Current Issues for revenue from contracts with customers (HKFRS 15)

HKFRS 15 establishes useful information to financial statement users about the nature, amount, timing and uncertainty of revenue and cash flows from an entitys contracts with customers, which centres on a single, principles-based five-step model, providing a framework of broad revenue recognition concepts that can be consistently applied to a wide range of transactions and industries.

This workshop aims to provide you with an overview of the core principles of the revenue standard on HKFRS 15 Revenue from contracts with customers, how to apply the recognition and disclosure requirements of this standard, with an emphasis on applying the requirements of the five-step revenue recognition model.

Key topics covered:

• An overview of HKFRS 15, including an outline of details about its scope
• Recognition of revenue under HKFRS 15 with an emphasis on the five-step revenue recognition model
• Guidance on how to account for numerous types of contracts:
  - Contracts with a right of return period
  - Warranties
  - Principal versus agent considerations
  - Contracts with options for customers to purchase additional goods or services at a discount or free of charge (Customer loyalty scheme)
  - Prepayments and payment of non-refundable upfront fees
  - Licensing and repurchase agreements
  - Consignment and bill-and-hold arrangements
• Key disclosure requirements

Trainer:

Dr Kamsuo Wong
DBA MRPS MA LLM MBA CPA(HK) CPFA (UK) FCPA (Aust.)

Dr Kamsuo Wong is highly regarded as a multi-faceted academic backed by 20 years of extensive professional experience in accounting. He is a professional accountant in Hong Kong, United Kingdom and Australia and the member of Hong Kong Institute of Certified Public Accountants (CPA), Chartered Institute of Public Finance and Accountancy (CPFA), and CPA Australia (FCPA). Dr Wong is an experienced educator and professional with profound knowledge and expertise in business sector. He is currently the Independent Non-Executive Director of ETS Group Limited (stock code: 8031) and Adjunct Lecturer at a number of universities and tertiary education institutions. He had also provided various trainings for multinational corporations, NGOs, professional bodies and HKSAR Government in the areas of financial reporting, financial management and management accounting.