The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued new standards for revenue recognition that will significantly change how companies record revenue. The new standards specify a five-step process for recognizing revenue and will require companies to modify their processes and systems to ensure compliance. Nakisa and SAP have collaborated on a solution to help companies assess readiness, unify contract data, and gain visibility into revenue information for compliance with the new standards.

1. FINANCE
The Financial Accounting Standards Board (FASB) and
International Accounting Standards Board (IASB) have
issued a new standard for revenue recognition, which will
significantly change the way by which companies record
revenue.
The new regulations Revenue from Contracts with
Customers are being considered as the biggest change to
accounting rules in years. For a smooth transition, early
preparation is not only recommended by experts, but
crucial for successful compliance. With this in mind, smart
companies are modifying processes and systems today,
to ensure compliance and uninterrupted operations
tomorrow.
The new standards specify a five-step process for
recognizing revenue:
1. Identify the contract with the customer
2. Identify the separate performance obligations
3. Determine the transaction price
4. Allocate the transaction price to the separate
performance obligations in the contract
5. Recognize revenue when (or as) the business
satisfies a performance obligation
Nakisa and SAP have collaborated on a solution,
extending SAP’s revenue recognition and accounting
capabilities.
It provides a centralized repository for abstracting,
analyzing, and assessing revenue contract data in a
compliant manner.
The solution enables your organization to:
99 Assess readiness for the new accounting
standards and adopt the right tools for reporting
compliance
99 Unify all sales contracts data into a single
repository
99 Gain visibility into revenue-related data for better
strategic planning and cost-efficient decision
making
99 Obtain required accounting, financial, and audit
validations quickly and efficiently
Copyright © 2015 Nakisa Inc. All rights reserved.
GAIN A 360-DEGREE VIEW OF YOUR CONTRACT OBLIGATIONS
for more efficient compliance and costs savings
Solution Brochure
Revenue Recognition

2. A global leader in enterprise business solutions for Human
Capital Management (HCM) and Finance, Nakisa delivers
innovative, forward-thinking and robust human resource
and financial management solutions that advance your
business strategies. Available on premise and in the cloud.
See what’s possible with Nakisa’s powerful visualization
technology:
HCM: Nakisa’s Accelerators suite is designed to optimize
organizational transformation, empower talent and
stimulate employees’engagement to deliver business
results in an holistic fashion. In addition, Nakisa’s
organizational and talent management solutions ensure
organizational agility and promote alignment between the
workforce and business strategies.
Finance: Nakisa’s lease administration, revenue
recognition and equipment lease management solutions
help customers better manage their assets and comply
with accounting regulations.
Working with a global network of partners and as a Tier 1
partner of SAP® since 2007, Nakisa serves 800+ enterprise
customers and over 4 million subscribers in 24 industries.
Nakisa is proud to work with some of the world’s most
renowned brands.
Copyright © 2015 Nakisa Inc. All rights reserved.
KEY CAPABILITIES
A solution built for compliance
Following the new five-step process for recognizing revenue,
the solution helps you aggregate data into a single point of
access for all contract information. Tag data entries and record
any changes made throughout the life-cycle of a contract, as
well as the author. You can establish and maintain an audit trail
of actions and decisions made throughout the data collection
and revenue recognition process to ensure full traceability,
compliance and reporting.
Contract summaries for audits and approvals
By generating contract summaries, users will be given a
snapshot of all information that is relevant for reviews and
audits, including a summary of performance obligations that
are accessible for all stakeholders.
Role-based and user-friendly interface
Define user-roles and permissions to ensure compliant visibility
into revenue contracts and data.
Thanks to the modern, rich and intuitive design, the interface
only requires minimal user training.
Stakeholders collaboration in the data collection process
Users can send messages, receive alerts, validate data accuracy,
and quickly approve decisions throughout the lifecycle of a
contract. The result is improved data accuracy and lower risk of
non-compliance through the consistent review of information
by legal advisers, accountants, government bodies, consultants,
and other relevant stakeholders.
Configurable interface
For specific business requirements, the solution provides a
configurable interface and AdminConsole™ that allow you to
customize revenue contract attributes. Maximizing flexibility
and efficiency, it helps simplify and standardize data entry for
any revenue transaction types, such as performance-based
incentive fees, licenses of intellectual property, future upgrades,
additional vendor obligations, and more.
Built for compliance, the data collection follows the five-step process for
recognizing revenue, as required by the new accounting standards