Bramasol is the Revenue Recognition leader and a recognized SAP Revenue Recognition services partner for companies seeking to comply with and benefit from the new Rev Rec standards. Our SAP-certified experts, partnering with SAP, assisted in the majority of SAP Revenue Accounting and Reporting Ramp-Up projects. Driving Design Thinking Innovation Sessions, Proofs of Concept, and implementation projects throughout the U.S., Bramasol is the go-to partner with the experience and expertise for companies wanting to leverage SAP Revenue Accounting and Reporting to comply with ASC-606 and IFRS 15 and the newly announced IFRS 16 for leasing.
Bramasol is the first SAP Rev Rec expert to develop a specific RevRec methodology and the first to add Fiori and Lumira to RAR to create more compelling analytics and further simplify and enhance the user experience.
Our SAP RAR Cloud Platform and RADARR methodologies can have you working in and testing the latest SAP RAR 1.2 solution and innovations.
On July 09, 2015, the FASB and the International Accounting Standards Board (IASB) issued guidance deferring compliance with the new standards, ASC 606 and IFRS 15 to January 1, 2018. Public companies have until January 1, 2018 to comply with the new standards. And, if you plan on at least two periods of parallel reporting, you have even less time to get ready. Will you be #RevRecReady
The current standards recommendations are a culmination of many years of deliberation, consultation, and work on the part of FASB and the IASB to harmonize the way companies calculate and report deferred revenue.
The objective of the new guidance is to establish the principles to report useful information to users of financial statements about the nature, timing, and uncertainty of revenue from contracts with customers. The new guidance:
Removes inconsistencies and weaknesses in existing revenue requirements
Provides a more robust framework for addressing revenue issues
Improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets
Provides more useful information to users of financial statements through improved disclosure requirements
Simplifies the preparation of financial statements by reducing the number of requirements to which an organization must refer
SAP has been there since almost the beginning. Starting in 2009, SAP has been at the table with participation from their chief accountant in recommendations, commentary and deliberation on the new standards.
The Foundation of the New Standards is the Five-Step Model
SAP and Bramasol are your source for the most robust and up to date solutions and we can help you prepare.
The New SAP Revenue Accounting and Reporting Solution
To support customers with this new standard, SAP has completed a multi-year development effort and has created SAP Revenue Accounting and Reporting to be ASC 606 and IFRS compliant from the ground. Starting with the first release in 2015, SAP has continued to add features to address requirements laid out in the new regulations. The most recent release, SAP RAR 1.2 is designed to specifically address requirements derived from the new accounting standards particularly in the areas of costs, contract management, and data transition across various accounting principles, as well. SAP RAR simplifies and automates even complex revenue accounting processes. SAP’s RAR Solution automates and simplifies revenue accounting for companies large and small and is the solution that was designed with the latest Revenue Recognition Standards in mind. SAP RAR 1.2 is the only solution to support multiple standards.
Bramasol is a co-innovation partner and part of the ramp-up and Early Customer Adoption (ECA) programs participating in over a dozen projects and can assist your firm in navigating the new standards and preparing for them.
Bramasol Approach – Key Steps
Bramasol works with you to evaluate the system changes needed under the new regulations, determine how significant they will be going forward, and lay out a path toward implementation with an emphasis on the impact to the SAP system. As a partner in the SAP’s revenue recognition software development program, we are a certified partner for the SAP Revenue Accounting and Reporting (RAR) latest release and an active SAP Ramp-Up (Early Adopter) program leader. Our methodology and approach will help ensure that you can meet the upcoming changes to the standards.