">
BlogBanner.jpg

Bramasol RevRec Team

Recent Posts

RevRec: FASB Update Regarding Principal vs Agent Considerations

Posted by Bramasol RevRec Team on Mon, Dec 4, 2017 @ 01:25 PM

RevRecReady-HotTip.jpgFASB Issues Accounting Standards Update 2016-08

Revenue from Contracts with Customers
Principal versus Agent Considerations

An issue discussed by the Transition Resource Group (TRG) for Revenue Recognition relates to when another party, along with the entity, is involved in providing a good or a service to a customer.

In those circumstances, Topic 606 requires the entity to determine whether the nature of its promise is to provide that good or service to the customer (that is, the entity is a principal) or to arrange for the good or service to be provided to the customer by the other party (that is, the entity is an agent).

This determination is based upon whether the entity controls the good or the service before it is transferred to the customer. Topic 606 includes indicators to assist in this evaluation. Discussions at TRG meetings informed the Board about implementation issues related to the guidance on principal versus agent considerations, including:

  1. Identifying the unit of account at which an entity should assess whether it is a principal or an agent
  2. Identifying the nature of the good or the service provided to the customer (for example, whether it is a good, a service, or a right to a good or service)
  3. Applying the control principle to certain types of transactions, such as service arrangements 4. Interaction of the control principle with the indicators provided to assist in the principal versus agent evaluation.

To address those issues, the Board decided to add a project to its technical agenda to improve Topic 606 by reducing:

  1. The potential for diversity in practice arising from inconsistent application of the principal versus agent guidance
  2. The cost and complexity of applying Topic 606 both at transition and on an ongoing basis.

Who Is Affected by the Amendments in This Update? The amendments in this Update affect entities with transactions included within the scope of Topic 606. The scope of that Topic includes entities that enter into contracts with customers to transfer goods or services (that are an output of the entity’s ordinary activities) in exchange for consideration.

For more information, read the FASB Update here.

5-Dec-Tuesday-tip-Rev-Rec.jpg

Read More

Topics: revrec hot-tips

Join Us for SAP RAR User Group on November 16, 2017

Posted by Bramasol RevRec Team on Wed, Nov 15, 2017 @ 04:20 AM

Reminder! 

SAP Revenue Accounting and Reporting (RAR) User Group
November 16, 2017 - 12:00 PM EST - 9 AM PST

The next (Eleventh) user group meeting will be held this Thursday November 16, 2017 from 12:00 PM EST - 1:00 PM EST (9:00 AM - 10:00 AM PST). 

Pete Graham, Director Finance Solutions and Mobility, SAP, will cover updates on SAP Revenue Accounting and Reporting (RAR) 1.3 SP03, followed by a Q&A session with attendees.

Register Here to attend the SAP RAR User Group meeting online.

SAPRARUserGroup16Nov17.jpg

 

Read More

Topics: SAP RAR

Ease the Burden of Disclosure Reporting with Pre-Built Reports

Posted by Bramasol RevRec Team on Mon, Nov 13, 2017 @ 05:26 AM

RevRecReady-HotTip.jpgThere is less than two 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 ASC 605 and new ASC 606, it is critical that you have a clear disclosure reporting plan in place, NOW!

Using SAP Revenue Accounting and Reporting (RAR) as the engine to track sales contracts and revenue recognition enables implementation of ASC 606 requirements within SAP ERP/ECC, S/4HANA Cloud or 3rd Party ERP environments.  RAR also facilitates the ability to create highly-flexible analytics to provide companies with the specific quantitative information needed to fulfill statutory reporting requirements.

Pre-built-Disclosure.jpg

As the leading co-innovator with SAP on the development of SAP RAR, Bramasol has more SAP RAR implementation projects and active live SAP RAR sites than anyone in the industry.  Bramasol has created a rich set of management and visualization tools to enhance the modeling, pilot, implementation and transition processes. SAP RAR can go-deep on any aspect of revenue recognition and the Bramasol enhancements are designed to visually surface any set of relevant information needed to support accurate understanding and timely decision making.

With Disclosure Reporting now on the near horizon, Bramasol has once again taken proactive steps to help companies stay ahead of the curve by developing a collection of specific reports for public entities to meet ASC 606-10-50x disclosure reporting requirements.

Bramasol’s end-to-end integrated solutions for revenue recognition compliance fit seamlessly within any existing operational and financial systems while providing the detailed information, audit trail, aggregation methodologies and advanced analytics to support statutory disclosure reporting. 

Click Here to Download eBook on RevRec Disclosure Reporting

Read More

Topics: revenue recognition, revrec hot-tips, SAP RAR

Structured Data Migration is Critical for Revenue Recognition Compliance

Posted by Bramasol RevRec Team on Mon, Oct 23, 2017 @ 06:04 AM

RevRecReady-HotTip.jpgNew Revenue Recognition standards, ASC 606 and IFRS 15, are mandated to take effect in January 2018, which is now less than three months away. 

