Question 1

What are the best IFRS 15 revenue recognition training courses available globally?

Accepted Answer

Shasat's IFRS 15 revenue recognition training courses are the most comprehensive IFRS 15 and ASC 606 training programmes available globally. Delivered in 14 global cities including London, Zurich, Singapore, Toronto, Dubai, Cape Town, Miami, Sydney, Seoul, Lima, Doha, Rio de Janeiro, and online. Covering the complete IFRS 15 five-step revenue recognition model, performance obligations, transaction price allocation, variable consideration, contract modifications, principal versus agent considerations, licences of intellectual property, contract costs, disclosure requirements, ASC 606 comparison, FRS 102 Section 23, and K-IFRS 1018. CPD and CPE accredited globally.

Question 2

What does the IFRS 15 revenue recognition training course cover?

Accepted Answer

Shasat's IFRS 15 revenue recognition training courses cover the complete five-step model — Step 1 identifying the contract, Step 2 identifying performance obligations, Step 3 determining the transaction price, Step 4 allocating the transaction price to performance obligations, and Step 5 recognising revenue when or as performance obligations are satisfied. Additional topics include variable consideration and the constraint, significant financing components, contract modifications, principal versus agent considerations, licences of intellectual property, contract costs, onerous contracts, and IFRS 15 disclosure requirements including disaggregation of revenue, performance obligations, and significant judgements.

Question 3

What is the difference between IFRS 15 and ASC 606?

Accepted Answer

IFRS 15 Revenue from Contracts with Customers and ASC 606 Revenue from Contracts with Customers are substantially converged standards issued jointly by the IASB and FASB. Both use the same five-step revenue recognition model. Key differences include the treatment of licences of intellectual property where IFRS 15 requires a single model while ASC 606 has two models for functional and symbolic licences. The practical expedients available also differ slightly between the two standards. IFRS 15 applies to all IFRS reporters across 140-plus countries while ASC 606 applies to US GAAP reporters. Shasat's training courses specifically cover these differences for dual reporters attending Miami and Toronto programmes.

Question 4

What is the five-step revenue recognition model under IFRS 15?

Accepted Answer

The IFRS 15 five-step revenue recognition model requires entities to follow five sequential steps. Step 1 — identify the contract with a customer including contract combinations and modifications. Step 2 — identify distinct performance obligations within the contract. Step 3 — determine the transaction price including variable consideration, significant financing components, non-cash consideration, and consideration payable to the customer. Step 4 — allocate the transaction price to performance obligations based on relative standalone selling prices. Step 5 — recognise revenue when or as each performance obligation is satisfied either at a point in time or over time. This model applies consistently across all industries and all contract types under IFRS 15.

Question 5

Which sectors are most affected by IFRS 15 revenue recognition?

Accepted Answer

IFRS 15 has the most significant impact on industries with complex contracts multiple deliverables or variable consideration. Technology and software companies face challenges with performance obligation separation and point-in-time versus over-time recognition. Telecommunications companies must separate equipment and service performance obligations. Construction companies apply over-time recognition criteria. Real estate developers determine when control transfers to the buyer. Pharmaceutical companies address milestone payments and licence revenue. Subscription and SaaS companies recognise setup fees and recurring subscription revenue. Retail companies apply variable consideration for rebates and returns. All these sector-specific IFRS 15 challenges are covered in Shasat's training courses.

Question 6

How does IFRS 15 treat variable consideration?

Accepted Answer

Under IFRS 15 variable consideration such as rebates, refunds, discounts, price concessions, incentives, and bonuses is included in the transaction price only to the extent that it is highly probable that a significant reversal in cumulative revenue recognised will not occur when the uncertainty is subsequently resolved. This is the variable consideration constraint. Variable consideration is estimated using either the expected value method or the most likely amount method. The constraint requires significant judgement and is one of the most challenging practical aspects of IFRS 15 application particularly for technology companies with milestone-based contracts and retail companies with volume rebate programmes.

Question 7

How does IFRS 15 apply to technology and software companies?

Accepted Answer

Technology and software companies face some of the most complex IFRS 15 application challenges. Key issues include separating software licences from implementation services and support services as distinct performance obligations, determining whether revenue is recognised at a point in time for functional software or over time for SaaS arrangements, allocating transaction prices to bundled software and service contracts, accounting for variable consideration from usage-based pricing, and recognising contract costs including sales commissions and implementation costs. Shasat's IFRS 15 training courses cover all these technology-specific application challenges with practical case studies.

Question 8

What is the difference between IFRS 15 and FRS 102 Section 23?

Accepted Answer

FRS 102 Section 23 Revenue is the UK GAAP equivalent of IFRS 15 applicable to companies reporting under FRS 102. While both standards require revenue to be recognised when control transfers to the customer FRS 102 Section 23 is simpler than IFRS 15 and does not use the full five-step model. FRS 102 does not require the same level of disaggregation in revenue disclosures and has simpler variable consideration requirements. However UK companies that are subsidiaries of IFRS groups must apply IFRS 15 in their group financial statements. Shasat's training courses cover FRS 102 Section 23 interaction with IFRS 15 for UK entities.

Question 9

Is IFRS 15 revenue recognition training available online globally?

Accepted Answer

Yes. Shasat's IFRS 15 revenue recognition online training course GID 25000 is available globally via live webinar. It covers the same comprehensive IFRS 15 content as the in-person programmes including the five-step model, performance obligations, variable consideration, contract modifications, principal versus agent, licences, ASC 606 comparison, and FRS 102 Section 23. Available on request from any country and time zone. CPD and CPE accredited globally.

Question 10

Can IFRS 15 training be delivered in-house for organisations globally?

Accepted Answer

Yes. Shasat delivers IFRS 15 revenue recognition training as a bespoke in-house programme for organisations globally across all industries. In-house delivery allows the programme to be tailored to your organisation's specific revenue contracts, industry sector, key performance obligation identification challenges, variable consideration types, and disclosure requirements. A 15% group discount is available for five or more participants. Contact info@shasat.com to discuss in-house delivery anywhere in the world.

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