Financial Reporting
Understanding Profit and Loss Recognition
Revenue Recognition, Expense Matching, and Non-recurring Items Under IFRS and US GAAP
2 CPD credits on completion
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Certificate on completion
Downloadable resources
Self-paced learning
About This Course
Course Information
The learning outcomes from this CPD course include: Understanding the flow of information Revenue recognition Expense recognition Non-recurring and non-operating items
Certificate on Completion
This course is made up of videos, questions and additional reading materials, and accounts for 2 units of CPD. One unit is the equivalent of one hour of learning.
Course Sections
This course is made up of the following sections:
- Flow of information (video)
- Flow of information (quiz)
- Revenue recognition (video)
- Revenue recognition (quiz)
- Expense recognition (video)
- Expense recognition (quiz)
- Non-recurring and non-operating items (video)
- Non-recurring and non-operating items (quiz)
What You Will Learn
- Explain the flow of information through the profit and loss account and how entries are recorded
- Distinguish between accrued revenue, unearned revenue, prepaid expenses, and accrued expenses
- Compare IFRS and US GAAP treatments for instalment sales, including the completed contract method and cost recovery method
- Describe how barter transactions are recognised differently under IFRS and US GAAP
- Identify non-recurring and non-operating items and explain their impact on reported earnings
- Apply the correct journal entries for revenue recognition and expense matching scenarios
Who This Course Is For
- Accountants who handle revenue and expense recognition in practice
- Finance professionals who need clarity on IFRS versus US GAAP profit recognition differences
- Auditors reviewing profit and loss treatments for compliance with reporting standards
Prerequisites
- Understanding of basic double-entry bookkeeping (debits and credits)
- Familiarity with the income statement structure
Frequently Asked Questions
Course Details
CPD Credits2
CertificateYes
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CPD certificate on completion
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