5 Step Model for Revenue Recognition under IFRS 15

Introduction

IFRS 15 Revenue provides a single comprehensive and robust framework to the recognition and measurement of revenue by applying a five-step model to nearly all contracts with customers.

This new virtual classroom seminar will detail the five-step model for recognising revenue highlighting challenges in application and feedback from the FRC. It will cover the disclosure requirements in the financial statements and the wider issues for entities.

Using illustrative and real live examples this session is ideal for accountants, auditors and other professionals involved in revenue recognition accounting and policies.

What You Will Learn

This live and interactive session will cover the following:

• Applying the five-step model to revenue contracts with customers
• Identifying separate performance obligations
• Identifying and measuring any variable consideration in the transaction price
• Allocating the transaction price to the separate performance obligations identified on a reasonable basis
• When to recognise revenue for financial reporting purposes
• An overview of the disclosure requirements providing users with useful information, using real life examples
• The challenges in applying the five-step model due to current market conditions
• The accounting treatment for contract costs
• A summary of the key findings from the FRC Thematic Review

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.