As you know that the IASB has issued a new standard on Revenue Recognition in May 2014 to replace the existing IAS 18. At the same time, the IASB has also issued clarifying amendments on 12 April 2016 that have the same effective date as the standard itself. The new standard will have significant impact on many industry groups and shall be effective from 1 January 2018.
The standard shall significantly change the current revenue recognition approach and impact the revenue under new approach for many industries. Therefore, we have created this two day workshop to provide in-depth knowledge sharing programme to talk about implementation impact on organisations. The programme shall cover comparison between existing vs future practices and how the new revenue recognition approach shall be implemented. The programme shall also cover some of the major real life case studies to talk about the current practices and who it will get reflect under the new approach.
The programme shall cover some of the key burning questions and many more:
- How to identify bundle of goods or services vs. a series of distinct goods or services that are substantially the same?
- When do we need to separate a combined contract into different revenue elements?
- How to determine the transaction price?
- How to allocate the transaction price to the performance obligations in the contracts?
- How to use the following approached:
- Adjusted market assessment approach
- Expected cost plus a margin approach
- Residual approach (only permissible in limited circumstances).
- When should revenue be recognised -over time or at a point in time?
- How to account sale with a right to return?
- How to deal with the presentation and disclosure issues?
We have developed this high intensity 2 day IFRS 15 course to prepare you completely to meet the challenges resulting from new standard. We have limited seats for this programme, therefore, do not miss the opportunity to attend this exclusive learning opportunity from our UK experts. If you wish to enrol for this programme then contact our training service team immediately.
Our trainers have specialist knowledge and first-hand experience of implementing the International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), Generally Accepted Accounting Principles (USGAAP), Risk management strategies, Management practices, Compliance matters such as Basel regulations, Solvency II, Anti Money Laundering regulations and number of other evolving regulatory matters. This ensures an engaging and stimulating learning experience for professionals and senior executives, helping to ensure knowledge is retained.
They understand the accounting and regulatory requirements, risk environment, industry issues and challenges, risk management strategies, financial reporting & disclosure requirements, and compliance environment. They impart their knowledge using real-life industry examples, simple and user-friendly presentation of important concepts/approaches and case studies.
Background and Scope
IAS 18 vs. IFRS 15 – What is changing?
Key reasons for replacing the current IAS 18;
Scope of IFRS 15
The five-step model framework – IFRS 15 Vs. IAS 18
- Identify the contract(s) with a customer
- Identify the performance obligations in the contract
- Determine the transaction price
- Allocate the transaction price to the performance obligations in the contract
- Recognise revenue when (or as) the entity satisfies a performance obligation
- Significant changes as compared to the existing approach
- Examples and Recent Scandals
- Group Case Studies
- the costs relate directly to a contract (or a specific anticipated contract);
- the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future; and
- the costs are expected to be recovered.
- Group Case Studies
Implementation challenges in relation to the following issues:
- Performance obligations satisfied over time
- Methods for measuring progress towards complete satisfaction of a performance obligation
- Sale with a right of return
- Principal versus agent considerations
- Customer options for additional goods or services
- Customers’ unexercised rights
- Non-refundable upfront fees
- Repurchase arrangements
- Consignment arrangements
- Bill-and-hold arrangements
- Customer acceptance
- Disclosures of disaggregation of revenue
- Examples and Recent Scandals
- Group Case Studies
Impact on different industry Groups
- Oil & Gas;
- IT Companies;
- Utility Companies; and
- Other manufacturing and Trading Companies
- Examples and Case Studies
Group Case Studies
Presentation in financial statements
Effective Date and Transition
Why you must attend?
With more and more countries adopting the IFRS as their accounting standards (almost over 140 countries) and also due to regular revisions and replacement of existing standards & principles, you must continue to develop your conceptual and practical understanding of IFRSs. If you intend to use IFRS for the first time then you must have the required knowledge and skills to implement the IFRSs, be able to understand how this transition affects company’s reporting, and what it means going forward. If you have already implemented IFRS even then you need to make sure that you continue to invest your time in learning and keep your self-updated with further changes to the IFRSs.
