A recent article in Compliance Week paints a different picture from people who think that adoption of Revenue Recognition per ASC 606 is behind us.  Even though the new standard took effect on January 1, 2018, the issue of compliance as seen by auditors and the SEC is now just ramping up.

Public companies on calendar year accounting have now completed two quarterly filings under the new standards but the first year-end filing under the new standard is still some months away.

With the deadline for implementing ASC 606 and IFRS 15 now behind us for most public companies, a lot of CFOs and accounting staff have breathed a sigh of relief. 

However, for those companies running SAP ECC who chose the short-cut of using SD RevRec, there are still some big challenges ahead.

Even some choices that seem safe in the short run can turn out to be dead ends.

Now, as companies that took the SD RevRec "short-cut" look ahead to the future of SAP with S/4 HANA, they are discovering that SD RevRec will no longer be supported. Oops, dead end!

If you’re facing this specific challenge of how to get from SD RevRec in ECC to RAR supported in S/4 HANA, you should watch Bramasol’s recorded webinar.

Titled “SD RevRec is Dead. What Now?” this webinar will provide a roadmap for moving from your soon-to-be-gone SD RevRec implementation to a more sustainable Revenue Accounting and Reporting (RAR) solution that is integrated with S/4 HANA.

Listen as our RevRec Center of Excellence experts talk about the right sequence – RAR first or S/4 first, or is it simultaneous. What are my data considerations and how can I ensure a smooth transition?

Click below to watch recorded webinar on Sep 20,2018.

Note: All other webinar recordings  are made available to all if you were not able to attend the live session check our Resource Center

A pioneer in electronic design and automation and with a presence in more than seven countries, our featured customer offers bundles of hardware, software, support & training to industrial customers. The Company was running ECC 6.0 with SD Revenue Recognition and was in the process of implementing SAP RAR 1.3 to support a mandated transition to IFRS 15. The project delivers a "hard" transition from ASC605 to IFRS 15, running RAR 1.3 SP02 for ten company codes around the world. The deployment includes a migration of 26000 in-flight contracts.

As the clear leaders in design and implementation of Revenue Recognition solutions, Bramasol was the natural choice. Bramasol took this task on "In flight" from another system integrator and provided, A group of assets- a dedicated team including A RAR Project Manager, A Solution Architect, RAR Consultants and Developers to have smooth transition and best solution. One of the challenges was to secure the organization's investment in the prior development work. As there is no ‘one size fits all’ approach to this complex scenario, Bramasol could limit the disruption of the integrator change caused to the customer.

Please speak to us if you’re facing any transitional issues or implementation challenges, simply Request a demo. If you have a challenging or complex RevRec undertaking or just need the pioneer in SAP Revenue Accounting, do what the Fortune 500 do… Contact Bramasol

This Global Fortune 500 company  is a leader in the manufacture, installation and service of computer, networking and computing systems providing solutions for companies of all sizes around the world. Their highly complex landscape and current global migration project required both a focus on achieving near term compliance while positioning a smooth migration to SAP S/4 HANA. They needed someone with deep, proven expertise and experience in implementing SAP RAR.

As the clear leaders in design and implementation of Revenue Recognition solutions, Bramasol was the natural choice.

Bramasol works closely as an integral part of team and is leading key workstreams and initiatives around:

• Delivering a flexible, scalable, and ASC 606 compliant Revenue Accounting Solution
• Leading and driving key workstreams and initiatives supporting and designing key, complex multi-element scenarios
• Delivering comprehensive Disclosure reports based on the foundation of our pre-built tools and reports
• Providing both technical and end-user training to improve solution acceptance

Our work was well appreciated by the customer – “Bramasol's 'secret sauce' shows they are the RevRec Experts”

Watch Customer Story Video

If you have a challenging or complex RevRec project or just need the pioneer in SAP Revenue Accounting, do what the Fortune 500 do… Contact Bramasol

Request a Demo Now

The deadline for new Revenue Recognition standards, ASC 606 and IFRS 15, is arriving on January 1, 2018. Yes, that is next week!

