IFRS 15 Summary - IFRS 15 Revenue from Contracts with Customers || Financial Reporting Lectures

Financial Reporting Lectures (IFRS 15 Summary) - In this International Financial Reporting Standards (IFRS) video, a summary of the accounting standard IFRS 15 Revenue from Contracts with Customers has been provided, laying out all the essential points in the standard. This IFRS summary video although comprehensive, does not replace the full IFRS 15 Revenue from Contracts with Customers standard issued by the International Accounting Standards Board (IASB).
Overview of IFRS 15: IFRS 15 specifies how and when an IFRS reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers. IFRS 15 was issued in May 2014 and applies to an annual reporting period beginning on or after 1 January 2018. On 12 April 2016, clarifying amendments were issued that have the same effective date as the standard itself.
The summary of IFRS 15 Revenue from Contracts with Customers in this video also effectively covers the relevant Financial Accounting, Financial Reporting and Advanced Financial Reporting (Corporate Reporting or Strategic Business Reporting) syllabus of all professional accountancy bodies globally (including the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), Certified Public Accountant (CPA) exams, Institute of Chartered Accountants (ICA) exams among several others) as well as any Bachelors and Masters level accounting courses globally.
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[@MSLBusinessSchool]

Chapters/Timestamps: 0:00​ - Channel Intro 0:14​ - Brief Overview & History of IFRS 15 1:05​ - Superseded Standards & Interpretations 1:47​ - Objective & Scope of IFRS 15 3:31 - Partial IFRS 15 Scope Coverage 4:21 - The 5-Step Model Framework 5:35 - Step 1 (Identify the Contract with the Customer) 6:44 - Contract Modifications 7:43 - Step 2 (Identify the Performance Obligations in the Contract) 9:26 - Step 3 (Determine the Transaction Price) 11:22 - Step 4 (Allocate the Transaction Price to the Performance Obligations in the Contract) 13:20 - Step 5 (Recognise Revenue when (or as) the Entity Satisfies a Performance Obligation) 15:26 - Contract Costs 17:06 - Presentation in Financial Statements

[@josephgyimah7003]

Great work MSL

[@MSLBusinessSchool]

Thanks, Joseph

[@jacobobiazo3879]

Great insight

[@Wazalendo_du_Zaïre]

Very helpful revision. Thank you for the timestamps 💯🙌🏽

[@MSLBusinessSchool]

Hello David. I’m glad this was of help to you. And on the time stamps, I’m only putting myself in the viewers’ shoes (finding what exactly you’re looking for as quickly as possible). Great to hear you found them useful

[@tikaramguragain272]

Useful

[@MSLBusinessSchool]

I’m glad you found this useful, Tikaram

[@chelseatibanye5914]

this is a good video but I'd like to point out that it felt as if i was being read the standard and not being taught. I'd really appreciate it if you can explain some of the things you say. Thanks