Online Course on IFRS: Income,
Revenue and Revenue Recognition
The concept of income is crucial to the entity’s financial performance, and is half of determining an organisation’s profitability.
The treatment of “revenue” is particularly important when recognising income;
revenue being income that is derived from an organisation’s everyday
operating activities. Revenue recognition is a hot topic as the amounts involved are often large and have a significant impact on the overall profitability or otherwise of an entity.
As well as helping you to make sound judgements in general on revenue
and revenue recognition, this course will also enable you to apply the detailed
rules in particular situations, such as accounting for construction contracts and
Understanding IFRS: Income, Revenue and Revenue Recognition
enables the learner to:
• Understand the basic foundation of the principles of how to deal with income
• Consider how you need to recognise revenue and other forms of income in the financial statements
• Understand the basics of IAS 11 to help the transition when IFRS 15 replaces it
• Account for and disclose provisions of grants by government and other forms of government assistance
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Learning outcomes of IFRS: Income, Revenue
and Revenue Recognition
IAS 18: Revenue
• What is the objective and scope of IAS 18?
• What are the key definitions relating to revenue included in IAS 18?
• What specific considerations apply to the sale of goods?
• What about revenue for the rendering of services?
• How should revenue from income, interest and dividends be dealt with?
IAS 11: Construction Contracts
• What are the objectives and scope of IAS 11?
• Are there any important definitions in IAS 11 I should know about?
• If a number of assets are involved in a contract, when shall each be treated
as a separate construction contract?
• Why do changes in contract revenues arise?
• What expenditure items should be included in contract costs?
• How should contract revenue and expenses be recognised?
• How should a change in estimate in subsequent periods be dealt with?
• What will the impact of IFRS 15 and IAS 11 and IAS 18 and how will revenue recognition work then?
• Variable consideration under IFRS 15?
• Are there any constraining elements around the revenue recognition of variable amounts?
IAS 20: Accounting for Government Grants and Disclosure of Government Assistance
• What are the objectives and scope of IAS 20?
• What are “government grants” and “government assistance”?
• How should a grant be recognised in the financial statements of the beneficiary?
• What about grants related to assets?
• What if a grant is subsequently repaid to government?
Target audience for IFRS: Income, Revenue and Revenue Recognition
Anyone engaged either in the preparation of financial reports based on IFRS or their audit, as well as users of company accounts wishing to gain a fuller insight into the treatment of this important class of asset.
About the Author of IFRS: Income, Revenue and Revenue Recognition
Dr Wayne Bartlett specialises in public sector financial management and budgeting and has worked as a consultant and lecturer throughout the world.
After 7 years in the NHS in the UK, he joined the Home Office as Head of Accountancy Advice. He has worked closely with a number of Supreme Audit Institutions and has become an expert of the implementation of international accounting standards.
Learners take their own route through the topics covered in the course. They will learn at their own pace through a variety of activities designed to accommodate a range of learning styles.
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