HKAS15 - Revenue from contracts with customers - Workshop 2017

Description

This workshop aims to give you insights on the overview of HKFRS 15 Revenue from Contracts with Customers. It will be based on the new financial reporting standards which will be effective in Hong Kong in 2018 and will focus on the practical application to measure revenue.

Key topics covered:

• Accounting Treatment for revenue (HKFRS 15)
• Purpose and scope of HKFRS 15
• New 5-step approach under HKFRS 15
  - Identify the contracts with customers
  - Identify the performance obligations in contracts
  - Determine and explain the transaction price of a contract
  - How to allocate the transaction price to the performance obligations of the contract
  - How to recognise revenue when a performance obligation is satisfied.
• 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
  - Prepayments and payment of non-refundable upfront fees
  - Licensing and repurchase agreements
  - Consignment and bill-and-hold arrangements
• Disclosure requirement

Trainer profile:

Kamsuo Wong, MA LLM MBA FCPA(Aust.) CPA(HK) CPFA (UK)

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.

Learning objectives

• Understand the application of 5-step approach under HKFRS 15.
• Understand different types of contract and the accounting for revenue of these contract.
• Apply the recognition criteria for revenue.
• Interpret and analyse revenue recognition issues
• Understand the relationship between HKFRS 15 and other standards
• Describe the disclosure requirements of HKFRS 15

Audience

This workshop is suitable for accountants and finance professionals to gain knowledge of HKFRS15. Those who are interested in this topic are welcome to attend.