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IFRS 15 / FRS 115: Revenue from Contracts with Customers - A Practical Approach

Expert Speaker Chee Hay Kheong Daniel

$430.00 (including GST)

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Overview

The IASB issued the long awaited IFRS15 “Revenue from contracts with Customers” with effective date for annual reporting period beginning on or after 1 January 2018.

This New Standard will replace the following Standards and Interpretations:

  1. IAS11 Construction Contracts;
  2. IAS18 Revenue;
  3. IFRIC13 Customer Loyalty Programmes;
  4. IFRSC15 Agreements for the Construction of Real Estate;
  5. IFRIC18 Transfers of Assets from Customers; and
  6. SIC31 Revenue – barter Transactions Involving Advertising Services.

 The ASC issued FRS 115 with the same effective date on 1 January 2018 and will also withdraw FRS 11, FRS 18, INT FRS 113, INT FRS 115 , INT FRS 118 and INT FRS 31.

The new Standard requires entities to recognise revenue to reflect the transfer of control of goods or services to customers in an amount or amounts that represent the consideration to which the entity expects to be entitled in exchange for those goods or services.  It also provides guidance for transactions that were not previously addressed adequately by the various Standards dealing with revenue and improves guidance for multiple-element arrangements. Lastly the new Standard will enhance disclosures about revenue.

Programme Outline

This workshop will cover the technical requirements of the Standard by using practical illustrations, including the followings:

  • Key principles
    • 5-step model
    • Contract costs
  • Identifying contracts – examples
  • Identifying performance obligations – examples
  • Retail and consumer industry – examples
  • IT Industry – examples
  • Transportation and logistics industry – example
  • Disclosure requirements – summary

This workshop qualifies for 7.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1) .

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with multi-national corporations, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer, and was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).

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