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Video: CAQ Director Asks Are You Ready for RevRec Standards?

Posted by Bramasol RevRec Team on Wed, Jun 21, 2017 @ 03:14 PM

RevRecReady-HotNews.jpgIn the 100th episode of "Inside America’s Boardrooms," the Center for Audit Quality (CAQ) Executive Director Cindy Fornelli joins host TK Kerstetter to discuss key steps for boards that are assessing implementation of the new revenue recognition standard.

Implementing the new standard will take a significant amount of time and resources for audit committees and stakeholders throughout each company.

Watch this short video summary of what companies need to be doing now:

 

Watch the complete video on the CAQ web site here.

All companies who have chosen the Modified Retrospective approach to compliance for ASC 606 and IFRS 15 will be required to "Dual Report" for a period of 1 year under both the old and new standards (ASC 605 and 606 respectively). Many firms will struggle with this needlessly, choosing spreadsheets or convoluted approaches. SAP RAR solves that problem.

To learn more about dealing with this critical issue, click below to join Bramasol for the next Revenue Recognition Webinar on June 28 at 10 AM PDT - 1 PM EDT.

"Dual Reporting - How SAP RAR Facilitates Gathering and Reporting Key Data"

 

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Topics: revenue recognition

New eBook: End-to-End Management of the Lease Lifecycle

Posted by Bramasol Leasing Administration Team on Tue, Jun 20, 2017 @ 11:50 AM

It is not possible to effectively manage enterprise-wide leasing activities without understanding the context of the lease lifecycle. Without this context, leasing too easily can degenerate into a disjointed series of ad hoc decision points with a high risk of key information falling through the cracks.

For example, in many large organizations, the responsibility for initiating leases may be distributed to regional or local facilities but, without comprehensive control over the full lifecycle, subsequent key events can get overlooked. As a result, companies may unknowingly be paying a large price on evergreen leases that should have been reviewed and/or terminated but simply continue on because of the open-loop nature of such disjointed administration practices.

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Virtually every lease shares a common set of steps in the lifecycle, which can be defined as follows:

  • Lease Definition – the “why” and “what” of the proposed lease (equipment specs, ROI, etc.)
  • Set-up – the contract details, activation, term, payment processes, etc.
  • Onboarding – the receipt, installation, acceptance and operational activation of the asset
  • Operation – the payments, accruals, management, servicing, maintenance, etc. of the asset
  • Termination – formal close-out of the contract at lease-end or another terminating event

Unless these steps are incorporated within a comprehensive automated lease administration process, your company is at significant risk of losing control over your lease portfolio, which will inevitably result in higher costs, wasted time and lack of visibility into the assets on your books. In addition, without such a process your company will likely be at risk of non-compliance with the new FASB and ISAB lease accounting standards (ASC 842 and IFRS 16) that go into effect in 2019.

As long-term innovation partners with SAP, Bramasol and Nakisa have brought together a comprehensive set of solutions and expertise to help companies assess and prepare for the new FASB and IASB leasing standards. These solutions unify disparate leasing data and provide enhanced visibility for companies to make informed decisions on their lease portfolios, assets and liabilities while conforming with the new requirements.

The latest eBook from Bramasol and Nakisa provides a step-by-step look at the key elements in the lifecycle of a lease and details how a comprehensive end-to-end administration approach can improve efficiency, save money, reduce risk and assure compliance with new accounting standards.

Click Here to Download the eBook: End-to-End Management of the Lease Lifecycle

 

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Topics: leasing

Per WSJ: Many Companies Are Falling Behind on RevRec

Posted by Bramasol RevRec Team on Wed, Jun 14, 2017 @ 10:37 AM

RevRecReady-HotNews.jpgThere are only six months left before the mandated adoption of new Revenue Recognition standards ASC 606 and IFRS 15.

Since companies need to comply with legal disclosure reporting requirements, including a retrospective dual-reporting period between current ASC 605 and new ASC 606, it is critical that you have a clear disclosure reporting plan in place, NOW!

