IFRS 15 - Applying the 5 Step Model
The new revenue standard provides a single comprehensive and robust framework to the recognition and measurement of revenue and a new five-step model is applied to nearly all contracts with customers aiming to improve the comparability and consistency of revenue recognition.
This live broadcast session will detail the five-step model for recognising revenue highlighting its application for certain industries. It will cover the potential impact on the financial position and financial performance and the wider issues for entities.
Using illustrative and real live examples this session is aimed at accountants, auditors and other professionals involved in revenue recognition accounting and policies.
What You Will Learn
This live and interactive session will cover the following:
- The five-step model and how to apply it to revenue contracts with customers
- 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
- When to recognise revenue for financial reporting purposes
- The potential impact on reported figures, performance measures and financial ratios
- The accounting treatment for contract costs
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.