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.
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.
September 21, 2017 at 10:00 AM PDT - 1 PM EDT
September 28, 2017 at 10:00 AM PDT - 1 PM EDT