The objective of this course is to provide participants with an understanding of the new five-step revenue recognition framework under Part I – International Financial Reporting Standards (IFRS) 15 and how to apply it. The course will address disclosure requirements, transitional requirements, and key judgments in applying the standard.
By the end of this course, participants will be able to:
- Apply the scope and transitional provisions
- Apply the criteria required to be met for a contract with a customer to be in scope
- Identify performance obligations in a contract
- Apply concepts and the approaches to determine the transaction price
- Allocate the transaction price to identified performance obligations
- Apply criteria to determine how and when to recognize revenue
- Identify and apply other application guidance
- Apply disclosure and presentation requirements
- Know where to look for and follow current developments
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
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.
Conversion considerations, industries significantly impacted and current developments
WHO WILL BENEFIT?
Professional accountants who are responsible for revenue recognition and the accounting thereof.
Time: 09:30am - 6:00pm
Passport - 1 Day