IASB has recently notified new accounting standards IFRS 15 – Revenue from Contracts with Customers and IFRS 16 – Leases, mandatorily applicable from 1 January 2018 and 1 January 2019, respectively. Corresponding standards have also been issued under US GAAP. These standards represent the culmination of years of research and deliberation among IASB and FASB.
IFRS 15
IFRS 15 will apply to most revenue arrangements, including constructions contracts. Among other things, it changes the criteria for determining whether revenue is recognised at a point in time or over time and provides more guidance in areas where current IFRSs are lacking – including multiple element arrangements, variable pricing, rights of return, warranties and licensing. The actual impact on each company’s top line will depend on the industry, specific customer contracts and how they have applied existing standards.
IFRS 16
IFRS 16 represents the first overhaul of lease accounting in over three decades. The IASB has long considered the existing split between operating and finance leases as problematic as it has resulted in too much structuring and off-balance sheet financing. Therefore, IFRS 16 has done away with this distinction, requiring accounting for all leases to be ‘on-balance sheet’ for lessees.
Programme agenda
IFRS 15 - Revenue from contract with customers
Transition from IAS 18 and IAS 11 to IFRS 15
Five-Step model to recognise revenue in any contract
Impact of IFRS 15 on different industries
Difference between IFRS 15, ASC 606 and IAS 18 and IAS 11
IFRS 16 – Leases
Transition from IAS 17
New definition of lease
Lessee’s accounting under new guidance of IFRS 16
Impact of IFRS 16 on different industries like telecom, manufacturing, automobile, oli and gas etc.
Lessor’s accounting
Sale and leaseback transactions
Difference between IFRS 16, ASC 842 and IAS 17
Challenges faced by corporates in implementation of IFRS
Case studies
Features of WebEx
Live streaming of sessions
Two-way communication – Real-time interaction between participants and instructor
Access to learnings aids – Excel, query resolution
Anytime, anywhere collaboration with global teams, virtually
Engaging learning experience at a reasonable price
Deliverables
Our deliverables
10-hour sessions (2 sessions of 5 hours each) on IFRS 15 and IFRS 16
Our training material
Case studies
Post-training support and query management
Certificate of participation
Who should attend
Chartered Accountants
Professionals working in finance and accounts function across industries
Consultants supporting implementation of new standards
Fees and schedule
Fees
INR USD 300 per participant (excluding taxes)
Schedule
Mode Of training
Date
Session Timings
Online Live training through Cisco Web Ex
To be notified
To be notified
Cancellation and refund policy
The refund policy in case of withdrawal of nomination would work as follows:-
A refund of 50% of the fee would be provided for cancellation requests received up to five working days before the training start date
Participants who cancel in less than five working days, or there is no show on the training date are liable to pay the full course fee and would not be entitled to refunds.
Cancellations must be made via emails only. However desirous participants can be accommodated in the future batches of program, without paying anything extra. It is requested that willingness to attend any future program should be communicated at the earliest convenience.
