IFRS 15 - Revenue Recognition Redefined for All Industries

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• Introduction to Accounting Standard 29:35

  • 1: 0. Intro Video 01:26
  • 2: 1. Introduction to IFRS 15 Preview 05:29
  • 3: 2. Core Principal Behind IFRS 15 audio fixed Preview 03:08
  • 4: 3. 5Step Model Introduction-trim audio fixed Preview 06:22
  • 5: 4. Basic Example of IFRS 15 - 5 Step Approach 07:39
  • 6: 5. Explanation of How Revenue Recognistion has changed 05:31

• 5 Steps of Revenue Recognition by IFRS 15 - Explained in Details 1:19:08

  • 7: 6. Step 1 - Identification of Contracts with customers 15:22
  • 8: 7. Step 2 - Identifying Separate performance Obligations 06:11
  • 9: 8. Step 2 - Performance Obligations examples and other considerations 12:29
  • 10: 9. Step 3 - Determining Transaction Prices 08:36
  • 11: 10. Step 3 - Examples of Transaction Pricing 15:31
  • 12: 11. Step 4 - Allocation of Transaction Pricing_Trim 07:51
  • 13: 12. Step 4 - Allocation of Transaction Prices - Example 04:49
  • 14: 13 Step 5 - timing of revenue recognition 08:19

• Other Considerations for IFRS 15 26:24

  • 15: 14 Other Considerations - Contract Assets 01:49
  • 16: 15. Specific Guidance - Warranties, Returns and Options 05:35
  • 17: 16. Specific Guidance - Upfront fee, Customer Loyalty, bill & hold sale, License 04:20
  • 18: 17. Transition, Presentation and Disclosure requirements 08:45
  • 19: 18. Impact Challanges & issues with Standard 05:55

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

• Finance professionals
• business leaders
• startup companies

• basic accounting practices

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