Accounting standards - Revenue FRS115 - Workshop SG 2020

Overview

The new revenue standard FRS 115 came into effect on 1 January 2018. FRS 115 aims to improve the financial reporting of revenue and improve comparability of the top line in financial statements globally. Revenue is recognised when the customer obtains control of the goods or services and satisfaction of performance obligation can be over time or at a point in time. Understand the deeper implications of FRS 115 and acquire complete knowledge of its application in various industries and business situations.

Key Topics Covered:

 Session 1

Introduction

• Overview of FRS 115
• Differences in concepts between FRS 18, FRS 11 and FRS 115
• Key concepts which form the foundation of FRS 115

 Session 2

Recognition

• Performance obligation criteria
• The five-step approach to revenue recognition
• Contract modification
• Variable consideration
• Application of the distinct criteria in revenue contracts

 Session 3

Determining the transaction price

• variable consideration
• existence of a significant financing component 

Allocating the transaction price to performance obligations

• based on stand-alone selling prices

Session 4

Satisfaction of performance obligation

• Concept of control
• Criteria for satisfaction of performance obligation
  • over time
  • at a point in time

Session 5

Contract cost

• Contract cost guidance
• Presentation and disclosures

Trainer Profile

Oh Ai Sim

Ms Oh has over 21 years of audit related experience with a big four accounting firm. Her portfolio of clients includes public listed entities and multinational corporations covering the following industries: retailing, manufacturing, trading, property development and construction. She also conducted in-house and client training covering FRS and audit related topics.

Objectives

• Gain an overview understanding of FRS 115
• Learn the five-step approach to revenue recognition
• Determine transaction price
• Apply the criteria for satisfaction of performance obligation

Audience

This workshop is suitable for Accountants, Financial Managers, Finance Controllers and anyone who is interested in the FRS 115 requirements and its application.