{"id":5567,"date":"2017-01-10T09:23:41","date_gmt":"2017-01-10T17:23:41","guid":{"rendered":"https:\/\/blog-prod.qad.com\/blog\/?p=5567"},"modified":"2018-01-23T15:48:37","modified_gmt":"2018-01-23T23:48:37","slug":"impacted-new-revenue-recognition-rules","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2017\/01\/impacted-new-revenue-recognition-rules","title":{"rendered":"Will You Be Impacted By The New Revenue Recognition Rules?"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;5568&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">There are new revenue recognition rules that manufacturers will be facing in the near future: ASC 606 and IFRS 15. <\/span><a href=\"https:\/\/www.qad.com\/blog\/2016\/12\/new-revenue-recognition-rules-coming-soon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">There are a number of ways in which you, as a manufacturer, may be impacted<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2>Who Is Impacted?<\/h2>\n<p><span style=\"font-weight: 400;\">Manufacturers with the following characteristics are more likely to be impacted:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.qad.com\/industries\/food-beverage\">Food &amp; Beverage<\/a> \/ Consumer Packaged Goods: Sales promotions\/variable pricing<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.qad.com\/industries\/automotive\">Automotive<\/a>: Retroactive price changes, long term contracts \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.qad.com\/industries\/life-sciences\">Life Sciences<\/a>: High value equipment with required after sales service \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Project related businesses<\/span><\/li>\n<\/ul>\n<h2>A Closer Look At The New Revenue Recognition Rules<\/h2>\n<p><span style=\"font-weight: 400;\">The core principle is that revenue should be recognized in an amount and time period that is aligned with the expectation of the actual amount to be earned and when it is earned (i.e. goods or services are delivered). To achieve this core principle, an entity should apply the following steps:<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2017\/01\/rev-rec-rules-process-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5578\" src=\"https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2017\/01\/rev-rec-rules-process-1.png\" alt=\"Revenue Recognition Rules Process\" width=\"900\" height=\"525\" srcset=\"https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2017\/01\/rev-rec-rules-process-1.png 900w, https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2017\/01\/rev-rec-rules-process-1-300x175.png 300w, https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2017\/01\/rev-rec-rules-process-1-768x448.png 768w, https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2017\/01\/rev-rec-rules-process-1-696x406.png 696w, https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2017\/01\/rev-rec-rules-process-1-720x420.png 720w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/a>The new standard requires more extensive disclosures in the financial statements, even if the new rules mean for some companies that there is no real change to the process of determining revenue recognition or the results themselves. The specifics of the steps include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Identify the contract(s) with a customer <\/b><span style=\"font-weight: 400;\">\u2014 \u00a0There may be cases where what is delivered against two or more orders may be considered as part of a single contract for revenue recognition purposes.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Identify the performance obligations in the contract <\/b><span style=\"font-weight: 400;\">\u2014 It could be the case that several order lines are considered to be part of the same performance obligation, where they are not considered to be distinct promises to transfer goods or services. <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Determine the transaction price <\/b><span style=\"font-weight: 400;\">\u2014 Revenue must be allocated to performance obligations on the basis of standalone selling prices, and revenue must be determined net of variable consideration.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Allocate the transaction price to the performance obligations in the contract <\/b><span style=\"font-weight: 400;\">\u2014 There is a need for qualified accounting staff to be involved in applying judgment from the inception of contracts and through all stages of delivery against such contracts to define, estimate and record the elements required to properly determine the revenue recognition for that contract. <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Recognize revenue when (or as) the entity satisfies a performance obligation <\/b><span style=\"font-weight: 400;\">\u2014 The new standard could mean that, in some cases, revenue has to be recognized earlier than under previous standards which would have required that revenue was only recognized at the end of the process when all of the economic risk had transferred to the customer. In other cases, revenue recognition could be later than under previous standards, if all the criteria in the new standards are not met.<\/span><\/li>\n<\/ul>\n<h2>Why Are Revenue Recognition Rules Changing?<\/h2>\n<p><span style=\"font-weight: 400;\">U.S. GAAP guidelines contained both broad concepts and specific requirements by industry or transaction type which sometimes resulted in different accounting for economically similar transactions. In contrast, <\/span><a href=\"http:\/\/www.ifrs.org\/Pages\/default.aspx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IFRS<\/span><\/a><span style=\"font-weight: 400;\"> provided limited guidance making application difficult in complex transactions and for multiple element arrangements. To address these issues, the <\/span><a href=\"http:\/\/www.fasb.org\/home\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">FASB<\/span><\/a><span style=\"font-weight: 400;\"> and the <\/span><a href=\"http:\/\/www.ifrs.org\/About-us\/IASB\/Pages\/Home.aspx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IASB<\/span><\/a><span style=\"font-weight: 400;\"> initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for the U.S. \u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_cta h2=&#8221;Stay On Top Of The Changes&#8221; h4=&#8221;Learn more about the current situation of revenue recognition, these new rules and how you can be prepared for the change by reading the white paper, <i>Revenue Recognition: ASC 606 &amp; IFRS 15 From A Manufacturer\u2019s Perspective.<\/i>&#8221; add_button=&#8221;bottom&#8221; btn_title=&#8221;Download White Paper&#8221; btn_color=&#8221;warning&#8221; btn_add_icon=&#8221;true&#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;5568&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]There are new revenue recognition rules that manufacturers will be facing in the near future: ASC 606 and IFRS 15. There are a number of ways in which you, as a manufacturer, may be impacted. Who Is Impacted? Manufacturers with the following characteristics are more likely to be impacted: Food &amp; Beverage \/ [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":5568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182,199],"tags":[255,7,15,18,60,257,19,256,23,51,24,253,254],"class_list":["post-5567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-manufacturing-trends","tag-asc-606","tag-automotive","tag-enterprise-resource-planning","tag-erp-software","tag-erp-solutions","tag-financials","tag-food-beverage","tag-ifrs-15","tag-life-sciences","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>Will You Be Impacted By The New Revenue Recognition Rules?<\/title>\n<meta name=\"description\" content=\"There are new revenue recognition rules that manufacturers will be facing in the near future: ASC 606 and IFRS 15. 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