IFRS 15 – Revenue Accounting: Reporting a busy week
Great turnout and participation yesterday at the EY/SAP Revenue Recognition New York City Summit, with many industries represented. I was happy to present SAP’s solution (SAP Revenue Accounting and Reporting or RAR). I just forgot to mention that we highly recommend our quick-start service to accelerate your blueprint: it deploys precious baseline configuration and examples. We have just performed its first deployment for a customer on Suite on HANA and are now feeding this experience back into the quick-start. Once RAR 1.2 will be available, we will update this service to cover new functionalities. To prepare, we are taking part in RAR 1.2 System Acceptance Testing this week in Washington along with customers and partners, closely supported by the development team providing fixes in record time. RAR 1.2 should be released end of Q2 2016 for early adopters. Meanwhile, a training on RAR 1.1 in Palo Alto is ramping up more SAP consultants, customers and partners.
All these events strengthen our position and strategy on IFRS 15:
- Having the best product on the market, included with SAP ERP Financials and S/4HANA Finance maintenance, with rich functionalities, taking input from SAP or external systems and posting into the GL (plus a lot more)
- Offering an advisory and a quick-start service (reusing multiple experiences including full implementations) so that customers understand the regulation and can start their blueprint easily
- Train customers and partners (in real or virtual classrooms and on SAP Learning hub) and support them with our design review service and a dedicated user group (next meeting April 7th).
See you on the road to IFRS 15 compliance!
aka FASB's Topic 606 - Revenue from Contracts with Customers .