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IFRS 15 - Revenue Recognition Logo aicpa

  Free |   AICPA |   30 Mar 2018 |   Accounting |   AICPA Store
Who Will Benefit?
  • Accountants, auditors, and finance professionals in public practice and industry seeking an understanding of the latest revenue recognition guidance issued by the IASB.
Key Topics
  • Background, purpose, and main provisions of new standard
  • Five-step process for recognizing revenue
  • Applying the five-step process to transactions and arrangements unique to revenue recognition
  • Presentation and disclosure requirements
Learning Objectives
  • Identify the fundamental concepts related to revenue recognition and measurement.
  • Apply the five-step revenue recognition process.
  • Apply the five-step process to major revenue recognition issues.
  • Identify presentation and disclosure requirements regarding revenue.

For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Updated with the latest amendments issued by the IASB since the release of the new standard on revenue recognition, this CPE course provides an in-depth understanding of IASB's framework for revenue recognition, built around the core principle that is applied in the new five-step process under IFRS 15. Understanding the changes in the requirements of the new standard is critical for successful implementation of IFRS 15.

In addition to outlining the five steps for revenue recognition, this course provides guidance on how to account for transactions and arrangements unique to revenue recognition, including warranties, bill-and-hold arrangements, sales returns and allowance, principal versus agent relationships, and consignments. Lastly, though one of the objectives of the issuance of IFRS 15 was to converge the guidance issued by FASB, this course highlights differences that still remain in revenue recognition guidance under IFRS and US GAAP. Supported by practical examples and helpful illustrations, this course will assist you in avoiding revenue recognition traps and provide you with latest IASB guidance.

Topics covered:
  • Management accounting: Technical: Financial accounting & reporting: Professional accounting standards, Foundational
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting: Revenue recognition, Foundational
  • Financial accounting & reporting: Technical: International Financial Reporting Standards, Foundational