Linda Fishman Hoyle

Join us for an Oracle HCM Cloud Customer Forum call on Wednesday, April 5, 2017, at 9:00 a.m. PDT.

You'll hear Molly Billings, Senior Director, Human Resources: Compensation, HRMS and Payroll, discuss why Creighton University, located in Omaha, NE, decided to move its Oracle E-Business Suite HR on premises to the Oracle HCM Cloud.

Register now to attend the live forum and learn more about Creighton University’s experience with Oracle HCM Cloud.

Join us for an Oracle HCM Cloud Customer Forum call on Wednesday, April 5, 2017, at 9:00 a.m. PDT.

You'll hear Molly Billings, Senior Director, Human Resources: Compensation, HRMS and Payroll, discuss why Creighton University, located in Omaha, NE, decided to move its Oracle E-Business Suite HR on premises to the Oracle HCM Cloud.

Register now to attend the live forum and learn more about Creighton University’s experience with Oracle HCM Cloud.

Join us for an Oracle Customer Reference Forum on March 22, 2017, at 8:30 a.m. PT.

Ricardo Cayeula, Chief Information Officer at General Electric Oil & Gas, will discuss GE’s digital strategy and migration to the cloud. She’ll share the company’s experience implementing Oracle ERP Cloud.

Register now to attend the live forum and learn more about General Electric’s experience with Oracle ERP Cloud.

Join us for an Oracle Customer Reference Forum on March 22, 2017, at 8:30 a.m. PT.

Ricardo Cayeula, Chief Information Officer at General Electric Oil & Gas, will discuss GE’s digital strategy and migration to the cloud. She’ll share the company’s experience implementing Oracle ERP Cloud.

Register now to attend the live forum and learn more about General Electric’s experience with Oracle ERP Cloud.

Join us for an Oracle HCM Cloud Customer Forum call on Wednesday, March 15, 2017, at 9:00 a.m. PDT.

FRHI Hotels and Resorts is the owner of three major hotel brands―Fairmont, Raffles and Swissôtel―each with 50,000 employees in 30+ countries. In this call, Joël Günter, Director, Talent & Culture Systems Architecture, will discuss why FRHI decided to transform its HR systems and processes in a phased approach to the Oracle HCM Cloud.

Register now to attend the live forum and learn more about Fairmont Hotels Internationals’ experience with Oracle HCM Cloud.

Join us for an Oracle HCM Cloud Customer Forum call on Wednesday, March 15, 2017, at 9:00 a.m. PDT.

FRHI Hotels and Resorts is the owner of three major hotel brands―Fairmont, Raffles and Swissôtel―each with 50,000 employees in 30+ countries. In this call, Joël Günter, Director, Talent & Culture Systems Architecture, will discuss why FRHI decided to transform its HR systems and processes in a phased approach to the Oracle HCM Cloud.

Register now to attend the live forum and learn more about Fairmont Hotels Internationals’ experience with Oracle HCM Cloud.

Join us for an Oracle HCM Cloud Customer call on Wednesday, February 15, 2017, at 9:00 a.m. PDT.

Carolyn Kenny, Director of Information Services at Hillside Family of Agencies, will discuss why Hillside decided to move its Oracle E-Business Suite HR and ERP on premises to the Oracle HCM and ERP Cloud.

Hillside Family of Agencies is using the following Oracle Cloud products: Core HR, Payroll, Benefits and Absence Management, and Oracle ERP Cloud. The company is implementing in phases. Phase 1 included Core HR, HR Analytics, Recruiting, Social Sourcing, and Benefits. Phase 2 includes Performance and Goal Management, Career and Succession Planning, and Learning and Development.

Register now to attend the live forum and learn more about Hillside Family of Agencies’ experience with Oracle HCM Cloud.

Join us for an Oracle HCM Cloud Customer call on Wednesday, February 15, 2017, at 9:00 a.m. PDT.

Carolyn Kenny, Director of Information Services at Hillside Family of Agencies, will discuss why Hillside decided to move its Oracle E-Business Suite HR and ERP on premises to the Oracle HCM and ERP Cloud.

Hillside Family of Agencies is using the following Oracle Cloud products: Core HR, Payroll, Benefits and Absence Management, and Oracle ERP Cloud. The company is implementing in phases. Phase 1 included Core HR, HR Analytics, Recruiting, Social Sourcing, and Benefits. Phase 2 includes Performance and Goal Management, Career and Succession Planning, and Learning and Development.

Register now to attend the live forum and learn more about Hillside Family of Agencies’ experience with Oracle HCM Cloud.

A Guest Post by Sr. Director Seamus Moran, Oracle Financials Product Management (pictured left)

It isn’t often that three veryheavy hitters—the domestic US standard setters, the FinancialAccounting Standards Board (FASB), and the International Accounting StandardsBoard (IASB)—get together and redefine a business concept that isas significant as revenue.

But in 2014, they succeededin doing just that.

Together, they published aconverged and identical accounting standard named ASC 606 and IFRS 15.

It literally moved thebusiness goal posts.

The new accounting standard is called Revenue fromContracts with Customers.

This new standard repealseverything we know about revenue—all of ourfavorite EITFs, SOPS, FAS, and even IAS 18.

At this point, you might betempted to click away because of the technical acronyms, but please stay withme. It’s important that you understand the compliance issues you will be facingand how Oracle’s new Revenue Management Cloud can help.

In a nutshell, the newstandard abolishes deferred revenue (unearned as of the date of the financialstatements) in favor of an ‘accrued debt to customers for goods and services,’ whichis payment that you are obligated to pay in the future.

