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IFRS Revenue Recognition for Construction Contracts

  • CPA (CA)
  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL
IFRS Revenue Recognition for Construction Contracts

2 Credits

$20

Subject Area

Auditing

Webinar Qualifies For

2 CPE credit of Auditing for all CPAs

2 CPE credit for Certified Management Accountants (CMA)

2 CPD credit (Verifiable) for Canadian CPAs

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Course Description

The core principle of IFRS for Construction Contracts is that an entity must recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

An entity must consider the terms of the construction contract and all relevant facts and circumstances when applying tis IFRS. An entity must apply this IFRS, including the use of any practical expedients, consistently to contracts with similar characteristics and in similar circumstances.

An entity must recognize the consideration received from a customer as a liability. Depending on the facts and circumstances relating to the contract, the liability recognized represents the entity’s obligation to either transfer goods or services in the future or refund the consideration received. In either case, the liability must be measured at the amount of consideration received from the customer.

How do you do all this, exactly?

Key topics covered in this online webinar for CPAs:

  • Identifying the contract.
  • Combination of contracts.
  • Contract modifications.
  • Identifying and satisfaction of performance obligations.
  • Measurement of construction contract revenue.
  • Applying transaction price changes.
  • Apply amortization and impairment.
  • Review defined terms.
  • Examples of construction contract revenue recognition.
  • Disclosure requirements.
  • Financial statement presentation.

Recommended for:

This Accounting CPE webinar is recommended for Accounting professionals interested in learning about fundamental of IFRS and Accounting for Construction Contracts.

Learning Objectives

  • To recognize the objective of IFRS for Construction Contracts.
  • To establish the principles that an entity must apply to report useful information to users of financial statements.
  • To discuss about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.
  • To know how to account for contract costs.
  • To explain how assets are recognized with a contract with a customer.
  • To apply revenue recognition formulas

Who Should Attend?

  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Testimonial

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4.8

(6)
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17%
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JF

I have taken several courses from myCPE and have been completely satisfied with the courses and instructors.

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