FRS 115: Revenue from Contracts with Customers

ACC_A004i

English

Course Description

Synopsis:

On 28 May 2014, the International Accounting Standards Board (IASB) published IFRS 15 Revenue from Contracts with Customers. Singapore’s equivalent, FRS 115 Revenue from Contracts with Customers was issued on 19 November 2014.

FRS 115 is effective for annual periods beginning on or after 1 January 2018. The effective date for FRS 115 coincides with the date for Singapore’s adoption of a set of IFRS-identical financial reporting standards, applicable to all Singapore-incorporated companies that have issued, or are in the process of issuing, equity or debt instruments for trading in a public market in Singapore.

This course will focus on:

  • Identifying performance obligations;
  • Satisfaction of performance obligations; 
  • Determining and allocating transaction price; and
  • Presentation & disclosure under FRS 115

 

Intended For:

  • Audit Professionals / PAIP 
  • Finance Professionals  / PAIB

 

Competency Mapping: 

  • CPE Category 1 = 2.0 CPE Hours
Instructor Image

Thomas Egan

Thomas is a member of ISCA, as well as ACCA, CPA Australia and is a licensed US CPA.  He had served on a number of committees related to accounting standards, financial reporting, and XBRL.  He has extensive experience related to accounting for financial instruments gained through the past 18 years in technical accounting roles with a Big 4 firm and an international bank and is currently the accounting advisor to the airline industry for implementation of IFRS 9, Financial Instruments, IFRS 15, Revenue and IFRS 16, Leases. Thomas holds a Masters degree in accounting from the University of Wisconsin - Madison and a Postgraduate Diploma in Strategic Finance from the University of Oxford.
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2 CPE Hours

Lesson(s)

8

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