A detailed discussion of the principles of IFRS 15 Revenue from Contracts with Customers

For decades, IAS 18 Revenue was the pronouncement that governed the accounting treatment of revenue in terms of the International Financial Reporting Standards (IFRS). The International Accounting Standards Board (IASB) rewrote the entire reporting standard dealing with revenue recognition, also superseding many other pronouncements related to revenue recognition in the process. The release of IFRS 15 Revenue from Contracts with Customers was released by the IASB to provide preparers of financial statements with a different approach when looking at revenue recognition, focusing on five main steps according to which the revenue recognition process is to be handled. IFRS 15 follows an approach where revenue is recognised to the extent that a liability (i.e., obligation) either does not exist, or has been extinguished.

In this three-hour session, join Anton van Wyk as he explores the most important underlying principles contained in IFRS 15 and explains the five-step revenue recognition model as contained in IFRS 15. In completing this learning activity, you will also be developing the following competencies/skills in the process:

Main competency grouping: Professional values and attitudes

 

Sub-competency grouping: Lifelong learning

Specific competency: Inquisitiveness

 

Main competency grouping: Enabling and future competencies

 

Sub-competency grouping: Business acumen

Specific competency: Business internal environment

 

Sub-competency grouping: Decision-making acumen

Specific competency: Critical thinking

Specific competency: Judgement

Specific competency: Problem-solving

 

Main competency grouping: Technical competencies

 

Sub-competency grouping: Stewardship of capitals: Business process and risk management

Specific competency: New developments and protocols knowledge

Specific competency: Reporting fundamentals

 

Sub-competency grouping: Decision-making to increase, decrease or transform capitals

Specific competency: Drawing conclusions

 

Sub-competency grouping: Reporting on value creation

Specific competency: Providing advice