We have designed this comprehensive and detailed learning programme (2 days) to give you all the required knowledge, skills and experience to deal with challenges coming from the new revenue recognition approach under IFRS 15. We have one of the best and most experienced faculties’ in the world, with over 15 years of IFRS implementation experience in the European region.
This is an instructor led course for professionals (beginners to expert level) who want to gain a complete and in-depth understanding of IFRS 15 in a class room environment. This IFRS course has been designed to be highly interactive and practical to provide exhaustive learning of conceptual and practical issues for those who are looking to sharpen their skills and knowledge in IFRS. Our Class sizes are limited (Maximum 10 participants per class) to preserve maximum interactivity and to enhance the fulfilment of learning outcomes. Some of the key features of our training courses are:
- Expert IFRS instructors with field experience;
- Distinct scenarios, examples and case studies to explain concepts and methodologies;
- A firm grounding for developing skills and competencies essential for financial reporting
- Access to IFRS templates, tools, models and resources
- Opportunities to discover new career path in IFRS/US GAAP
- User friendly slide deck which summarises the concept, methodology and principles in a simplest possible manner;
- Interactive sessions with real life case studies;
- Concepts and methodologies are explained using examples and distinct scenarios;
- Group exercises to illustrate accounting principles;
- Discussion on GAAP differences, industry issues and diversity in practices
- Additional course material and handouts to all the attendees
- Participants are encouraged to ask questions.
Who should attend?
This course is suitable for professionals (beginners to specialists) from all industry groups. Examples of some of the roles that will benefit from this course are:
- Chief Financial Officers/ Finance Directors;
- Finance executives
- Corporate finance function;
- Accountants / Financial Controllers
- Financial Reporting Executives
- Budget Officers / Forecasting Specialists;
- Auditors (internal/External)
- Risk managers
- Merchant bankers
- Tax Directors /managers
- Accountancy students
- Fund Managers and Investors
- Strategic and Financial Planners
- Private Equity and M&A Specialists
- Investment Bankers
- Corporate Bankers
- Investment Managers
- Senior operations managers
All delegates will receive an evaluation questionnaire upon completion of the course. The feedback from these questionnaires allows Shasat to conduct trend analysis and continuously approve the quality of its learning solutions.
Venue & other info
All our training courses are organised at one of the recognised professional training facilities or training facilities at one of the 4 to 5 star hotels in the city. We will send you the joining instructions with venue details at least 2 weeks before the commencement of the training program. We provide tea/coffee, snacks and lunch during the duration of this course. You are responsible to organise your accommodation.
Changes to the conference:
Shasat may at its sole discretion change the format, speakers, participants, content, venue location and programme or any other aspect of the Conference at any time and for any reason, whether or not due to a Force Majeure Event, in each case without liability.
If you are seeking to profile your products, expertise and experience in the field of Financial Instrument then the Shasat will endeavour to assist your business objectives with opportunities such as:
- Targeted brand awareness and the association of your company with this area of expertise.
- Present your expertise to a targeted group of industry leaders.
- Exhibit your products to new prospective clients already attending this conference.
We will provide you with a platform to meet face to face with a room full of potential clients and exhibit the benefit of your services. For more information on how Shasat can help you meet your marketing objectives, Contact our customer service team at email@example.com
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In order to enrol for this programme, you can either make the payment online through our website or you can opt to make the payment via bank transfer/Demand draft/Cheque payment. Our payment web page will give you all the necessary options at the time of check out. Should you face any difficulty, please do not hesitate to contact us with your selected course and our customer services team will be happy to guide you through the payment process. You must also bear all the bank charges in relation to payment of course fees and payment must be made at least 3 weeks before the course date. Registration will be confirmed upon receipt of payment and completion of registration form only.
We offer a group discount of 15% if you book a course for 4 or more people. Please contact our customer services desk at email@example.com to discuss further on how to obtain a group discount code.
Each participant will be issued a training certificate which will certify that you have successfully completed the training course and the number of hours you spent to complete this training course.
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Besides our wide range of public courses, we are proud to offer our In-house training services to our Global clients. This form of training is tailored to meet your business needs and also an effective way of training your teams which saves time and money and will improve the productivity of your employees, making your business more competitive. If you would like to run this course as an In-house programme in your organisation with necessary customisation to suit your needs then please contact us today to discuss this further.