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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.

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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

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

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

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Topics: revenue recognition

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

 

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

See Bramasol at SAP Financial Excellence Forum Oct 10-11

Posted by Bramasol on Wed, Sep 27, 2017 @ 12:00 AM

Please join with Bramasol at SAP Financial Excellence Forum October 10-11, 2017 in New York City to learn how top organizations are transforming their financial management processes.

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In addition to being available to discuss our industry-leading initiatives in Revenue Recognition, Lease Accounting/Administration and Financial Transformation, Bramasol will be teaming with SAP for the following special presentation on Wednesday, Oct 11, 2017.

Time & Place: October 11, 2017 at 1:30 PM at The Harvard Club, NYC.

Title: " The SEC is watching.  Tips and Tricks for how you can be better prepared for Revenue Recognition (ASC 606/IFRS 15) and Leasing (ASC 842/IFRS16) compliance."

Abstract:

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

In 2014, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) issued the new International Financial Reporting Standard (IFRS 15 / ASU 2014-09, ASC 606) which specifies the accounting rules for revenue recognition. In order to support our customers to enable compliance with this new standard, SAP has provided a new solution called SAP Revenue Accounting and Reporting (RAR) generally available (GA) since March 31, 2015. With this solution, SAP addresses requirements derived from this new accounting standard as well as generic requirements related to the current revenue recognition standards across various accounting principles.

In 2016, the International Accounting Standards Board (IASB) published IFRS 16 Leases which specifies the accounting rules for leases impacting mainly lessees. SAP solutions provide customers with important information about assets and liabilities arising from operating leases allowing customers to gain full visibility into their lease portfolio. Thus, SAP and Bramasol help our customers get a complete and understandable picture of an entity’s leasing activities.

In a recent conference and speeches, the SEC has indicated it will apply increased scrutiny to disclosures and internal controls (Internal Controls for Financial Reporting)  associated with ASC 606 for Revenue Recognition and ASC 842 for Leasing.  Join our experts from SAP and Bramasol  who will focus on disclosure reporting, building an automated solution, demonstrating critical controls auditors will focus on, and completing the migrations to the new regulation (ASC 606, IFRS 15).    

Learning Objectives for this session:

  • See how SAP supports 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. 

 

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Topics: revenue recognition, leasing

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.

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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.
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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
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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.

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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".

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Topics: revenue recognition

Disclosure Reporting for Revenue Recognition: What You Need to Be Doing Now

Posted by Bramasol RevRec Team on Wed, Jul 5, 2017 @ 07:58 AM

There is less than 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 ASC 605 and new ASC 606, it is critical that you have a clear disclosure reporting plan in place, NOW!

According to an SEC official at a recent Bloomberg BNA conference, "a number of companies have enhanced their transition disclosures. However, some companies indicate that the impact of the new revenue standard is not expected to be material. The changes in the new revenue standard will impact nearly all companies. Even if the extent of change on the balance sheet or income statement is not deemed to be material, the related disclosures may be material."

Compliance with the law is Not Optional.

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Even before the January 2018 go-live date for the new standards, companies will need to start disclosing information regarding the impending changes as part of their regular 10Q and 10K financial reports.

This new eBook provides an overview of how the new standards will impact both business operations and financial reporting. Subsequent sections offer a deeper look at how companies can comply with the new revenue accounting standards while efficiently using the Operational Report data to inform and drive their Statutory Reporting requirements, such as Income Statement, Balance Sheet, Cash Flow, etc.

Please complete the info below to read the eBook:

 

 

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Topics: revenue recognition

RevRec Webinar Video: Dual Reporting How SAP RAR Facilitates Gathering Key Data

Posted by Bramasol RevRec Team on Wed, Jun 28, 2017 @ 03:07 PM

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

Recorded on June 28, 2017 this new webinar focuses on:
"Dual Reporting - How SAP RAR Facilitates Gathering Key Data"

There are only 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 ASC 605 and new ASC 606, it is critical that you have a clear disclosure reporting plan in place, NOW!

All companies that 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. Many firms will struggle with this needlessly, choosing spreadsheets or convoluted approaches. SAP RAR solves that problem.

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

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

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Request RevRec Consulting Support

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Topics: revenue recognition, SAP RAR

SEC Chief Accountant Cites Need for Urgency on RevRec

Posted by Bramasol RevRec Team on Tue, Jun 27, 2017 @ 03:39 PM

RevRecReady-HotNews.jpgIn his recent remarks to the Annual Life Sciences Accounting and Reporting Congress, the SEC Chief Accountant, Wesley R. Bricker, underscored the importance of urgency on implementing new Revenue Recognition standards.

He placed particular emphasis on making sure that "appropriate transition disclosures are being made so that investors and other market participants have sufficient time to absorb the anticipated effects of the new standard."

Here are some other key highlights from his remarks:

"Timely implementation of the new revenue standard is important. Since my remarks in December 2016 when I said the overall state of readiness may be lagging, progress has been made, but there is still more to do.

Revenue is one of the single most important measures used by investors in assessing a company's performance and prospects, regardless of a company's industry, the nature of its securities, or the capital markets it accesses. Revenue impacts key analytical ratios and bottom line earnings. Companies cannot afford to get the accounting wrong – it deserves close attention by preparers, audit committees and auditors.

The standard, including the disclosures in accordance with the standard, is an important step forward in financial reporting, both domestic and foreign, and when implemented, it is designed to enhance the comparability of companies' reported revenues."

Regarding the state of progress toward implementation, he said:

"In the worrisome column, however, some companies need to make significant progress this year in their implementations.  In a survey of public companies released in October 2016, eight percent of respondents at that time had not started an initial assessment of the new revenue recognition standard, while an overwhelming majority of the others were still assessing the impact. 

Particularly for companies where implementation is lagging, preparers, their audit committees and auditors should discuss the reasons why and provide informative disclosures to investors about the status so that investors can assess the implications of the information. Successful implementation requires companies to allocate sufficient resources and develop or engage appropriate financial reporting competencies.

Successful implementation requires the engagement of senior management throughout an organization.  If there are individuals within your organization that underestimate the efforts required, or the overall importance of a successful implementation of the new revenue recognition standard, you might consider sharing some of our staff remarks on the topic"

To read the full text of Mr. Bricker's click here.

To learn more about getting #RevRecReady and for guidance on handling Disclosure Reporting during the transition, visit Bramasol's Resource Center or click the link below to request a RevRec Consultation.

Request RevRec Consulting Support

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Topics: revenue recognition

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