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 accounting principals