Many companies have been working diligently over the past year or more to get ready. Bramasol has actively been working with lots of them to provide software solutions, data migration services, consulting on best practices, Proofs-of-Concept (POCs), Pre-Built Disclosure & Compliance reports, and overall change management assistance.

Of course, not everyone is perfectly ready to go.  We know this because thousands of attendees in our monthly RevRec webinars over the past two years have told us via their responses to survey questions. 

The good news is that it's not too late! Yet! (But it will be soon)

The first quarter of 2018 will be an absolutely crucial time for making sure that the most important steps and processes are in place for timely data collection and compliance reporting.

Our Bramasol Center of Excellence experts in Revenue Recognition are seeing a surge of companies that are looking for answers to key questions such as: 

• What should you definitely have done by now in the implementation process? 
• How can I make sure that my data migration is on track? 
• What's the difference between data migration and transition processes? 
• What are the reporting requirements in the near term and over the next year? 
• What changes are considered "material" and how/when do we address them in our standard disclosure reporting processes? 
• How can we coordinate the go-live processes between IT and Finance? 
• What comes next to ensure long-term success? 

If you'd like catch up now so you can avoid the dire consequences, regulatory sanctions, financial impacts and stock market impacts of being judged non-compliant...

Or, if you just want to make sure that all your efforts thus far are coming together to meet requirements of your auditors and other key stakeholders such as your Board of Directors and shareholders...

Then you're in luck! 
There's one more present to open as you leave 2017!

Contact Bramasol's RevRec Experts for a Free Demo and consultation.

There is less than two months before the mandated adoption of new Revenue Recognition standards ASC 606 and IFRS 15. Since companies need to comply with legal disclosure reporting requirements, including a retrospective dual-reporting period between current ASC 605 and new ASC 606, it is critical that you have a clear disclosure reporting plan in place, NOW!

Using SAP Revenue Accounting and Reporting (RAR) as the engine to track sales contracts and revenue recognition enables implementation of ASC 606 requirements within SAP ERP/ECC, S/4HANA Cloud or 3^rd Party ERP environments.  RAR also facilitates the ability to create highly-flexible analytics to provide companies with the specific quantitative information needed to fulfill statutory reporting requirements.

As the leading co-innovator with SAP on the development of SAP RAR, Bramasol has more SAP RAR implementation projects and active live SAP RAR sites than anyone in the industry.  Bramasol has created a rich set of management and visualization tools to enhance the modeling, pilot, implementation and transition processes. SAP RAR can go-deep on any aspect of revenue recognition and the Bramasol enhancements are designed to visually surface any set of relevant information needed to support accurate understanding and timely decision making.

With Disclosure Reporting now on the near horizon, Bramasol has once again taken proactive steps to help companies stay ahead of the curve by developing a collection of specific reports for public entities to meet ASC 606-10-50x disclosure reporting requirements.

Bramasol’s end-to-end integrated solutions for revenue recognition compliance fit seamlessly within any existing operational and financial systems while providing the detailed information, audit trail, aggregation methodologies and advanced analytics to support statutory disclosure reporting. 

Click Here to Download eBook on RevRec Disclosure Reporting

On October 19, 2017, we invite you to attend the next webinar in Bramasol's highly regarded series on Revenue Recognition issues.

"The SEC is Watching: Tips and Tricks for Compliance with ASC 606, IFRS 15, ASC 842 and IFRS 16" October 19, 2017 10 AM PDT - 1 PM EDT

IFRS 15 / ASC 606 (revenue recognition) and IFRS 16 / ASC 842 (leases) are important new accounting standards that will require offices of the CFOs to implement new accounting software. SAP and Bramasol have been following these accounting standards diligently and have several solutions that help offices of the CFO to enable compliance. 

Learning Objectives for this webinar include: 

• See how SAP and Bramasol support customers by assisting with compliance initiatives relative to IFRS 15 / ASC 606 & IFRS 16 / ASC 842 
• Insights and Best Practices based on hands-on experience with real world projects 
• Understand Bramasol's Methodologies, Tools and Practical Experience that can get you started now 

For anyone involved in Revenue Accounting, Lease Accounting, or Compliance and Reporting this is a must attend session to navigate the complexities and unique challenges of executing a successful project. 

