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FRS 115 Revenue from Contracts with Customers

Expert Speaker Michél Herrmann

$430.00 (including GST)

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Overview

This programme is part of the Professional Skills Series, designed specifically for accountants and auditors who wish to understand the new standard and concepts of revenue recognition and also have an overview on the recent developments and interpretations.

The programme will address revenue recognition under FRS 115 / IFRS 15 and the Trainer will illustrate the individual concepts and practice issues by case studies and examples. 

Programme Outline

  • Revenue Recognition fundamentals
    • Developments for FRS 18 and FRS 11
    • New 5 Step Approach
  • Revenues from Contracts with Customers
    • Customer incentives (Coupon, Discounts, Vouchers & Loyalty Programs)
    • Slotting fees
    • Right of return
    • Product warranties
    • Consignment arrangements
    • Bill-and-hold transactions
    • Collectability and Credit risk
  • Special Arrangements with Customers
    • Payments to costumers
    • Service level commitments
    • Early settlement discounts
    • Licensing and right to use intellectual property (Software, Franchise and technology companies)
  • Measurements
    • Allocation of transaction price
    • Bundled arrangements
    • Time value of money and credit risk
    • Onerous performance obligation
  • Contract Manufacturers
    • Unit Produced vs. Delivered Method

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

Expert Speaker

Michél Herrmann

WP, StB, CPA (US), CA (Singapore)

Michél is a Managing Director of Herrmann Consulting PAC, and has over 13 years of experience in financial reporting and accounting advisory. He had worked for PwC (PricewaterhouseCoopers) in Europe and Singapore where he was in charge of the accounting advisory business. He was involved in various assignments including tax planning, SFRS/IFRS conversions projects, technical accounting advisory, IPOs, SEC filings and due diligences across a wide variety of clients. He was also the lead accounting advisor on IPOs and M&A activities for Singapore and US-based clients. Michél is a regular speaker in financial conferences and seminars, and since 2010 a Professor for “Advanced Accounting and Auditing” at the University of Friedrichshafen (Germany). He has co-authored several publications on international accounting. Michél has an MBA from the University of Mannheim, and is certified as a German CPA, German Tax Advisor, US CPA and CA of Singapore.

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