Program Description: The objective of the course is to enable the participants to master complex areas such as contract modifications, variable consideration, significant financing components, and contract costs through practical examples and case studies from various industries. The course addresses the latest amendments, implementation challenges, and disclosure requirements, ensuring participants can confidently apply IFRS 15 principles in their professional roles. IFRS 15- Revenue from Contracts with Customers, also covers the five-step revenue recognition model, including contract identification, performance obligation determination, and transaction price allocation in-depth.  

Course Coverage: 

• Scope and Objective of IFRS 15
• Identifying the Contract with a customer
• Identifying Performance Obligations
• Determining the Transaction Price
• Allocate the transaction price to the performance obligations in the contract
• Recognize revenue when (or as) the entity satisfies a performance obligation
• Contract Modifications
• Presentation & Disclosure requirements as per IFRS 15

Learning Objectives:

(1) Identify the core principle of IFRS 15 and recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. 

(2) Distinguish between the five-steps of the revenue recognition standard: identify the contract, identify performance obligations, determine the transaction price, allocate the transaction price, and recognize revenue when (or as) performance obligations are satisfied. 

(3) Apply the concept of performance obligations and identification of distinct goods or services within a contract that represent separate performance obligations. 

(4) Determine timing of revenue recognition and classify the distinction between point-in-time and over-time revenue recognition and understand the criteria for each. 

(5) Classify contract modifications and how changes to the scope or price of a contract are accounted for under IFRS 15.

Passing Score: 70% 

Validity of the course: October 2024 – October 2029

Available from: October 2024 

Available Discount: Group discounts of 10% available for 5 or more participation

Last Updated: October 2024 

Program Registration: To register for the program, please visit www.eyvirtualacademy.com and click on Add to Cart to register for the program.

Program Access: The participants will have access to the program for a period of 1 year starting from the date of enrollment.

Keywords: Revenue Recognition, Five-Step Model, Performance Obligations, Contract Identification, Transaction Price, Allocation, Satisfaction of Obligations, Variable Consideration, Time Value of Money, Contract Costs, Disclosures, Principal vs Agent, Contract Modifications, Licensing, Transition Methods, CPE, CPA, Accounting, Online Learning, IFRS Certification 

Special Notice: 

• Ernst & Young Associates LLP-India is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org
• CPE credits will be awarded upon successful completion of the content and passing the exam on securing 70% or above.
• Each Participant has the flexibility to take unlimited attempts to clear the assessment.
• Contact Ernst & Young Associates LLP-India (askeyexpert@in.ey.com)  for assistance. 

Complaint policy: For any content related query you may write to askeyexpert@in.ey.com. For any complaints you may connect with komal.singh2@in.ey.com. Escalation: neha.tuteja@in.ey.com

Refund Policy: We do not offer refunds once the participants have accessed any course materials. Course material includes videos, content, quizzes and assessments. 

Cancellation Policy: In the event of the course being cancelled, the participants will be informed through their registered email IDs.