Revenue Recognition - The New 5 Step Model

Introduction

The new revenue standard provides a single comprehensive and robust framework to the recognition and measurement of revenue effective 1 January 2018. A new five-step model is applied to nearly all contracts with customers aiming to improve the comparability and consistency of revenue recognition.

This webinar will detail the five-step model for recognising revenue and highlight the potential impact on the financial position and financial performance.

If you are a partner, manager or staff in accounting and audit firms who prepare and audit accounts under IFRS then this webinar is for you.

What You Will Learn

This webinar will cover the following topics:

• The five-step model and how to apply it to revenue contracts with customers
• How to recognise and measure revenue for financial reporting purposes
• Understand the impact on key performance measures and financial ratios
• Identifying separate performance obligations
• Identifying and measuring any variable consideration
• Determining stand-alone selling prices to allocate the transaction price to the separate performance obligations identified
• The potential impact on reported figures and performance measures
• The accounting treatment for contract costs
• The transitional options available; full retrospective or a modified retrospective approach

This webinar was recorded on 3rd July 2018