Programme Objective

This programme will cover the new accounting standard on revenue recognition. Revenue from Contracts with Customers, IFRS 15 / FRS 115 will replace IAS 18 (FRS 18) Revenue, with a current effective date of 2018. Emphasis will be on the application of the new standard and identifying changes from IAS 18 as well as implementation challenges.

Programme Outline

• Brief overview of the basis for the revisions and desired outcomes
• Scope limitations of the standard
• Applying the principles of the standard:
• Identifying the contract
• Contract modifications
• Identifying the performance obligations
• Satisfaction of performance obligations
• Determining the transaction price
• Allocating the transaction price to multiple performance obligations
• Changes in transaction price
• Contract costs
• Presentation and disclosure under the new standard
• Focus on specific implementation issues including:
• Construction contracts
• Multiple performance obligations such as with IT hardware and software
• Principal and agent issues
• Review of implementation guidance and comparison to IAS 18
• Effective date and transitional provisions
• Which alternative transitional provisions to apply
• Need for foresight on new contracts and termination of existing contracts
• Implementation issues to consider

Training Methodology
Lecture style, with Examples
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

An Intermediate level programme intended for both Practising and Non-Practising Accountants and Auditors such as: Chief Financial Officers, Financial Controllers, Finance Managers, Auditors, Accountants and those involved in the preparation and interpretation of financial statements. Other users of financial information will also find the seminar beneficial. Other users of financial information will also find the seminar beneficial.

Programme Facilitator(s)