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Hi together,

how can I account for the 5 step model required under IFRS 15 Revenue recognition in IFS 10?

A possible clients asked about it whether IFS 10 has equivalent possibilities to acccount for IFRS 15 like external Enterprise Revenue Management softwares, e.g. Softrax or Workday.

Does anybody know how the flow works in IFS 10 (maybe via a combination of Contract Management, Project Management and Financials?) or whether the client will better need an external software after his upgrade to IFS? 

Thank you!

Mathias

Hi

What i understand from IFS team, there is a webinar on IFRS 15. Can someone share the link for this webinar.

 

In Apps 10, IFS introduced the concept of event based revenue recognition for projects. Basically you link revenue and costs to a project and set the project to be capitalised. Each IFRS15 performance obligation is held as an event with an associated revenue and cost. IFS will recognise the relevant revenue and cost when you mark an event as fully or partially completed. I’ve attached an presentation I put together a while ago that tries to explain how it works.

Thanks Craig, really useful presentation

 

Thats great. Thank you Craig!

Hmm, the attachment cannot be opened, but i would be very interested to see this one. Anyone who can share it again?

Hmm, the attachment cannot be opened, but i would be very interested to see this one. Anyone who can share it again?

Here you go

Uploading doesn’t seem to work for some reason. Try this link EventBasedRevenueRecognition.pdf!--startfragment>

 

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