Enrolled: 15 students
Duration: 3 Hours
Lectures: 18
Video: 2 Hours
Level: Intermediate


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

Other Courses by Instructor

Analyze Hotel Financial Statements steps you must learn for Rooms Dept

Learn how to analyse and maximize Restaurant Profitability

learn how to Analyze Hotel Financial Statements to improve profitability in 2021

Liked what you read, pls share to help others

Introduction to the accounting Standard

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

5 Step Model for Revenue Recognition under IFRS 15

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

Other Considerations of IFRS 15 Transition and Challanges

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

Be the first to add a review.

Please, login to leave a review
IFRS 15 Revenue Recognition Redefined for Hospitality and other Industries
$199 $19