International Financial Reporting Standard (IFRS)15, Revenue from Contracts with Customers had a broad impact on the amounts and timing of revenue. This course provides an overview of the most significant elements of the latest five-step model to determine when and what amount to recognize revenue.

Learning Objectives
  • Explore the five-step model that determines when and what amount of revenue to recognize.
  • Discover important considerations in recognizing revenue when a company transfers control of goods or services to a customer at the amount the company expects to be entitled.
  • Recognize whether to recognize revenue either over time, in a manner that best reflects performance, or at a point in time, when control of the goods or services is transferred to the customer.
Last updated/reviewed: January 8, 2023

Included In Certifications

This course is included in the following Certification Programs:

17 CoursesIFRS Certificate Program

  1. General Considerations for Preparing Financial Statements in Accordance with IFRS
  2. IFRS vs. U.S. GAAP - Major Differences in Accounting
  3. 2022 IFRS Update
  4. IFRS for Small and Medium-Sized Entities Compared to Full IFRS
  5. Accounting for Revenue from Contracts with Customers per IFRS 15
  6. Accounting for Leases under IFRS 16
  7. IFRS - Accounting for Share-Based Payment Awards per IFRS 2
  8. Accounting for Financial Instruments under IFRS 9
  9. Accounting for Nonfinancial Assets under IFRS
  10. Accounting for Business Combinations under IFRS 3
  11. IFRS - Accounting for Employee Benefits per IAS 19 and IFRIC 14
  12. Accounting for Investments in Other Entities, Including Consolidation, under IFRS
  13. IFRS - Accounting for Income Taxes per IAS 12
  14. IFRS - Derivatives and Hedge Accounting under IFRS 9
  15. IFRS - Special Accounting Topics
  16. IFRS - Special Financial Reporting Issues
  17. IFRS - General Financial Statement Disclosures
12 Reviews (37 ratings)

Reviews

5
Member's Profile
I found this to be a great refresher course since i had not since seen this information in a while. Professor is very knowledgeable on the topic at hand and is very easy to follow from slide to slide.
5
Anonymous Author
The course was a great introduction to revenue recognition. The exam questions were a bit difficult. The instructor does a great job with examples and gives great insight into the subject matter.
4
Member's Profile
Very good for a first introduction to IFRS15. I am not sure if some parts of this course should be changed as a result of the revised IFRS15.
5
Anonymous Author
course was organized and concepts clear, instructor was effective in communicating the contents of the course
4
Anonymous Author
The course fully covers the major basics of IFRS 15. Would love to see course with practical examples.
3
Member's Profile
This was a really good course and overview of the new revenue accounting standard for IFRS 2.
5
Anonymous Author
Solid overview of the key concepts with good explanations of the requirements of each step.
5
Member's Profile
Excellent course. However, some exhibits, scenarios or examples could be added.
5
Anonymous Author
It is good refresher on the IFRS 15 principals and different concepts used
4
Member's Profile
The course has consistent material and the instructor is great.
4
Anonymous Author
I enjoyed this course and thought it was very informative.
4
Member's Profile
I liked the course, it was good to improve my knowledge.
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Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction and Overview to Accounting for Revenue from Contracts with Customers per IFRS 156:50
  Step 1: Identify the Contract with a Customer4:44
  Step 2: Identify the Performance Obligations & Step 3: Determine the Transaction Price7:40
  Step 4: Allocate the Transaction Price & Step 5: Recognize Revenue5:33
  Contract Cost Assets3:56
  Contract Modifications2:56
  Licensing of Intellectual Property & Presentation and Disclosure5:20
  Other Matters and Conclusion12:19
CONTINUOUS PLAY
  Accounting for Revenue from Contracts with Customers per IFRS 1549:18
SUPPORTING MATERIALS
  Slide: Accounting for Revenue from Contracts with Customers per IFRS 15PDF
  Slides: Accounting for Revenue from Contracts with Customers per IFRS 15PDF
REVIEW AND TEST
  REVIEW QUESTIONS quiz
 FINAL EXAMexam