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IFRS Revenue Recognition

Michel Morley

Mike Morley

  • CPA Canada
  • CMA
  • CPA

Published: February, 2021

2 Credits

$20

Subject Area

Accounting

Webinar Qualifies For

2 CPE credit of Accounting for all CPAs

2 CPE credit for Certified Management Accountants (CMA)

2 CPD credit (Verifiable) for Canadian CPAs

2 CPE credit of Business Valuation for CVAs (NACVA)

2 CPD credit (Verifiable) of Specialized Valuation Skills and Training for all ABV (AICPA)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

Overview

  • Asset 101
    9 mins
  • Objective and Application
    15 mins
  • What does it NOT apply to?
    22 mins
  • Measurement of Revenue
    30 mins
  • Sale of Goods
    48 mins
  • Rendering of Services
    62 mins
  • Example
    79 mins

Course Description

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

Learning Objectives

  • To identify when revenue is recognized because it is probable that future economic benefits that will flow to the entity can be measured reliably.
  • To identify the circumstances in which these recognition criteria will be met and, therefore, revenue will be recognized.
  • To decide on which recognition strategy to implement
  • To assess the value at which revenue is recognized
  • To review the categories of revenue and how strategies for revenue recognition can differ.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA