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International Financial Reporting Standards are changing how companies recognize revenue on their financial statements. Accountants are expected to decide how to choose the appropriate recognition strategy for each type of transaction and event.

IFRS asks the accountant to measure the fair value of revenue using specific guidance for the various categories of revenues, but just exactly how do you do it?

This session provides you with easy-to-follow guidelines that will ensure that you can comply with this standard.

Course Key Concerts: IFRS, IFRS 18, Revenue recognition, Sales revenue, Sale of goods, Sale of services.

Learning Objectives

  • Recognize concepts and rules for revenue recognition.
  • Identify recognition criteria (including sale of goods and rendering of services).
  • Identify nonmonetary (exchange) transactions.
  • Explore service contract accounting under IFRS.
  • Recognize construction contract accounting under IFRS.
  • Explore joint ventures and shared contracts.
  • Recognize accounting for change orders, contract options and claims.
  • Identify revaluation methods under IFRS.
  • Explore disclosure requirements.
  • Explore financial statement presentation.
  • Explore detailed examples.
Last updated/reviewed: December 28, 2019

1 Review (7 ratings)Reviews

4
Anonymous Author
Good summary of IFRS18 . The main subjects were properly covered and a good refresher in general

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
  4:05Introduction to Revenue Recognition Under IFRS
  6:23Objective and Application
  2:59Definations
  5:37Measurements of Revenue
  1:59Identification of The Transaction
  8:02Sale of Goods
  10:52Rendering of Services
  3:52Interest,Royalties and Dividends
  2:24Disclosures
  7:48Example
  8:50Construction Contracts
Continuous Play
  1:02:51Revenue Recognition Under IFRS
Supporting Material
  PDFSlides: Revenue Recognition Under IFRS
  PDFRevenue Recognition Under IFRS Glossary/Index
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM