Enrolled: 13 students
Duration: 3 Hours
Lectures: 18
Video: 2 Hours
Level: Intermediate

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maxresdefault 3 - IFRS 15 Revenue Recognition Redefined for Hospitality and other Industries

What is IFRS 15 Revenue Recognition Standard and its key principals

The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer.

IFRS is aimed to bring consistency in reporting across industries and ensure relevant information is available to users making decision.

The core principle of IFRS 15 is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This core principle is delivered in a five-step model:

· Identify the contract(s) with a customer

· Identify the performance obligations in the contract

· Determine the transaction price

· Allocate the transaction price to the performance obligations in the contract

· Recognize revenue when (or as) the entity satisfies a performance obligation

Objectives of this course on IFRS 15

In this course we will explore all five steps in details and their practical implications. We also explore how we can get around with implementing the Standard.

What You will Learn in this IFRS 15 Course:

· What are basic elements of IFRS 15

· 5 Step model of revenue recognition.

· Practical challenges that are faced by organizations in implementing the standard

· Guidelines how to we can implement.

· Disclosure requirements in IFRS 15

Who is the Target Audience?

Finance professionals, business executives

Basic Knowledge:

Basic accounting principals

Instructor of this course IFRS 15

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Introduction to the accounting Standard

1
1. Introduction to IFRS 15
2
2. Core Principal Behind IFRS 15 audio fixed
3
3. 5 Step Model for Revenue Recognition Introduction-
4
4. Basic Example of IFRS 15 – 5 Step Approach
5
5. Explanation of How Revenue Recognistion has changed

5 Step Model for Revenue Recognition under IFRS 15

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6. Step 1 – Identification of Contracts with customers
2
7. Step 2 – Identifying Separate performance Obligations
3
8. Step 2 – Performance Obligations examples and other considerations
4
9. Step 3 – Determining Transaction Prices
5
10. Step 3 – Examples of Transaction Pricing
6
11. Step 4 – Allocation of Transaction Pricing_Trim
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12. Step 4 – Allocation of Transaction Prices – Example
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13 Step 5 – timing of revenue recognition

Other Considerations of IFRS 15 Transition and Challanges

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14 Other Considerations – Contract Assets
2
15. Specific Guidance – Warranties, Returns and Options
3
16. Specific Guidance – Upfront fee, Customer Loyalty, bill & hold sale, Licenses
4
17. Transition, Presentation and Disclosure requirements
5
18. Impact Challanges & issues with Standard

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IFRS 15 Revenue Recognition Redefined for Hospitality and other Industries
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$199 $19