As we have seen in recent years, the principles applied in recognition of revenue has been the subject of accounting scandals and controversies in some companies. IFRS 15 Revenue from Contracts with Customers is a comprehensive standard on the accounting for the top line in the statement of financial performance.
The standard has a detailed five-step framework for recognition of revenue. In addition, it includes application guidance on specific matters, and accounting for contract costs. This helps achieve consistency and comparability in how the revenue and contract costs are recognised.
This half-day virtual course provides an in-depth analysis of the framework for revenue recognition and application of guidance on specific matters. There is use of examples and case studies throughout the course to explain the application of the standard, including presentation and disclosure requirements.
To enable participants to obtain an in-depth understanding of the requirements of IFRS 15:
- Review the scope of the standard
- Apply the five-step framework for recognition of revenue by using real-life examples and case studies
- Analyse the key aspects of revenue recognition in the application guidance
- Apply the principles of accounting for contract costs
- Review the presentation and disclosure requirements
Who should attend
- The course is useful for preparers and users of financial statements:
- Staff in finance department
- Internal and external auditors
- Those who would like to get a better understanding on how revenue is recognised and measured in the IFRS financial statements
A basic understanding of financial statements under any GAAP is a pre-requisite.