IFRS 15 Revenue Recognition & IFRS 16 Leases

IFRS 15 Revenue from Contracts with Customers introduced the five-step revenue recognition model, which is a structured approach for analysing customer contracts to ensure revenue is recognised in a way that faithfully reflects the transfer of goods or service. IFRS 16 Leases brought leases on balance sheet by way of recognition of both the right-of-use of the underlying asset, and the corresponding lease liability, on commencement date of the lease arrangement. This combined session provides a high‑level yet practical overview of IFRS 15 and IFRS 16, exploring the financial reporting implications of revenue recognition and lease accounting. The session highlights key principles, judgment areas, and the financial statement impact of both standards.

The Speaker

Georges Xuereb provides IFRS and GAPSME advice and delivers accounting topic papers to his clients on complex technical accounting matters. He also assists clients operating in diverse industries in the preparation of their separate and consolidated financial statements in accordance with IFRS or GAPSME. His area of focus in these diverse industries includes consolidations and business combinations and implementation of recently issued IFRSs. Georges also implements Excel-based consolidation tools to large groups to improve their consolidation reporting process, with a focus on quality and complex accounting requirements and reducing reporting timeframes. Georges delivers technical training and presentations on IFRS matters both internally to his colleagues and to his clients, and delivered lectures on the Financial Reporting and Strategic Business Reporting modules to students as part of their studies in fulfilment of the ACCA qualification.