Revenue Recognition (IFRS 15)
Presenters : Caryn Maitland CA(SA)
Overview
Gain an in-depth understanding of IFRS 15, the International Financial Reporting Standard that provides guidance on revenue recognition principles. This webinar will explore the key five-step model for recognizing revenue from contracts with customers, focusing on practical application and compliance challenges.
Join Caryn Maitland CA(SA) to enhance your expertise in financial reporting under IFRS 15.
Learning objectives
Attending this webinar will equip you with the following skills:
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Gain insights into the purpose of the new standard and its role in enhancing financial reporting.
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Recognise the significant differences between IFRS 18 and the former IAS 1, including new presentation and disclosure requirements.
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Learn how to structure financial statements in compliance with IFRS 18, including the classification of income and expenses into operating investing and financing categories.
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Understand the expanded disclosure requirements aimed at providing more detailed information to users of financial statements.
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Develop strategies to effectively transition to IFRS 18 and address potential challenges during implementation.
Content
The webinar will cover the following topics:
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Introduction to the IFRS 15
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Scope and objectives of the standard.
- Key principles and the five-step model.
- Importance of revenue recognition in financial reporting.
- Common pitfalls and compliance issues.
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Step-by-Step Analysis of Revenue Recognition
- Identifying contracts with customers.
- Determining performance obligations.
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Transaction Price and Allocation
- Methods for estimating transaction prices.
- Allocating transaction prices to performance obligations.
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Practical Applications and Indusrty-Specific Considerations
- Handling complex contracts and modifications.
- Addressing variable consideration and constraints.
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