IFRS 15 and IFRS 16 – Updates and Practical Implications
December 19 @ 9:00 am - 12:45 pm
19 & 20 December, 2022
CPD hours: 7
The seminar intends to cover in-depth the principles of two very important IFRSs, the Revenue from Contracts with Customers and Leases (IFRS 15 and IFRS 16).
Revenue is one of the most debatable topics in financial reporting. IFRS 15 Revenue from Contracts with Customers is effective from 1 January 2018 and mainly replaces IAS 18 Revenue Recognition and IAS 11 Construction Contracts.
In addition, the International Accounting Standard Board has issued a new standard on leases, IFRS 16 “Leases”. The effective date of the standard is 1 January 2019.
IFRS 16 is a major change of the way the entities account for leases because it removes the current lessee accounting treatment for operating and finance leases. Instead, the new standard introduces a single lessee accounting model.
The seminar includes detail coverage of the IFRS 15 and IFRS 16. On completion of this seminar participants should be able to:
• Gain understanding of the IFRS 15 & 16
• Be able to apply and evaluate the principles covered
• Read, comprehend and evaluate financial statements incorporating accounting information covered by these IFRSs.
• Identify differences to current accounting treatment
The seminar is primarily addressed to accountants and auditors in the profession or industry. It is also relevant and appropriate to any individual having an active role in preparing, analyzing and presenting financial statements.
All participants will be awarded a certificate. Each hour of attendance will account for one unit of Continuing Professional Development (CPD) as required for members of most professional bodies.