IFRS 15 - Revenue Recognition Redefined for All Industries
Revenue Recognition standard for hospitality, service, technology and construction industries
Lectures -19
Duration -2 hours
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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
What will you learn in this course:
IFRS 15
revenue recognition standard
how to record revenue for startups, packages
how to record revenue for service companies
Prerequisites
What are the prerequisites for this course?
basic accounting practices
Curriculum
Check out the detailed breakdown of what’s inside the course
Introduction to Accounting Standard
6 Lectures
- Introduction 01:26 01:26
- 1. Introduction to IFRS 15 05:28 05:28
- 2. Core Principal Behind IFRS 15 03:08 03:08
- 3. 5 Step Model introduced in accounting standard 06:21 06:21
- 4. Basic Example of IFRS 15 - 5 Step Approach 07:38 07:38
- 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
Other Considerations for IFRS 15
5 Lectures
Instructor Details
Manish Gupta
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