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By the end of this course, you will have a thorough and practical understanding of IFRS 15, the global standard for Revenue from Contracts with Customers, developed jointly by IASB and FASB (also issued in the U.S. as ASC 606).
Here's what you’ll master:
1. The 5-Step Revenue Recognition Model
Identify contracts with customers
Identify performance obligations
Determine transaction price
Allocate transaction price to obligations
Recognize revenue when (or as) performance is satisfied
By the end of this course, you will have a thorough and practical understanding of IFRS 15, the global standard for Revenue from Contracts with Customers, developed jointly by IASB and FASB (also issued in the U.S. as ASC 606).
Here's what you’ll master:
1. The 5-Step Revenue Recognition Model
Identify contracts with customers
Identify performance obligations
Determine transaction price
Allocate transaction price to obligations
Recognize revenue when (or as) performance is satisfied
Each step is explained with real-life examples and journal entries.
2. Revenue Recognition Over Time vs Point-in-Time
Understanding how and when to recognize revenue under various types of contracts (construction, SaaS, licensing, etc.)
Apply the criteria for recognizing revenue over time using input/output methods
Know when revenue must be recognized at a point in time
3. Contract Types and Complex Scenarios
Multi-element contracts (bundled goods/services)
Contract modifications and variable consideration
Discounts, rebates, refunds, and returns
Significant financing components and non-cash consideration
4. Practical Application with Journal Entries
Learn how IFRS 15 impacts financial statements and disclosures
Practice real-world accounting entries for different business scenarios
Understand how to implement the standard in ERP/accounting systems
5. Real MCQs & Case-Based Questions
Solve exam-level and interview-style multiple-choice questions
Test your application and conceptual clarity on every topic
Prepare yourself for job roles involving revenue accounting, audit, or reporting
Why IFRS 15 Matters
Revenue is one of the most critical KPIs for any business
It’s directly linked to investor confidence, profitability, and regulatory compliance
A must-know for anyone working in accounting, FP&A, audit, or finance leadership roles
Enhances your ability to work with cross-border or multinational companies where IFRS or convergence with IFRS is standard
If you score above 50%, consider yourself passed.
If not, please rewatch the lessons and practice the relevant MCQs again for better understanding.
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