Revenue Recognition Under Ifrs 15 & Asc 606

Revenue recognition - asc topic 606, learn ifrs and IFRS 15.

What you'll learn

Learn how to apply the five-step framework for revenue recognition under IFRS 15 and ASC 606.

Develop the ability to analyze contracts and determine distinct performance obligations in real-world scenarios.

Gain practical skills in allocating transaction prices to performance obligations using various methods and techniques.

Recognize Revenue Correctly – Learn how and when to recognize revenue in compliance with IFRS 15 and ASC 606

Recognize Revenue using the appropriate methods, including the Percentage of Completion (POC) method.

Requirements

Basic accounting knowledge, Understanding of financial statements . No prior IFRS 15/ASC 606 experience needed

Description

This comprehensive course is designed to provide an in-depth understanding of revenue recognition under the IFRS 15 and ASC 606 standards. Aimed at accounting and finance professionals, auditors, controllers, and business managers, this course will guide you through the essential principles of revenue recognition, ensuring compliance with these globally recognized accounting standards.You will learn to apply the Five-Step Model for revenue recognition, a framework that helps businesses determine when and how much revenue to recognize. The course covers each step of the model, from identifying contracts with customers to recognizing revenue as performance obligations are satisfied.In addition, you will gain practical skills in identifying performance obligations within contracts, a critical step for accurately recognizing revenue. The course delves into how to allocate transaction prices to multiple performance obligations and how to handle complex scenarios involving variable consideration and contract modifications.The course also provides hands-on experience with the Percentage of Completion (POC) method, a widely used approach for recognizing revenue in long-term contracts, particularly in industries like construction and engineering. You will learn how to apply the POC method to calculate and recognize revenue based on progress toward completing performance obligations.Through real-world examples, case studies, and practical exercises, you’ll gain the confidence to navigate the complexities of IFRS 15 and ASC 606 and ensure your organization’s financial reporting is accurate and compliant. This course is ideal for anyone seeking to understand revenue recognition in a practical, straightforward manner and is especially valuable for those looking to advance their skills in the accounting and finance fields.

Overview

Section 1: Introduction

Lecture 1 Introduction

Lecture 2 Revenue recognition standards IFRS1 ASC 606

Lecture 3 Five-step model for recognizing revenue overview

Section 2: Step 1: Identify the Contract(s) with a Customer

Lecture 4 Step 1: Identify the Contract(s) with a Customer

Lecture 5 Example : Identify the Contractwith a Customer

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

Lecture 6 Step 2: Identify the Performance Obligations in the Contract

Section 4: Step 3: Determine the Transaction Price

Lecture 7 Step 3: Determine the Transaction Price

Lecture 8 Example : Determine the Transaction Price

Section 5: Step 4: Allocate the Transaction Price to the Performance Obligations

Lecture 9 Step 4: Allocate the Transaction Price to the Performance Obligations

Section 6: Step 5: Recognize Revenue When the Entity Satisfies a Performance Obligation

Lecture 10 Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation

Lecture 11 Contract modification

Lecture 12 Example Revenue recognition POC Input vs output methode

Section 7: 5 Steps 5 recap

Lecture 13 5 Steps recap

Section 8: Case Study: Custom Software Development Contract

Lecture 14 Case Study: Custom Software Development Contract

Accounting & finance professionals .Auditors & controllers.,Business owners & managers Students & finance learners.