IFRS: Income and Revenue

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Recognition of income and revenue plays a critical role in financial statements, and it is an area prone to risk. This course reviews the relevant IFRS Accounting Standards, including customer contracts, insurance contracts, government grants and earnings per share.

£150 +VAT

4 CPD hours

365 days’ access

Use ACPD101 for 10% off any purchase.
IFRS: Income and Revenue

IFRS: Income and Revenue

£150 +VAT

4 CPD Course

365 days’ access

Use ACPD101 for 10% off any purchase.
IFRS: Income and Revenue

IFRS: Income and Revenue

This course is not currently available. To find out more, please get in touch.

This course will enable you to

  • Gain in depth knowledge of IFRS 15, IFRS 17, IAS 20 and IAS 33
  • Recognise revenue from customer contracts at the right time
  • Identify when performance obligations have been met
  • Estimate the potential unearned profits from insurance contracts
  • Select the right approach to recognise government grants
  • Calculate basic and diluted earnings per share

About the course

Accurate revenue recognition is one of the biggest challenges for accountants, and having the right information to be able to forecast profitability is essential for senior management. It’s a complicated area and recognising revenue at the wrong time, before contractual considerations and performance obligations have been met, can lead to misstatements, and managers and investors having the wrong information.

This course explores the key IFRS Accounting Standards that deal with income and revenue, including IFRS 15 Revenue from Contracts with Customers, IFRS 17 Insurance Contracts, IAS 20 Accounting for Government Grants and IAS 33 Earnings per Share. It covers the five-step model for revenue recognition, performance obligations, insurance contract portfolios, fulfilment cash flows, government grant conditions, deferred income, and the calculation and presentation of basic and diluted EPS.

You’ll come away with a clearer understanding of how to recognise, measure, present and disclose income and revenue under IFRS. The course will help you apply the relevant standards with greater confidence, avoid common timing and classification errors, and support financial statements that give a more reliable picture of business performance.

Contents

IFRS 15 Revenue from Contracts with Customers

Objective and scope
The five-step process
Recognising revenue
Recognising services
Performance obligations
Performance obligation problems
The relevance of timing
Measurement
Costs, presentation and disclosures

IFRS 17 Insurance Contracts

Objectives and scope
Combinations and components
Contracts can be complicated
The rules of recognition
Contractual service margins
Measurement
Modification and derecognition
Presentation in the financial statements

IAS 20 Accounting for Government Grants

Government grants
Introducing IAS 20
Government grants
Specific approaches within IAS 20
A flexible approach
Presentation for different grants

IAS 33 Earnings per Share

The basis for earnings
Objectives and scope
Calculating basic EPS
Diluted EPS
Looking ahead
IAS 33 and presentation

Author

Wayne Bartlett

Wayne Bartlett

Wayne is an internationally acclaimed speaker and trainer on all aspects of public and private sector accounting and auditing standards. He has been instrumental in helping to develop the profession internationally and has taken lead roles in the development of new professional bodies and the accounting profession in Mozambique and Rwanda, and been extensively involved in developing financial reporting in many countries across the globe.