30 Apr Wicresoft can help SAP customers achieve IFRS 15 Compliance!
IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. It was adopted in 2014 and will become effective on January 1, 2018. It was the subject of a joint project with the Financial Accounting Standards Board (FASB), which issues accounting guidance in the United States, and the guidance is substantially similar between the two boards.
IFRS 15, as amended, is effective for the first interim period within annual reporting periods beginning on or after January 1, 2018 (early adoption is permitted). The FASB’s standard (ASC 606) is effective for public entities for the first interim period within annual reporting periods beginning after December 15, 2017 (nonpublic companies have an additional year).
Are you compliant? Have you started? When considering project planning, proof of concept activity and minimally 2 parallel reporting testing periods, most companies will need 12-18 months of implementation time to become fully IFRS 15 compliant. Time is quickly running out!
SAP customers have access to the SAP Revenue Accounting and Reporting module – RAR. RAR is part of the SAP Finance suite and helps define performance obligations and event handling more easily through its established rules based engine.
Planning your IFRS 15 compliance project with SAP RAR? Wicresoft can help. Our resources were some of the first to be trained on the SAP RAR module. We offer consulting expertise on all supported RAR versions (1.0, 1.1 and 1.2).
Wicresoft can take responsibility for the entire IFRS 15 compliance project via the SAP RAR module or we can provide our resources in the role of subject matter expert (SME) to augument your already established project team for the implementation of SAP RAR.