The IFRS 15 programme will be delivered by a highly sought after experienced IFRS expert with practical industry experience who is also a dedicated PwC's Academy staff.
The course content is designed and approved by PwC's Academy which is the education arm of one of the world's most prestigious accounting firms.
From 1 January 2018 all companies applying IFRS must adopt IFRS 15. This new standard revolutionises the way that companies look at their revenue and can impact on the timing and amount of revenue that is recognised. The impact of this new standard on your organisation may be significant, especially in construction with the potential for revenue to be deferred and any organisation that sells ‘bundled’ products like telecoms but with an approach of ‘no such thing as free’ all companies will have to reconsider the timing and amount of revenue they recognise.
With examples and case studies, participants will get a high level overview of what is needed to be do before the international financial reporting standard (IFRS) 15 comes into effect in 2018 and how to deal with the changes when it does.
This workshop is ideal for finance professionals in the construction, software, automotive, telecom, real estate, engineering and retail industry and those who need to prepare their teams for the implementation of IFRS 15.
By the end of this course, delegates will be able to understand:
- The scope of the new revenue recognition standard
- How to apply the five step model, what to look out for and how to avoid the pitfalls
- The implications of the most recent guidance on performance obligations, licensing and agent versus principal
- The transitional arrangements and adoption options
- Practical implications of adoption
- Disclosure issues
- Comparison with current IFRS
- The need for a new standard
- Implementation timetable
The five step model
- Identify the contract with the customer
- Identify the performance obligations
- Determine the transaction price
- Allocate the transaction price
- Recognise revenue
Identifying the contract(s) with a customer
- Identifying the performance obligations in the contract
Application Guidance and Implementation Guidance
Preparation for adoption
There are no scheduled dates for this course. Fill out the form to check future dates or deliver the course in-house