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IFRS 15 Revenue Recognition Training Course is a comprehensive and practical professional programme designed to equip accounting, finance, audit, financial reporting, tax, and business professionals with advanced knowledge and practical skills in applying International Financial Reporting Standard 15 (IFRS 15) Revenue from Contracts with Customers. The course provides a detailed understanding of the IFRS 15 revenue recognition framework and its five-step model for identifying contracts with customers, identifying performance obligations, determining transaction prices, allocating transaction prices to performance obligations, and recognizing revenue when or as performance obligations are satisfied. Participants will develop the ability to apply revenue recognition principles consistently across different industries, contractual arrangements, and complex customer transactions.
The programme examines the fundamental principles of IFRS 15 and the circumstances under which revenue is recognized over time or at a point in time. Participants will explore contract identification, contract modifications, enforceable rights and obligations, distinct goods and services, performance obligations, transaction price determination, variable consideration, significant financing components, non-cash consideration, consideration payable to customers, and allocation of transaction prices using standalone selling prices. The course also addresses principal-versus-agent considerations, warranties, licences, customer options, returns, refunds, contract assets, contract liabilities, receivables, and other complex revenue accounting issues.
Particular emphasis is placed on practical IFRS 15 implementation and financial reporting challenges. Participants will learn how to evaluate complex customer contracts, identify separate performance obligations, estimate variable consideration, determine when control transfers to customers, and calculate appropriate revenue recognition amounts. The training also examines contract costs, incremental costs of obtaining contracts, costs to fulfil contracts, disclosures, transition requirements, accounting policies, internal controls, systems implications, and audit considerations. Relevant case studies will enable participants to apply IFRS 15 revenue recognition principles to construction contracts, software arrangements, telecommunications, manufacturing, professional services, retail, hospitality, infrastructure, and other commercial transactions.
By the end of the training, participants will be able to confidently analyse customer contracts, apply the IFRS 15 five-step revenue recognition model, determine appropriate revenue recognition timing and measurement, account for contract modifications and variable consideration, prepare required disclosures, and strengthen organizational controls over revenue reporting. The programme is suitable for organizations seeking to improve IFRS compliance, revenue accounting accuracy, financial statement transparency, contract management, audit readiness, and financial reporting quality. The course can be customized for specific industries, revenue streams, accounting systems, ERP platforms, organizational policies, and complex contractual arrangements.
1. Understand the scope, principles, objectives, and key requirements of IFRS 15 Revenue from Contracts with Customers.
2. Apply the IFRS 15 five-step revenue recognition model to different customer contracts and transactions.
3. Identify contracts with customers and determine whether contractual arrangements meet IFRS 15 recognition requirements.
4. Identify distinct performance obligations and determine when goods or services are transferred to customers.
5. Determine transaction prices, including variable consideration, significant financing components, non-cash consideration, and consideration payable to customers.
6. Allocate transaction prices to performance obligations using appropriate standalone selling prices and allocation methods.
7. Apply revenue recognition requirements for performance obligations satisfied over time and at a point in time.
8. Account for contract modifications, contract assets, contract liabilities, warranties, licences, returns, refunds, and other complex revenue arrangements.
9. Prepare IFRS 15 revenue disclosures and strengthen revenue recognition policies, systems, controls, and audit documentation.
10. Develop practical organizational approaches for implementing, monitoring, and maintaining IFRS 15-compliant revenue recognition processes.
1. Strengthens compliance with IFRS 15 Revenue from Contracts with Customers.
2. Improves the accuracy, consistency, and reliability of revenue recognition and financial reporting.
3. Reduces the risk of inappropriate or premature revenue recognition.
4. Enhances the quality and transparency of financial statement revenue disclosures.
5. Improves contract review, revenue accounting, and financial reporting controls.
6. Strengthens audit readiness and documentation of revenue recognition judgments.
7. Improves management understanding of revenue trends, customer contracts, and financial performance.
8. Supports effective integration of accounting, finance, sales, legal, contract management, and operational teams.
9. Reduces financial reporting risks associated with complex customer contracts and variable consideration.
10. Builds sustainable organizational capacity for IFRS 15 implementation, monitoring, compliance, and continuous improvement.
The course is designed for Chief Financial Officers (CFOs), Finance Directors, Financial Controllers, Chief Accountants, Senior Accountants, Management Accountants, Financial Reporting Managers, IFRS Specialists, Revenue Accountants, Financial Analysts, Internal Auditors, External Auditors, Audit Managers, Tax Professionals, Compliance Officers, Contract Managers, Commercial Managers, Procurement and Supply Chain Professionals, Legal and Contract Professionals, ERP and accounting systems specialists, business analysts, financial consultants, and professionals responsible for revenue accounting, financial reporting, customer contracts, financial controls, and IFRS compliance.
1. Introduction to IFRS 15 Revenue from Contracts with Customers, scope, objectives, core principles, and key terminology.
2. Understanding the five-step IFRS 15 revenue recognition model and its application to customer contracts.
3. Step One: Identifying contracts with customers, contract approval, commercial substance, collectability, and enforceable rights.
