EY and SAP conduct summit for new Revenue Recognition standard

EY-and-SAP-conduct-summit-for-new-Revenue-Recognition-standard

As part of a global EY initiative, SGV, in partnership with SAP Philippines Inc., hosted the Philippine leg of the EY/SAP Revenue Recognition Summit last 19 and 20 May 2016 at the Washington SyCip Development Center. Attending were over a hundred clients from across various industries affected by International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers. These included clients in telecommunications, retail and consumer products, and real estate.

The half-day summit provided participants with an overview of the new accounting standard, its processes and technological implications, and its impact on tax practices. It also offered an opportunity for SAP to demonstrate how it can help companies manage the challenges of the new Revenue Recognition standard. The program included a brief overview of IFRS 16, the new Leases standard that will be implemented in 2019.

Guest speakers for the event included EY Melbourne Financial Accounting Advisory Services (FAAS) Director Glenn Brady and SAP Asia Pacific – Japan Services’ Regional Telecom Industry Practice Lead and Program Manager for IFRS Solutions Kalpa Mishra. SGV Advisory partner Ryan Chua discussed the new accounting standard’s impact on business processes and technology, while Tax Senior Directors Frances Rose Villamayor and Saha Adlawan-Bulagsak talked about the tax implications of the standard. FAAS partners Bok Malantic and Benjie Villacorte as well as IFRS 15 champion Roel Lucas hosted the program.

The EY/SAP Revenue Recognition Summit has been conducted in Seattle, Singapore, Shanghai, Sydney, Melbourne, and Kuala Lumpur to date. It is expected to be rolled out to Bangkok and Jakarta in FY17.