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Revenue Recognition (IFRS 15)

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Overview    

Revenue recognition remains one of the most judgement-intensive and high-risk areas in financial reporting. IFRS 15 introduced a single, principles-based framework for recognising revenue from contracts with customers, replacing multiple legacy standards and significantly changing how entities analyse contracts, performance obligations, and timing of revenue. 

This webinar provides a step-by-step, practical application of IFRS 15, guiding participants from foundational principles through to complex revenue scenarios using structured explanations and worked examples. It is designed to build both technical understanding and professional judgement, enabling confident and compliant implementation of the Standard. 

Join Caryn Maitland as she unpacks IFRS 15 in a clear, logical, and practical manner, taking participants from introductory concepts through to real-world application challenges faced in practice. 

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Learning objectives   

Attending this webinar will equip you with the following skills:  

• Understanding the objectives, scope, and core principles of IFRS 15 

• Applying the five-step revenue recognition model with confidence 

• Identifying and assessing performance obligations within complex contracts 

• Determining and allocating transaction prices, including variable consideration 

• Exercising sound professional judgement in recognising revenue accurately and consistently 

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Content   

The webinar will cover the following topics:  

• Introduction to IFRS 15 
  o Objective and scope of IFRS 15 
  o Principles-based revenue recognition framework 
  o Comparison with previous revenue standards (IAS 18 and IAS 11) 

• Overview of the Five-Step Revenue Recognition Model 
  o Structure and logic of the five-step model 
  o End-to-end overview using a simple worked example 

• Identify the Contract with a Customer 
  o Contract approval and enforceability 
  o Combination of contracts 
  o Contract modifications 
  o Worked example: single contracts and contract modifications 

• Identify the Performance Obligations 
  o Distinct goods and services 
  o Series of distinct services 
  o Bundled and multi-element contracts 
  o Worked example: identifying multiple performance obligations 

• Determine the Transaction Price 
  o Fixed and variable consideration 
  o Constraint on variable consideration 
  o Significant financing components 
  o Non-cash consideration 
  o Worked example: variable consideration and timing differences 

• • Allocate the Transaction Price 
  o Determination of stand-alone selling prices 
  o Allocation methodologies 
  o Treatment of discounts and variable consideration 
  o Worked example: allocation across multiple performance obligations 

• Recognise Revenue 
  o Revenue recognised over time vs at a point in time 
  o Measuring progress toward completion 
  o Worked example: service-based vs goods-based contracts 

• Contract Costs 
  o Incremental costs of obtaining a contract 
  o Costs to fulfil a contract 
  o Practical example: capitalisation and amortisation of contract costs 

• Presentation and Disclosure Requirements 
  o Contract assets and contract liabilities 
  o Disclosure requirements under IFRS 15 
  o Common disclosure weaknesses observed in practice 

• Common Errors, Judgement Areas and Practical Pitfalls 
  o Revenue acceleration and deferral risks 
  o Common audit and independent review findings 
  o Practical implementation tips for accountants