IFRS 15 Implemenatation in the construction industry ... · Title: Microsoft PowerPoint - IFRS...
Transcript of IFRS 15 Implemenatation in the construction industry ... · Title: Microsoft PowerPoint - IFRS...
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
Contact:Anujin +976 7000 9089 [email protected]
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
Registration: 08:45 Workshop: 09:00 – 16:30Language: Mongolian Venue: Room 412, 4F, Central Tower
Workshop leaders:
MunkhbaatarEnkhbatManager
Education and professional qualifications:
• Gained extensive experience in providing audit and advisory services to telecommunication companies, retail, mining and construction companies
• Experience in providing IFRS 15 training to telecommunication companies
Workshop fee:MNT 300,000 +VAT
Theoretical part of seminar
• Step 1 “Identify the contract”• Step 2 “ Identify performance obligation”• Step 3 “Determine transaction price”• Step 4 “ Allocate transaction price”• Step 5 “Recognize revenue”
IFRS 15 “Revenue from Contracts with Customer”6 December 2019
Workshop agenda:
© 2019 PricewaterhouseCoopers Mongolia. All rights reserved.
Practical application of theories
• Various examples and exercises on each step• Other considerations (warranties, contract cost,
set-up mobilization costs, contract assets and liabilities and etc.)
BilguunBatdalaiSenior Consultant
Education and professional qualifications:
• Possesses extensive knowledge of accounting, investment and financial reporting under IFRS
• Audit and consulting experience in railway, mining, investment management, property management and retail