Mastering IFRS-15: Revenue Recognition Simplified

Name: Mastering IFRS-15: Revenue Recognition Simplified
Rating: 3.1 (7 reviews)

IFRS-15 with practical examples

Created byPriyanka Verma

Last updated 8/2024

English

What you'll learn

Understand the Core Principles of IFRS 15: Learn the fundamental principles of IFRS 15, including the five-step model for revenue recognition,
Apply the Five-Step Revenue Recognition Model: Gain practical skills in applying the five-step model of IFRS 15
Analyze and Implement Disclosure Requirements: Master the disclosure requirements under IFRS 15, including how to present revenue information in financial state
revenue streams. Navigate Complex Contract Scenarios: Develop the ability to handle complex contract scenarios, such as variable consideration,

Course content

1 section • 19 lectures • 30m total length

Introduction0:29
Explore IFRS 15 and revenue recognition through practical principles, tools, and techniques, building a clear understanding of IFRS 15 and its real-world application.
Video 10:47
video 21:22
this lecture outlines the scope exclusions of IFRS 15, including leases, financial instruments, consolidated statements, joint arrangements, insurance contracts, and non-monetary exchanges.
video 40:30
Explore five-step IFRS-15 revenue recognition: identify contract, identify performance obligations, determine transaction price, allocate transaction price to performance obligations, and recognize revenue when obligations are satisfied.
video 41:06
Identify the contract with the customer, whether oral, written, or implied, and ensure it has enforceable rights, identifiable payment terms, commercial substance, and probable payment, with no unilateral termination rights.
video 71:41
Determine the transaction price under IFRS-15 by estimating variable consideration using the expected value or most likely approach, considering discounts, refunds, penalties, bonuses, royalties, and price concessions.
video 52:19
video 92:28
video 101:21
Explore significant financing components and non-cash consideration under IFRS-15. Learn how purchase consideration for distinct goods or services is accounted for, and how reductions in transaction price apply.
video 111:54
Allocate the transaction price to each performance obligation by proportion to its standalone selling price. Use observable evidence or estimates and apply expected cost plus margin approach.
video 142:52
Determine revenue recognition by assessing when a performance obligation is satisfied and control transfers, applying over time criteria and indicators such as present right to payment, legal title, or possession.
video 121:23
video 131:28
Explain how post-inception changes to the transaction price are allocated to performance obligations and recognized when each obligation is satisfied, at a point in time or over time.
video 151:18
Explain consignment sales under IFRS 15, when revenue is recognized after transfer to the customer, and outline disclosures and the presentation of revenue, assets, and costs to fulfill the contract.
example 12:14
Apply IFRS 15 to a 50-contract sale by recognizing a $50,000 accounts receivable, $48,000 non-returnable revenue, a $2,000 refund liability, and $800 returnable assets with $800 cost of sales.
example 21:41
Apply IFRS 15 revenue recognition to adjust a $4 million transfer to $3.8 million, reducing revenue by 5% due to a $1 million consideration.
example 33:02
Under IFRS 15, allocate the 100,000 transaction price between the machine and the technical support based on relative values, yielding 76,000 to the machine and 24,000 to the support.
example 41:32
conclusion1:04
Adopt IFRS 15 to recognize revenue with a five-step model: identify contract, identify performance obligation, determine transaction price, allocate transaction price over the performance obligation, and disclose, improving comparability and reliability.

Requirements

Accounting knowledge

Description

Understand the Core Principles of IFRS 15: Learn the fundamental principles of IFRS 15, including the five-step model for revenue recognition, and how it differs from previous standards.

Apply the Five-Step Revenue Recognition Model: Gain practical skills in applying the five-step model of IFRS 15 to various types of contracts, including identifying performance obligations, determining transaction prices, and recognizing revenue over time or at a point in time.

Analyze and Implement Disclosure Requirements: Master the disclosure requirements under IFRS 15, including how to present revenue information in financial statements and footnotes to provide transparency and insight into revenue streams.

Navigate Complex Contract Scenarios: Develop the ability to handle complex contract scenarios, such as variable consideration, significant financing components, and contract modifications, ensuring accurate and compliant revenue reporting.
Understand the Core Principles of IFRS 15: Learn the fundamental principles of IFRS 15, including the five-step model for revenue recognition, and how it differs from previous standards.
Apply the Five-Step Revenue Recognition Model: Gain practical skills in applying the five-step model of IFRS 15 to various types of contracts, including identifying performance obligations, determining transaction prices, and recognizing revenue over time or at a point in time.
Analyze and Implement Disclosure Requirements

Who this course is for:

Accounting professionals and Auditors
Financial Analysts
Corporate finance teams
Students and educators