Bramasol, SAP and EY collaborate on summit to help companies prepare for significant upcoming revenue accounting changes
Bramasol, SAP and EY collaborate on summitto help companies prepare for significant upcoming revenue accounting changes
Santa Clara, CA – October 31, 2014 – Bramasol, Inc. today announces that it is joining with SAP SE and Ernst & Young LLC (EY) to host an exclusive Revenue Recognition Summit on November 4, 2014 at the SAP Executive Briefing Center on Hillview Ave. in Palo Alto, CA. The summit will focus on how companies can ensure that their processes, controls and systems are ready to meet the latest revenue recognition accounting standards.
In May 2014, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) issued the new International Financial Reporting Standard (IFRS 15 / ASU 2014-09, ASC 606), which specifies the accounting guidance for revenue recognition. The new standard becomes effective January 1, 2017 in countries adhering to U.S. GAAP and to IFRS. It will impact companies in every industry in countries around the world
Bramasol is a leader in helping companies such as Palo Alto Networks prepare their enterprise resource planning (ERP) systems and business processes for the new revenue recognition standards. “We are excited about this event and the power of SAP, EY and Bramasol to support customers in their revenue recognition activities,” remarked Dave Fellers, CEO of Bramasol. “We are even more excited to be able to share how we have helped our clients navigate the intricacies of the new standards.”
Palo Alto Networks’ Allan Rixen, Senior Director IT, will be sharing how he partnered with Bramasol to help get the company’s SAP® software and systems ready for the upcoming changes. “Bramasol has been a crucial partner to help us update our SAP ERP application and related systems to be ready,” he said.
Karl Kieslisch, partner with EY, will be speaking about the new accounting standards and sharing insights that cross all areas of the business. “Many companies believe that revenue recognition applies only to finance, but it has far broader impact,” he said. “Revenue recognition has implications for asset valuation, compensation, pricing, and discounting policies. We are excited to be collaborating with leaders like SAP and Bramasol to help clients understand this and what they can do to be prepared.”
“SAP has been actively preparing for this change for several years,” said Pete Graham, director, Finance Solutions and Mobility at SAP. “To support our customers with this new standard, we have now completed a multi-year development effort with a new standard SAP solution, now in ramp-up, with plans for a launch in March 2015. The application, SAP Revenue Accounting and Reporting 1.0, is designed to specifically address requirements derived from this new accounting standard and generic requirements related to revenue recognition across various accounting principles, as well.”
For companies that manage deferred revenue, multi-element bills of material and long-term subscription contracts, the new changes will have broad effects. By attending the summit, it is anticipated that participants will better understand how they can prepare their systems, processes and controls to meet them.
Bramasol delivers business solutions for mid- to large-sized companies throughout the western U.S. as an SAP gold channel partner. Bramasol specializes in developing, selling, implementing and supporting SAP® software within five core industries: high-tech software; high-tech OEM; discrete manufacturing; telco, wireless, and internet services; and sports and venue management. Product expertise spans solutions including SAP Business Suite, SAP Business All-in-One, SAP BusinessObjects™ business intelligence solutions, SAP cloud solutions including SAP Business ByDesign®, the SAP HANA® platform and mobile solutions. With a strong history with SAP and a focus on SAP solutions, Bramasol began as one of SAP’s original channel partners in 1996 and continues to drive thought leadership and innovation today in support of the latest SAP technologies. The Bramasol team believes every business has the right to excel. The company offers high-quality consulting and support services to help customers solve their toughest challenges using products from SAP, the world leader in enterprise software and software-related services (by revenue).
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