations around the world to comply with all the requirements imposed by the new regulation, and doing so in an easy, automatic and at the same time controlled fashion.

 

Softrax’s explanatory brochure is hereby enclosed.

For further details – please contact Reshef Radin, Board member and Head of Advanced Products and Solutions Department at HMS.