International Financial Reporting Standards are changing how companies recognize revenue on their financial statements. Accountants are expected to decide how to choose the appropriate recognition strategy for each type of transaction and event.

IFRS asks the accountant to measure the fair value of revenue using specific guidance for the various categories of revenues, but just exactly how do you do it?

This session provides you with easy-to-follow guidelines that will ensure that you can comply with this standard.

Course Key Concerts: IFRS, IFRS 18, Revenue recognition, Sales revenue, Sale of goods, Sale of services.

Learning Objectives
  • Recognize concepts and rules for revenue recognition.
  • Identify recognition criteria (including sale of goods and rendering of services).
  • Identify nonmonetary (exchange) transactions.
  • Explore service contract accounting under IFRS.
  • Recognize construction contract accounting under IFRS.
  • Explore joint ventures and shared contracts.
  • Recognize accounting for change orders, contract options and claims.
  • Identify revaluation methods under IFRS.
  • Explore disclosure requirements.
  • Explore financial statement presentation.
  • Explore detailed examples.
Last updated/reviewed: March 27, 2024
8 Reviews (21 ratings)

Reviews

5
Anonymous Author
Good overview of revenue recognition requirements under IFRS. Would recommend course. Strong coverage of construction revenue recognition.
4
Anonymous Author
The presentation is a good overview. Unfortunately, few examples that would help to better grasp this complex theme was provided.
4
Anonymous Author
Contingent liabilities and contingent assets may arise from items such as warranty costs, claims, penalties or possible losses
4
Anonymous Author
Good summary of IFRS18 . The main subjects were properly covered and a good refresher in general
4
Anonymous Author
would have preferred some real examples, I do understand that the course is a short one
4
Anonymous Author
Kind of repetitive with the slides...wish more example or explanations.
3
Member's Profile
A decent recap of fundamental accounting concepts and pplications.
4
Anonymous Author
It was great to learn revenue recognition under IFRS IAS18.
Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
Introduction And Overview
  Introduction to Revenue Recognition Under IFRS4:05
  Objective and Application6:23
  Definations2:59
  Measurements of Revenue5:37
  Identification of The Transaction1:59
  Sale of Goods8:02
  Rendering of Services10:52
  Interest,Royalties and Dividends3:52
  Disclosures2:24
  Example7:48
  Construction Contracts8:50
Continuous Play
  Revenue Recognition Under IFRS1:02:51
Supporting Material
  Slides: Revenue Recognition Under IFRSPDF
  Revenue Recognition Under IFRS Glossary/IndexPDF
Review And Test
  REVIEW QUESTIONSquiz
 FINAL EXAMexam