Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
Revenue is an extremely important profit and loss statement top line number that drives bottom line results for all revenue producing companies. Accurate revenue recognition reporting is necessary for internal and also external reporting to maintain investor and creditors’ confidence in an entity. The objective of this seminar is to provide participants with a practical understanding of the five-step revenue recognition framework under Part I – International Financial Reporting Standards (IFRS) 15, Revenue from Contracts with Customers, and how to apply it. The seminar will address disclosure requirements, discuss key areas of application challenges, key judgments and provide examples applying the standard. The course has been updated for IASB agenda decisions and topic group discussion areas.
This course will provide participants with a practical understanding of the new five-step revenue recognition framework under Part I – International Financial Reporting Standards (IFRS) 15 and how to apply it. The 5-step model framework includes:
- Step 1: Identify the Contract with the Customer
- Step 2: Identify the Performance Obligations
- Step 3: Determine the Transaction Price
- Step 4: Allocate the Transaction Price
- Step 5: Recognize Revenue, including How and When
- Areas of Application Challenge
The course will address disclosure and presentation requirements, application guidance on various topics, and key judgments in applying the standard.
Topics Include:
- Overview and scope, including transitional requirements.
- The 5-step model framework, including how to apply it.
- Practical challenges and considerations and current developments.
- Disclosure and presentation requirements.
- Other application guidance on various topics such as warranties, licences, capitalization of costs of obtaining and fulfilling a contract.
NOTE: No updates or changes were made to the 2025 version of this course. If you completed the course in 2024, please be advised the 2025 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.
Other Available Sessions
- Session for October 7 available here.
Schedule
- December 3, 2025, 8:30 a.m. - 12:30 p.m.
- December 4, 2025, 8:30 a.m. - 12:30 p.m.
Key Takeaways
By the end of this course, participants will be able to:
- Understand the core principles, concepts and, scoping requirements.
- Be able to apply and analyze the 5-step model, including the specific criteria, provisions and exemptions governing each step in the model.
- Although revenue recognition rules are generally complex, real-life examples will be used to show how to effectively apply the model to various products and service sales transactions in various industries.
- Identify and apply presentation and disclosure requirements, including those that may have in-practice challenges.
- Recognize and observe examples of other application guidance in the standard.
- Understand current developments and areas of accounting discussion.
Who Will Benefit
Professionals who are responsible for revenue recognition accounting or oversight and/or auditing.
Prerequisite(s)
Participants should pre-read IFRS 15, Revenue from Contracts with Customers, contained in the CPA Handbook – Accounting Part I.
How to Access the Course
This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.
If available, course materials can be accessed 2 business days prior to the course and should be downloaded in advance.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Elizabeth J. Farrell, FCPA, FCA is an Adjunct Professor at the Schulich School of Business. In recognition of her excellence in teaching she was selected as the winner of the Seymour Schulich Award for Teaching Excellence in 1999, 2003 and 2009 and nominated for the award in 2004, 2005, 2006, 2011 and 2015. She was selected as the winner of the John Peace Teaching Award in 2002 and 2012. Elizabeth served as assistant coordinator at CPA Ontario's School of Accountancy. She has taught executive development courses for the Schulich School of Business, professional development courses for CPA Ontario and firms.