For the past forty years, companies have been building all their financial and business decisions around information contained in traditional data structures. Virtually all financial systems, no matter who has designed them, have been built around relational databases. This brings the same set of issues and challenges to every single system.
Today’s corporate finance professionals face an accelerating set of new challenges, changing compliance requirements and global competitive pressures that threaten to overwhelm the inherent limitations of their existing legacy finance and ERP systems.
On the occasion of our 20th Anniversary we want to take a moment to thank everyone who made this incredible journey possible. Most importantly, though, we thank you our customers, our partners and
our people without whom we could not be celebrating 20 years as an SAP Business Partner.
When January 1, 2017 arrives, companies across all industries that follow US GAAP and IFRS rules will be required to comply with the new five-step model for revenue recognition. On May 28, 2014, the FASB and the International Accounting Standards Board (IASB) issued converged guidance on recognizing revenue in contracts with customers. The process calls for implementation during 2016 and “go live” reporting under the new standards in 2017.
Unlike the previous revenue accounting standard that was industry-specific and transaction-specific, the goal of the FASB and the IASB in the new standard is to introduce uniformity and predictability to revenue recognition practices. Among the industries that are likely to experience significant changes are aerospace, asset management, construction, real estate, software and telecommunications. Changes won’t be limited to these industries, therefore all companies need to develop an implementation plan.
I am pleased to announce and introduce you to our new CFO, Mina Farahmand.