Session ID: 10086
Abstract: The new Revenue Recognition rules defined under ASU 2014-09 and IFRS 15 require defining Performance Obligations for each contract and assigning a contract value to each obligation for consistent and streamlined revenue recognition. The framework to achieve this requirement is built into Oracle Projects Release 12.2.5. This paper shows how you can leverage new features around Schedule of Values in Oracle Projects Release 12.2.5 to meet the new revenue recognition requirements under the revised GAAP and IFRS rules.
Objective 1: Explain the current environment for revenue recognition practices among services organizations
Objective 2: Discuss rule changes for Revenue Recognition for Services orgs under ASO 2014-09 and IFRS 15
Objective 3: Describe the impact of the rule changes on existing users and business practices
Objective 4: Describe the new features in Oracle Projects R12.2.5 that enable compliance with the new rules
Objective 5: Show how to deploy the new features to enable compliance with the new revenue recognition rules
Audience: Financial or Internal Control Manager