FRS 115 has been effective for some time and most accountants have gathered practical experience in implementing the revenue accounting standard. This webinar covers some of the more common questions accountants asked when applying the requirements in FRS 115.
Non-refundable upfront fees – does it relate to the transfer of goods or services?
Is the delivery component of the transfer of goods a separate performance obligation?
Is warranty service a separate performance obligation?
Multiple performance obligations in a contract with customers
Changes to original order – is a new contract, a separate contract or a variation of current contract ?
Is accounting for sale return the same as under FRS 18 Revenue?
For long term contract, is performance obligation satisfied over time or at a point in time? i.e. is revenue recognised progressively or at end of the contract?
For volume rebate, is rebate recognised when it is finally determined and given?
This workshop qualifies for 1.5 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).
Understand the common issued faced in applying FRS 115
Accountants and Auditors
Chee Hay Kheong Daniel
Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.
Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).
The webinar was recorded on 28 April 2020