Course Overview

The IFRS 15: Revenue from Contracts with Customers standard provides a globally recognised framework for revenue recognition, ensuring that organisations report revenue in a way that accurately reflects the transfer of goods or services to customers. It plays a critical role in promoting transparency, consistency, and comparability in financial reporting across industries.

This IFRS 15 Revenue from Contracts with Customers course by Transformentors Academy offers a practical and structured approach to understanding and applying the standard. Participants will work through the five-step revenue recognition model, which includes: identifying contracts, determining performance obligations, establishing the transaction price, allocating that price, and recognising revenue appropriately.

The programme focuses on real-world application, helping participants manage complex revenue arrangements, contract modifications, and performance measurement issues. It also covers disclosure and presentation requirements to ensure full compliance with reporting standards.

By the end of the course, finance professionals—including managers, auditors, and analysts—will be equipped to apply IFRS 15 confidently, improve financial accuracy, and ensure compliance with international accounting standards.

Agenda

Day — 1 Introduction to IFRS 15

• Understanding the objectives and scope of IFRS 15: Revenue from Contracts with Customers
• Defining key concepts and terminology used in IFRS 15
• Introducing the five-step revenue recognition model:
  • Step 1: Identifying contracts with a customer
  • Step 2: Identifying performance obligations
  • Step 3: Determining the transaction price
  • Step 4: Allocating the transaction price
  • Step 5: Recognising revenue
• Comparing IFRS 15 with previous revenue recognition standards and understanding key changes
• Distinguishing between transactions that fall within the scope of IFRS 15 and those that are out of scope

Day — 2 Identifying Contracts & Performance Obligations

• Understanding the criteria for identifying a valid contract with a customer under IFRS 15
• Analysing contract combination rules and accounting for contract modifications
• Identifying performance obligations by assessing whether goods or services are distinct
• Evaluating bundles of goods and services within a contract
• Assessing implied promises and distinguishing them from administrative or setup activities
• Understanding the treatment of specific elements within contracts:
  • Warranties (assurance vs. service-type)
  • Licences (right to use vs. right to access)
  • Customer options and incentives

Day — 3 Transaction Price & Allocation

• Understanding how to determine the transaction price under IFRS 15
• Exploring different types of consideration:
  • Variable consideration and related constraints
  • Significant financing components
  • Non-cash consideration
  • Consideration payable to a customer
• Understanding the accounting treatment of sales taxes and duties
• Analysing the impact of customer credit risk on revenue recognition
• Allocating the transaction price across performance obligations:
  • Determining standalone selling prices
  • Allocating the transaction price proportionately
• Understanding the treatment of contract modifications and when reallocation of price is required

Day — 4 Revenue Recognition & Contract Costs

• Understanding types of revenue recognition:
  • Over-time recognition
  • Point-in-time recognition
• Determining when control of goods or services is transferred to the customer
• Applying methods to measure progress toward satisfying performance obligations (e.g., input and output methods)
• Analysing specific contract arrangements:
  • Repurchase agreements
  • Consignment arrangements
  • Bill-and-hold transactions
• Accounting for contract-related costs:
  • Costs of obtaining a contract (e.g., commissions)
  • Costs of fulfilling a contract (e.g., setup or production costs)
• Understanding amortisation of contract costs and assessing impairment where necessary

Day — 5 Presentation, Disclosures & Application Issues

• Understanding presentation requirements under IFRS 15 across key financial statements:
  • Statement of financial position (contract assets and liabilities)
  • Statement of profit or loss (revenue presentation)
  • Statement of cash flows
• Reviewing annual and interim disclosure requirements, including:
  • Disaggregation of revenue
  • Contract balances and performance obligations
  • Significant judgments and estimates
• Applying IFRS 15 to licences of intellectual property (right to use vs. right to access)
• Analysing common application challenges and practical implementation issues
• Identifying best practices and lessons learned for accurate and compliant revenue recognition

Learning Outcomes

Upon completion of the IFRS 15: Revenue from Contracts with Customers course by Transformentors Academy, you will be able to:

• Understand the core principles of IFRS 15 and its importance in revenue recognition and financial reporting
• Apply the IFRS 15 five-step model for recognising revenue from customer contracts
• Analyse customer contracts to identify performance obligations and determine the transaction price
• Evaluate transaction price components, including:
  • Variable consideration
  • Significant financing components
  • Non-cash consideration
  • Consideration payable to customers
• Determine standalone selling prices and accurately allocate the transaction price across performance obligations
• Assess and account for contract modifications under IFRS 15
• Apply methods to measure progress toward satisfying performance obligations (over time vs. point in time)
• Understand presentation and disclosure requirements to ensure compliance with IFRS 15 standards

Who Should Attend

This IFRS 15: Revenue from Contracts with Customers course by Transformentors Academy is designed for professionals involved in financial reporting, auditing, and contract management, including:

• Accountants and finance managers
• Internal and external auditors
• Chief Financial Officers (CFOs)
• Financial controllers
• Contract managers
• Tax advisors and consultants
• Investors and financial analysts