Understanding the Complexities of IFRS: IFRS 18 & IFRS 15

The course explores the significant presentation and disclosure changes introduced by IFRS 18, with particular emphasis on the transition from IAS 1, the new structure of the statement of profit or loss, management-defined performance measures (MPMs), and the enhanced principles for aggregation and disaggregation of information. It further focuses on IFRS 15, providing participants with a comprehensive understanding of the five-step revenue recognition model and its application to complex commercial arrangements.

Why Should You Attend?

The programme equips finance professionals with the knowledge and practical skills required to implement the latest IFRS requirements with confidence. Participants will gain a clear understanding of how IFRS 18 changes the presentation and analysis of financial statements compared with IAS 1, while also strengthening their ability to apply IFRS 15 to contracts involving multiple performance obligations, variable consideration, contract modifications, and other complex revenue recognition issues.

Educational Approach

● Interactive lectures, with practical examples.
● Group discussions and knowledge-sharing exercises.
● Quizzes along with questions and answers sessions to reinforce learning and test understanding.
● Use of case studies to bring the IFRS to life and enhance understanding, with an aim to simplify its complexities.

Prerequisites

A basic understanding of accounting and financial reporting is recommended. Prior exposure to IFRS is beneficial but not essential.

Course Agenda

● Module 1 – IFRS 18: background and objectives, effective date and transition, comprehensive comparison of IAS 1 vs IFRS 18, new Statement of Profit or Loss structure, Operating/Investing/Financing/Income Taxes & Discontinued Operations categories, Management-defined Performance Measures (MPMs), aggregation and disaggregation requirements.
● Module 2 – IFRS 15: core principle and scope, five-step revenue recognition model, identifying performance obligations, transaction price and allocation, revenue recognised over time vs point in time.