The course provides 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.
WHO WILL BENEFIT:
Professional accountants who are responsible for revenue
recognition oversight and the accounting and/or auditing thereof.
Participants will develop a strong understanding of:
- The scope of IFRS 15, 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, licences, capitalization of costs of obtaining and fulfilling a
contract, contract modifications etc.
- Conversion considerations, industries significantly impacted
and current developments
Participants should pre-read IFRS 15, Revenue from Contracts
with Customers, contained in the CPA Handbook – Accounting Part I.
|| Estimated CPD Hours: Total - 7 Licensing - 7
|| Financial Reporting