IFRS 15 - Revenue From Contracts

Quorum Training - A Wilmington Company
Course summary
3 hours
195 GBP excl. VAT
Online courses

Course description

IFRS 15 – Revenue from Contracts

Revenue recognition has been at the heart of many accounting scandals, with huge inconsistencies between entities. IFRS 15 replaced IAS 18 Revenue and IAS 11 Construction Contracts for periods ending 31 December 2018 onwards. It has surprised entities with its level of detail and the realisation that accounting does not necessarily follow the information presented in a contract to a customer.

The comprehensive standard aims to tighten up the accounting for revenue and improve comparability and disclosure. Even where an entity concludes that the new standard does not materially change a former accounting treatment, it will need to justify this, and continue to assess that this holds true in future periods.

Entities will need to consider whether to change the way they negotiate and word their contracts so as to facilitate their accounting, how they make and control the many judgements & assumptions required in the accounting approach, and whether their systems are adequate to manage the on-going application and disclosure requirements. The importance of having a comprehensive understanding of this standard extends beyond the finance department, most notably to legal teams to understand the impact for the contracts they write, and for the sales departments understand how changes to revenue recognition may affect their commission and bonus.

CPD Hours: 3

Suitability - Who should attend?

Anyone needing a comprehensive understanding of this standard particularly the finance department, to legal teams, sales departments, etc.

Training Course Content

Join our half day workshop to gain an in-depth understanding of the requirements of IFRS 15.  Using a number of examples and exercises we will explore the following:

  • The 5 step model to recognising revenue
  • Identifying the contract and understanding the impact of modifications
  • Identifying performance obligations
  • Determining the transaction price
  • How to allocate the transaction price to the performance obligations
  • When to recognise revenue
  • Enhanced disclosure requirements
  • Practical issues and insights

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Quorum Training - Business and Finance Courses for Professionals

Quorum Training provides a range of specialist courses designed specifically for business and finance professionals, covering such topics as: Accounting and finance Taxation VAT Governance Risk and compliance Financial markets and corporate treasury Charities Management and leadership Courses are available...

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Quorum Training - A Wilmington Company

5th Floor, 10 Whitechapel High Street
E1 8QS London

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