{"id":5534,"date":"2016-12-08T07:45:58","date_gmt":"2016-12-08T15:45:58","guid":{"rendered":"https:\/\/blog-prod.qad.com\/blog\/?p=5534"},"modified":"2020-11-06T15:19:17","modified_gmt":"2020-11-06T23:19:17","slug":"new-revenue-recognition-rules-coming-soon","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2016\/12\/new-revenue-recognition-rules-coming-soon","title":{"rendered":"New Revenue Recognition Rules Are Coming Soon"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;5535&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">New revenue recognition rules will soon be taking effect, and they may have a significant impact that complicates revenue recognition for manufacturers.<\/span><\/p>\n<h2>A Step Back: The Current Situation of Revenue Recognition<\/h2>\n<p><span style=\"font-weight: 400;\">The objective of the new rules is to establish the principles for reporting useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue from contracts with customers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">From a manufacturer?s perspective the following are some examples of practices that may be impacted: <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Goods and services on same order or that are interrelated or cannot be used independently (for example required installation services for a piece of machinery) <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Selling goods with volume discounts, rebates, interest-free credit, financing arrangements, discounted settlement terms or entitlements to free goods <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Using Incoterms (International Commercial Terms) that transfer title to goods on receipt <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Selling goods on a sale or return basis <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Providing a warranty with your products <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Changing prices for products during life of an order <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The <\/span><a target=\"_blank\" href=\"http:\/\/www.fasb.org\/home\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Financial Accounting Standards Board<\/span><\/a><span style=\"font-weight: 400;\"> (FASB) and the <\/span><a target=\"_blank\" href=\"http:\/\/www.ifrs.org\/About-us\/IASB\/Pages\/Home.aspx\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">International Accounting Standards Board<\/span><\/a><span style=\"font-weight: 400;\"> (IASB) jointly drafted the standards embodied in FASB Accounting Standards Codification (ASC) 606 and International Financial Reporting Standards (IFRS) 15 respectively. These standards help to clarify the principles for recognizing revenue and can be applied consistently across various transactions, industries, and capital markets. Both are designed to improve financial reporting from associated accounting services by creating common revenue recognition guidance for U.S. GAAP and IFRS. These are one of many principles you can learn in financial accounting.\u00a0<\/span><\/p>\n<h2>When Will These Revenue Recognition Rules Become A Requirement?<\/h2>\n<p><span style=\"font-weight: 400;\">Under ASC 606, public organizations should apply the new revenue standard to interim reporting periods within annual reporting periods beginning after December 15, 2017. Nonpublic organizations should apply the new revenue standard to interim reporting periods within annual reporting periods beginning after December 15, 2018. IFRS 15 is effective for the first interim period within annual reporting periods beginning on or after January 1, 2018, with early adoption permitted.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_cta h2=&#8221;Want even more information?&#8221; h4=&#8221;Learn more about the current situation of revenue recognition, these new rules and how you can be prepared for the change.&#8221; add_button=&#8221;bottom&#8221; btn_title=&#8221;Download White Paper&#8221; btn_color=&#8221;warning&#8221; btn_link=&#8221;url:http%3A%2F%2Fwww.qad.com%2Fdocuments%2Fwhite-papers%2Frevenue-recognition-whitepaper.pdf|title:Download%20White%20Paper|target:%20_blank&#8221;][\/vc_cta][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;5535&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]New revenue recognition rules will soon be taking effect, and they may have a significant impact that complicates revenue recognition for manufacturers. A Step Back: The Current Situation of Revenue Recognition The objective of the new rules is to establish the principles for reporting useful information to users of financial statements about the [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":5535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182,199],"tags":[255,15,18,60,257,256,51,24,253,254],"class_list":["post-5534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-manufacturing-trends","tag-asc-606","tag-enterprise-resource-planning","tag-erp-software","tag-erp-solutions","tag-financials","tag-ifrs-15","tag-manufacturers","tag-manufacturing","tag-revenue","tag-revenue-recognition"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Revenue Recognition Rules Are Coming Soon - 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