Programme Objective
 
IFRS 15/FRS 115 has been effective from January 1, 2018 and continues to present challenges with regard to implementation of this standard.
 
This seminar will focus on issues that are emerging in the post implementation period in relation to critical concepts including the timing of revenue recognition, determination of distinct performance obligations, and the allocation of consideration received. It will also address complex issues including payments to customers, the principle/agent distinction and accounting for licenses. The seminar will also cover examples of presentation and disclosure to illustrate how entities are addressing requirements related to disaggregation, segments and policies. 

Programme Outline

Revenue Recognition Concepts

• Identifying the contract
• Separating performance obligations
• What makes a performance obligation distinct?
• Determining the transaction price
• How is the consideration measured and allocated over performance obligations?
• What determines the pattern of recognition?

 
Complex Issues in Practice

• Payments to customers – rebates, penalties, refunds, and warranties
• Principal versus Agent treatment
• Licenses
• Construction contracts

 
Presentation and Disclosure Examples

• Terminology used in reporting
• Disaggregation of revenue items  
• Segments of revenue
• Accounting policies

 
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 accounting and finance professionals. Those who are keen on attending a course on accounting for FRS115: Revenue from Contracts with Customers are welcome to attend.

Programme Facilitator(s)