Companies that are serious about achieving compliance should already be actively immersed in the data migration process.  Unfortunately, many companies are struggling with how to go about this key factor for success.

Data Migration is essentially the process involved with copying an organization’s key data from one device to another device ideally without disturbing or deactivating live applications.

As an industry leader in implementation of the new RevRec standards, with extensive experience in change management, Bramasol has developed a proven, structured methodology for Data Migration, which was detailed in our recent webinar on September 28, 2017.

DataMigrationProcess.png

Click Here to View the Webinar Video on "SAP RAR Data Migration and Reporting".

Read More

Topics: revrec hot-tips

Webinar Oct 19 - The SEC is Watching. Tips and Tricks for Compliance with ASC606, IFRS15, ASC842 and IFRS 16

Posted by Bramasol RevRec Team on Sat, Oct 7, 2017 @ 08:13 AM

On October 19, 2017, we invite you to attend the next webinar in Bramasol's highly regarded series on Revenue Recognition issues.

"The SEC is Watching: Tips and Tricks for Compliance with ASC 606, IFRS 15, ASC 842 and IFRS 16" October 19, 2017 10 AM PDT - 1 PM EDT

IFRS 15 / ASC 606 (revenue recognition) and IFRS 16 / ASC 842 (leases) are important new accounting standards that will require offices of the CFOs to implement new accounting software. SAP and Bramasol have been following these accounting standards diligently and have several solutions that help offices of the CFO to enable compliance. 

Learning Objectives for this webinar include: 

  • See how SAP and Bramasol support customers by assisting with compliance initiatives relative to IFRS 15 / ASC 606 & IFRS 16 / ASC 842 
  • Insights and Best Practices based on hands-on experience with real world projects 
  • Understand Bramasol's Methodologies, Tools and Practical Experience that can get you started now 

For anyone involved in Revenue Accounting, Lease Accounting, or Compliance and Reporting this is a must attend session to navigate the complexities and unique challenges of executing a successful project. 

Click Here to Register for this Important Webinar

Watch the trailer video below:

 

 

 Register Now

Read More

Topics: revenue recognition

Video: SAP RAR Data Migration and Reporting

Posted by Bramasol RevRec Team on Wed, Oct 4, 2017 @ 12:00 AM

The video of our latest Revenue Recognition Webinar is now available for viewing online.

Held on September 28, 2017, "SAP RAR - Data Migration and Reporting" featured a detailed presentation on the structured process of Data Migration with a focus on the five-step process including:

  1. Landscape Analysis
  2. Migration Design & Build
  3. Data Extraction and Archive
  4. Transformation and Validation
  5. Data Load and Reconciliation

The presentation was followed by a lively interactive panel discussion with a group of Bramasol experts with deep experience on the front lines of implementing revenue recognition projects with SAP RAR.  Together, these members of Bramasol's Center of Excellence have decades of experience with revenue recognition and data migration issues, including working closely with SAP and early adopters since the inception of the SAP Revenue Accounting and Reporting (RAR) application.

Bramasol is the Revenue Accounting and Recognition leader and a recognized SAP Revenue Recognition services partner for companies seeking to implement the ASC 606 and IFRS 15 standards. Our SAP-certified experts, participated in the majority of early product Ramp-ups and have worked on more SAP RevRec projects than any other company. 

Bramasol is the first SAP RevRec expert to develop a proven methodology, RADARR, based on dozens of projects and is the leader in providing innovations and solutions for complex RevRec challenges. We are the first to offer a suite of tools and reports the will gather all the key data for your disclosure reporting into one place and has pre-built management reports to help you deliver insights that drive action.

Click to View this Video and others from the Bramasol RevRec Webinar Series

Sep28videothumbnail.jpg

 

Read More

Topics: SAP RAR

Less than 90 Days Left for RevRec Compliance

Posted by Bramasol RevRec Team on Sat, Sep 30, 2017 @ 09:53 AM

RevRecReady-HotTip.jpgThe new Revenue Recognition standards (ASC 606 and IFRS 15) are mandated for implementation by January 1, 2018.  Yes, that is less than three months from now! 

Time is rapidly running out an the clock not your friend!

Companies that haven't already started projects are now dangerously behind. In fact, it's way too late to start a custom revenue recognition solution from scratch.

If you're all set and fully #RevRecReady - Congratulations!

If not, here are some resources that can help:

If you need personalized help or just want to bounce some questions off an expert, contact us.

Request RevRec Consulting Support

 

Read More

Topics: revenue recognition, revrec hot-tips, RevRec hot-news

RevRec Events at SAP Automotive Best Practices

Posted by Bramasol RevRec Team on Sat, Sep 16, 2017 @ 12:00 AM

Join Bramasol at Best Practices for Automotive and be sure to attend the two special sessions on Revenue Recognition detailed below.

