The effective date for public entities is expected to start with reporting periods beginning on or after December 15, 2017. The effective date for nonpublic entities will be deferred for one year to annual reporting periods beginning after December 15, 2018 and interims beginning after December 15, 2019. Early adoption is permitted one year earlier than these dates.
If you haven’t heard of this, you may want to look into the solution that JD Edwards has introduced in releases 9.1 and 9.2. This functionality it included in JD Edwards EnterpriseOne Accounts Receivable, JD Edwards EnterpriseOne Contract and Service Billing, JD Edwards EnterpriseOne Advanced Contract Billing, and JD Edwards EnterpriseOne Sales Order Management.
This includes new Automatic Accounting Instructions (AAIs), User Defined Codes (UDCs) and new set up for triggers to include or exclude companies.
New Revenue Recognition Solution for Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) For Contract Billing (Doc ID 2177615.1) discusses the setup and processing for EnterpriseOne Contract Billing.
An additional document will be created for Service Billing as part of the set up is specific to the module.
JD Edwards continues to release new features to support the new joint standard created by the International and US Accounting Standards boards for the recognition of revenue. These enhancements provide a simple yet comprehensive solution for managing the recognition of revenue in a complex business environment. Learn more about this solution by watching this series of tutorials for JD Edwards EnterpriseOne. As new features are released, new tutorials are being added as well.