Overview
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Identify the contract with the customer
12 mins
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What typically happens now?
18 mins
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Identify the contract with the customer
31 mins
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Identify the separate performance obligations
46 mins
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Determine the transaction price
65 mins
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Example of transaction price
73 mins
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Revenue over time vs. At the point of time
105 mins
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Presentation and disclosure
123 mins
Course Description
The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer.
IFRS 15 is aimed to bring consistency in reporting across industries and ensure relevant information is available to users making the decision.
The core principle of IFRS 15 is that an entity will 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.
This core principle is delivered in a five-step model:
- Identify the contract(s) with a customer
- Identify the performance obligations in the contract
- Determine the transaction price
- Allocate the transaction price to the performance obligations in the contract
- Recognize revenue when (or as) the entity satisfies a performance obligation
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Learning Objectives
- To discuss the basic elements of IFRS 15.
- To explain 5 Step model of revenue recognition.
- To analyze the practical challenges faced by the organizations in implementing the standard.
- To discuss guidelines on how we can implement the standard.
- To analyze disclosure requirements in IFRS 15.
Recommended For
- This CPE course for CPAs is recommended for CMAs, CIAs, CPAs, IAPs, QIALs, CBA/MCBA, FPACs, Chief Accounting Officers, Financial Reporting Directors, CEOs, Accountants, and Other Professionals who want to understand everything about the latest revenue recognition standard.
Who Should Attend?
- Accounting and audit managers/practitioners
- Accounting Firm
- Accounting Managers
- Auditors
- Certified Public Accountant (CPA)
- CPA (Industry)
- CPA - Large Firm
- CPA - Mid Size Firm
- CPA - Small Firm
- Entrepreneurial CPA
- Staff of Accounting Firm
- Young CPA