Accountants’ Discussion Forum: Revenue recognition issues – May 2024

What you will learn

By attending this discussion forum, you will be:

• The ability to correctly classify income items in your financial statements 
• The ability to correctly calculate and disclose your VAT obligations 
• An understanding of the implications of being a principal in a transaction rather than an agent.

Description

Revenue recognition issues pose significant challenges for businesses across industries, requiring careful navigation to ensure accurate financial reporting and compliance with accounting standards. At the heart of these challenges lies the determination of when and how to recognise revenue in financial statements. This process can be complex, influenced by factors such as the timing of revenue recognition, completeness of revenue measurement, and adherence to regulatory guidelines.  

Content:

The following topics are under discussion for this month:

• IFRS 15 and the classification of income 
• The difference in treatment of receipts for a principal versus an agent for the purposes of revenue recognition, income tax and VAT 
• Key differences between revenue and gross income 
• Potential deferred tax consequences of revenue 

Price

The following pricing apply:

Ad hoc: R304.00 for this webinar

Subscription: Included for free in Accountant in Practice, Accountant in Practice plus Tax, Bookkeeper and QuickUpdate packages.

Requirements

There are no preconditions for this course.

Moderate level.
Recorded webinar made available on a specified date

Presenter

Caryn Maitland CA(SA) 

Caryn Maitland is a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002.

Caryn has lectured Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics. She has presented on the national tour for the annual Legislation Update with ProBeta Training (Pty) Ltd in 2014 and 2015, as well as on the FASSET national tour for the Tax Administration Act in 2014.  

Carmen Westermeyer CA(SA) 

Carmen Westermeyer graduated in 2001 from the University of Natal, Durban (now UKZN), with a BCom Honours degree in Accounting and completed her articles with PwC in 2004. She has been a member of SAICA since then. In 2008, she was appointed lecturer at UKZN and coordinated the Taxation 300 course until December 2010. She then took over the role of Academic Leader for the Taxation Department, as well as the coordination of the Postgraduate Taxation Programme. 

In December 2012 Carmen started running ad hoc training courses for members of the profession. From December 2013, she moved into commercial training and consulting on a full-time basis. She has been involved in various training activities, such as the FASSET Budget and Tax Update in 2015 and 2016.

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