IFRS 15 has changed the landscape of revenue accounting. The old revenue standard, IAS 18, had a simplified approach to revenue recognition but was heavily dependent on an “Appendix” to understand it’s implication. IFRS 15, however, has brought forward the following 5 step approach to revenue recognition: • Step 1: Identify the contract with the customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations • Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation Join us as we take an introductory look at the new revenue standard and look to establish a basic understanding of the above, 5 step approach.

Break down IFRS 15 to help professionals better understand what is required of them when accounting for revenue transactions and preparation of financial statements, and thereby overcoming the fear and uncertainty that IFRS 15 brings.

This session provides a high-level overview of the following aspects of IFRS 15 Revenue: - Objective - Scope - 5-Step model for accounting - Contract costs - Presentation and Disclosure

• Accounting professionals • Financial statement preparers • Consultants • Auditors