The seminar intends to cover in-depth the principles of two very important IFRSs, the Revenue from Contracts with Customers (IFRS 15 and IFRS 16).
Revenue is one of the most debatable topics in financial reporting. IFRS 15 Revenue from Contracts with Customers is effective from 1 January 2018 and replaces IAS 18 Revenue Recognition and IAS 11 Construction Contracts.
The effect of IFRS 15 will vary depending on industry. Telecommunications, software, real estate and construction entities will be significantly affected by one or more of the new requirements.
In addition, on 13 January 2016, the International Accounting Standard Board has finally issued the new leases standard, IFRS 16 “Leases”. The effective date of the standard is 1 January 2019.
IFRS 16 is a major change of the way the entities account for leases because it removes the current lessee accounting treatment for operating and finance leases. Instead, the new standard introduces a single lessee accounting model and requires lessees to recognize assets and liabilities for leases with a lease term of more than one year.
The seminar includes detail coverage of the IFRS 15 and IFRS 16. On completion of this seminar participants should be able to:
- To gain understanding of the IFRS 15
- Be able to apply and evaluate the principles covered
- Read, comprehend and evaluate financial statements incorporating accounting information covered by this IFRSs.
- Identify differences to current accounting treatment
The seminar is primarily addressed to accountants and auditors in the profession or industry. It is also relevant and appropriate to any individual having an active role in preparing, analyzing and presenting financial statements.