IFRS 15 Revenue from Contracts with Customers

Summary

The standard on revenue recognition fundamentally changes when revenue can be recognised in financial statements. In many cases it may have to be deferred to succeeding years, and for some industries, there are additional problems in having to separate out individual contracts into their separate performance obligations to recognise revenue when those obligations have been met

Venue details:  
Virtual Classroom, , Online
Start date & time:  
03 November 2020 09:30
End date & time:  
04 November 2020 12:30
Price:  
By registering for this course you have accepted the terms and conditions
Training ticket cost:  
8.00 Training Tickets accepted
CPD hours:  
8.00
Speaker details
No speakers have been associated with this event.

Description

Product type:  
CPD course
Category:  
Financial reporting

Who Should attnd?

This course is suitable for both preparers, and auditors, of listed companies and their subsidiaries. It should also aid other accountants who will have to implement the new rules when they are incorporated into local standards FRS 100-105. It is expected that delegates would have a reasonable grasp of financial reporting but the course will assume a fairly basic knowledge of how revenue has been reported to date

Format

This course will be delivered over two half days via Zoom on Tuesday 3 November 2020 and Wednesday 4 November 2020 from 9:30am to 12.30pm. The Zoom link will be emailed to participants the day before the course is due to take place

Course Overview

This course will be delivered over two half days via Zoom on Tuesday 3 November 2020 and Wednesday 4 November 2020 from 9:30am to 12.30pm. The Zoom link will be emailed to participants the day before the course is due to take place

The list of topics will vary according to the latest pronouncements emerging from the Financial Reporting Council (FRC) but will include the following:

  • Introduction to IFRS 15 Revenue from contracts with customers
  • Scope of the standard, including exemptions
  • Recognition and measurement principles with particular emphasis on the new five step model for recognising revenue
  • Understand how to deal with possible combination of contracts and how modifications to existing contracts should be accounted
  • How to account for contract costs
  • Awareness of the presentation and disclosure requirements of the new standard
  • The transitional arrangements in switching from the previous standards to IFRS 15
  • In depth coverage of how to account for specialised issues such as customer loyalty agreements, repurchase agreements, rights to return goods, warranty arrangements, principal v agent issues, bill and hold agreements and discount vouchers
  • The course will incorporate appropriate videos to illustrate some of the key issues

    Key Learning Outcomes

    By the end of this course, participants will be able to:

  • Better understand the impact of the new standard in practice
  • Be able to apply the standard to their own financial statements and its likely impact on their reported results
  • Be aware of how companies in practice have applied the standard on transition

    Speaker Bio

    Robert Kirk has lectured extensively within Ireland and Great Britain on accounting standards to such diverse organisations as British Gas Plc, The Post Office, British Aerospace Plc, NATO, Royal Bank of Scotland, Bank of Ireland, John Laing Plc, Barclays Bank, Deloitte (Dublin) and Reed International Plc. He has lectured on IFRS standards to major companies in Cyprus, United States, Bahrain, South Africa, Zambia and Ghana. He has published 14 books on the subject both in Ireland and GB