HKFRS 15 - Revenue from contracts with customers - Workshop 2020

Overview

The workshop aims to provide you with an understanding on the core principles of the new revenue standard, HKFRS 15 “Revenue from contracts with customers”. The speaker will assist you to understand and apply the recognition and disclosure requirements of the new standard, with an emphasis on applying the requirements of the new five-step revenue recognition model. It will also cover some of the key areas of potential change, as well as some of the more challenging aspects of the new revenue standard.

Key topics covered:

• An overview of HKFRS 15, including an outline of details about its scope
• Recognition of revenue under HKFRS 15 with an emphasis on the five-step revenue recognition model
• Guidance on how to account for numerous types of contract:
  - Contracts with a right of return period
  - Warranties
  - Principal versus agent considerations
  - Contracts with options for customers to purchase additional goods or services at a discount or free of charge (Customer loyalty scheme)
  - Prepayments and payment of non-refundable upfront fees
  - Licensing and repurchase agreements
  - Consignment and bill-and-hold arrangements
• Key disclosure requirements

Trainer profile:

Kamsuo Wong MA, LLM, MBA, FCPA(Aust.)

With three Master’s degrees under his belt, Kamsuo Wong, a candidate for a Doctorate degree of Education, is highly regarded as a multi-faceted academic backed by over fifteen years of extensive professional experience in accounting. He is a professional accountant in Hong Kong, United Kingdom and Australia and the member of Hong Kong Institute of Certified Public Accountants (CPA), Chartered Institute of Public Finance and Accountancy (CPFA), and CPA Australia (FCPA). He is also the Expert Council Advisor of International Financial Management Association. He is currently the Assistant Professor of Centennial College (an independent College established by University of Hong Kong), Adjunct Lecturer at a number of universities and tertiary education institutions.

Objectives

• Apply the requirements of the five-step model to revenue recognition under HKFRS 15
• Answer common questions, such as how to define the contract and how to define contract price including variable consideration
• Recognise some of the potential challenges of applying the new standard and specific areas of potential change
• Understand the key disclosure requirements of HKFRS 15

Audience

This workshop is suitable for finance professionals who are involved in external reporting, financial management, financial accounting or auditing. Other users of financial information will also find the workshop beneficial.