Revenue Recognition Under IFRS IAS 18 1.5 CPE

International Financial Reporting Standards are changing how companies recognize revenue on their financial statements. Accountants are expected to decide how to choose the appropriate recognition strategy for each type of transaction and event.

IFRS asks the accountant to measure the fair value of revenue using specific guidance for the various categories of revenues, but just exactly how do you do it?

This session provides you with easy-to-follow guidelines that will ensure that you can comply with this standard.

Course Key Concerts: IFRS, IFRS 18, Revenue recognition, Sales revenue, Sale of goods, Sale of services.

Prerequisites

No advanced preparation or prerequisites are required for this course.

Learning Objective

• Recognize concepts and rules for revenue recognition.
• Identify recognition criteria (including sale of goods and rendering of services).
• Identify nonmonetary (exchange) transactions.
• Explore service contract accounting under IFRS.
• Recognize construction contract accounting under IFRS.
• Explore joint ventures and shared contracts.
• Recognize accounting for change orders, contract options and claims.
• Identify revaluation methods under IFRS.
• Explore disclosure requirements.
• Explore financial statement presentation.
• Explore detailed examples.

Last updated/reviewed: March 27, 2024