Learn how to understand and apply the recognition and disclosure requirements for revenue from contracts with customers and the key requirements for accounting for leases using practical examples. Learn how to understand and apply the recognition and disclosure requirements for financial instruments.
Accounting for revenue from contracts with customers key topics:
- a discussion of existing revenue standards
- an 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
Accounting for leases key topics:
- IFRS 16 Leases: a new standard
- Recognition and measurement exemption for the lessee
- Initial measurement – lessee accounting
- Subsequent measurement – lessee accounting
- Lease modification – lessee accounting
- Presentation and disclosures for the lessee
- Finance base – lessor accounting
- Operating base – lessor accounting
- Lease modification – lessor accounting
- Sales and leaseback transactions
- Transitions
Accounting for financial instruments key topics:
- What are financial instruments?
- Recognition and derecognition of financial assets and financial liabilities
- Classification of financial assets and financial liabilities
- Initial measurement and subsequent measurement of financial assets
- Impairment of financial assets
- Impairment of financial assets carried at amortised cost
- Subsequent measurement of financial liabilities
- Investments in equity securities
- Liabilities designated at fair value through profit or loss
- Compound financial instruments
- Hedge accounting
- Accounting for hedging relationships
- Special accounting rules
- Assessing hedge effectiveness
- Discontinuing hedge relationships
- Increased disclosures
- Disclosure issues
This course consists of one hard copy learning manual and three online assessments.
Want to know more? Click below to view a sample of the learning manual:
Learning 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
- Describe the definition of a lease contract and how to identify a lease contract
- Exercise judgement in common areas of complexity in lease contracts for both lessees and lessors (such as determination of lease payments, lease terms, the appropriate discount rate, and the appropriate accounting treatment for these items)
- Explain the impact of lease modification, sale and leaseback and sublease transactions on the accounting treatment of the new leases
- Apply the recognition and measurement requirement of IFRS for both lessee and lessor accounting
- Identify primary and derivative financial instruments
- Apply the criteria for the recognition and derecognition of financial assets and financial liabilities associated with financial instruments
- Apply the approach to the classification, reclassification and measurement of financial assets and financial liabilities
- Apply the fair value hedge and cash flow hedge methods
- Measure and recognise financial instruments in the financial statements under IFRS 9 and IAS 32
- Prepare the key disclosures required for financial instruments under IFRS 7
This course consists of one hard copy learning manual and one online assessment.
Audience
This course is specifically designed for finance professionals who are involved in:
- external reporting
- financial management
- accounting administration
- management accounting
- financial accounting
