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IFRS 15 - Revenue Recognition Redefined for All Industries

person icon Manish Gupta

3.9

IFRS 15 - Revenue Recognition Redefined for All Industries

Revenue Recognition standard for hospitality, service, technology and construction industries

updated on icon Updated on Jul, 2024

language icon Language - English

person icon Manish Gupta

English [CC]

category icon Finance & Accounting,IFRS

Lectures -19

Duration -2 hours

3.9

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Course Description

The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer.

IFRS is aimed to bring consistency in reporting across industries and ensure relevant information is available to users making decision.

The core principle of IFRS 15 is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This core principle is delivered in a five-step model:

· Identify the contract(s) with a customer

· Identify the performance obligations in the contract

· Determine the transaction price

· Allocate the transaction price to the performance obligations in the contract

· Recognize revenue when (or as) the entity satisfies a performance obligation

Course Objective

In this course we will explore all five steps in details and their practical implications. We also explore how we can get around with implementing the Standard.

You will Learn:

· What are basic elements of IFRS 15

· 5 Step model of revenue recognition.

· Practical challenges that are faced by organizations in implementing the standard

· Guidelines how to we can implement.

· Disclosure requirements in IFRS 15

Who is the Target Audience?

Finance professionals, business executives

Basic Knowledge:

Basic accounting principals

Who this course is for:

  • Finance professionals
  • business leaders
  • startup companies


Goals

  • IFRS 15

  • revenue recognition standard

  • how to record revenue for startups, packages

  • how to record revenue for service companies

Prerequisites

  • basic accounting practices

IFRS 15 - Revenue Recognition Redefined for All Industries

Curriculum

Check out the detailed breakdown of what’s inside the course

Introduction to Accounting Standard
6 Lectures
  • play icon Introduction 01:26 01:26
  • play icon 1. Introduction to IFRS 15 05:28 05:28
  • play icon 2. Core Principal Behind IFRS 15 03:08 03:08
  • play icon 3. 5 Step Model introduced in accounting standard 06:21 06:21
  • play icon 4. Basic Example of IFRS 15 - 5 Step Approach 07:38 07:38
  • play icon 5. Explanation of How Revenue Recognition has changed 05:31 05:31
5 Steps of revenue recognition by IFRS 15 - explained in Details
8 Lectures
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Other Considerations for IFRS 15
5 Lectures
Tutorialspoint

Instructor Details

Manish Gupta

Manish Gupta


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