Accounting for revenue from contracts with customers (90861250) - Online

Overview

This course will assist you to understand and apply the recognition and disclosure requirements for IFRS 15 Revenue from Contracts with Customers.  A key feature involves examining the five-step revenue recognition model, which entities are to apply in determining timing and amount of revenue to be recognised.

In December 2014, with the objective of improving the financial reporting of revenue, the IASB released IFRS 15, with mandatory adoption for reporting periods beginning on, or after, 1 January 2018.

IFRS 15 establishes principles for reporting useful information to financial statement users about the nature, amount, timing and uncertainty of revenue and cash flows from an entity’s contracts with customers. The aim of these principles is to provide a framework of broad revenue recognition concepts that can be consistently applied to a wide range of transactions and industries.

Key topics:

• Discussion of existing revenue standards
• Overview of IFRS 15, including an outline of details about its scope and effective date
• Recognition of revenue under IFRS 15 with an emphasis on the five-step revenue recognition model
• Disclosure requirements relating to revenue from contracts with customers

This course consists of one interactive online course, one downloadable PDF learning manual and one online assessment.

Objectives

• Explain the purpose and scope of IFRS 15
• Apply the requirements of IFRS 15, including the disclosure requirements
• Identify contracts with customers and the performance obligations in those contracts
• Determine the transaction price of a contract
• Allocate the transaction price to the performance obligations of the contract
• Recognise revenue when a performance obligation is satisfied

Audience

This course is specifically designed for finance professionals who are involved in:

• external reporting
• financial management
• management accounting
• financial accounting