Mastering Ifrs 15: Comprehensive Revenue Recognition Guide

Your one-stop solution for a comprehensive understanding of IFRS-15 Revenue from Contract with Customers

What you'll learn

Understand the core principles of IFRS 15 and its application to revenue recognition.

Learn how to identify and define performance obligations in customer contracts.

Gain practical skills in allocating transaction prices to various performance obligations.

Master the process of recognizing revenue over time or at a point in time based on contract terms.

Requirements

There are no specific prerequisites for taking this course. A basic understanding of accounting principles may be helpful but is not required. The course is designed to be accessible to learners at all levels, including beginners who are looking to deepen their knowledge of IFRS 15 and revenue recognition.

Description

This course offers a comprehensive understanding of IFRS 15, focusing on revenue recognition and contract management. Whether you're a finance professional, auditor, or a student looking to strengthen your accounting knowledge, this course will provide you with the necessary tools to navigate the complexities of revenue recognition.Through clear explanations and practical examples, you’ll learn how to identify performance obligations, allocate transaction prices, and recognize revenue in line with IFRS 15 principles. The course will cover real-world scenarios, helping you apply what you learn to real business situations, ensuring you have both theoretical and practical insights.Designed for learners of all experience levels, this course does not require any prior knowledge of IFRS standards, making it accessible to beginners while also offering advanced content for seasoned professionals. Whether you're involved in financial reporting, contract management, or consultancy, this course will help you ensure compliance with IFRS 15 and improve your understanding of revenue-related transactions.By the end of the course, you'll be equipped with the knowledge and skills to confidently apply IFRS 15 in your day-to-day work, enhance your financial reporting accuracy, and better manage customer contracts. Join us to master IFRS 15 and advance your professional skills in revenue recognition.

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: Step 1 - Identify the Contract with the Customers

Lecture 2 Identify the Contract

Lecture 3 Combination of Contracts

Section 3: Step 2 - Identify the Performance Obligations in the Contract

Lecture 4 Identify the Performance Obligation

Lecture 5 Concept of Contract Liability, Contract Asset and Contract Receivable

Lecture 6 Concept of Contract Cost

Section 4: Step 3 - Determine the Transaction Price

Lecture 7 Determine the Transaction Price

Lecture 8 Variable Consideration

Lecture 9 Sale with the Right of Return

Lecture 10 Sale Volume Discount

Lecture 11 Settlement Discount

Lecture 12 Significant Financing Component

Lecture 13 Non Cash Consideration

Lecture 14 Consideration Payable to Customer

Section 5: Step 4 - Allocate the Transaction Price to each Performance Obligation

Lecture 15 Allocate the Transaction Price to each Performance Obligations

Lecture 16 Allocation of Discount

Section 6: Step 5 - Recognize Revenue As and When Each Performance Obligation Is Satisfied

Lecture 17 Recognize Revenue As And When Each Performance Obligiation Is Satistied

Section 7: Important Concepts

Lecture 18 Contract Modification

Lecture 19 Principal versus Agent Considerations

Lecture 20 Sales Based Royalty

Lecture 21 Warranties

This course is ideal for accounting and finance professionals, auditors, and students who want to enhance their understanding of IFRS 15 and its application to revenue recognition. It is also valuable for business owners, managers, and consultants who are involved in financial reporting and contract management. Whether you are a beginner seeking foundational knowledge or an experienced professional looking to refine your expertise, this course is designed to meet your needs.