Time is your enemy.

Over the next three years, many public companies will have to undergo significant changes in order to comply with the new FASB and IASB revenue recognition standards. The new standards, adopted in 2014 and slated for implementation in 2017/2018, will replace substantially all existing US GAAP and International IFRS literature on revenue recognition.

SAP customers met at the Revenue Recognition Summit at SAP Labs in Silicon Valley (Palo Alto, CA) in November 2014 to learn about the new accounting standards published by the Financial Accounting Standards Board and the International Accounting Standards Board.

Every company needs to track and report revenue and it rarely is an easy process.

But it really doesn't have to be unnecessarily complicated.

The newly released SAP Revenue Accounting and Reporting application now offers a simplied path forward that both meets the specific mandates in the new FASB and IASB accounting standards and provides enhanced management capabilities for generic or company-specific revenue recognition across various accounting principles.

SAP Revenue Accounting and Reporting was developed closely with customers and co-innovators like Bramasol, as well as SAP’s internal accounting department, by analyzing the standard and assessing how best to design an integrated solution to cover the new requirements.