Revenue recognition is an accounting principle that outlines the specific conditions under which revenue is recognized. In theory, there is a wide range of potential points at which revenue can be recognized. This guide addresses recognition principles for both IFRS and U.S. GAAP. As more US companies enter into arrangements with their global counterparts, a basic understanding of IFRS has become increasingly important.
The primary issue in accounting for revenue is determining when to recognize revenue. International Financial Reporting Standards(IFRS) changes how companies recognize revenue on their financial statements. Accountants are expected to decide how to choose the appropriate recognition strategy for each type of transaction and event. In addition, IFRS asks the accountant to measure the fair value of revenue using specific guidance for the various categories of revenues, but just exactly how do you do it?
This webinar will provide you with easy-to-follow guidelines that will ensure that you can comply with this standard by examining the factors that companies need to carefully consider when implementing International Financial Reporting Standards for Revenue Recognition.
MAJOR TOPICS COVERED :
- Examine concepts and rules for revenue recognition
- Explore recognition criteria (including sale of goods and rendering of services)
- Review nonmonetary (exchange) transactions
- Understand service contract accounting under IFRS
- Comprehend construction contract accounting under IFRS
- Explore joint ventures and shared contracts
- Understand accounting for change orders, contract options, and claims
- Review revaluation methods under IFRS
- Learn disclosure requirements
- Review financial statement presentation
- Examine detailed examples