Workshop objective • Understand definition and the theory of IFRS 15 “Revenue from Contracts with Customer” • Analyze and evaluate accounting implications of construction contracts under IFRS 15 Companies in the construction sector have historically followed industry-specific guidance to account for revenue. These standards provide guidance on a wide range of considerations specific to long- term contracts, including: • Defining the contract, including when to combine or segment them, and when and how to account for change orders and other modifications • Defining the contract price, including variable consideration, and the impact of customer-furnished materials and claims • Defining recognition methods, including the percentage-of- completion method and input/output methods to measure performance • Accounting for contract costs, such as pre-contract costs and costs to fulfill a contract The revenue standards (ASC 606 and IFRS 15, Revenue from Contracts with Customers) replaced substantially all revenue guidance under IFRS, including the industry-specific guidance for construction-type and production-type contracts. At a glance 6 December 2019 PwC’s Academy Who should attend? • Accountants and finance managers responsible for preparation of the financial statements in accordance with IFRS • Finance managers responsible for assessment of company’s financial performance • Finance directors responsible for corporate budgeting processes and planning IFRS 15 “Revenue from Contracts with Customer” Implementation in the construction industry
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Workshop objective
• Understand definition and the theory of IFRS 15 “Revenue from Contracts with Customer”
• Analyze and evaluate accounting implications of construction contracts under IFRS 15
Companies in the construction sector have historically followedindustry-specific guidance to account for revenue. These standardsprovide guidance on a wide range of considerations specific to long-term contracts, including:
• Defining the contract, including when to combine or segmentthem, and when and how to account for change orders and othermodifications
• Defining the contract price, including variable consideration, andthe impact of customer-furnished materials and claims
• Defining recognition methods, including the percentage-of-completion method and input/output methods to measureperformance
• Accounting for contract costs, such as pre-contract costs and coststo fulfill a contract
The revenue standards (ASC 606 and IFRS 15, Revenue fromContracts with Customers) replaced substantially all revenueguidance under IFRS, including the industry-specific guidance forconstruction-type and production-type contracts.
At a glance
6 December 2019
PwC’s Academy
Who should attend?
• Accountants and finance managers responsible for preparation of the financial statements in accordance with IFRS
• Finance managers responsible for assessment of company’s financial performance
• Finance directors responsible for corporate budgeting processes and planning
IFRS 15 “Revenue from Contracts with Customer” Implementation in the construction industry
A complete calendar of training courses can also be found on our website: https://www.pwc.com/mn/en/mn-academy/tailored-courses-and-training-calendar.html
Workshop details:
Materials
Refreshments included
Certificate: PwC certificate to participants on completion of the course