Click Here to Register for this Important Webinar

Watch the trailer video below:

 Register Now

The new Revenue Recognition standards (ASC 606 and IFRS 15) are mandated for implementation by January 1, 2018.  Yes, that is less than three months from now! 

Time is rapidly running out an the clock not your friend!

Companies that haven't already started projects are now dangerously behind. In fact, it's way too late to start a custom revenue recognition solution from scratch.

If you're all set and fully #RevRecReady - Congratulations!

If not, here are some resources that can help:

• RevRec Webinars (nearly two years of monthly webinars addressing many RevRec topics)
• RevRec eBooks (detailed exploration of various RevRec implementation issues)
• RevRecReady LinkedIn Group (share ideas and learn from peers)
• SAP RAR (If you use SAP ERP, you probably already own this industry-leading RevRec application)
• Performance Obligations (Learn about this key concept in the new RevRec 5-step Model)
• Bramasol's RevRec web info

If you need personalized help or just want to bounce some questions off an expert, contact us.

Please join with Bramasol at SAP Financial Excellence Forum October 10-11, 2017 in New York City to learn how top organizations are transforming their financial management processes.

In addition to being available to discuss our industry-leading initiatives in Revenue Recognition, Lease Accounting/Administration and Financial Transformation, Bramasol will be teaming with SAP for the following special presentation on Wednesday, Oct 11, 2017.

Time & Place: October 11, 2017 at 1:30 PM at The Harvard Club, NYC.

Title: " The SEC is watching.  Tips and Tricks for how you can be better prepared for Revenue Recognition (ASC 606/IFRS 15) and Leasing (ASC 842/IFRS16) compliance."

Abstract:

IFRS 15 / ASC 606 (revenue recognition) and IFRS 16 / ASC 842 (leases) are quickly approaching accounting standards requiring offices of the CFOs to implement new accounting software. SAP and Bramasol have been following these accounting standards diligently and has several solutions that help offices of the CFO to enable compliance with IFRS 15 / ASC 606 & 16 / ASC 842.

In 2014, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) issued the new International Financial Reporting Standard (IFRS 15 / ASU 2014-09, ASC 606) which specifies the accounting rules for revenue recognition. In order to support our customers to enable compliance with this new standard, SAP has provided a new solution called SAP Revenue Accounting and Reporting (RAR) generally available (GA) since March 31, 2015. With this solution, SAP addresses requirements derived from this new accounting standard as well as generic requirements related to the current revenue recognition standards across various accounting principles.

In 2016, the International Accounting Standards Board (IASB) published IFRS 16 Leases which specifies the accounting rules for leases impacting mainly lessees. SAP solutions provide customers with important information about assets and liabilities arising from operating leases allowing customers to gain full visibility into their lease portfolio. Thus, SAP and Bramasol help our customers get a complete and understandable picture of an entity’s leasing activities.

In a recent conference and speeches, the SEC has indicated it will apply increased scrutiny to disclosures and internal controls (Internal Controls for Financial Reporting)  associated with ASC 606 for Revenue Recognition and ASC 842 for Leasing.  Join our experts from SAP and Bramasol  who will focus on disclosure reporting, building an automated solution, demonstrating critical controls auditors will focus on, and completing the migrations to the new regulation (ASC 606, IFRS 15).    

Learning Objectives for this session:

• See how SAP supports customers by assisting with compliance initiatives relative to IFRS 15 / ASC 606 & IFRS 16 / ASC 842
• Insights and Best Practices based on hands-on experience with real world projects
• Understand Bramasol's Methodologies, Tools and Practical Experience that can get you started now

For anyone involved in Revenue Accounting, Lease Accounting, or Compliance and Reporting this is a must attend session to navigate the complexities and unique challenges of executing a successful project. 

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.

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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.