Module 1: Basic Concepts of HKFRS 15 (Course Code課程編號: 1121A) - 29 June 2021

HKFRS 15: Revenue from Contracts with Customers introduces complexity in revenue recognition process. As the standard requires entities to make more judgements and estimates, financial professionals need to gain thorough understanding of the application of the standard to enable them to handle properly its impact on entities’ financial statements, business processes and internal controls over financial reporting.

In this seminar, we use cases and examples to illustrate the following concepts:

1.         5-step model: principles and examples sharing

2.         Contract Modification

3.         Contract Assets vs Contract liabilities

4.         Combining vs unbundling contracts

Module 2: Applications in Different Scenario (Course Code課程編號: 1121B) - 6 July 2021

HKFRS 15: Revenue from Contracts with Customers was effective for a period beginning on or after 1 January 2018. Up till present, there are still uncertainties regarding the application of a number of areas. The effects on entities vary depending on industries and the accounting practices.

In the seminar, we use examples to illustrate the specific application of the standards on the following areas:

1.         Customer incentives

2.         Loyalty program

3.         Gift cards

4.         License and royalties

5.         Warranties

6.         Right of return

7.         Construction contract

Module 3: Complex Transactions in Practice (Course Code課程編號: 1121C) - 13 July 2021

HKFRS 15: Revenue from Contracts with Customers provides detailed guidelines in applying the standards in complex transactions with multiple performance obligations.

In the seminar, we take a close look at the more complex transactions and review the published financial statements of some listed companies:

1.         Sale and repurchase transactions

2.         Sale and leaseback transactions

3.         Bundled transactions with multiple performances obligations

4.         Listed companies examples

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