The Wall Street Journal (WSJ) published an article on June 5, 2017 titled "Tech Teams Rush to Catch Up as New Accounting Rule Looms", which provides an excellent overview of what companies are up against as the countdown clock races toward the January 2018 deadline.

Here is a key excerpt from the article:

"For large corporations, the task is arduous and complicated: Accountants are scouring thousands of bills and contracts to determine if they must change how they book the sales for fiscal years beginning after Dec. 15. Meanwhile, tech departments are writing new code, upgrading their systems and investing in expensive new software as they work to ensure their increasingly automated finance operations can keep up.

It’s not clear all of them can.

For large corporations, the task is arduous and complicated: Accountants are scouring thousands of bills and contracts to determine if they must change how they book the sales for fiscal years beginning after Dec. 15.

 

Meanwhile, tech departments are writing new code, upgrading their systems and investing in expensive new software as they work to ensure their increasingly automated finance operations can keep up.

It’s not clear all of them can."

The article also states that: "Large companies often have legacy IT systems cobbled together over decades and through multiple acquisitions. Changing something as integral as revenue recognition often means dismembering the complex systems and then putting them back together".

Overcoming these challenges is the primary goal of SAP Revenue Accounting and Reporting (RAR), which was designed from the bottom up as a powerful, flexible RevRec reporting engine that can be used with existing SAP ECC and a wide range of 3rd Party ERP and legacy financial systems.

As a co-innovator with SAP on the development and deployment of SAP RAR, Bramasol is the industry leader in helping companies come to grips with the reality of the new RevRec standards.

Part of our work on this topic has been hosting a series of monthly Revenue Recognition Webinars for over 18 months. Click Here to view Videos of Past Revenue Recognition Webinars.

To learn the latest about Disclosure Reporting and the Dual-Reporting requirements referenced above, click below to register for June 28 Webinar on Dual-Reporting with SAP RAR.

Register for June 28 RevRec Webinar Dual-Reporting with SAP RAR

 As the leaders in SAP RevRec we can help you be prepared and ready…  

Call us at (866) 625-9878 or Click Below to Request RevRec Help

Request RevRec Consulting Support

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Topics: revrec hot-tips, RevRec hot-news

New RevRec Webinar June 28: Dual Reporting with SAP RAR

Posted by Bramasol RevRec Team on Sat, Jun 10, 2017 @ 03:28 PM

There is now only a little over six months before the mandated adoption of new Revenue Recognition standards ASC 606 and IFRS 15.

Since companies need to comply with legal disclosure reporting requirements, including a retrospective dual-reporting period between current the current ASC 605 and new ASC 606, it is critical that you have a clear plan in place, NOW!

Join us for the next Revenue Recognition Webinar on June 28 at 10 AM PDT - 1 PM EDT.

"Dual Reporting - How SAP RAR Facilitates Gathering and Reporting Key Data"

 

All companies who have chosen the Modified Retrospective approach to compliance for ASC 606 and IFRS 15 will be required to "Dual Report" for a period of 1 year under both the old and new standards (ASC 605 and 606 respectively). Many firms will struggle with this needlessly, choosing spreadsheets or convoluted approaches. SAP RAR solves that problem.

In this webinar, we will show you how to simplify, automate and improve auditability of the data for your 10K/10Q reporting.

Click Here to Register for the June 28 RevRec Webinar.

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Topics: revenue recognition, SAP RAR

New eBook: CFO's Guide to Financial Transformation

Posted by Bramasol Financial Transformation Team on Wed, May 31, 2017 @ 02:15 PM

Bramasol-eBook---CFOs-Guide-to-Financial-Transformation_thumbnail.jpgCorporate finance professionals face many challenges. They need to reduce the amount of time spent on inefficient month-end/year-end closing processes, improve their ability to extract timely and accurate financial information and streamline overall operational end-to-end business processes.

