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Welcome to the comprehensive course on IFRS 15 - Revenue Recognition Redefined for All Industries. This course has been specifically designed to provide you with a deep understanding of the International Financial Reporting Standard 15 (IFRS 15) and its implications for revenue recognition across various industries.
£79.99
Course Access
Unlimited Duration
Last Updated
01/06/2023
Students Enrolled
00
Course Duration
2 hours, 5 minutes
Course Instructor
Certification
Welcome to the comprehensive course on IFRS 15 - Revenue Recognition Redefined for All Industries. This course has been specifically designed to provide you with a deep understanding of the International Financial Reporting Standard 15 (IFRS 15) and its implications for revenue recognition across various industries.
In today's dynamic business landscape, accurate and transparent revenue recognition is of utmost importance for financial reporting and decision-making. IFRS 15 is a globally recognised accounting standard that sets out principles for recognising revenue from contracts with customers. This course will guide you through the key concepts, principles, and requirements of IFRS 15, enabling you to confidently navigate the complexities of revenue recognition while ensuring compliance with this standard.
Throughout the course, you will explore the fundamental principles of IFRS 15 and its five-step revenue recognition model. You will learn how to identify a contract with a customer, determine the transaction price, allocate the transaction price to performance obligations, recognise revenue when performance obligations are satisfied, and account for contract modifications and variable considerations.
Furthermore, this course will delve into the specific challenges and considerations associated with revenue recognition in different industries. You will gain insights into industry-specific examples, case studies, and practical scenarios to enhance your understanding of how IFRS 15 applies across sectors such as manufacturing, services, construction, telecommunications, software, and more.
By the end of this course, you will have developed a comprehensive understanding of IFRS 15 and its impact on revenue recognition across diverse industries. You will be equipped with the knowledge and skills to accurately apply the principles of IFRS 15 in financial reporting, ensuring compliance and transparency in revenue recognition practices.
Whether you are an accounting professional, finance manager, auditor, or business owner, this course will provide you with the essential knowledge and practical insights to navigate the complexities of IFRS 15 and make informed decisions regarding revenue recognition in your industry.
Enrol now and embark on a journey to master IFRS 15 and redefine your understanding of revenue recognition for all industries.
What you will learn
- Understanding IFRS 15: Students will develop a comprehensive understanding of the principles, concepts, and requirements outlined in IFRS 15. They will become familiar with the purpose and scope of the standard, the five-step revenue recognition model, and its significance in financial reporting.
- Contract Identification: Students will learn how to identify contracts with customers in line with IFRS 15. They will understand the criteria for determining contract existence, assess contract modifications, and ascertain the enforceable rights and obligations of both parties.
- Determining Transaction Price: Students will explore the process of determining the transaction price under IFRS 15. They will learn to evaluate variable considerations, such as discounts, rebates, and incentives, and understand how to allocate the transaction price to different performance obligations.
- Performance Obligations and Satisfaction: Students will gain insights into the concept of performance obligations and how to identify them within a contract. They will learn the criteria for recognising revenue when performance obligations are satisfied, both over time and at a specific point in time.
- Contract Modifications and Variable Considerations: Students will understand how to account for contract modifications and address changes in transaction prices. They will explore the treatment of variable considerations and learn how to estimate and adjust revenue accordingly.
- Industry-Specific Considerations: Students will delve into the application of IFRS 15 across various industries. They will examine industry-specific examples, case studies, and practical scenarios to understand how revenue recognition principles are implemented in sectors such as manufacturing, services, construction, telecommunications, software, and more.
- Compliance and Financial Reporting: Students will learn how to ensure compliance with IFRS 15 in financial reporting. They will gain knowledge of the disclosure requirements, presentation of revenue information, and the impact of revenue recognition on financial statements.
Is this course for you?
This course is ideal for those who work in or aspire to work in the following professions:- Accountants and Financial Professionals: This course is relevant for accountants, financial analysts, controllers, and other finance professionals involved in revenue recognition and financial reporting. It provides them with the knowledge and skills to accurately apply the principles of IFRS 15 in their work.
- Auditors: Auditors responsible for assessing the compliance of financial statements with accounting standards will find this course valuable. It equips them with a deep understanding of IFRS 15, enabling them to effectively evaluate revenue recognition practices and identify any potential issues or discrepancies.
- Business Owners and Managers: For business owners and managers, understanding the principles of revenue recognition is crucial for making informed decisions and assessing the financial performance of their organisations. This course provides them with the necessary knowledge to interpret revenue recognition practices and evaluate the impact on financial statements.
- Financial Consultants and Advisors: Financial consultants and advisors working with clients from various industries will benefit from this course. It equips them with industry-specific knowledge and insights into revenue recognition under IFRS 15, enabling them to provide valuable guidance and recommendations.
- Students and Researchers: Students pursuing degrees or qualifications in accounting, finance, or related fields can gain a strong foundation in revenue recognition principles through this course. Researchers interested in studying revenue recognition practices and their implications will also find this course informative and useful.
Why Choose this course?
- Conducted by industry experts
- Get Instant E-certificate
- Fully online, interactive course with Professional voice-over
- Developed by qualified professionals
- Self-paced learning and laptop, tablet, smartphone friendly
- Tutor Support
Certification
Upon successful completion of this course, an instant e-certificate will be generated free of charge. The digital version of the course transcript is available for £2.99.Course Instructor
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Course Content
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- 1. Introduction to IFRS 15 00:05:00
- 2. Core Principal Behind IFRS 15 00:04:00
- 3. 5 Step Model introduced in accounting standard 00:06:00
- 4. Basic Example of IFRS 15 – 5 Step Approach 00:08:00
- 5. Explanation of How Revenue Recognition has changed 00:06:00
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- 6. Step 1 – Identification of Contracts with customers 00:15:00
- 7. Step 2 – Identifying Separate performance Obligations 00:06:00
- 8. Step 2 – Performance Obligations examples and other considerations 00:12:00
- 9. Step 3 – Determining Transaction Prices 00:09:00
- 10. Step 3 – Examples of Transaction Pricing 00:15:00
- 11. Step 4 – Allocation of Transaction Pricing 00:08:00
- 12. Step 4 – Allocation of Transaction Prices – Example 00:05:00
- 13 Step 5 – timing of revenue recognition 00:08:00
- 14 Other Considerations – Contract Assets 00:02:00
- 15. Specific Guidance – Warranties, Returns and Options 00:06:00
- 16. Specific Guidance – Upfront fee, Customer Loyalty, bill & hold sale, License 00:04:00
- 17. Transition, Presentation and Disclosure requirements 00:00:00
- 18. Impact Challenges & issues with Standard 00:06:00
