Advanced Revenue Recognition According to IFRS 15

Introduction

The "Advanced Revenue Recognition According to IFRS 15" course is designed to provide an in-depth understanding of the revenue recognition process and how to apply IFRS 15 in a business context. Participants will cover all the key aspects of revenue recognition, from identifying contracts with customers to addressing specific cases such as contract modifications and variable considerations.

This course emphasizes the importance of applying the standard in financial reporting and ensuring compliance in a practical business environment.

Course Objectives

1. Understand the five-step revenue recognition process according to IFRS 15.

2. Analyze contracts with customers to identify performance obligations.

3. Determine the timing of revenue recognition (point in time vs. over time).

4. Handle specific cases such as:

   • Variable consideration contracts.

   • Contract modifications.

5. Link accounting treatment with financial reporting in a real-world environment.

6. Apply practical examples from the workplace, such as government revenues or revenues from continuous services.

Course Outlines

Day 1: Introduction to IFRS 15

• The concept and objectives of IFRS 15.
• The importance of revenue recognition in financial reporting.
• The difference between IFRS 15 and previous standards.
• Overview of the five steps of revenue recognition.

Day 2: Step 1 and Step 2

• Identifying the contract with the customer.
• Identifying performance obligations.
• Criteria for identifying performance obligations.
• Practical examples of identifying performance obligations.

Day 3: Step 3 and Step 4

• Determining the transaction price.
• Identifying variable considerations.
• Allocating the transaction price to performance obligations.
• Practical examples of allocating transaction price.

Day 4: Step 5 and Special Cases

• Recognizing revenue when the performance obligation is satisfied.
• Recognizing revenue over time vs. at a point in time.
• Contract modifications.
• Practical examples of contract modifications.

Day 5: Practical Applications and Reporting

• Preparing financial reports related to revenue.
• Common challenges in revenue recognition.
• Discussion of real-world cases.
• Final exam and discussion.

Why Attend this Course: Wins & Losses!

• Gain Practical Knowledge: You will acquire the skills to effectively apply IFRS 15 in your work, improving the accuracy of financial reporting.
• Engage with Experts: Learn from experienced instructors who share practical knowledge and real-world solutions to accounting challenges.
• Problem-Solving Abilities: By studying real-world case studies, you’ll be able to apply theoretical concepts to actual business challenges.
• Enhance Accounting Skills: You'll be able to manage complex cases, such as variable considerations and contract modifications, improving your revenue accounting expertise.

Conclusion

By the end of this advanced course, participants will have a comprehensive understanding of revenue recognition under IFRS 15. They will be capable of identifying contracts, recognizing performance obligations, and applying the five-step process effectively in a business setting, with the ability to address special cases.

The course is not just theoretical but also highly practical, providing great value for accountants and financial reporting professionals in any organization.