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Revenue Recognition - IFRS 15 & ASC 606
Rating: 4.0 out of 5(1,100 ratings)
3,245 students

Revenue Recognition - IFRS 15 & ASC 606

Shedding light to practical application issues
Created byRaffaelson Academy
Last updated 9/2019
English

What you'll learn

  • All about newly introduced Revenue Standard - IFRS 15 and ASC 606.

Course content

3 sections • 7 lectures • 3h 59m total length

  • Identify contracts with customers38:08

    Identify contracts with customers and apply the five-step revenue recognition model to determine enforceable rights, obligations, and collectability, including contract modifications and separate performance obligations.

  • Lecture 1 Quiz
  • Identify the separate performance obligations41:35

    Identify the separate performance obligations, the second step of the five-step revenue recognition model, by applying criteria for distinct goods or services and using a decision checklist to allocate revenue.

  • Lecture 2 Quiz
  • Determine the transaction price31:08

    Determine the transaction price, the third step in the revenue recognition model, assessing variable consideration, significant financing component, non-cash consideration, and consideration payable to a customer.

  • Lecture 3 Quiz
  • Allocate transaction price to performance obligations25:24

    Allocate the transaction price to each performance obligation under IFRS 15 and ASC 606, using relative standalone selling prices, and apply discounts, variable consideration, and price changes.

  • Lecture 4 Quiz
  • Recognize revenue when (or as) the performance obligation is24:25

    Learn how transfer of control determines revenue recognition under IFRS 15 and ASC 606, choosing between over time and point in time satisfaction of performance obligations.

  • Lecture 5 Quiz

Requirements

  • No course requirements of prerequisites

Description

This course explains and provides deeper insight into the new revenue standard, namely, "Revenue from Contracts with Customers" issued jointly by IASB and FASB as IFRS 15 and ASC 606, respectively.  Delivered in a fun, user-friendly and animated video format, the complex subject becomes interesting and clear as students progress throughout the course content. The course consists of 3 main sections. The first section consisting of 5 lectures devotes each lecture to one of 5 steps of 5 step revenue recognition model. The second section delivers a quite interesting video content explaining accounting entries for types of revenue recognized over time. And the last section is all devoted to practical questions and their solutions, treatment and recognition matters of concern to wider accounting and finance audience, including but not limited to all level of accountants, finance experts and professionals, ACCA and CPA students in their pursuit of revenue topic.

Who this course is for:

  • ACCA students, CPA students, students of various accounting programs, accountants, finance managers, finance directors, CFOs, finance experts

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