2023 guide in applying IFRS 15 to manufacturing industry
What you'll learn
- World-class experiences about IFRS 15 delivered to you by former PwC Auditor
- Understand Point in time’ vs. ‘over time’ revenue recognition, and if revenue is recognised ‘over time’, how progress towards completion is recognised
- Understand Accounting for tender costs
- Understand effect of contract modifications to existing contracts and so much more
Requirements
- Basic knowledge on Financial Accounting such as Debit/credit accounting entries, profit&loss, balance sheet, cash flow.
- You should have some experiences with IFRS 15 or at least learn the theory course in IFRS 15
Description
IAS/IFRS standards constitute a standardised way of describing the company’s financial performance and position so that company financial statements are understandable and comparable across international boundaries. Additionally, they are particularly relevant for companies with shares or securities listed on a public stock exchange.
IFRS 15 sets out more detailed guidance on variable consideration than IAS 18, with revenue being recognised at the amount expected from the customer which may not necessarily be the same as the invoiced amount. IFRS 15 will not just be a mere accounting change but will have wide spread implications to other businesses areas, e.g. significant IT systems changes will be required, sales contracts/terms may need to be modified, marketing campaigns will need to be reconsidered. The impact on revenue will also have a flow on effect to bonuses, bank convents, dividend payments, and corporate taxes.
In this course, we will discuss the following areas likely to significantly impact manufacturing entities under IFRS 15:
• Point in time’ vs. ‘over time’ revenue recognition, and if revenue is recognised ‘over time’, how progress towards completion is recognised and measured
• Bundling or unbundling performance obligations
• Contract modifications
• Variable consideration (manufacturers’ rebates)
• Accounting for tender costs.
• Adjustments for the effect of the time value of money (‘financing components’)
• Warranties.
I hope that you will benefit a lot from taking this course and applying IFRS 15 in manufacturing industry.
Who this course is for:
- General Accountant, Chief accountants
- CFO, Finance Head
- Internal Auditors, external auditors and Internal Controls Professionals
- Other learners who want to learn about IFRS 15 in action
Instructor
- 3.9 Instructor Rating
- 166 Reviews
- 545 Students
- 12 Courses
Thanh is a former business consultant and seasoned audit manager at PricewaterhouseCoopers (aka PwC), the second-largest professional services network in the world and the biggest firm in the Big4 Accounting firms globally including also EY, KPMG and Deloitte. He is also an official Vietnamese-English Translator & Transcriber of Miss Universe Organization for 2021 Miss Universe event in Florida, United States of America.
He has over 13 years of experiences in various roles of corporate sector, including external audit, internal audit, legal consulting, regulatory/internal compliance, business policy consulting, risk management, business process improvement, overseeing dozens of audit projects for prestigious companies around the world, of which more than 8 years in the Banking&Finance Industry with primary task as a business audit and risk management manager (Non-IT). His client portfolio including Royal Dutch Shell, HSBC, Citibank, La Neige, CIMB, Chubb Life, Colgate-Palmolive, Triumph International, Heineken N.V (Just to name a few) ...
He holds a Bachelor of Economics (Major: Accounting and Auditing) from University of Economics Ho Chi Minh City, a Bachelor of Law (LLB) from Ho Chi Minh City University of Law, and received Juris Doctor certificate from Vietnam Judicial Academy in 2021. His studies also included the Advanced Education program from Havard Law School in Contract Law, Professional development program in Logic & Mathematical thinking from Stanford University.
Outside of work, he is an avid reader and a book lover (which in many ways he expressed that some books have changed his life), and he also loves to play football, badminton, swimming and Yoga.