Revenue is an extremely important profit and loss statement top line number that drives bottom line results for all revenue producing companies. Accurate revenue recognition reporting is necessary for internal and also external reporting to maintain investor and creditors’ confidence in an entity.  The objective of this seminar is to provide participants with a practical understanding of the five-step revenue recognition framework under Part I – International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers, and how to apply it. The seminar will address disclosure requirements, discuss key areas of application challenges, key judgments and provide examples applying the standard. The course has been updated for IASB agenda decisions and topic group discussion areas.

This course will provide participants with a practical understanding of the new five-step revenue recognition framework under Part I – International Financial Reporting Standards (IFRS) 15 and how to apply it. The 5-step model framework includes:

• Step 1: identify the contract with the customer
• Step 2: identify the performance obligations
• Step 3: determine the transaction price
• Step 4: allocate the transaction price
• Step 5: recognize revenue, including how and when
• Areas of Application Challenge

The course will address disclosure and presentation requirements, application guidance on various topics, and key judgments in applying the standard.

Although revenue recognition rules are generally complex, real-life examples will be used to show how to effectively apply the model to various products and service sales transactions in various industries

• describe the core principles, concepts and scoping requirements
• apply and analyze the 5-step model, including the specific criteria, provisions and exemptions governing each step in the model
• identify and apply presentation and disclosure requirements, including those that may have in-practice challenges
• recognize and observe examples of other application guidance in the standard
• describe current developments and areas of accounting discussion

• overview and scope, including transitional requirements
• the 5-step model framework, including how to apply it
  • step 1: identify the contract with the customer
  • step 2: identify the performance obligations
  • step 3: determine the transaction price
  • step 4: allocate the transaction price
  • step 5: recognize revenue, including how and when
• practical challenges and considerations and current developments
• disclosure and presentation requirements
• other application guidance on various topics such as warranties, licenses, capitalization of costs of obtaining and fulfilling a contract, contract modifications etc.

Course Content Created: October 2024

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About This Product

On-Demand Courses by CPA PRO are either video recordings from live seminars, or video recordings produced specifically for the on-demand audience. Slides and any corresponding handout materials are included where available.These titles are eligible for Verifiable CPD Hours – in order to claim these hours as verifiable, you will be required to successfully complete a short quiz. You will be able to print or save your electronic certificate of completion.

Note that some courses comprise both formal instruction and self-directed exercises. In such cases, participants must complete both components to claim full CPD hours, or must reduce their reported CPD hours accordingly.

Please note that not all on-demand courses include downloadable materials such as course notes or slides.

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