The IFRS 15 Revenue from Contracts with Customers standard establishes the framework for recognizing revenue, focusing on accurately reflecting an organization’s financial performance by recognizing revenue when control of goods or services is transferred to customers. This standard is essential for global compliance, ensuring consistent and transparent financial reporting across industries.
This IFRS 15 Revenue from Contracts with Customers course guides participants through the five-step revenue recognition model, which includes identifying contracts, defining performance obligations, setting the transaction price, allocating it appropriately, and recognizing revenue accurately. By mastering these steps, finance professionals can effectively manage complex revenue structures and ensure precision in financial disclosures. Participants, including finance managers, auditors, and analysts, will acquire skills to navigate contract modifications, assess performance measures, and fulfil presentation requirements. By course completion, attendees will be equipped with strategies for the practical application of IFRS 15, enhancing their organization’s financial accuracy and compliance with global standards.
Upon completion of this revenue recognition IFRS 15 from Contracts with Customers training course, you will be able to:
- Understand the principles of IFRS 15 and its role in reporting revenue from customer contracts
- Describe and use the IFRS 15 5-step model for IFRS 15 revenue recognition from contracts with customers
- Analyze contracts with customers to identify performance obligations and determine transaction price
- Determine transaction price by understanding variable considerations, significant financing components, non-cash considerations, and consideration payable to a customer
- Determine standalone selling prices of a contract and allocate the transaction price
- Allocate the transaction price by determining standalone selling prices
- Analyzing the impact of contract modification under IFRS 15
- Implement methods to measure the progress towards complete satisfaction of a performance obligation
- Understand the requirements of presentation and disclosures under IFRS 15 revenue recognition 5 steps
The IFRS 15 Revenue from Contracts with Customers training course is designed for a wide range of professionals who need to navigate the complexities of the IFRS 15 revenue, including:
- Accountants and Finance Managers
- Internal and External Auditors
- Chief Financial Officers (CFOs)
- Financial Controllers
- Contract Managers
- Tax Advisors and Consultants
- Investors and Financial Analysts