Revenue recognition – asc topic 606, learn ifrs and IFRS 15.
β±οΈ Length: 1.6 total hours
β 4.28/5 rating
π₯ 3,259 students
π February 2025 update
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- Course Overview
- Master the converged principles of IFRS 15 and ASC 606, understanding their global application and critical impact on transparent financial reporting across industries.
- Systematically learn the universal five-step model for revenue recognition: from identifying contracts to recognizing revenue upon satisfying performance obligations.
- Navigate complex accounting scenarios including contract modifications, variable consideration, financing components, and the intricacies of principal versus agent determinations.
- Explore specific revenue recognition guidance for diverse contract types like licenses, service agreements, and sales incorporating warranties or customer return rights.
- Understand the profound financial statement implications (Income Statement, Balance Sheet, Cash Flow) and essential disclosure requirements for both standards.
- Address practical implementation challenges, identify common pitfalls, and gain insights into industry-specific applications for sustained compliance.
- Designed for accounting professionals, auditors, financial analysts, controllers, and business leaders seeking in-depth expertise in modern revenue recognition.
- Benefit from a structured learning approach blending theoretical knowledge with practical examples and illustrative case studies for robust comprehension.
- Requirements / Prerequisites
- A fundamental understanding of core financial accounting concepts, including basic financial statements, is beneficial for optimal engagement.
- No prior specific knowledge of IFRS 15 or ASC 606 is necessary; the course builds expertise from foundational principles.
- Access to a stable internet connection and a computer is required to comfortably access all course materials.
- A keen interest in complex accounting standards and a willingness to apply critical thinking to practical scenarios.
- The ability to follow detailed instructions and engage with analytical frameworks for problem-solving.
- Skills Covered / Tools Used
- Develop proficiency in applying the five-step revenue recognition model to various customer contracts with confidence.
- Skillfully identify and assess distinct performance obligations within a contract for precise revenue allocation and timing.
- Master calculation methods for determining and allocating the transaction price, including variable and non-cash consideration.
- Acquire expertise in distinguishing revenue recognition over time versus at a point in time based on specific criteria.
- Enhance analytical skills to accurately evaluate principal versus agent relationships, ensuring correct gross/net revenue reporting.
- Gain comprehensive understanding and application of the extensive disclosure requirements mandated by IFRS 15 and ASC 606.
- Strengthen problem-solving abilities through practical examples addressing contract costs, onerous contracts, and other revenue challenges.
- Analytical frameworks learned are broadly applicable; common spreadsheet software (e.g., Excel) can support calculations, though not explicitly taught.
- Benefits / Outcomes
- Confidently apply IFRS 15 and ASC 606, ensuring accurate and compliant revenue reporting for any organization globally.
- Elevate your professional standing and career opportunities in accounting, finance, and auditing through specialized expertise.
- Establish a robust framework for proactive identification and resolution of revenue accounting issues in contracts.
- Improve financial statement quality and transparency, fostering greater trust from investors and key stakeholders.
- Effectively prepare for audit engagements by understanding key revenue recognition areas scrutinized by auditors.
- Gain a significant competitive edge by staying current with the latest revenue recognition standards and best practices.
- Acquire hands-on expertise to tackle real-world revenue dilemmas through conceptual learning and practical application.
- PROS
- Dual Standard Mastery: Offers integrated learning of both IFRS 15 and ASC 606, crucial for global accounting environments.
- Application-Focused Learning: Emphasizes practical scenarios and examples, ensuring direct applicability to professional duties.
- High Esteem & Rating: A 4.28/5 rating from 3,000+ students underscores its proven quality and effectiveness.
- Content Freshness: The February 2025 update guarantees the course content is current with evolving standards and interpretations.
- Career Impact: Develops a highly sought-after skill set, significantly boosting career progression in finance and accounting.
- Concise yet Comprehensive: Delivers profound understanding of a complex topic within an efficient learning timeframe.
- CONS
- Learners completely new to foundational financial accounting concepts might benefit from preliminary self-study to maximize course comprehension.
Learning Tracks: English,Finance & Accounting,Accounting & Bookkeeping
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