Accountants' Discussion Forum: Overcoming Revenue Recognition Issues
CPD Hours: 2
Price: R380.00
Accountants' Discussion Forum: Overcoming Revenue Recognition Issues
Presenters : Carmen Westermeyer CA(SA) , Caryn Maitland CA(SA)
Overview
Revenue recognition issues present formidable challenges for organisations in various sectors, demanding meticulous attention to ensure precise financial reporting and adherence to accounting standards. Central to these challenges is the accurate determination of when and how to recognise revenue in financial statements—a process fraught with complexities due to factors like the timing of revenue recognition, thoroughness of revenue measurement, and compliance with regulatory mandates.
Join esteemed experts Caryn Maitland CA(SA) and Carmen Westermeyer CA(SA) as they discuss these critical issues. This session will emphasise the importance of a thorough grasp of accounting principles, sector-specific regulations, and rigorous analysis of contractual terms and transactions to ensure both accurate and transparent financial reporting.
Learning objectives and competencies developed
Through real-world case studies, practical examples, and an in-depth analysis of the latest regulatory developments, this webinar will equip you with the following competencies:
-
An understanding of the core principles of IFRS 15 and the application of these principles across various types of contracts and industries.
-
A clear understanding of the distinction between acting as a principal versus acting as an agent in transactions.
-
Know how acting as a principle affects revenue recognition, tax liabilities, and reporting obligations under IFRS 15.
-
Understand the income tax and VAT consequences of different revenue recognition scenarios, particularly focusing on how the role of principal influences tax calculations.
-
Apply your understanding of IFRS 15 to complex real-world scenarios, enhancing your ability to handle intricate revenue recognition issues in your professional roles.
Content to be discussed
The following topics are under discussion for this month:
-
IFRS 15 and the classification of income.
-
Principal vs agent.
-
The difference in treatment of receipts.
-
Treatment income tax and VAT.
-
-
Key differences between revenue and gross income.
-
Key issues and challenges.
-
Complex contracts.
-
Timing of revenue recognition.
-
-
Potential deferred tax consequences of revenue .
