This seminar will set out the requirements of IFRS 15 and enable you to
- Understand the standard in detail and its relevant practical implications
- Be updated on recent changes and developments and
- Apply the relevant requirements in practice.
More specifically the seminar will address the following topics:
Explain and apply the principles of revenue recognition:
- Identification of contracts
- Identification of performance obligations
- Determination of transaction price
- Allocation of the price to the performance obligations
- Recognition of revenue when/as performance obligations are satisfied
Describe and apply the acceptable methods for measuring progress towards complete satisfaction of performance obligations
Explain and apply the criteria for the recognition of contract costs
Specifically account for the following types of transactions:
- Principal versus agent;
- Repurchase agreements;
- Consignment agreements
Account for different types of consideration (including variable consideration) and where a significant financing component exists in the contract.
All professionals seeking to obtain in depth understanding of the accounting standards whether working in the profession or the industry.
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For further information please contact us.