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IFRS Revenue Recognition For Construction Contracts

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: August, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • IFRS Qualitative characteristics
    3 mins
  • What does this IFRS not apply to?
    13 mins
  • Measurement of revenue
    24 mins
  • Construction Contract specifies
    41 mins
  • Construction contracts
    61 mins
  • When expected construction contract Loss
    81 mins

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 this 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?

This online CPE webinar covers the following key topics:

  • 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.


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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.

Recommended For

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

Who Should Attend?

  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Auditors
  • Bookkeepers & Accountants & Tax Preparers
  • Business Owner
  • Certified Management Accountant (CMA)
  • CFO/Controller
  • Chartered Professional Accountant
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Director of Accounting
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 2 PL Credit of Accounting for Certificate In Investment Performance Measurement (CIPM)
  • 2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CRE Credit of Financial accounting concepts for Certified Corporate FP&A Professional (FPAC)
  • 2 PL Credit of Accounting for Chartered Financial Analyst (CFA)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Faq

FAQs content

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Ratings and Review

4.5

11 Ratings

Excellent

6

Very Good

5

Average

0

Poor

0

Terrible

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JF

Joseph Ferira, CPA (US)

Mar 22nd, 2021

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

CG

Cameron Gwinn

Sep 14th, 2021

N/A

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