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: