IFRS 15 revenue accounting standard is effective. Is the documentation and compliancy to the regulation in adequate levels at your organization? Often complying to a regulation is seen as a one-time operation but new revenue accounting system has to be taken in to processes permanently.
Sales are the critical element in the future of every organization so new ideas and workflows are constantly under development. It is important, that persons responsible for the sales have an understanding of which elements in customer contracts effect revenue recognition. New and viable contract models should be looked thru before commissioning them.
Being compliant to IFRS 15 is not trivial in most of cases. As projects progress, new and difficult topics are constantly rising. To manage this, it is mandatory to follow the practice, future development and additional instructions on the regulation.
CCH Tagetik IFRS 15 Solution
Revenue accounting (IFRS 15) solution by CCH Tagetik gets your organization IFRS 15 compliant. CCH Tagetik has an automated solution for data collection, calculations, reporting and disclosures of revenue from contracts.
See below the features CCH Tagetik offers. CCH Tagetik offers a set of solutions (e.g. Solvency II, IFRS 9, IFRS 15, IFRS 16 and IFRS 17), which are available as a cloud based or an on-premise solution making sure, that in all circumstances your business remains its compliance.
The CCH Tagetik IFRS 15 solution includes features like:
IFRS 15 calculation engine
The CCH Tagetik IFRS 15 solution follows new five step methodology to recognize revenue. CCH Tagetik calculates revenue recognized, contract balances, performance obligations and contract costs according to configurable contract model settings. CCH Tagetik manages recognition of revenues in all entities, geographic locations, from any ERP system and makes analysis on corporate, segment and area levels easier. Results can be examined in IFRS full amounts and Delta bookings for ‘as-is’ and ‘to-be’ analysis.
Modelling and calculation engine
With CCH Tagetik’s unified solution and Collaboration tools organization has all the tools it needs to create and publish statements required by IFRS 9. Whether you present your report to CFO and company board in PDF format or give a PowerPoint presentation for the investors, you can remain confident that the figures and narratives are correct and auditable.