On the regulatory front, CFOs also must deal with, Revenue Recognition Changes (ASC 606 and IFRS 15), Lease Accounting Changes (ASC 842 & IFRS 16), Financial Instruments Impairments & Disclosures (IFRS 9) as well as on-going changes in the global regulatory environment.

The accelerating set of new challenges and changing compliance requirements threatens to overwhelm the inherent limitations of existing legacy finance and ERP systems.

As companies undertake Financial Transformation to improve their ability to be nimble, react quickly and take advantage of market trends, several key things are emerging: 

  • Drive to continuous close
  • Consolidation of data source for reporting
  • Improved visibility for compliance with new standards for Revenue Recognition, Leasing and Financial Impairments
  • Real-time cash management

Some of the key Financial Transformation opportunity areas include:

  • New-generation architectures, such as SAP S/4HANA, that combine core ERP & Finance systems with plug-in modular best-of-breed capabilities for revenue recognition, leasing, ecommerce, HR, travel, supply chain management, and more.
  • A “single version of the truth” approach that avoids discussions of who’s data is right, thereby enabling much faster and better tactical decision-making.
  • Cloud-based implementation options that can greatly reduce time-to-operation and which integrate seamlessly with in-house implementations to enable cost optimization along with flexibility and scalability to support growth.
  • Advanced real time analytics and user interface (UX) technologies that can access information throughout the unified systems and provide easily tailored comprehensive reporting for ongoing management or ad hoc decisions. 

This new eBook, "The CFO's Guide to Financial Transformation" offers a deep dive into these challenges and opportunities along with a detailed discussion of the key actions that CFOs can take to effectively plan and implement company-wide financial transformation.

Fill out the form below to read the ebook now.

 

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Topics: financial transformation

New Webinar May 25 on SAP RAR 1.3 and Project Systems

Posted by Bramasol on Wed, May 17, 2017 @ 05:08 AM

On May 25, 2017 at 10 AM PDT / 1 PM EDT we invite you to see the next installment in our highly successful Revenue Recognition Webinar Series.  

"Revenue Recognition - RAR 1.3, PS Integration and Reporting"

Reserve your seat now by registering here. 

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In this webinar we will explore how the new SAP Revenue Accounting and Reporting application addresses project revenue recognition for the new standard. We will discuss the necessary configuration changes for ERP results analysis that are required for integration with SAP Revenue Accounting and Reporting.

Goals of this webinar are to help you understand your choices for project cost recognition, synchronization of user status, and profitability reporting. The presentation and following Q&A will address the challenges of your existing revenue recognition project and explore proposed solutions.

We look forward to seeing you there.  Take action today by signing up.

 

NOTE: We will be providing a recording of the webinar to all registrants so you should register even if you cannot make the live session.  Click here to watch videos from previous webinars in this series.

Join the Rev Rec Ready LinkedIn Group

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Topics: revenue recognition, SAP RAR

RevRec Webinar Video: The Big Reveal. Disclosure Reporting in SAP RAR

Posted by Bramasol RevRec Team on Wed, May 3, 2017 @ 09:03 AM

We invite you to view the latest installment in Bramasol's highly successful Revenue Recognition Webinar Series.

Recorded on April 27, 2017 this new webinar focuses on:
"The Big Reveal: Disclosure Reporting in SAP RAR"

Disclosure reporting is how you will "reveal" to the SEC and the world the decisions you made and implications for how you applied the new ASC 606 and IFRS 15 standards.

In this webinar video we explore the types of disclosure reporting required under the new ASC 606 and IFRS 15 standards for Revenue Accounting, including such things as backlog, deferred positions/revenue and asset and liability impacts. The video includes examples of the types of reports used that can leverage RAR

If you are a CFO, CAO, or Controller who doesn’t want to risk the impacts of failing an audit due to non-compliance with the new FASB and IASB Revenue Recognition standards or failure to properly make required disclosures, then you need to watch this presentation.

