ifrs 15 key capabilities include
Powerful IFRS 15 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 IFRS 15 revenue recognition for all entities of your organization, across any geographical location, from any ERP system and also facilitates analysis at Group, Segment or Region levels. Calculate actuals or forward looking for planning and forecasting. Results can be viewed IAS 18, IFRS 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 IFRS 15 compliant. The kit includes custom IFRS 15 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, Porfolio, or hybrid levels. Contract duration can be input or calculated. Performance Obligations can be point-in-time or over time. 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.
Tagetik's IFRS solutions are non-disruptive to existing architectures - they integrate with all your systems, including Tagetik CPM and non-Tagetik applications, on premises or on the cloud. Tagetik's ETL capabilities allow you to seamlessly integrate with any source system to import or export data.
Contract Data Mart
The solution creates a contract data mart for IFRS 15 and other reporting requirements. From the single version of the truth, you can accurately calculate, report and disclose while minimizing risk. Tagetik integrates with Qlik Sense and Microsoft BI solutions so you can easily analyze and drilldown as deep as you need to. When you’ve got the confidence in your numbers, you can spend more time on analysis and forward planning.
Modelling and Calculation Engine
With 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 and our Collaborative Office solution makes it easy to report while adhering to IFRS 15’s disclosure requirements. Whether you are providing a drillable financial statement to your CFO, a pdf board book, a PowerPoint presentation for your investors or an IFRS 15 submission to IASB or FASB board or to regulators; have complete confidence that numbers and narrative are accurate and auditable.
GET AHEAD OF THE CURVE ON IFRS 15 COMPLIANCE
Workflow and Collaboration
Finance, sales, and operations are better aligned using Tagetik’s preconfigured workflow and communication tools that unify the entire cycle and keep contributors on track and reports on time.
Even with multiple diverse data sources, granular data, and complex calculations, Finance owns and manages the entire process from start to finish.
Users can see who, when, and where data came from, it’s entire lifecycle, down to the metadata. With Tagetik, you get a detailed audit trail for full transparency.
Easy to Use
Intuitive user experience, pre-configured calculations and templates make IFRS 15 compliance as simple as possible for everyone involved.
Reuse Valuable Data
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 of errors, inconsistencies or omissions by using packaged templates and disclosure reporting intelligence.
Part of Unified CPM
No single regulatory report is an island, it’s the outcome of your entire financial management processes and reporting systems. Tagetik is the only unified CPM solution to drive numbers accurately and efficiently into regulatory reports.
Cloud without Compromise
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 Tagetik for a smooth, non-disruptive solution.
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