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M2083 - Inventories (IAS 2) and Construction Contracts (IFRS 15) (Online)

  • 10 Sep 2020
  • 09:15 - 12:30
  • Online Webinar

Registration


Register
Registration Time: 09:00
Sessions Time: 09:15 - 12:30 including a 15-minute break
Speaker: Ms Roberta West Falzon
Venue:  Online Webinar
Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

Synopsis

During this session we will be looking into one of the oldest standards IAS 2 Inventories and how to account for most inventories including the valuation and classification of inventories. The valuation of work in progress on construction contracts falls outside the scope of IAS 2. This will be discussed in the second part of the session where we will be looking into a relatively new standard IFRS 15 Revenue from Contracts with Customers and its impact on construction contracts. This came into effect from 1 January 2018 and it replaced IAS 18 Revenue and IAS 11 Construction Contracts.

BACKGROUND INFORMATION

As from 1 January 2018 construction companies do not have a specific standard to follow any longer but are now required to follow the new revenue standard IFRS 15 Revenue from Contracts with Customers for the recognition of revenue from construction contracts. IFRS 15 provides a five-step model as a guidance for users to determine at what point in time and amount to recognise as revenue.

Objective

This session will provide a refresher of IAS 2 Inventories and an understanding on how to account for construction contracts under the new revenue standard IFRS 15.

TOPICS FOR THE SESSION:

This session will cover the following:
  • IAS 2
  • IFRS 15 in relation to construction contracts

Target Audience

The session is primarily addressed to accountants and auditors in the profession or industry. 

SPEAKER'S PROFILE

Roberta West Falzon is a certified public accountant and holds a practising certificate in auditing. She graduated in Bachelor of Commerce and Bachelor of Accountancy (Hons) Degrees from the University of Malta and is a fellow member of the Malta Institute of Accountants. Roberta was also awarded the ACCA Diploma in International Financial Reporting. She is a senior audit manager at RSM Malta leading several audit assignments for national and international clients operating in different fields. Roberta also delivers technical and professional training and sits on the MIA Financial Reporting Committee.

EVENT CPE COMPETENCES

3 Hours Core

WEBINAR TERMS AND CONDITIONS

Terms and conditions apply

DISCLAIMER

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