Bramasol and SAP will be presenting a new webcast on May 4, 2016 at 3 PM (EDT) 12 PM (PDT) hosted by the ASUG Media Community and providing valuable insights on SAP Revenue Accounting and Reporting (RAR).
On March 22, 2016 at the 12th Annual Life Sciences Accounting and Reporting Congress in Philadelphia, Pennsylvania, James V. Schnurr, Chief Accountant of the Securities and Exchange Commission gave an update on the new revenue recognition guidelines and the process of implementing them. The following is a summary of his speech.
Mr. Schnurr began his speech by talking about the importance of revenue as a financial measure used by investors globally in assessing a company’s performance and prospects. He also addressed the inconsistencies between IASB and FASB and the importance of a standards convergence. The movement toward a converged standard culminated in May 2014 when the FASB and IASB issued the new standard on recognizing revenue (ASC 606 and IFRS 15 respectively). The new standard is designed to improve consistency by eliminating industry-specific guidance, providing a more robust framework for addressing revenue issues, and requiring additional disclosures to users of financial statements. Mr. Schnurr went on to say:
I consider the new converged revenue standard to be an important step forward in financial reporting for preparers and investors, both domestic and foreign. These changes will impact all companies and all industries, but the extent of the impact will differ from industry to industry.
Bramasol is proud to be presenting a special session on Revenue Recognition at SAPPHIRE NOW and ASUG Annual Conference in Orlando, FL.
Bramasol is honored to announce that it has been selected among 20 most promising SAP solution providers list of 2016 by CIOReview.
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.