4. Step Two: Identifying performance obligations and determining whether promised goods and services are distinct.
5. Step Three: Determining transaction prices and assessing the impact of contractual terms and consideration.
6. General Case Study: Applying the IFRS 15 five-step model to a complex customer contract involving multiple goods and services.
1. Identifying distinct goods and services and determining separate performance obligations within customer contracts.
2. Determining transaction prices and accounting for fixed consideration, variable consideration, discounts, rebates, bonuses, penalties, and refunds.
3. Variable consideration constraints, expected value methods, most likely amount, and significant revenue reversal risks.
4. Significant financing components, time value of money, non-cash consideration, and consideration payable to customers.
5. Standalone selling prices, estimation methods, observable prices, adjusted market assessment, expected cost plus margin, and residual approaches.
6. General Case Study: Determining transaction price and allocating consideration among multiple performance obligations involving discounts, rebates, financing, and performance bonuses.
1. Criteria for recognizing revenue over time and identifying performance obligations satisfied over time.
2. Measuring progress toward satisfaction of performance obligations using output and input methods.
3. Revenue recognition at a point in time and determining when control of goods or services transfers to the customer.
4. Control indicators, customer acceptance, legal title, physical possession, risks and rewards, and right to payment.
5. Industry-specific revenue recognition applications in construction, manufacturing, telecommunications, software, professional services, and retail.
6. General Case Study: Determining whether revenue from a long-term construction and service contract should be recognized over time or at a point in time and calculating the appropriate revenue amount.
1. Contract modifications, separate contracts, termination and replacement contracts, and cumulative catch-up adjustments.
2. Accounting for contract assets, contract liabilities, receivables, and changes in contractual rights and obligations.
3. Principal versus agent considerations, gross versus net revenue presentation, and control assessment.
4. Warranties, customer options, material rights, returns, refunds, consignment arrangements, and bill-and-hold transactions.
5. Licences, royalties, subscriptions, service arrangements, non-refundable upfront fees, and other complex revenue transactions.
6. General Case Study: Accounting for a modified customer contract involving a licence, subscription service, customer option, refund rights, and multiple performance obligations.
1. Incremental costs of obtaining contracts and costs incurred to fulfil contracts under IFRS 15.
2. Capitalization, amortization, impairment, and accounting for recoverable contract costs.
3. IFRS 15 disclosure requirements, disaggregation of revenue, contract balances, performance obligations, and significant judgments.
4. Revenue recognition policies, estimates, accounting judgments, internal controls, audit trails, and financial reporting documentation.
5. IFRS 15 transition requirements, retrospective application, practical expedients, comparative information, and implementation challenges.
6. General Case Study: Reviewing an organization’s revenue disclosures and contract cost accounting and identifying gaps against IFRS 15 requirements.
1. Developing an IFRS 15 implementation strategy, revenue recognition policy framework, governance structure, and organizational responsibilities.
2. Assessing the impact of IFRS 15 on accounting systems, ERP platforms, contracts, chart of accounts, billing systems, and management reporting.
3. Designing internal controls for contract review, revenue calculation, approval, recognition, reconciliation, and financial reporting.
4. Identifying IFRS 15 compliance risks, revenue manipulation risks, accounting errors, audit challenges, and control weaknesses.
5. Integrating finance, sales, legal, commercial, IT, contract management, and audit functions in revenue recognition governance.
6. General Case Study: Developing an end-to-end IFRS 15 revenue recognition framework for an organization with multiple revenue streams, customer contracts, billing arrangements, and complex performance obligations.
1. Customized Training: All our courses can be tailored to meet the specific needs of participants.
2. Language Proficiency: Participants should have a good command of the English language.
3. Comprehensive Learning: Our training includes well-structured presentations, practical exercises, web-based tutorials, and collaborative group work. Our facilitators are seasoned experts with over a decade of experience.
4. Certification: Upon successful completion of training, participants will receive a certificate from Foscore Development Center (FDC-K).
5. Training Locations: Training sessions are conducted at Foscore Development Center (FDC-K) centers. We also offer options for in-house and online training, customized to the client's schedule.
6. Flexible Duration: Course durations are adaptable, and content can be adjusted to fit the required number of days.
7. Onsite Training Inclusions: The course fee for onsite training covers facilitation, training materials, two coffee breaks, a buffet lunch, and a Certificate of Successful Completion. Participants are responsible for their travel expenses, airport transfers, visa applications, dinners, health/accident insurance, and personal expenses.
8. Additional Services: Accommodation, pickup services, flight booking, and visa processing arrangements are available upon request at discounted rates.
9. Equipment: Tablets and laptops can be provided to participants at an additional cost.
10. Post-Training Support: We offer one year of free consultation and coaching after the course.
11. Group Discounts: Register as a group of more than two and enjoy a discount ranging from 10% to 50%.
12. Payment Terms: Payment should be made before the commencement of the training or as mutually agreed upon, to the Foscore Development Center account. This ensures better preparation for your training.
13. Contact Us: For any inquiries, please reach out to us at training@fdc-k.org or call us at +254712260031.
14. Website: Visit our website at www.fdc-k.org for more information.