The December 15th, 2017 deadline for IFRS 15 compliance is just over two months away. A recent study shows over 50% of large public enterprises have yet to elect their adoption method, and although many emerging growth companies plan to follow the public company adoption date, they remain much further behind. Manual efforts, spreadsheets, and consultants may get you through your first few months, but that approach is not sustainable.
Identifying contracts and the obligations in them, determining the transaction price and allocating it to the obligation and recognising revenue when the obligation is satisfied all sound pretty straight forward, right?
What happens when customers change their contract with you mid-cycle? Will that break your processes?