IFRS 15: Revenue from Contracts with Customers | Lessons from implementation

Location Webinar, Virtual event, CPE Circuit, EY Connect Learning, EY Malta

Time 10:00 - 13:30

Introduction

The course aims to:

  • Introduce how IFRS 15 has changed the accounting for revenue;
  • Give practical guidance on and resolve issues companies may face in relation to IFRS 15.

Who Should Attend?

This training course is addressed to those responsible for preparing and analysing financial statements under IFRS. It is intended for people who already have knowledge of international standards and need to update this knowledge, especially due to new or amended standards introduced in the last two years.

Session Outline

We focus on the practical aspects of the standard and put emphasis on the current thinking of selected critical questions. The main topics of discussion are:

  • Overview of the standard — a quick reminder of the five-step model
  • Case-based problem solving
  • Issues with contract identification and accounting for contract modifications, which may have arisen as a result of the pandemic
  • Identification of performance obligations
  • Transaction price: what it means by variable consideration and the constraint
  • Transaction price allocation methodology and the unbundling of contracts
  • Costs to obtain and fulfil a contract
  • Significant financial component
  • When revenue is recorded at a point in time and over time
  • Discussion of the need for discounting when revenue is to be received in the future and the entries required when discounting — significant financing components
  • Real estate sales and construction contracts under IFRS 15
  • Sale and repurchase agreements
  • Recognition of contract revenues and costs and recognition of expected losses on contracts
  • Accounting for contract costs, warranties and principal versus agent issues related to revenue recognition
  • Disclosure and presentation under IFRS 15
Interactivity throughout the session is encouraged. Participants will have the opportunity to ask questions both during and at the end of the session, listen to others’ discussion points and carry out an informal discussion on the topic with the trainer and other participants.

Other sessions from the same series

Session 2: Group Reporting focusing on IFRS 3 & IFRS 10  | 14 & 22 September 2022 | 10:00 - 13:50  

Session 3: IFRS Updates 2022 | 30 November 2022 | 10:00 - 14:30

Registration fee*

  • One session: €95
  • Sessions 1 and 3: €135
  • Sessions 2 and 3: €195
  • All three sessions: €250

*Eligible for CPE Circuit credits. Group discounts apply.

Alumni discounts available, please contact us at eyevents@mt.ey.com.

CPE Accreditation

This workshop is eligible for 3.5 hours CORE CPE credits.

Speaker

Brian Connolly | BComm, ACA, ACMA, AITI

A seasoned EY trainer, he has been putting his diverse international business experience in good use by helping organizations achieve their targets by empowering their people through energetic, value adding training programs.

He has developed and conducted professional training seminars with emphasis on IFRS, US GAAP, accounting and finance to corporate audiences in many countries including Poland, Hungary, Russia, Romania, UK, Kuwait, Bahrain, Saudi Arabia, UAE, Oman, Turkey.