ClickCease

This workshop will focus on FRS 115 Revenue from Contracts with Customers, new accounting standard on revenue recognition issued to deal with accounting and disclosures related to all types of revenue.

Singapore Accounting Standards Council had issued FRS 115 – Revenue from contracts with customers which is applicable from 1 January 2018. FRS 115 is based on IFRS 15 which replaced FRS 11 Construction Contracts & FRS 18 Revenue

FRS 115 applies to most revenue arrangements and among other things, it also changed the criteria for determining whether revenue is recognised at a point in time or over time and provides more guidance in areas where current FRSs are lacking including multiple element arrangements, variable pricing, rights of return, warranties and licensing. The actual impact on each company’s topline will depend on the industry, specific customer contracts and how they have applied existing standards.

This session will cover:

  • Overview of FRS 115
  • Understanding of the 5 step model of recognising revenue
    • Identify the contract(s) with the customer
      • Contract combinations
      • Contract modifications
    • Identify the performance obligations in the contract
    • Determine the transaction price
      • Guidance on variable consideration
      • Existence of significant financing component
      • Consideration payable to customer
    • Allocate the transaction price to the performance obligations
    • Recognise revenue when (or as) each performance obligation is satisfied
  • Principal vs Agent considerations
  • Other Issues
    • Sale with a right to return
    • License arrangements
    • Non-refundable upfront fees
    • Contract costs
    • Treatment of warranties
    • Option with customer for additional services
    • Consignment arrangements
    • Bill and hold arrangements
    • Customer acceptances
  • Illustrative Disclosures

 

Participants are encouraged to share their experiences, issues and challenges, relating to the topic in discussion, and in the process, seek advice, coaching and resolution.

  • Accountants,
  • Controllers,
  • Finance managers,
  • Auditors and
  • All accounting professionals.

You can discuss your unique requirements at +65 84831463 or simply fill the required details on Enquiry Now Page and send us at divya@outsourcingwise.com

Enquire Now

Course Cancellation / Reschedule Policy

OutsourcingWise reserves the right to cancel or reschedule the course due to unforeseen circumstances. If the course is cancelled from our end, management will refund 100% to its participants

Note: the minimal class size to start the class would be 3 pax