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Revenue Recognition Standard for Technology, Construction, Hospitality, and Service Industries

Course Instructor

2 hours, 14 minutes

Last updated

December 5, 2023



Original price was: £59.99.Current price is: £9.99. inc. VAT

More about the course

IFRS 15 aims to establish fundamental principles guiding entities in presenting meaningful information to financial statement users regarding the nature, quantity, timing, and uncertainty of revenue and cash flows stemming from customer contracts.
The primary objective of IFRS is to instill consistency in financial reporting across diverse industries, ensuring that decision-makers have pertinent information at their disposal.
At the heart of IFRS 15 is a central principle dictating that an entity should recognise revenue in a manner that accurately reflects the transfer of promised goods or services to customers, reflecting the consideration expected in return. This guiding principle unfolds through a structured five-step model:
  1. Identification of the contract(s) with a customer
  2. Recognition of the performance obligations outlined in the contract
  3. Determination of the transaction price
  4. Allocation of the transaction price to the performance obligations within the contract
  5. Recognition of revenue at the point when (or as) the entity fulfills a performance obligation

You will have the following skills after completing this course:

  • Essential Components of IFRS 15
  • The Five-Step Model for Recognising Revenue
  • Real-world Challenges Encountered by Organisations in Standard Implementation
  • Guidance on Implementation Best Practices
  • Disclosure Obligations Outlined in IFRS 15

Who will benefit from this course?

This IFRS 15 – Revenue Recognition Redefined for All Industries course is designed for a broad audience, including:
  1. Finance Professionals: Accountants, financial analysts, and professionals involved in financial reporting who seek a comprehensive understanding of the new revenue recognition standards.
  2. Auditors: Auditors who want to enhance their knowledge of IFRS 15 to ensure effective auditing practices in accordance with the updated standards.
  3. Corporate Executives: CEOs, CFOs, and other executives responsible for financial strategy and decision-making, who need insights into how the new revenue recognition rules may impact their organisations.
  4. Business Analysts: Professionals analysing business performance, market trends, and financial forecasts, who require a deep understanding of revenue recognition principles.
  5. Legal and Compliance Professionals: Those responsible for ensuring that their organisations adhere to financial regulations and standards, including legal and compliance officers.
  6. Educators and Students: Academic professionals and students pursuing studies in accounting, finance, or business, seeking to stay updated with the latest standards and practices.
  7. Consultants: Professionals providing advisory services to businesses on financial matters, who need to be well-versed in the nuances of IFRS 15 for effective client guidance.
  8. Anyone Involved in Contractual Agreements: Individuals involved in negotiating, drafting, or managing contracts, as a thorough understanding of IFRS 15 can impact contractual structures and terms.
Overall, this course is beneficial for anyone aiming to grasp the intricacies of IFRS 15 and its implications for revenue recognition across various industries.

Why Should You Take This Online Course?

  • Expertly Designed and Delivered by Industry Experts: Developed and delivered by MANISH GUPTA - Hospitality Finance Expert and Business Strategist
  • Immediate Recognition with an Instant E-Certificate: After finishing our online course, you will receive an instant E-certificate. This certification acknowledges your dedication and successful course completion, allowing you to demonstrate your newly gained knowledge and skills to potential employers, colleagues, or clients. The E-certificate validates your accomplishments immediately, raising your professional standing.
  • Convenient Online Learning Experience: Because our course is entirely online, you may learn at your own pace and convenience. The course materials are accessible from anywhere and anytime, making it ideal for people with hectic schedules. The curriculum is delivered via captivating videos and extensive reading materials, creating a dynamic and interactive learning experience.
  • Self-paced Learning for Maximum Progress: We recognise that everyone has various learning styles and time commitments. As a result, our online course provides self-paced study. You can work through the course materials independently, allowing for a more personalised learning experience. Our course supports your individual learning preferences, whether you like to immerse yourself in the information or take it step by step.
  • Laptop, tablet, and smartphone compatibility: Our online course is device-compatible to improve accessibility. Whether you choose a laptop, tablet, or smartphone, you may easily access and interact with the course contents. This adaptability allows you to learn on the go, incorporating your studies into your everyday routine and maximising your learning possibilities.

Career prospects after completing this course:

Completing the "IFRS 15 – Revenue Recognition Redefined for All Industries" course can significantly enhance your career prospects in various ways:
  1. Enhanced Employability: Acquiring expertise in IFRS 15 makes you a valuable asset to employers, especially those in finance, accounting, and auditing roles, as it demonstrates your ability to navigate and apply complex financial standards.
  2. Career Advancement: For professionals already working in finance or related fields, understanding IFRS 15 can open up opportunities for career advancement, as you'll be well-equipped to handle the evolving landscape of revenue recognition.
  3. Specialised Roles: This knowledge may qualify you for specialised roles such as Revenue Accountant, Financial Analyst with a focus on revenue, or roles in compliance and internal audit where understanding and application of IFRS 15 are crucial.
  4. Consulting Opportunities: With expertise in IFRS 15, you may pursue opportunities in financial consulting, offering advisory services to businesses seeking guidance on implementing and complying with the new revenue recognition standards.
  5. Auditing Careers: If you are in the auditing profession, a deep understanding of IFRS 15 is invaluable. It can lead to increased responsibilities in auditing engagements, especially for companies adopting or transitioning to the new standard.
  6. Entrepreneurial Ventures: For those considering entrepreneurship or involvement in startups, understanding IFRS 15 is essential for effective financial management and compliance, providing a solid foundation for business success.
  7. Educational Roles: Your expertise could be valuable in educational institutions, training programs, or workshops, where you can educate others on IFRS 15 and its implications.
  8. Global Opportunities: As IFRS is an international standard, knowledge of IFRS 15 enhances your global employability, especially if you aspire to work for multinational corporations or in roles with an international focus.
Remember to leverage your newly acquired skills and knowledge through networking, staying updated on industry trends, and showcasing your proficiency on your resume or professional profiles. Continuous learning and staying informed about updates to accounting standards will further solidify your position in the field.

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Course Content

    • 1. Introduction to IFRS 15 00:05:00
    • 2. Core Principal Behind IFRS 15 00:03:00
    • 3. 5 Step Model introduced in accounting standard 00:06:00
    • 4. Basic Example of IFRS 15 – 5 Step Approach 00:08:00
    • 5. Explanation of How Revenue Recognition has changed 00:06:00
    • 6. Step 1 – Identification of Contracts with customers 00:16:00
    • 7. Step 2 – Identifying Separate performance Obligations 00:06:00
    • 8. Step 2 – Performance Obligations examples and other considerations 00:12:00
    • 9. Step 3 – Determining Transaction Prices 00:09:00
    • 10. Step 3 – Examples of Transaction Pricing 00:15:00
    • 11. Step 4 – Allocation of Transaction Pricing 00:08:00
    • 12. Step 4 – Allocation of Transaction Prices – Example 00:05:00
    • 13 Step 5 – timing of revenue recognition 00:08:00
    • 14 Other Considerations – Contract Assets 00:02:00
    • 15. Specific Guidance – Warranties, Returns and Options 00:06:00
    • 16. Specific Guidance – Upfront fee, Customer Loyalty, bill & hold sale, License 00:04:00
    • 17. Transition, Presentation and Disclosure requirements 00:09:00
    • 18. Impact Challenges & issues with Standard 00:06:00
    • Get Your Certificate & Transcript 00:00:00

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