Inventories (IAS 2) and Construction Contracts (IFRS 15)
During this session we will be looking into one of the oldest standards IAS 2 Inventories and how to account for most inventories including the valuation and classification of inventories. The valuation of work in progress on construction contracts falls outside the scope of IAS 2. This will be discussed in the second part of the session where we will be looking into a relatively new standard IFRS 15 Revenue from Contracts with Customers and its impact on construction contracts. This came into effect from 1 January 2018 and it replaced IAS 18 Revenue and IAS 11 Construction Contracts.As from 1 January 2018 construction companies do not have a specific standard to follow any longer but are now required to follow the new revenue standard IFRS 15 Revenue from Contracts with Customers for the recognition of revenue from construction contracts. IFRS 15 provides a five-step model as a guidance for users to determine at what point in time and amount to recognise as revenue.
Overview
Why Attend?
- Provide a refresher of IAS 2 Inventories
- An understanding on how to account for construction contracts under the new revenue standard IFRS 15
Agenda Highlights:
- 09:15 - 12:30 - Topics -
- IAS 2
- IFRS 15 in relation to construction contracts
Confirmed Speakers
- Ms Roberta West Falzon - Roberta West Falzon is a certified public accountant and holds a practising certificate in auditing. She graduated in Bachelor of Commerce and Bachelor of Accountancy (Hons) Degrees from the University of Malta and is a fellow member of the Malta Institute of Accountants. Roberta was also awarded the ACCA Diploma in International Financial Reporting. She is a senior audit manager at RSM Malta leading several audit assignments for national and international clients operating in different fields. Roberta also delivers technical and professional training and sits on the MIA Financial Reporting Committee.
Sponsors
Inventories (IAS 2) and Construction Contracts (IFRS 15)
September 10, 2020
Online Webinar
€20 - €75
The Malta Institute of Accountants
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