IFRS 15 Revenue from contracts with customers
Currently IFRS consists of two principles-based standards, IAS 18 Revenue and IAS 11 (Construction Contracts) and three IFRS Interpretations. These were criticised for failing to provide adequate guidance on application - they have been described as 'vague and inconsistent'. The IASB and the US Financial Accounting Standards Board (FASB) collaborated on a project to develop improved, converged standards for revenue recognition.
Preparers must develop a policy for measuring the amount and timing for recognising revenue for goods and services. Revenue is a key performance indicator that drives the recognition of expenses and profits and valuation of an entity.
The IASB's standard, IFRS 15 is mandatory for periods beginning on or after 1 January 2018 with early application permitted.
IAS 16 focused on identifying when a lease is economically similar to purchasing the asset being leased and therefore classified as a finance lease. All other assets were classified as operating leases and not reported on a company's balance sheet (they were 'off balance sheet leases').
The absence of information about leases on the balance sheet meant that investors and analysts did not have a complete picture of the financial position of a company, and were unable to properly compare companies that borrow to buy assets with those that lease assets, without making adjustments. In 2005, the US Securities and Exchange Commission (SEC) expressed concerns about the lack of transparency of information about lease obligations.
Responding to those concerns, the IASB and the FASB initiated a project to improve the accounting for leases. IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019.
IFRS 9 is the new accounting standard for financial instruments that will have an impact on International banks and financial institutions worldwide. Numerous changes are in place, designed to make annual reports more meaningful to investors as well as simplify how auditors implement the rules and introduce safeguards to ensure that a severe credit crises cannot emerge again.
Who should take this course
The course is applicable to treasury staff, industry controllers, accountants, analysts, internal and external auditors and other finance professionals who are interested in learning the impending changes to the new Standards, all preparers of financial statements.
CPD (Continula Professional Development) accredited by the CPD
Learn the scope of the new revenue recognition standard Apply the five steps to recognise revenue Understand the required changes to measurement of revenue Plan how to implement the transition Identify new presentation and disclosure requirements Comply with the new accounting and disclosure requirements for leases Analyse contracts to determine whether they contain leases Apply the rules for initial and subsequent measurement by lessors and lessees Plan for the implications of the new accounting standards for leases
About Course Provider
Global Business Advisors Ltd came into being in 2016, with the vision of extending the best services, to the global market, in the upcoming field of IT Services. GBA, with the sile aim of doing its best, started its first venture, "GBA IT Services" dealing with E-Commerce Customized Portal B2B, B2C portal, Software development, SEO and much more making GBA a name to rely upon worldwide. With all efforts, hard work, and unfathomable dedication, success started pouring in GBA, then Started a new venture as "GBA Healthcare" providing Health Care Assistants, Nurses to Private Hospitals, Nursing Homes, serving old people in UK as well in Europe.
Having insatiable hunger for serving people, and supporting them in their path of development, efforts of research and analysis wing, GBA Corporate is now a name to be reckoned with. GBA Corporate is a London Professional Training Centre, providing professional training and is one of the fastest growing UK based training organisation. We are working in the mentioned niche market with over 200 Courses, organized across the globe. GBA corporate's impact on Private organisation, Government Sector, group of expatriates or individuals, through results-oriented programmes and solutions, has brought appreciative changes.
Our motive is to improve and upgrade performance through relevant, pioneering programmes that enable you to explore new horizons, learning in multi-cultural environment. We try to become your training partner, mentor and guide as you explore and march on a journey to realise the full potential. We prepare you to meet challenge and face every hurdle to embrace new horizons, relevant new ideas and perspectives. Our program reflects new ideas and perspectives and also the need for practical solutions to go deep down into the ocean of knowledge. Our course leaders and instructors are well versed in their fields and tailor content to coach and guide you to identify and achieve the desired goals.
We pride ourselves on our track record and on our long-standing relationships with our clients, many of whom have been with us since we started business.