IFRS15 – HSolutions

IFRS 15

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.

CCH Tagetik creates a data model in compliance to IFRS 15. Solution includes custom dimensions like: contract, entity, performance obligations, sales channel vendor and more. CCH Tagetik also includes modelling tools that you can use to expand and manage a library of contract data models.

Preconfigured solution

Integrability

Given the advantage of unified and modular system, using CCH Tagetik you are able to create IFRS 15 specific calculations and import from data from other systems already present (e.g. classifications, risk data etc.) If your company operates in financial sector, you will be pleased to know that with CCH Tagetik you will be able to manage, validate and automate loading of data coming from other systems.

The CCH Tagetik solution creates a leasing database compliant with the IFRS 15 reporting requirements, making it easy to meet with other reporting requirements, aswell. The CCH Tagetik Unified Solution architecture enables you to calculate, report and reveal accurately possible risks and minimize their effect on you business. The CCH Tagetik solution integrates seamlessly with Qlik Sense ja Microsoft BI-solutions, so you are able to drill down into the lowest level of data needed for analysis. When you learn to trust the numbers and their validity, you can spare time on analysis and planning, and actually make your business more competitive.

Contract database

Modelling and calculation engine

With the power of CCH Tagetik’s calculation and analytics engine you process and calculate vast amounts fast. Flexible modelling helps you to ease the process of defining calculation logics and rules and remain compliant to IFRS standards.

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.