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M21002 - The 5-step Model of Revenue Recognition (Online)

  • 20 Jan 2021
  • 13:30 - 16:45
  • Online Webinar

Registration


Registration is closed
Registration Time: 13.15
Sessions Time: 13.30 - 16.45 incl 15min break
Speaker: Mr Georges Xuereb
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

IFRS 15 Revenue from Contracts with Customers brought with it a massive overhaul to revenue recognition, introducing a five-step model to recognise and measure revenue arising from a contract with a customer, and requiring key estimates and new judgements to be taken by preparers of financial statements. In this session each step in the five step model shall be discussed in detail, including identifying performance obligations, determining the transaction price, and concluding whether revenue should be recognised at a point in time or over a period of time.

Background Information

IFRS 15 Revenue from Contracts with Customers outlines a single comprehensive framework for entities to use in accounting for revenue arising from contracts with customers. It superseded revenue recognition guidance including IAS 18, Revenue and IAS 11, Construction Contracts and related Interpretations.
The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. The core principle of IFRS 15, which is delivered in a five-step model, is that an entity will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Objectives of the Session

By the end of the training session the participants will obtain an understanding of the:
  • main changes between the new IFRS 15 standard and the old IAS 18 standard;
  • requirements of the new five step model under IFRS 15; and
  • technical requirements as to when, how, and at what amount to recognise revenue under IFRS 15.

Topics on the Agenda

  • IFRS 15 Revenue from Contracts with Customers
  • IAS 18 Revenue

Target audience

Practitioners in industry, students and all those in the profession.

Speakers profile

Georges Xuereb is a Certified Public Accountant and forms part of the Accounting Advisory Services team at KPMG Malta, holding the role of a Senior Manager and providing technical IFRS advice and assistance to local and foreign clients operating in various industries. Georges also delivers technical training on IFRS matters internally and to his clients, and lectures the Financial Reporting (FR) and Strategic Business Reporting (SBR) modules which form part of the ACCA qualification.

EVENT CPE COMPETENCES

3 Hour Core 

WEBINAR TERMS AND CONDITIONS

Terms and conditions apply

DISCLAIMER

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