IFRS 15 and 16 - Revenue from contracts with customers and the new leases standard
Member price: £136 + VAT
Non-member price: £160 + VAT
Please note, the ICAS member discount will be applied after checkout.
Glasgow, 2 May 2018
Edinburgh, 5 November 2018
This course gives an update on two recent IFRSs – 15 (Revenue from Contracts with Customers) and 16 (The New Leases Standard)
IFRS 15 comes into effect for accounting periods beginning on or after 1 January 2017, subject to endorsement by the EU. The IFRS contains special transitional implementations and exemptions. Learn how to identify changes to reporting requirements, practical tips on how to take advantage of implementation exemptions, and obtain guidance on a number of practical problem areas.
On 13 January 2016 the International Accounting Standard Board issued a new accounting standard, called IFRS 16 - Leases. This standard replaces accounting requirements which were introduced over thirty years ago. It is a major revision of the way in which companies account for leases. The new standard is formed after multiple rounds of public consultation and has been part of collaborations with the US Financial Accounting Standards Board (FASB). The course will cover the current accounting requirements under IAS 17 and then consider the accounting for such transactions under the new lease accounting exposure draft.
This specialised course is aimed at auditors, finance directors, financial controllers and financial accountants who are dealing with IFRS or preparing for it.
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Full speaker list
Our group of presenters have worked across both the private and public sectors within external audit, financial accounting, management accounting and internal audit. They have experience both working in these fields and delivering seminars in the areas of governance, risk, value for money and fraud to managers with a broad range of backgrounds (financial and non-financial).
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- Comparison with current IFRS
- The core principle of the IFRS and the five key steps required
- Identifying the contract(s) with a customer
- Identifying the performance obligations in the contract
- Determining the transaction price
- Allocating the transaction price to the performance obligations in the contract
- Recognising revenue when (or as) the entity satisfies a performance obligation
- Application Guidance and Implementation Guidance
- Transitional provisions and exemptions
- Understanding of current accounting
- Scope and scope exclusions
- Lessee accounting under the IFRS 16 - Leases
- Key terminology explained
- Differences to current accounting treatment
Tel: 0330 060 3303