Click Here to View the Video of this New Webinar and all Previous RevRec Webinars in the Series

 April27 webinar

 

New Webinar Series on ASC 842, IFRS 16 and Lease Accounting.  Register Here.

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Topics: revenue recognition, SAP RAR

New Webinar May 11 on ASC 842, IFRS 16 and Leasing

Posted by Bramasol on Thu, Apr 27, 2017 @ 04:47 PM

Join Bramasol and Nakisa on May 11, 2017 for the first in an important new series of Lease Accounting and Compliance Webinars.

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ASC 842, IFRS 16 and Leasing
How to Transition over a 3.3 Trillion Dollar Speedbump

10 AM PDT / 1 PM EDT, May 11, 2017

About this Webinar:
In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019. Both IFRS 16 and ASC 842 are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting. 

These changes will impact virtually all companies, requiring that most leases be shown on company balance sheets. Some economic estimates indicate that the global impact will be as much as $3.3 trillion in aggregate changes to company balance sheets.

If you lease, regardless of your company’s size or industry, under the new standards your balance sheet will be different. Now is the time to plan for the transition.

Bramasol and Nakisa will share with you an overview of the accounting implications & challenges, explore SAP solutions for Lease Accounting, and have a practical discussion about how you can transition to the new standards.

Click Here to Register for this webinar

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Topics: leasing

Next RevRec Webinar April 27: Disclosure Reporting

Posted by Bramasol on Fri, Apr 14, 2017 @ 06:45 AM

The next session in our highly rated Revenue Recognition Webinar Series will offer an in-depth exploration of disclosure reporting requirements.

"The Big Reveal: RevRec Disclosure Reporting in SAP RAR" is scheduled for 10 AM PDT / 1 PM EDT on Thursday, April 27, 2017.

Disclosure reporting is how you will "reveal" to the SEC and the world the decisions you made and implications for how you applied the new ASC606 and IFRS 15 standards.

In this webinar we will explore the types of disclosure reporting required under the new ASC 606 and IFRS 15 standards for Revenue Accounting, including such things as backlog, deferred positions/revenue and asset and liability impacts. We will hear from an accounting expert and see examples of the types of reports used that can leverage RAR

Click Here to Register for "The Big Reveal: RevRec Disclosure Reporting in SAP RAR".

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Click here to see videos of previous webinars in this series.

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Topics: revenue recognition

SAP Lease Admin and Compliance with Lease Accounting Standards - Read the New eBook

Posted by Bramasol on Thu, Apr 13, 2017 @ 07:36 AM

In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019. Both IFRS 16 and ASC 842 are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting. 

These changes will impact virtually all companies, whether lessors or lessees. Regardless of your company's size or industry, under the new standards your balance sheet will be different.

In addition to presenting a new set of challenges that need to be addressed by the end of this year, the changes in lease accounting also offer an excellent opportunity for companies to make major improvements in their end-to-end lease management practices.

All companies, whether lessors, lessees or both, need to leverage the process of changing their lease management methodologies. This will enable them to gain better visibility of their lease portfolios, streamline the process of lease management and reduce overall costs.

The opportunities for significant improvements span all lease categories, including:

  • Real Estate Leases
  • Equipment Operating Leases
  • Software Leases

As long-term innovation partners with SAP, Bramasol and Nakisa have brought together a comprehensive set of solutions and expertise to help companies assess and prepare for the new FASB and IASB leasing standards. These solutions unify disparate leasing data and provide enhanced visibility for companies to make informed decisions on their lease portfolios, assets and liabilities while conforming with the new requirements.

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To learn more about how to get ready, click below to download the latest ebook from Nakisa and Bramasol:

Bramasol-Nakisa-eBook_Page_01480x620.jpgSAP Lease Administration and Compliance with New Lease Accounting Standards: What You Need to Know Now.

 

 

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