Revenue Recognition under IFRS 15 & ASC 606

by


Revenue recognition – asc topic 606, learn ifrs and IFRS 15.

What you will learn


Get Instant Notification of New Courses on our Telegram channel.

Noteβž› Make sure your π”ππžπ¦π² cart has only this course you're going to enroll it now, Remove all other courses from the π”ππžπ¦π² cart before Enrolling!

Learn how to apply the five-step framework for revenue recognition under IFRS 15 and ASC 606.

Develop the ability to analyze contracts and determine distinct performance obligations in real-world scenarios.

Gain practical skills in allocating transaction prices to performance obligations using various methods and techniques.

Recognize Revenue Correctly – Learn how and when to recognize revenue in compliance with IFRS 15 and ASC 606

Recognize Revenue using the appropriate methods, including the Percentage of Completion (POC) method.

Add-On Information:

  • Master the core principles of the new revenue recognition standards, fundamentally altering how companies account for sales and service agreements.
  • Understand the critical shift from industry-specific guidance to a principles-based approach for all contracts with customers.
  • Gain insights into the impact of contract modifications and how to properly adjust revenue recognition accordingly.
  • Explore the nuances of variable consideration and the estimation techniques required for accurate revenue reporting.
  • Learn to identify and account for significant financing components within contracts, ensuring the time value of money is reflected.
  • Differentiate between principal and agent considerations to correctly determine the amount of revenue to recognize when acting as an intermediary.
  • Develop a keen eye for contract assets and liabilities arising from the timing differences between performance and payment.
  • Understand the disclosure requirements mandated by IFRS 15 and ASC 606, crucial for transparent financial reporting.
  • Analyze the implications of these standards on financial statement presentation and key performance indicators.
  • Explore how these standards affect business processes, system implementations, and internal controls related to revenue.
  • PROS:
  • Acquire a highly sought-after skill set in high demand across all industries.
  • Enhance your ability to ensure compliance and mitigate the risk of restatements.
  • CONS:
  • The complexity of the standards may require significant effort to fully grasp and implement.
English
language
Enroll for Free