Need Help Understanding the Impacts of IFRS?
(International Financial Reporting Standards)
Revenue recognition has always been subject to the most complex and diverse rules and conditions. There has been little commonality between countries, industries or even companies. In order to increase transparency of this subject and foster greater reliability of financial information for investors, the SEC and the IASB have arrived at a common understanding on handling revenue recognition, concentrating on longer-term contracts with customers. This set of regulations is known as IFRS 15/ASC 606.
The effective date for being compliant with IFRS 15/ASC 606 accounting regulations is January 1, 2018. A recent study from PWC identified many companies do not have a clear idea on how these new standards will impact their business. The challenge for CFO’s is not only assessing how this will affect their people and processes, but what does this mean from a system point of view?
GROM has the expertise in SAP Revenue Account Reporting in both SAP ECC and S/4HANA to help CFO’s clearly understand the impact and help plan and implement the necessary process change to meet these compliance requirements. GROM can offer expertise via our award-winning TotalAccess On Demand Service to provide a cost-effective solution.
Contact GROM today to schedule a Discovery Session. Our 1-2 hour IFRS Discovery service will provide an initial assessment of the system impacts on the business along with a high level plan for delivering the identified changes.
For further information on the new IFRS 15 impacts – see blog post – “Sick of IFRS yet?”