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MFRS 15 – Revenue from Contracts with Customers: A Technical Brief on Implementing the New Revenue Recognition Standard

Expert Speaker Danny Tan

MYR1,272.00 (including GST)

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Overview

Are you prepared for the changes and best practices of implementing MFRS 15? Gain practical insights on managing the impact brought by the new standard on your company’s financial reporting and what it means going forward.

MFRS 15 supersedes existing standards and interpretations related to revenue and is effective for annual periods beginning on or after 1 January 2018, with earlier application permitted.

The new standard will have significant impact on each company’s financial performances, systems, operations and customer relationships. Companies are advised to start preparing early for the smooth transition and implementation of MFRS 15.

Design specially for accounting and finance leaders, this programme will help you gain a practical understanding of the requirements of MFRS 15, which enables you to:

  • reassess your company’s business strategies and potential impact to customer relationship
  • update current processes and systems to the requirements of the new standard, and
  • prepare for the change and implementation of the new standard for future financial reporting.

This programme will take you through the five-step model framework that is required to comply with MFRS 15.

What You Will Learn

At the end of this workshop, you will:

  • Gain in-depth knowledge and skills needed to steer through the complex technical requirements of the new standard
  • Understand the technical requirements of the standard with practical illustrations
  • Learn the impact and implications of the new standard on your financial statements
  • Acquire a technical update on the new amendments to MFRS 15 issued by MASB on 12 April 2016

Programme Outline

RECOGNITION ISSUES

  • Dealing with “revenue contract”
    • Elements and combinations of a contract
    • Combination contracts
    • Contract modifications
  • Dealing with “performance obligations”
    • How to identify “performance obligations”
    • Deciding goods or services that are distinct, a bundle of distinct or a series of distinct
    • When “performance obligations” are satisfied over time or at a point in time

MEASUREMENT ISSUES

  • Transaction price
  • Identifying and determining transaction price
  • Significant financing component
  • Non-cash consideration
  • Allocation of transaction price to performance obligations
  • Allocating the transaction price to performance obligations
  • Deciding ‘stand-alone selling prices’ for allocation purposes
  • Allocation of discount
  • Variation to transaction price

DEALING WITH CONTRACT COSTS

  • Incremental cost of obtaining a contract
  • Costs to fulfil a contract
  • Amortising contract cost when revenue is recognised
  • Impairment of contract costs

THE FIVE PRACTICAL STEPS OF APPLYING MFRS 15

Step 1  Identifying and assessing existence of a contract with customers

Step 2  Establish present obligation(s) in the contracts

Step 3  Determining the transaction price

Step 4  Allocating the transaction price

Step 5  Recognize revenue upon transfer of control

PRESENTATION AND DISCLOSURE

TRANSITIONAL PROVISIONS

PRACTICAL INDUSTRY SPECIFIC APPLICATIONS

Expert Speaker

Danny Tan Boon Wooi has over 30 years of working experience in public practice, commerce and industry as a professional accountant and auditor. In the last 18 years he is a partner of a consulting firm providing technical training and consultancy in IFRS and IPSAS (Accrual Accounting). He is currently a project manager with the Malaysian Accounting Standards Board in several projects. He is a member of Government Accounting Standards Advisory Committee working on implementation of Malaysia Public Sector Accounting Standards.  

Danny holds an Honours Degree in Economics from England, an MBA in Finance from Scotland and a Master in Advanced Business Practice from Australia. He is a member of CIMA (UK), ACCA (UK), ISCA, MIA and CTIM.

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