Accounting Standards
IFRS 15 - Revenue Recognition
The Five-Step Revenue Recognition Model and Contract Accounting Under IFRS 15
3 CPD credits on completion
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Certificate on completion
Downloadable resources
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About This Course
Course Information
The learning outcomes from this accounting standards CPD course include: The core principles 5 conditions to identify a contract Identifying satisfaction of performance obligations Specific requirements with regards to costs
Certificate on Completion
This course is made up of videos, questions and additional reading materials, and accounts for 3 units of CPD. One unit is the equivalent of one hour of learning.
Course Sections
This course is made up of the following sections:
- Objectives and Principles (video)
- Objectives and Principles (quiz)
- Identifying a contract (multiple videos)
- Identifying a contract (multiple quizzes)
- Satisfaction of performance obligations (video)
- Satisfaction of performance obligations (quiz)
- Requirements with regard to costs (video)
- Requirements with regard to costs (quiz)
What You Will Learn
- Describe the five-step model for revenue recognition: identify the contract, identify performance obligations, determine the transaction price, allocate the price, and recognise revenue
- Identify performance obligations within a contract and determine whether they are satisfied at a point in time or over time
- Calculate the transaction price, including the treatment of variable consideration, significant financing components, and non-cash consideration
- Apply the standalone selling price method to allocate the transaction price across separate performance obligations
- Apply the criteria for recognising revenue over time, including the input and output methods for measuring progress
- Explain the accounting for contract costs, including costs to obtain and costs to fulfil a contract
Who This Course Is For
- Accountants responsible for applying revenue recognition policies under IFRS
- Auditors testing whether revenue has been recognised in the correct period and at the correct amount
- Finance professionals studying for exams that cover IFRS 15
Prerequisites
- Basic understanding of revenue and when it is recorded in the statement of profit or loss
- Familiarity with the concept of contracts in a business context
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Course Details
CPD Credits3
CertificateYes
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