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Revenue Accounting: ASC 606 & IFRS 15

ASC 606 & IFRS 15 Software Solution

CCH Tagetik for Revenue Accounting ASC 606 & IFRS 15 software solution gets you compliant quickly with the new revenue recognition regulations for IFRS 15 and ASC 606. CCH Tagetik has created an automated solution for data collection, calculations, reporting and disclosures of revenue from contracts. See our IFRS 15 capabilities below.


Stay compliant with ASC 606 & IFRS 15 adopting our cloud or on premise solution for Revenue Accounting.


Watch 2-min demo    Download Brochure

Revenue Accounting key capabilities include

 

Powerful Calculation Engine

The solution starts you on the way to compliance by following the new five step methodology to recognize revenue. Tagetik calculates revenue recognized, contract balances, performance obligations and contract costs according to configurable contract model settings. Tagetik manages revenue recognition across all entities, geography, from any ERP system and also facilitates analysis at Group, Segment or Region levels. Results can be viewed IFRS/ASC full amounts and Delta bookings for ‘as-is’ and ‘to-be’ analysis.

 

A Pre-Built Solution

Out of the box, users get a data model that’s compliant. The kit includes custom dimensions like: contract, entity, performance obligations, sales channel vendor and more, and a suite of modelling tools, so that you can extend and manage a library of contract data models. Calculate contract by contract, Portfolio, or hybrid levels. Transaction price is handled using price lists calculated based on discount, incentives, contract duration, etc. Standalone selling price (SSP) can be imported, input or calculated.

 

Integrated solution

CCH Tagetik for IFRS integrates with all your systems, including CCH Tagetik CPM and non-CCH Tagetik applications. The solution is non-disruptive to existing architectures. Whether you choose to deploy on-premises or on the cloud, ETL capabilities allow you to seamlessly integrate with any source system to import or export data.

 

Contract Data Mart

CCH Tagetik comes complete with a data repository for contracts in order to meet IFRS 15's requirements. Calculate,  create disclosures and reports using a single version the truth for all contract information. What's more? CCH Tagetik integrates with Qlik Sense and Microsoft BI solutions so you can easily visualize, analyze and drill into data.

 

Modelling and Calculation Engine

With CCH Tagetik’s calculation engine and the power of analytics, you can process and calculate large volumes of data quickly. Flexible modelling allows you to easily configure calculation logic and rules with a Finance friendly interface to stay compliant.

 

Disclosure and Reporting

A single version of data makes it easy to analyze, drill down to details, and report while adhering to IFRS 15 & ASC 606 disclosure requirements. With our additional Collaborative Office solution, you can easily create a MS Word financial statement, a pdf board book, a PowerPoint presentation or a submission to regulators; have complete confidence that numbers and narrative are accurate and auditable.

eBook: IFRS 15

Introducing IFRS 15


On January 1, 2018, say hello to IFRS 15: Revenue from Contracts with Customers. IFRS 15 will impact your disclosure and reporting practices. How will reporting companies be able to comply quickly?

Get ahead of the curve on Revenue recognition compliance

Workflow and Collaboration
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Finance, sales, and operations are better aligned using CCH Tagetik’s preconfigured workflow and communication tools that unify the entire cycle and keep contributors on track and reports on time.

Finance Powered
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Even with multiple diverse data sources, granular data, and complex calculations, Finance owns and manages the entire process from start to finish.

Audit Trail
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Users can see who, when, and where data came from, it’s entire lifecycle, down to the metadata. With CCH Tagetik, you get a detailed audit trail for full transparency.

Easy to Use
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Intuitive user experience, pre-configured calculations and templates make IFRS 15 compliance as simple as possible for everyone involved.

Reuse Valuable Data
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Reuse the same data across multiple internal and external reporting requirements. Upload data with adjustments back to source systems for consistent data across systems.

Reduce Risk
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Reduce risk of errors, inconsistencies or omissions by using packaged templates and disclosure reporting intelligence.

Part of Unified CPM
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No single regulatory report is an island, it’s the outcome of your entire financial management processes and reporting systems. CCH Tagetik is the only unified CPM solution to drive numbers accurately and efficiently into regulatory reports.

Cloud without Compromise
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On Cloud. On Premise. One Solution. Whether you choose cloud or on-premise, it’s the same solution that’s owned and operated by finance.

On Demand Webinar

On the move for IFRS 15 & 16. How to be compliant with no disruption.

In this webinar, senior IFRS consultant, Tom Borsboom will dig deep into both IFRS 15 and 16. He’ll discuss the coming requirements, the impacts your systems will face, and how your company can leverage CCH Tagetik for a smooth, non-disruptive solution.

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