Latest Updates on MFRS 15

Date & Time : Tuesday, 2 July 2019, 2:00pm - 6:00pm

2:00pm - 3:00pm Free Session

3:15am - 6.00pm Paid Session

Overview

MFRS 15 Revenue from Contracts with Customers replaces all previously issued accounting standards relating to revenue accounting treatments. In general, MFRS 15 seeks to streamline the accounting for revenue recognition in all industries by providing a single comprehensive revenue recognition model for all contracts with customers. This standard introduces a new structured 5-step approach in revenue recognition and provides more detailed guidance on revenue recognition It emphasises on performance obligations in contracts and the allocation of transaction price(s) to those obligations. Participants of this training will be trained on the basic requirements of MFRS 15, how to implement this 5 steps model, with worked examples and illustrations under different scenarios.

Overall, this training seeks to provide the participants with high level coverage of the essentials of MFRS 9, the challenges that are likely to come and the preparations that may be required.

Objectives

• Explain the new technical requirements of MFRS 15
• Discuss the challenges and impacts that businesses are likely to face in respect of MFRS 15
• Brief coverage of areas for review and preparation in businesses

Who Should Attend

• Directors
• Senior Accountants
• Financial Controllers
• Finance Managers
• Accounts executive

​Workshop Methodology

Intuitive & enthusiastic classroom-style workshop with PowerPoint presentations, active/ proactive sessions, real case study with illustrations, and Q&A session

Outline of session: MFRS 15

• Introduction
• Recognition and measurement – 5 step model
• Recognition of revenue over time or at a point in time
• Contract costs
• Disclosures
• Challenges and practical insights