During the week of March 28, Bramasol and SAP hosted a number of select companies in a hands-on testing session of SAP RAR 1.2 in Washington DC.
Please join SAP and Bramasol for the Fifth SAP Revenue Accounting and Reporting (RAR) Global User Group Meeting on Thursday April 7 from 2 – 3 PM EST.
The video recording of our latest webinar "SAP RAR 1.1 - A Dive into New Scenarios" is now available for viewing online.
Per ASU 2014-09, a performance obligation is a promise in a contract with a customer to transfer a good or service to the customer. If an entity promises in a contract to transfer more than one good or service to the customer, the entity should account for each promised good or service as a performance obligation only if it is (1) distinct or (2) a series of distinct goods or services that are substantially the same and have the same pattern of transfer.
The Financial Accounting Standards Board (FASB) has issued a new Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions, which affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment.
One of the key first steps for implementing the new Revenue Recognition standard is to determine which adoption method, full retrospective or modified retrospective, will be used. This key decision will depend on several factors including resource availability, reporting requirements, and timing of the project. When you convert to the new method of recognizing revenue, the previous years of recognized revenue need to be migrated over so that you have the complete picture for ongoing contracts and revenue streams.
