Revenue recognition – asc topic 606, learn ifrs and IFRS 15.
What you will learn
Get Instant Notification of New Courses on our Telegram channel.
Note➛ Make sure your 𝐔𝐝𝐞𝐦𝐲 cart has only this course you're going to enroll it now, Remove all other courses from the 𝐔𝐝𝐞𝐦𝐲 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