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An update on how the new standard has changed the application of revenue recognition. The course will use practical examples and case studies to demonstrate the new treatments.
Revenue is often the largest number on an entity's profit or loss account. On 28 May 2014, the International Accounting Standards Board (IASB) published a new standard on accounting for revenue, IFRS 15 - Revenue from Contracts with Customers, which will be applicable for entities reporting in accordance with IFRS for an annual reporting period beginning on or after 1 January 2018.
The new standard will replace all existing standards and interpretations which dictate the accounting treatment for revenue. The new standard is the result of a joint project by the IASB and the US FASB to develop a common, comprehensive, principles-based revenue standard that can be applied consistently to complex transactions across a wide range of industries under both IFRS and US GAAP.
Venue may change up to 14-days before the course start date. Enquire for dates.
Learning outcomes include obtaining a greater understanding of:
- Current accounting.
- Scope of the new revenue recognition standard.
- The new 'five-step' approach to recognising revenue.
- Issues which can arise.
You may also be interested in IFRS 15 Revenue Recognition - Numerical Financial Reporting Workshop.
Who is this course for?
Designed to bring you up-to-date with the new revenue recognition standard, this course is suitable for those with existing knowledge of the current revenue recognition standard under IFRS.
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