EVENT DESCRIPTION

Formerly Titled: “IFRS – Revenue Recognition (IFRS 15)”

The objective of this seminar is to provide participants with a practical understanding of the new five-step revenue recognition framework under Part I – International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers, and how to apply it. The seminar will address disclosure requirements, transitional requirements, key judgments and provide examples applying the standard.

This course will provide participants with a practical understanding of the new five-step revenue recognition framework under Part I – International Financial Reporting Standards (IFRS) 15 and how to apply it. The 5-step model framework includes:

  • Step 1: identify the contract with the customer
  • Step 2: identify the performance obligations
  • Step 3: determine the transaction price
  • Step 4: allocate the transaction price
  • Step 5: recognize revenue, including how and when

The course will address disclosure and presentation requirements, application guidance on various topics, transitional requirements, and key judgments in applying the standard.

LEARNING OBJECTIVES:

By the end of this course, participants will learn the following about this new obtain the necessary new revenue model:

  • understand the core principles and concepts, scoping and transitional requirements
  • Be able to apply the 5-step model, including the specific criteria, provisions and exemptions governing each step in the model
  • Identify and apply presentation and disclosure requirements, including understanding key changes and practice challenges
  • Recognize and observe examples of other application guidance in the standard

TOPICS INCLUDE:

  • Overview and scope, including transitional requirements
  • The 5-step model framework, including how to apply it
    • Step 1: identify the contract with the customer
    • Step 2: identify the performance obligations
    • Step 3: determine the transaction price
    • Step 4: allocate the transaction price
    • Step 5: recognize revenue, including how and when
  • Practical challenges and considerations and current developments
  • Disclosure and presentation requirements
  • Other application guidance on various topics such as warranties, licenses, capitalization of costs of obtaining and fulfilling a contract, contract modifications etc.

WHO WILL BENEFIT:

Professionals who are responsible for revenue recognition oversight and the accounting and/or auditing thereof.