Everything you need to know about MFRS 15: Revenue from Contract with Customers
Latest Updates on MFRS 15
Latest Updates on MFRS 15
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.
- 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
- Senior Accountants
- Financial Controllers
- Finance Managers
- Accounts executive
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
- Recognition and measurement – 5 step model
- Recognition of revenue over time or at a point in time
- Contract costs
- Challenges and practical insights
Mr. Ng Kean Kok is a Chartered Accountant and has more than twenty years of auditing, accounting and company secretarial experience across various industries. Previously, he worked with one of the international accounting firms in the audit and advisory services and covered industries like agriculture, manufacturing, trading, marketing, banking and finance, and construction. He has served as a director and company secretary to several family related firms.
He is a member of the Malaysian Institute of Accountants (MIA) and fellow member of the Association of Chartered Certified Accountants (ACCA), UK. At MIA, he has served on several committees such as the Financial Reporting Standards Implementation Committee (FRSIC), Financial Statements Review Committee (FSRC), Public Accountants in Business (PAIB) Committee, Monitoring Committee and SSM Committee. He was previously also a Council Member. Furthermore, he is a member of ACCA’s Global Forum – Corporate Reporting. Previously, he served as member of ACCA Malaysia’s Technical Committee.
Last but not least, Mr. Ng has been involved in academic matters for over twenty years and has published various research articles, journals and books.
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