Credit Info
  • NASBA Field of Study

  • Format

    On demand

  • Level

  • CPE Credit


  • Course acronym

  • Prerequisites

  • Course duration

    2.5 Hours

IFRS 15 – Revenue Recognition

For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Updated with the latest amendments issued by the IASB since the release of the new standard on revenue recognition, this course provides an in-depth understanding of IASB's framework for revenue recognition, built around the core principle that is applied in the new five-step process under IFRS 15. Understanding the changes in the requirements of the new standard is critical for successful implementation of IFRS 15.

In addition to outlining the five steps for revenue recognition, this course provides guidance on how to account for transactions and arrangements unique to revenue recognition, including warranties, bill-and-hold arrangements, sales returns and allowance, principal versus agent relationships, and consignments. Lastly, though one of the objectives of the issuance of IFRS 15 was to converge the guidance issued by FASB, this course highlights differences that still remain in revenue recognition guidance under IFRS and US GAAP. Supported by practical examples and helpful illustrations, this course will assist you in avoiding revenue recognition traps and provide you with latest IASB guidance.
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Topics discussed

Background, purpose, and main provisions of new standard

Five-step process for recognizing revenue

Applying the five-step process to transactions and arrangements unique to revenue recognition

Presentation and disclosure requirements

Learning objectives

Identify the fundamental concepts related to revenue recognition and measurement.
Apply the five-step revenue recognition process
Apply the five-step process to major revenue recognition issues.
Identify presentation and disclosure requirements regarding revenue

Who will it benefit?

Accountants, auditors, and finance professionals in public practice and industry seeking an understanding of the latest revenue recognition guidance issued by the IASB.