IFRS 15 Revenue Recognition Training
Transforming finance training
IFRS 15 Revenue Recognition Training.
Revenue recognition is one of the most looked at numbers in a set of accounts. Ensure that you understand IFRS 15 Revenue and the practicalities of embedding the resulting changes throughout the organisation.
Given its prominence, accounting for revenue recognition is always something that needs to be considered carefully (by both the business and their auditors). IFRS 15 is significantly different to the old accounting standards (IAS 18 and IAS 11) which were light on detail, as the new standard contains more granular guidance.
Not only do the technical accounting differences due to IFRS 15 Revenue need to cascade through the business (for example accountants working within FP&A or business partnering) but the wider commercial factors need to be considered. Organisations may be looking at their contracts and considering whether they need to change commercial terms.
IFRS 15 Revenue – Learning Outcomes
- The new “five step” approach introduced by IFRS 15
- Understanding how to account for multiple elements
- Practical issues in applying the standard
- Transitional options and implications
- Examples from real life companies
Note: IFRS 15 Revenue and ASC 606 are relatively converged and there is a fair amount of overlap. It is important to be cautious though as they are not the same.