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International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers is effective for fiscal years beginning on or after January 1, 2018. For many organizations, IFRS 15 will have a broad impact on the amounts and timing of revenue.  This course provides an overview of the most significant elements of the new five-step model to determine when and what amount to recognize revenue.  

Learning Objectives

  • Explore the new 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: June 01, 2018

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  6:49Introduction and Overview to Accounting for Revenue from Contracts with Customers per IFRS 15
  4:44Step 1: Identify the Contract with a Customer
  7:40Step 2: Identify the Performance Obligations & Step 3: Determine the Transaction Price
  5:33Step 4: Allocate the Transaction Price & Step 5: Recognize Revenue
  3:55Contract Cost Assets
  2:56Contract Modifications
  5:19Licensing of Intellectual Property & Presentation and Disclosure
  12:19Other Matters and Conclusion
CONTINUOUS PLAY
  49:15Accounting for Revenue From Contracts With Customers per IFRS 15
SUPPORTING MATERIALS
  PDFSlide: Accounting for Revenue From Contracts With Customers per IFRS 15
  PDFSlides: Accounting for Revenue From Contracts With Customers per IFRS 15
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM