Revenue Recognition IFRS15 / ASC 606
Revenue Recognition – implementing Standard IFRS 15 / ASC 606 by utilizing solutions devised by SOFTRAX. HMS will assist you to successfully implement the new regulation for revenue recognition – IFRS15 / ASC 606 – using solutions devised by SOFTRAX
Are you finding that trying to comply in an optimal manner and on time – with the new regulation for revenue recognition – IFRS 15/ASC606 (revenue from contracts with customers) – is a challenging task?
It is our experience that most companies who use complex revenue recognition models – such as software companies, service companies, and project-based companies are finding the implementation of IFRS 15/ASC 606 a challenging task.
Here are a few examples for where this task may prove challenging:
- How to implement precise postings of revenue recognition, without “drowning” in a collection of manually managed Excel documents and without settling for partially handling the revenue via the ERP system?
- How to ensure that the chosen revenue recognition policy is property executed and posted in accordance with standardization?
- How to simply and automatically put together a policy for executing postings of:
- Performance undertakings stipulated in each contract, order and/or invoice
- Weighting of non-dependent prices for each component of the order and/or invoice (even where this is carried out by several iterations)
- How to execute “What If” analyses in a simple manner and carry out parallel postings of several revenue recognition methods (IFRS in comparison with ASC etc.)
- How to automatically and easily handle estimate changes over a period of time
- How to exercise controls over intact Postings pertaining to revenue recognition, and prevent errors which inevitably necessitate the filing of Restatements later on
How many of the challenges specified here are relevant to you?
HMS will be happy to assist you to successfully implement the posting and reporting requirements which are stipulated in the new standardization, by using a leading solution for the management of revenue recognition, devised by SOFTRAX – a company which is exclusively represented in Israel by HMS.
SOFTRAX’s solution is a smart Sub Ledger currently helping hundreds of organizations around the world to comply withe all the requirements posed by the new standardization, in an automatic, easy and controlled fashion.
For further details – please contact Reshef Radin, a member of HMS BOD and head of the company’s Advanced Products division