IFRS 15 replaced the previous Revenue standards IAS 18 (Revenue) and Construction contracts (IAS 11) and their related guidance effective 1 January 2018. For financial reporting, revenue recognition is arguably one of the most important and controversial topics.
This online course has been designed to provide the learner with a basic understanding of the key principles in respect of the accounting for Revenue under IFRS 15.
The business disruptions associated with the COVID-19 pandemic and impact of financial difficulties experienced by entities and their customers, may require entities to consider other facts that normally would not when assessing revenue from contracts with customers. This session will also discuss impact of COVID-19 on revenue recognition.
After completion of this online course, you will:
- Be able to identify a contract or part of a contract within the scope of IFRS 15;
- Understand the five-step approach to recognise and measure revenue;
- Understand the key tax adjustments and deferred tax implications with regards to revenue;
- Be able to apply the theory to practical examples; and
- Be able to describe the factors to consider when assessing revenue from contracts with customers as a result of COVID-19.
After successfully completing the course, you will receive a certificate of completion (2 hours CPD/CPE).