For well over two years now, project-oriented businesses have known about changes in Revenue Recognition rules (ASC 606/IFRS 15) and 2018 is the year of reckoning.
(Here is one of many resources explaining the new rules: Step-by-Step - Step 1: Differences in ASC 605 / SAB 104 and ASC 606 | GAAP Dynamics)
Epicor ERP 10 will not be ready to help companies running projects stay in compliance. At the 2017 Insights, I heard several companies ask about the new rules during Project sessions but as of now, Epicor has only heard from a few companies about the new requirements.
If your company does revenue recognition and might be affected by these changes, I would like to get a group together to help Epicor prioritize this compliance issue. If you are not sure, please pass this request along to your Accounting/Finance Department.
Please forward the following information to mwonsil@perceptron.com.
Thanks!
Mark Wonsil
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