IFRS 15 Refresher: Principal versus Agent Accounting
CPD Hours: 1
Price: Complimentary
IFRS 15 Refresher: Principal versus Agent Accounting
Presenters : Tshepiso Segale
Overview
This webinar offers a comprehensive exploration of IFRS 15, "Revenue from Contracts with Customers," providing a detailed understanding of how this standard applies to various industries. Participants will gain insights into the core principles of revenue recognition, the five-step model, and the challenges businesses face in implementing IFRS 15. Whether you are new to this standard or looking to refine your knowledge, this session will provide practical examples and expert guidance to ensure compliance and optimise your organisation’s financial reporting.
Join Tshepiso Segale CA(SA) as she expertly guides you through the key principles and practical applications of IFRS 15, helping you to master revenue recognition and enhance your financial reporting skills.
Learning objectives
Attending this webinar will equip you with the following skills:
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Understanding the fundamental principles of IFRS 15 and its application across different sectors.
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Mastering the five-step revenue recognition model and its practical implications.
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Identifying and resolving common implementation challenges associated with IFRS 15.
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Analysing contracts with customers to determine the appropriate timing and amount of revenue recognition.
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Enhancing your ability to prepare financial statements that accurately reflect revenue under IFRS 15.
Content
The webinar will cover the following topics:
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Introduction to IFRS 15
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Overview of the standard and its importance in financial reporting.
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Key definitions and scope of IFRS 15.
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Comparison with previous revenue recognition standards.
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The impact of IFRS 15 on various industries.
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The Five-Step Revenue Recognition Model
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Step 1: Identifying the contract with a customer.
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Step 2: Identifying the performance obligations in the contract.
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Step 3: Determining the transaction price.
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Step 4: Allocating the transaction price to the performance obligations.
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Step 5: Recognising revenue as the entity satisfies a performance obligation.
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Challenges and Considerations in Implementing IFRS 15
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Contract modifications and their impact on revenue recognition.
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Handling variable consideration and determining its effect on revenue.
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Addressing the complexities of recognising revenue over time versus at a point in time.
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Practical Examples and Case Studies
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Real-world scenarios illustrating the application of IFRS 5.
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Analysis of financial statements under IFRS 15.
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Best practices for ensuring compliance with the standard.
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