Lecture #5: Introduction to IFRS 15 Revenue from Contracts with Customers
Why IFRS 15?The revenues are a blood of any business. No sales, no life. Sales fix it all.
Accounting for revenues is therefore one of the hottest issues in the finance world.
Because, the companies like to manipulate profits exactly by overstating their revenues!
The reason lies partially in intentional manipulation, but partially in insufficient guidelines and rules related to revenue recognition.
Just imagine – we have IAS 18, IAS 11, SIC 31, IFRIC 13, IFRIC 15 and IFRIC 18 for revenue recognition. That’s 6 standards on the same topic, often contradicting each other and often not even touching the specific issue. No wonder it was relatively easy to play with the revenues.
That’s the reason why IFRS 15 is here.
Lecture #5: Introduction to IFRS 15In today’s lecture, you will learn about the main principles of the standard IFRS 15 Revenues from Contracts with Customers and you’ll also understand the difference between the accounting treatment under older rules in IAS 18 Revenue and IFRS 15.
This lecture is a part of our premium training package the IFRS Kit.
Watch the lecture here (scroll below to download the Excel file and handout to take notes).
CLICK HERE to download the Excel file and HERE to download the Handout.