SOAProjects Revenue Recognition Four Stage Project Solution:

Phase 1 Review Existing Controls

• Review Existing Contracts
• Review and Determine Contract Term
• Clean All Existing Contract and Terms
• Interview Sales Force to Validate Contract Terms
• Get Confirmation from Clients Validating Contract Terms and Existence of Side  Contracts or Side Email
• Evaluate existing contracts and ensure revenue is recognized in accordance with SOP 97-2/SAB 104
• Populate Contract Database

Phase 2  Development of Master Agreement

• Development of Master Agreement
  
• Segregate Existing Revenue Contracts by $ Amount to Ascertain Common Contract Terms
• Prepare Different Contracts for Different countries of Operations
• Prepare Master Contracts per Country and per $ Amount
• Develop Standard Contracts for Each Revenue Category
• Populate and/or Revise Contract Database
• Development of Accounting Policy on Revenue Recognition

Phase 3 Training Sales Team

• Training of Sales Force
• Terms of Master Agreement
• Implement formal Revenue Recognition Policy
• Implement Quarterly Sales Certification Process

Phase 4 Maintenance of Company’s Revenue Recognition Policy

• Maintenance of Company's Revenue Recognition Policy
• Maintenance of Revenue Contracts
• Development of Vendor Specific Objective Evidence (VSOE)
• Quarterly Review and Sign-off of VSOE Analysis
• Development of Formal Revenue Recognition Support
• Service Agreements Templates