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.