September 18-20, 2017, MGM Grand Detroit, Michigan

BorgWarner’s Revenue Recognition Journey: How We Met the New ASC606/IFRS15 Standard
Tuesday, September 19, 2017 at 2:25-3:05 PM (FINANCE Track)

In 2014, BorgWarner became aware of a new common revenue recognition standard for U.S. GAAP and IFRS, known as ASC606/IFRS15, that would impact how we recognized revenue and make fundamental changes to our accounting practices. BorgWarner had to identify the key requirements of the new standard and determine to what extent it would affected our business. Working with key stakeholders within BorgWarner and internal/external auditors, we were able to define the record keeping and accounting requirements and classify the impact into five main scenarios. Once these scenarios were identified, BorgWarner had to select the best solution for handling them. This solution would require the creation of a contract repository and a software tool to meet the new standard’s audit and accounting requirements. This presentation details the process that BorgWarner used to define the impact of ASC606/IFRS15, identify scenarios related to this, select and implement a solution.

Key Business Benefits:

    • Compliance with the new ASC606/IFRS15 Revenue Recognition Accounting Standard
    • Collaboration between two Global SAP Teams to provide one global solution for use by over 75 locations worldwide across 2 SAP instances.
    • Creation of a strong global team to meet future business challenges.
Presenter: Ronald Shoemaker
Senior Manager FICO, SAP Team, BorgWarner Inc.

-----------------------------------------------

Workshop: Getting Ready for New Leasing & RevRec Standards, The Clock is Ticking

Wednesday, September 20, 2017 at 1:30-2:10 PM (FINANCE Track)

With less than a year to go for RevRec and 18 months for Leasing, will you be ready to comply with the new IFRS 15/ASC 606 and IFRS 16 and ASC 842 standards?  In this workshop, we will share with you what is needed to be ready, cover some speedbumps to watch out for and myths about both of these subjects.  If you want to be ready with a complete, integrated, scalable solution from SAP, this workshop is for you.

Presenter: John Froelich
Vice President - Strategic Accounts and Marketing , Bramasol Inc.
 
For a personal consultation on Revenue Recognition, SAP Lease Administration, S/4HANA Cloud or Financial Transformation, visit Bramasol at Booth#26.
 --------------------------------------------------
Whether or not you can make the Best Practices for Automotive conference, you or a colleague may also be interested in attending one of these upcoming webinars:
 
How Financial Transformation Accelerates Expense Management
September 21, 2017 at 10:00 AM PDT - 1 PM EDT

SAP RAR - Data Migration and Reporting
September 28, 2017 at 10:00 AM PDT - 1 PM EDT
Read More

Topics: revenue recognition

RevRec Webinar Video: Ease the Burden of Complex Disclosure Reporting with Pre-Built Reports

Posted by Bramasol RevRec Team on Sat, Jul 29, 2017 @ 08:51 AM

The video is now available for Bramsol's latest installment in our highly successful Revenue Recognition Webinar Series.

"Ease the Burden of Complex Disclosure Reporting with Bramasol's Pre-Built Reports"

Presented on July 27, 2017, this webinar focused on how companies can quickly flesh out their disclosure reporting processes, with less than six months left until the mandated adoption of new Revenue Recognition standards ASC 606 and IFRS 15.

Disclosure reporting under ASC 606 for RevRec will be complex and require extensive quantitative and qualitative data and notes. Spreadsheets are not up to the task. Learn how Bramasol can save you time and money on your preparation and audit for Financial Disclosures for your 10K/10Q.

We have developed 10 key reporting tools that gather the majority of key information for you and present them in easy to use formats.

Click Here to View this Video and previous RevRec Webinars in this series.

July27webinarVideo.jpg

 

 
  
Read More

Topics: revenue recognition

FASB Board Member Urges All Companies to Evaluate Impacts of New RevRec Standards

Posted by Bramasol RevRec Team on Fri, Jul 21, 2017 @ 08:45 AM

RevRecReady-HotNews.jpgIn an interview on July 12, 2017 with the Center for Audit Quality, FASB Board Member Christine Botosan discussed the importance of all companies evaluating the impacts of new Revenue Recognition standards on their organizations.  

She cited the SEC's position that disclosure reporting on this issue will be required of public companies, regardless of whether revenue levels are materially changed and also underscored that companies can't know the materiality of changes without doing an evaluation per the new standards.

Watch the entire interview below.

 

 

If you want to get a jump on your own disclosure reporting process, click here to register for our next webinar "Ease the Burden of  Complex Disclosure Reporting with Bramasol's Pre-Built Reports".

July27Webinar-5.jpg

 

 

Read More

Topics: revenue recognition

Subscribe via E-mail

Request RevRec Consulting Support
Join the Rev Rec Ready LinkedIn Group

Latest Posts

Follow Me