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 anujin.amar@pwc.com

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