That means you are requiredto estimate revenue up front and adjust the accrual afterwards. It introducesperformance obligation accounting, which is a promise to transfer a good orservice.

But at the end of the day, yoursales are still your sales. What’s different is when those sales are booked asrevenue.

You must take up the new standard on the first day of yourfiscal year after January 1, 2018.

All public companies, here and abroad, are impacted to some degree. The standarddeliberately does away with revenue guidance that is specific to an industry.Instead it upholds one way of recognizing revenue across the board.

The new definition is notdifficult. Here’s a quick sequence of steps that you must follow:

1. Identify eachdeal at inception
2. Identify the promisesto customers in that deal
3. Value the deal atwhat you expect to get for it
4. Assign that valueto the promises using your standard stand-alone selling prices as a basis
5. Recognize therevenue at that amount when you complete the transfer to the customer

An important part of adopting the standard isrecalculating the opening balance sheet.

The opening balance sheet mustreflect your performance obligation liability, instead of the deferred revenueliability with which you ended the previous year.

Therefore, you have twooptions to explain the resulting impact on equity to your investors: 1) restatethe previous years or 2) disclose the subsequent year. The hard part, mostlikely, will be setting up an opening position!

Revenue Management Cloud is the answer.

At OpenWorld 2016, Oracle announced that Revenue Management Cloud is generally available as part of Oracle ERP Cloud. As would be expected from Oracle, it closely follows the new standard.

• It first importssales cycle data from third-party products, from E-Business Suite, and fromrelated cloud applications, and identifies performance obligations andcontracts.
• It includes a standaloneselling price engine and facility to import estimated selling prices.
• It books theaccrual when either party acts, and it books the revenue upon customersatisfaction.
• It matches the billingto the revenue process.

The new standard creates a challenge for you; Oraclehas the solution.

As noted above, the standardgoes into effect January 1, 2018. So the coming year is the time andopportunity to get out in front of this.

Oracle can help you acceleratethe transition by facilitating both a simulation of your compliance and thebuildup of your opening balance using a special secondary ledger.

Revenue Management Cloud followsthe standard directly so partnering with Oracle makes it easy to embrace ASC606 and IFRS 15. This new cloud application is designed to deliver a valuable businessbenefit.

You can get more information on Oracle Revenue Management Cloud here.

A Guest Post by Sr. Director Seamus Moran, Oracle Financials Product Management (pictured left)

It isn’t often that three very heavy hitters—the domestic US standard setters, the Financial Accounting Standards Board (FASB), and the International Accounting Standards Board (IASB)—get together and redefine a business concept that is as significant as revenue.

But in 2014, they succeeded in doing just that.

Together, they published a converged and identical accounting standard named ASC 606 and IFRS 15.

It literally moved the business goal posts.

The new accounting standard is called Revenue from Contracts with Customers.

This new standard repeals everything we know about revenue—all of our favorite EITFs, SOPS, FAS, and even IAS 18.

At this point, you might be tempted to click away because of the technical acronyms, but please stay with me. It’s important that you understand the compliance issues you will be facing and how Oracle’s new Revenue Management Cloud can help.

In a nutshell, the new standard abolishes deferred revenue (unearned as of the date of the financial statements) in favor of an ‘accrued debt to customers for goods and services,’ which is payment that you are obligated to pay in the future.

That means you are required to estimate revenue up front and adjust the accrual afterwards. It introduces performance obligation accounting, which is a promise to transfer a good or service.

But at the end of the day, your sales are still your sales. What’s different is when those sales are booked as revenue.

You must take up the new standard on the first day of your fiscal year after January 1, 2018.

All public companies, here and abroad, are impacted to some degree. The standard deliberately does away with revenue guidance that is specific to an industry. Instead it upholds one way of recognizing revenue across the board.

The new definition is not difficult. Here’s a quick sequence of steps that you must follow:

1. Identify each deal at inception
2. Identify the promises to customers in that deal
3. Value the deal at what you expect to get for it
4. Assign that value to the promises using your standard stand-alone selling prices as a basis
5. Recognize the revenue at that amount when you complete the transfer to the customer

An important part of adopting the standard is recalculating the opening balance sheet.

The opening balance sheet must reflect your performance obligation liability, instead of the deferred revenue liability with which you ended the previous year.

Therefore, you have two options to explain the resulting impact on equity to your investors: 1) restate the previous years or 2) disclose the subsequent year. The hard part, most likely, will be setting up an opening position!

Revenue Management Cloud is the answer.

At OpenWorld 2016, Oracle announced that Revenue Management Cloud is generally available as part of Oracle ERP Cloud. As would be expected from Oracle, it closely follows the new standard.

• It first imports sales cycle data from third-party products, from E-Business Suite, and from related cloud applications, and identifies performance obligations and contracts.
• It includes a standalone selling price engine and facility to import estimated selling prices.
• It books the accrual when either party acts, and it books the revenue upon customer satisfaction.
• It matches the billing to the revenue process.

The new standard creates a challenge for you; Oracle has the solution.

As noted above, the standard goes into effect January 1, 2018. So the coming year is the time and opportunity to get out in front of this.

Oracle can help you accelerate the transition by facilitating both a simulation of your compliance and the buildup of your opening balance using a special secondary ledger.

Revenue Management Cloud follows the standard directly so partnering with Oracle makes it easy to embrace ASC 606 and IFRS 15. This new cloud application is designed to deliver a valuable business benefit.

You can get more information on Oracle Revenue Management Cloud here.