The core principle of IFRS 15 is that revenue is recognized when the goods or services are transferred to the customer, at the transaction price. A 5-step model for revenue recognition in accordance to core principles are shown below

  • Step 1 – Identify the Contract with customer
  • Step 2 – Identify Separate Performance Obligations with contracts
  • Step 3 – Determine the Transaction Price
  • Step 4 – Allocate the Transaction Price
  • Step 5 – Recognize Revenue

Key Features

Oracle’s Revenue Management Cloud Services (RMCS) provides a centralized and configurable platform in recognizing revenue that confirms with ASC 606 and IFRS 15 accounting standards for “Revenue from Contracts with Customers”, following the contract process in 5-steps along with strong analysis and reporting solution.

  • Identify and Create the Contract with a Customer
  • Identify the Performance Obligations in the Contract
  • Determine the Transaction Price (TP)
  • Allocate the Transaction Price
  • Recognize Revenue when or as the entity satisfies a performance Obligation
  • Lucid insights with analysis and reporting
  • Increased Control with audit