Course 1311: Revenue from Contracts with Customers - IFRS 15 and

US GAAP Topic 606 (2 days)

Duration: 2 days Start date: 13 Jun 2017

Course level: Overview Finish date: 14 Jun 2017
Location: London Start time: 09:00
CPE / CPD: 16 hours Finish time: 18:00
Price: GBP 1,750
Subject to UK VAT ( Read more)

Book this course

Course introduction

Arguably revenue recognition is the most important and controversial topic in financial reporting. Preparers must
develop a policy for measuring the amount and timing for recognising revenue for goods and services. Revenue is a
key performance indicator that drives the recognition of expenses and profits and valuation of an entity.

The IASB and the US Financial Accounting Standards Board (FASB) collaborated on a project to develop improved,
converged standards for revenue recognition. Following a Discussion Paper and two Exposure Drafts, the Boards
issued substantially converged standards in May 2014. The IASBs standard, IFRS 15 is mandatory for periods
beginning on or after 1 January 2018 with early application permitted. The FASB published ASU 2014-09 Revenue
from Contracts with Customers (Topic 606) at the same time, and this is compulsory for public entities for annual
periods beginning after December 15, 2017: early adoption is permitted.

Subsequently, in 2016, the Boards separately issued clarifications of several aspects of their new standards. These
apply from the same effective dates as the original standards.

This course will focus on the requirements of the new standards, IFRS 15 and Topic 606. Concise explanations are
provided, with detailed examples to illustrate application of the standard.

Currently IFRS consists of two principles-based standards, IAS 18 Revenue and IAS 11 Construction Contracts and
three IFRS Interpretations. These were criticised for failing to provide adequate guidance on application - they have
been described as vague and inconsistent.

Course 1311: Revenue from Contracts with Customers - IFRS 15 and US GAAP Topic 606 (2 days)
Printed from http://www.iaseminars.com/ on 2 May 2017 Page 1 of 5
US GAAP has broad revenue recognition concepts and numerous detailed pronouncements on revenue (more than
200), many of which deal with industry-specific issues. Here the criticism has been that this can result in different
accounting for revenue from economically similar transactions.

This important program answers questions such as:

How will the new standard affect the timing of revenue recognition?

What are the standards presentation requirements?

How will preparers deliver the enhanced disclosures required by the new standard?

What choices are there regarding transitional requirements?

What is the likely impact on different industries, such as telecoms, software, extractive industries,
manufacturing and retail?

How and when are royalties, dividends and interest income recorded?

Topics

IFRS 15 and Topic 606 Revenue from Contracts with Customers

Scope

Recognition
Identifying the contract

Contract modifications

Identifying separate performance obligations

Satisfying performance obligations over time and at a point in time

Measurement
Determining the transaction price variable consideration, time value of money

Allocation of price to separate performance obligations

Contract costs

Presentation

Disclosure

Transition

Differences between IFRS 15 and Topic 606

Application guidance
Sale with right of return

Warranties

Principal versus agent considerations

Course 1311: Revenue from Contracts with Customers - IFRS 15 and US GAAP Topic 606 (2 days)
Printed from http://www.iaseminars.com/ on 2 May 2017 Page 2 of 5
 Upfront fees

Licensing and rights to use intellectual property

Repurchase agreements

Consignment arrangements

Bill-and-hold arrangements

Customer acceptance

Teaching method

Group live instruction, with interactive participation encouraged

Discussion of IFRS & US GAAP / SEC requirements for revenue recognition

All participants receive a comprehensive binder containing copies of the presentation slides, handouts and
other course materials

Prerequisites

Basic understanding of accounting for revenue recognition. No advance preparation is required for this course.

Course benefits

Learn the scope of the new revenue recognition standard

Apply the five steps to recognise revenue

Understand the required changes to measurement of revenue

Plan how to implement the transition

Identify new presentation and disclosure requirements

Testimonials

See what past participants said about this course:

[My previous training has been in] large seminars compared to this small group. This one is more

Course 1311: Revenue from Contracts with Customers - IFRS 15 and US GAAP Topic 606 (2 days)
Printed from http://www.iaseminars.com/ on 2 May 2017 Page 3 of 5
 interactive and specialized for us.

Karl Gerhard Brstein Dahl, Senior Vice President,

Knutsen NYK Offshore Tankers AS, Norway

An excellent, well organized, highly educational experience. Pay for and get a professional teaching
experience.

The course was very valuable because we talked through many examples both from IFRS and real life
examples. [Instructor] did a great job of trying to relate the theoretical concepts to my audit portfolio.

Who should attend?

All preparers of financial statements.

CPE / CPD Accreditation

NASBA
IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of
continuing professional education on the National Registry of CPE Sponsors . State boards of accountancy have final
authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be
submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Field of study: Accounting

ICAEW Partner in Learning

IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS
Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world
leading professional membership organisation that promotes, develops and supports over 145,000 chartered
accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW
members and others to demonstrate their continuing professional development, provided that the topic is relevant
to their learning and development needs.

Course 1311: Revenue from Contracts with Customers - IFRS 15 and US GAAP Topic 606 (2 days)
Printed from http://www.iaseminars.com/ on 2 May 2017 Page 4 of 5
New York State Board of Public Accountancy
IASeminars is registered with the New York State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID
is: 002546. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Texas State Board of Public Accountancy

IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is:
009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Venue

Our London seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the
Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email
approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or
onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Instructor(s)

Bill Kemp
Bill Kemp (UK) is an IASeminars senior instructor and a consultant specialising in International Financial Reporting
Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and the comparison of such standards
with UK, US and Canadian Generally Accepted Accounting Principles (GAAP). He has delivered many public and in-
house training courses around the world to a diverse audience from sectors including government and non-profit,
financial services, retail, real estate, oil & gas, telecoms, and IT. An experienced educator, he was formerly
Managing Director of a major London financial training company. Bill's work also includes training and consulting on
financial statement analysis and business valuation, and he teaches on the International Accounting MSc
programme of the London School of Economics. He is a UK chartered accountant, and was educated at the
Edinburgh Academy and at Oxford University.

In House

To bring this course in-house please contact us and we will be pleased to assist

Course 1311: Revenue from Contracts with Customers - IFRS 15 and US GAAP Topic 606 (2 days)
Printed from http://www.iaseminars.com/ on 2 May 2017 Page 5 of 5