This solution has been made to make the new revenue from contracts standard (ASC 606/IFRS 15) as easy as possible to implement.

 

Dynamic questions asking only what each contract requires.

Over 200 examples and excerpts from the standard written in easy to understand English.

Full analysis of contracts with the calculation of the measure of progress to date.

Excerpt from report for above measure of progress

Full audit ready report for each contract with numbers output on CSV files for regular reporting needs with authorization levels for users and reviewers.  

IFRS 15 and US GAAP’s ASC 606 new revenue recognition standards create a complex set of requirements that must be met before companies can recognise revenue. Our interactive software simplifies the complexity and helps users analyse their contractual relationships to determine the appropriate accounting. Users are guided by a series of questions that will help them navigate through the maze of requirements. The analysis is dynamic and future questions change depending on earlier responses.

Not only will companies be required to analyse each contract, or portfolio of contracts, separately but they will also have to prepare detailed supporting documentation to provide to auditors. Our revenue recognition software automatically does this for you. After the relevant questions have been answered, a comprehensive report with references to the underlying literature (IFRS and US GAAP) is automatically generated. Comment boxes are included throughout the process thereby giving users the ability to provide bespoke commentary that will feed directly into the report. This functionality will give the users the ability to elaborate on specific points and provide the basis for conclusions when judgment calls have been made. Our revenue recognition solution also gives the user the opportunity to upload contracts and supporting documentation.

For more information or to schedule a demonstration or to try, out please contact frazer@tasglobal.co.

Revenue recognition solution

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Revenue Recognition