Take the complexity out of revenue recognition. Address IFRS 15 and ASC 606 with a pre-configured starter kit that is easy-to-use and quick to implement. CCH Tagetik Revenue Accounting provides you with all the functionality to apply the new five step methodology to recognize revenue – including calculating revenue recognized, contract balances, performance obligations and contract costs.
Flexible and ready for you to extend, CCH Tagetik includes a data repository, calculations, reporting, disclosures and workflow. Built for finance, users can easily update the software without coding. No matter how many entities, countries, or ERP systems you’re working with, CCH Tagetik’s unified platform ensures consistent revenue recognition policies are applied to make complex compliance easy.
3 reasons why CCH Tagetik Revenue Accounting let's you focus on your business
Moving to a forward-looking approach, increasing transparency, and improving disclosures requires a solution that will integrate quickly and easily while remaining flexible for future changes and be compliant at the same time.
The IFRS accounting changes have pervasive impacts and require a solution which can meet demanding functional and data requirements. CCH Tagetik offers an integrated IFRS platform that enables the CFO and the office of finance to be compliant with the IFRS changes and also obtain valuable insights into the business performance.
Revenue Accounting Demo
CCH Tagetik’s starter kit enables you to manage all contracts, connect all data sources, and comply quickly with the five-step revenue model.
- Powerful calculation engine
- Single repository for drill-down and analysis
- Planning and what-if scenarios
- Automates compliant journals and disclosures
- Boost efficiency with workflow and audit trail
Key Benefits you will gain with CCH Tagetik revenue accounting software
Thousands of contracts, one data model. While CCH Tagetik’s starter kit comes pre-built with everything you need to be compliant, you can easily update the solution to meet your unique needs.
- Simplify compliance with pre-built solution
- Automate data validation in a central repository
- Mitigate risk with end-to-end solution
- Reduce IT needs with a finance-owned solution
- Align all stakeholders with trusted reports
What is IFRS 15?
IFRS 15: Revenue from Contracts with Customers is a new regulation effective January 1, 2018. It specifies:
- How and when IFRS reporters will recognize revenue
- Requirements for more informative, relevant disclosures for those who use financial statements
First proposed on May 28, 2014, it has been published as a part of the IFRS/US GAAP convergence project by the IASB and FASB. Its objective is to provide more clarity around the nature, amount, time and uncertainty of revenue and cash flows in contracts with a customer found in financial statements. The standard will apply to all IFRS reporting entities and all contracts with customers except leases, financial instruments and insurance contracts.
According to IFRS.org, IFRS 15 sets out to:
- Remove inconsistencies and weaknesses in existing revenue recognition standards by providing clear principles for revenue recognition in a robust framework
- Provide a single revenue recognition model which will improve comparability over a range of industries, companies and geographical boundaries
- Simplify the preparation of financial statements by reducing the number of requirements that preparers have to refer to
IFRS 15 also introduces a five step methodology for transaction analysis and survey revenue definition, with greater emphasis on timing and amounts.
- Identify the contract with the customer
- Identify performance obligations in the contract
- Determine the transaction price
- Allocate the transaction price to the performance obligations in the contract
- Recognize revenue when (or as) the entity satisfies a performance obligation.
The industries the standard is set out to impact most are: telecommunications, media, healthcare and pharmaceuticals, construction, energy, distribution, airlines and travel, retail, transportation, distributors, and information technology.
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(IFRS 16 & ASC 842)