{"id":6063,"date":"2017-09-19T08:43:08","date_gmt":"2017-09-19T15:43:08","guid":{"rendered":"https:\/\/blog-prod.qad.com\/blog\/?p=6063"},"modified":"2023-09-06T16:00:42","modified_gmt":"2023-09-06T23:00:42","slug":"qad-revenue-recognition-timing-solved","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2017\/09\/qad-revenue-recognition-timing-solved","title":{"rendered":"QAD Revenue Recognition: A Timing Issue Solved"},"content":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;6064&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">The deadline for implementing new revenue recognition rules is fast approaching. Whether you would like to automate existing practices or meet compliance requirements of the new standards, QAD has a solution to help. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Revenue Recognition Compliance \u2014 Are You Affected? <\/span><\/h2>\n<p><a target=\"_blank\" href=\"https:\/\/www.qad.com\/blog\/2017\/01\/impacted-new-revenue-recognition-rules\/\" rel=\"noopener\"><span style=\"font-weight: 400;\">Requirements for revenue recognition<\/span><\/a><span style=\"font-weight: 400;\"> arise due to the timing of control of a good or service passing to a customer. With the advent of ASC 606 \/ IFRS 15 \u2018Revenue from Contracts with Customers,\u2019 the new rules can create more instances when decoupling of revenue from invoicing are required due to revised interpretations of what constitutes a sale. <\/span><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.qad.com\/blog\/2016\/12\/new-revenue-recognition-rules-coming-soon\/\" rel=\"noopener\"><span style=\"font-weight: 400;\">The deadlines for ASC 606 and IFRS 15 are December 15, 2017 and January 1, 2018<\/span><\/a><span style=\"font-weight: 400;\"> respectively with many of you planning for implementation and discussions with auditors completed. QAD offers an automated solution for existing and new revenue recognition requirements to reduce the amount of manual work required to control revenue recognition in your financial accounts. The solution also assists with meeting advanced requirements set out in the new accounting guidelines. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">QAD Revenue Recognition \u2014 Standard and Advanced Solutions<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">QAD Revenue Recognition automates many of the standard revenue recognition practices otherwise conducted manually by your finance department. The solution creates revenue contracts automatically and adds performance obligations linked to sale of a good or service. A revenue recognition rule is assigned which defines how and when revenue will be recorded, the timing of control passing is the deciding factor. Recognition patterns relevant to the <a href=\"https:\/\/www.qad.com\/solutions\/manufacturing-erp\">manufacturing<\/a> industry are included as standard within the solution. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Advanced functionality arising from requirements of ASC 606 \/ IFRS 15 allows creation of an allocated transaction price to equally assign a discount across all items in a contract. The solution also offers the ability to use estimated prices or quantities to comply with a specific requirement in ASC 606 \/ IFRS 15 to account for uncertainties upfront in a contract. New reporting requirements are also arising and the solution offers the ability to meet many of these needs. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Revenue Recognition at Explore 2017<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In case you missed it, I presented on this topic at Explore 2017<\/span><span style=\"font-weight: 400;\">. I\u2019m interested in hearing what you think or answering any questions you have, so please leave a comment and we can discuss.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;6064&#8243; img_size=&#8221;full&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]The deadline for implementing new revenue recognition rules is fast approaching. Whether you would like to automate existing practices or meet compliance requirements of the new standards, QAD has a solution to help. Revenue Recognition Compliance \u2014 Are You Affected? Requirements for revenue recognition arise due to the timing of control of a [&hellip;]<\/p>\n","protected":false},"author":48,"featured_media":6064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182,199],"tags":[255,6,9,319,353,354,15,112,18,256,24,151,29,32,254,355],"class_list":["post-6063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-manufacturing-trends","tag-asc-606","tag-automation","tag-cloud-erp","tag-compliance","tag-contracts","tag-customers","tag-enterprise-resource-planning","tag-erp","tag-erp-software","tag-ifrs-15","tag-manufacturing","tag-manufacturing-software","tag-qad","tag-qad-erp","tag-revenue-recognition","tag-solution"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Revenue Recognition: QAD Has a Solution for the New Rules<\/title>\n<meta name=\"description\" content=\"The deadline for implementing new revenue recognition rules is fast approaching. 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