IFRS15 - What have we learnt?

It is now over a year since many firms went live with IFRS 15 solutions. In this article we want to review what has happened over this time, digest what we have learnt and take a look to the future.

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Turning IFRS15 into a business advantage

IFRS15 went live in 2018. It is the new accounting standard for revenue recognition and impacts sectors that sell contract-based products and services, such as Telcos. Several firms implemented new, automated accounting rules solutions like FastPost for IFRS15, but many still use spreadsheets and manual workarounds which are inefficient, error prone and not sustainable.

Telcos constantly deliver rapid innovation to consumers and businesses around the world. Whether this is new 5G services, bundled mobile and data packages or more flexibility in contract terms, all have an impact on backend finance systems and IFRS15 accounting.

FastPost has been live in many global Telcos since 2018. It provides daily IFRS15 accounting for millions of contracts and delivers a fully automated revenue recognition data flow.

FastPost continues to help firms launch new products and services to market in an agile and controlled manner. User defined accounting rules can be easily updated, and the flexible data API allows rapid integration. Major new products launches can be live within full end to end control within a few weeks.

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FASTPOST

How FastPost helps you handle IFRS 15

Complexity

FastPost helps to manage IFRS15 complexity – mapping business events against new accounting rules and allowing users to create and implement rules quickly.

On Demand Processing

FastPost uses the latest advancements in memory processing and data storage technology to process and report on millions of transactions in minutes.

Reporting

FastPost handles the increased data granularity of IFRS15, allowing users to obtain improved profitability, lifetime value and planning analytics.

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