Revenue from Contracts with Customers

IFRS 15 is a relatively new standard to the accounting profession, being that it was applicable from reporting periods beginning on or after January 2018. IFRS 15 was introduced to replace a number of other standards which contained broad principles and inconsistencies. Throughout this training session, we will establish the principles on revenue recognition that should be applied and delve into the five-step model for revenue recognition. We will take a deeper look into why there was a need for a new standard and the challenges that management faced during the transitional process, going through a number of practical examples to reflect these principles.