IFRS 15 | Revenue Recognition| Revenue From Contract with Customers | IFRS Lectures

In this session, I cover IFRS 15. IFRS 15 is effective for annual reporting periods beginning on or after 1 January 2018, with earlier application permitted. IFRS 15 establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer.

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FRS 15 establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer. Applying IFRS 15, an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

To recognise revenue under IFRS 15, an entity applies the following five steps:

identify the contract(s) with a customer.
identify the performance obligations in the contract. Performance obligations are promises in a contract to transfer to a customer goods or services that are distinct.
determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount, an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods or services to a customer.

[jonathandelosreyes]

Very well explained! Thanks Mr. Farhat!

[echoxerk]

Thank you very much! I understand IFRS 15 better now that it is condensed in this video... I am a 3rd year student right now about to take my prelims exam hahaha

[sagarraval]

Excellent explanation of RR love it Sir

[piascopivaso]

Don't regret downloading your lecture❤

[liberatusterentiusrugumisa]

So great, I always like your presentations.

[melusimabuza]

Thanks, U did well. I have better understanding now

[gladyskayebeta]

Well done sir, looking forward to more lectures

[prashantkumar.c]

i watched three times and i got it completely.

[ronaksinghvi]

Nice. Need a detailed lecture for each step for IFRS 15

[positivevibes]

Very informative and impressive lecture

[aaroacademy]

Thank you, this lesson is very valuable!

[tamleduy]

How can i get the ifrs examples to clarify the content. Tks for sharing the link

[menotme]

Gosh I wish I could retain all this information in my limited memory.😔

[georgecortezee]

SO GREAT ALWAYS
EXCELLENT EXPLANATION
THANK YOU.VERY VERY MUCH
BRASIL
RIO DE JANEIRO CITY

[santoshkumarsahu]

Thank you so much for such a wonderful video

[opethelotuseater]

Nice and easy to understand lecture. Although i have a doubt regarding weighted probability approach in Peabody construction example. 100k is fixed revenue whereas 50k is variable. Then shouldn't the probability be applied on only 50k because 100k is not time bound revenue.

[aboelbashasha]

Please mr farhat we need lectures about CMA if it possible

[yandhi]

Are the five steps listed explicitly in the handbook?

[AmitSharma-tscs]

I have one question of invoice issued but revenue not recognised then how do we do accounting for invoice

[ruchikadara]

In example of peabody, for calculation of transaction price, should be fixed and 50000 should be variable for which we should have used probability. Because in 100% cases, we will get 1 lac.
Please help me with this confusion!