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The New Revenue Standard MFRS 15 : Technical Brief on Implementing the New MFRS 15: Revenue from Contracts with Customers

Expert Speaker Danny Tan Boon Wooi

MYR901.00 (including GST)

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EARLY BIRD SPECIAL: Save 10% when you register by 2 April 2018. Use code APR18 at checkout.

Overview

MFRS15 / IFRS15 “Revenue from Contracts with Customers” is effective for annual reporting periods beginning on or after 1 January 2018. This Standard will supersede the following Standards and Interpretations:

  • IAS11 Construction Contracts
  • IAS18 Revenue
  • IFRIC13 Customer Loyalty Programmes
  • IFRSC15 Agreements for the Construction of Real Estate
  • IFRIC18 Transfers of Assets from Customers and
  • SIC31 Revenue – barter Transactions Involving Advertising Services.

This practical workshop is designed to help you decipher the new requirements of MFRS15 in detail, be prepared for the changes and learn best practices to implement the new standard.

What You Will Learn

At the end of the workshop, you will:

• Learn skills required to steer the complex technical requirements of the new MFRS15 standard
• Master technical requirements of MFRS15 with practical illustrations
• Understand the impacts and effect on revenue before and after the implementations of the new MFRS15 standard

Programme Outline

  • Practical Case Studies to applying the five steps approach
    • 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
  • Recognition Issues
    • Dealing with “revenue contract”
    • Dealing with “performance obligations”
  • Measurement issues
    • Transaction price
    • Allocation of transaction price to performance obligation
  • Dealing with contract cost
  • Presentation and disclosure
  • Transitional provisions
    • Dealing with transition from existing Standards to MFRS15
  • Practical Application
    • Industry-specific application

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 the 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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