Are You Preparing for New Accounting Changes in Revenue Recognition?
Separating Billing and Revenue in PeopleSoft Update Image 10
In May 2014, FASB and IASB released the new standard for revenue recognition. While the ruling isn’t effective until 2017 there is much preparation beginning now and many decisions that need to be made as well. If you stay up-to-date with your PeopleSoft images the enhancements will allow for a smoother transition to the new standards so it is a wise decision to stay current.
Companies across all industries will use the 5 step method below to recognize revenue from customer contracts.
PeopleSoft FSCM Update Image 10 provides enhancements in PeopleSoft Contracts and Project Costing to support customers in their transition to the new accounting standards. There is a recent Oracle blog post discussing the enhancement of separating billing and revenue in Image 10.
For additional information you can find the Oracle PeopleSoft Red Paper Separating Revenue from Billing 9.2 under My Oracle Support.
In the meantime, please be sure to contact Larry Zagata if you have questions about any of the recent changes to PeopleSoft or ANY PeopleSoft questions.