The implementation of the new Revenue Recognition Standard IFRS 15 can be a huge challenge for companies. The main problems are not the new postings themselves – the required classification of the contracts and combination of different performance obligations make it difficult to retrieve and maintain the contract data. There are four major areas to master in order to implement the new accounting rules.
Beside the coverage of the areas above, an IFRS 15 Software has to cover different kinds of business models. Each business model has its unique adjustment need. In addition, those adjustment needs can be calculated Contract-by-Contract or together as a portfolio. The following list is showing the most important IFRS 15 adjustment needs.