Financial reporting suite: Revenue - Workshop 2018

IFRS 15 “Revenue for contracts with customers” will be effective for annual periods beginning on or after 1 January 2018 and will replace several existing standards and interpretations, including IAS 18 “Revenue” and IAS 11 “Construction Contracts”.

IFRS 15 establishes useful information to financial statement users about the nature, amount, timing and uncertainty of revenue and cash flows from an entity’s contracts with customers. The new standard, which centres on a single, principles based five-step model, provides a framework of broad revenue recognition concepts that can be consistently applied to a wide range of transactions and industries.

In this workshop, we will revisit some of the core principles of the new revenue standard, IFRS 15 “Revenue from contracts with customers”. This workshop will help participants 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 IFRS 15, including an outline of details about its scope.
• Recognition of revenue under IFRS 15 with an emphasis on the five-step revenue recognition model
• Key disclosure requirements relating to the new standard
• Specific application issues and areas of potential changes or challenges, such as accounting for variable consideration and principal versus agent considerations.

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.

Learning objectives

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

Audience

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