The new international accounting standard for revenue recognition (IFRS 15), who after years of deliberations by the International Accounting Standards Board (IASB ) and the U.S. standard setter Financial Accounting Standards Board (FASB ) is nearing publication, according to estimates by SAP a significant impact bring to their own industry with it.
"The consequences for the software industry are essential", the designated Chief Financial Officer Luka Mucic says in the interview, the stock market newspaper. The existing provisions of U.S. GAAP, which are also observed by Software Company outside the United States for better comparability with U.S. competitors in many cases, would have been given a very narrow and sometimes extremely conservative corset. The new standard is much less conservative. "This means that software companies must not only implement the new rules, but also determine how they want to deal with the new flexibility.”
Other industries, particularly if they offer various goods
and services under a single contract, will, according to experts from the be
affected by the new standard. SAP, which is often sold with their software and
maintenance services, had been involved from the beginning in the development
of the new standards, the acting CFO Werner Brandt also says in the interview,
the stock market newspaper. The new standard will lead to significant changes
in the revenue recognition of the Dax Group. "We are already for some time
in analyzing these changes and this analysis will now conclude on the basis of
the final version.” The 60 -year-old Brandt, who stands at the head of the
financial department of SAP since 2001, the end of June adopted in retirement.
For him, takes over the 18-year younger Luka Mucic, who will be in a DAX-listed
companies from 1 July of the current youngest CFO.
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