IFRS 15 Revenue
Generating revenue is something every business does (or at least every business that gets off the ground!) However, accounting for it isn’t as straightforward as you might think. When should you account for revenue that’s earned from a long-term contract, for example? Or, what happens if the customer has the right to a refund for the product you’re selling? In this course, we’ll answer these questions and more!
To properly account for revenue, it’s essential you know how to apply the provisions of IFRS 15 Revenue from Contracts with Customers, the major international accounting standard on this matter. And the stakes of getting it wrong are high! Take UK supermarket giant Tesco, for example. In 2014, it overstated its reported revenues, thereby artificially boosting profits by £263 million, for which it was fined a hefty £129m!
Now, compliance with IFRS 15 isn’t just for the purpose of avoiding a fine! Correctly accounting for revenue ensures you paint an accurate picture of your organisation’s performance to users of the financial statement, such as lenders and shareholders. In this course, we’ll provide you with the knowledge and skills you need to do so.
Provides 4 hours of CPD
- Break down the objectives and scope of IFRS 15 clearly and simply so that you understand exactly what it does and doesn’t cover
- Take you step-by-step through the intricacies of the IFRS 15 revenue recognition model so that, by the end, you can properly account for your company’s revenue
- Show you how to correctly apply IFRS 15 if your organisation is earning revenue from a contract over a long time period
- Demonstrate how to deal with specific scenarios related to revenue recognition, such as consignment inventory, sale with right of return and warranties
- Explain how to identify whether your organisation is the principal or agent in a contract – this difference is critical with respect to correctly recognising revenue!
This understanding will be aided with learning and test questions throughout the course, designed to cement your knowledge.
By correctly answering the accompanying test questions, you can earn a certificate of completion for your completed CPD hours.
What’s included in the course?
- Thoroughly explores the concepts, theories and models for this topic
- The content is professionally explained by our expert tutors alongside a visual presentation
- Come with downloadable audio files so you can listen to the content offline and on the go
- Full coverage of the video content using engaging and easy-to-follow language
- A range of examples to show you how these concepts might apply to real-life situations, e.g. in finance
- A practical exercise for each module based on the subject’s application in a finance team
- A series of questions designed to test your understanding of what you’ve learnt on the course
- Designed to get you to apply what you’ve learned to scenarios and commit the theory to memory
- The visual presentation from the video can be accessed for note-taking and for browsing alongside the video or audio download
- Can be viewed as still slides or in an interactive format to move around the screen
Purchasing the course
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Astranti CPD Course:
IFRS 15 Revenue
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