IFRS 15 and 16 what are the implications
|CPD Hours:||Attendance at this seminar will secure 2 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)|
Gillian Peach- Stander
With the IASB completing their convergence project with the USA, the last projects have been finalised, being IFRS 15 Contracts with Customers and IFRS 16 Leases The much-anticipated International Financial Reporting Standard (IFRS 15) on Revenue from Contracts with Customers and IFRS 16 on Leases has finally made it past numerous exposure drafts and discussions. IFRS 15 is critically important to get to grips with as it addresses one of the most fundamental and important numbers in our financial statements being Revenue, whilst leasing explores the concept of capitalising ALL leases We will introduce you to the standards and take you through the what has changed, and the new thought process that needs to be applied. These two standards both follow the concept of Alone size fits all accounting which is very different from the existing way we think. This workshop will look at the principles of the new standards regarding the existing accounting treatment and explain the challenges presented by both. The two main questions addressed will be IFRS 15 Contract with customers Unpacking performance obligation and when can you recognise revenue? IFRS 16 Leases What happened to finance and operating leases?
After attending this webinar, delegates will be aware of how the paradigm has shifted when it comes to thinking of and applying the new standards. They will be able to identify the performance obligations with a contract and be able to account for them accordingly, as well as account for leases appropriately
We will look the following elements of IFRS 15: 1) The Scope of the Standard 2) Identifying a contract and a performance obligation 3) Determining, measuring and allocating the transaction price 4) Dealing with contract costs 5) Presentation and disclosure issues We will look the following elements of IFRS 16: 1) The Scope of the Standard 2) What is a lease? Right of use concept 3) What has changed for lessees and lessors? 4) Presentation and disclosure issues
Any person who preparers reads, or makes decisions based on financial statements. Auditors accountants in practice as well as accountants in business will benefit from this webinar.
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