Master Revenue Recognition: IFRS 15 & ASC 606 Compliance

What you will learn:

Master the five-step model for revenue recognition under IFRS 15 and ASC 606.
Develop expertise in analyzing contracts and identifying performance obligations.
Gain proficiency in allocating transaction prices to performance obligations using various methods.
Ensure accurate revenue recognition compliance with IFRS 15 and ASC 606.
Learn to apply the Percentage of Completion (POC) method for revenue recognition.

Description

Unlock the secrets to accurate and compliant revenue recognition under IFRS 15 and ASC 606. This in-depth course empowers accounting and finance professionals, auditors, controllers, and business managers to confidently navigate complex revenue recognition scenarios. We go beyond the basics, equipping you with practical skills and real-world knowledge to ensure your organization's financial reporting meets the highest standards.

We'll guide you through a step-by-step approach, starting with the foundational five-step model. Learn to effectively identify contracts with customers, accurately pinpoint performance obligations, and confidently allocate transaction prices. Master the complexities of variable consideration, contract modifications, and the widely-used Percentage of Completion (POC) method for long-term contracts.

Through engaging lectures, practical examples, illustrative case studies, and interactive quizzes, you’ll build the expertise needed for accurate revenue recognition. This course is your key to professional advancement, providing you with a deep understanding and the practical tools to handle even the most challenging revenue recognition situations. Boost your career prospects and ensure financial reporting accuracy—enroll today!

Curriculum

Introduction

This introductory section lays the groundwork for understanding revenue recognition under IFRS 15 and ASC 606. The "Introduction" lecture sets the stage, followed by a detailed explanation of the standards themselves in the "Revenue recognition standards IFRS 15 & ASC 606" lecture. Finally, the "Five-step model for recognizing revenue overview" lecture provides a high-level view of the core framework that will be examined in detail throughout the course.

Step 1: Identify the Contract(s) with a Customer

This section delves into the crucial first step of the revenue recognition model. The main lecture, "Step 1: Identify the Contract(s) with a Customer," provides a thorough explanation, followed by a practical example in "Example: Identify the Contract with a Customer." A quiz then allows you to test your understanding of the concepts covered.

Step 2: Identify the Performance Obligations in the Contract

Here, you’ll learn how to identify distinct performance obligations within a contract. The section includes a comprehensive lecture on this vital step and a quiz to reinforce learning.

Step 3: Determine the Transaction Price

This section focuses on how to accurately determine the transaction price, a key element in revenue recognition. It includes a lecture explaining the process, an example to illustrate the application, and a quiz for knowledge assessment.

Step 4: Allocate the Transaction Price to the Performance Obligations

This section explains how to correctly allocate the transaction price across multiple performance obligations. It includes a comprehensive lecture and a quiz to help solidify your understanding.

Step 5: Recognize Revenue When the Entity Satisfies a Performance Obligation

This section covers the final step—revenue recognition. Lectures cover recognizing revenue when (or as) a performance obligation is satisfied, handling contract modifications, an example using the Percentage of Completion (POC) method, and a concluding quiz.

5 Steps Recap

This section provides a concise summary of the five-step model, reinforcing key concepts and providing a valuable overview of the entire revenue recognition process.

Case Study: Custom Software Development Contract

This section applies the learned principles to a real-world case study involving a custom software development contract. This provides valuable practical application and helps solidify understanding.

Deal Source: real.discount