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IFRS CPD · Online Study Course · Self-paced
IFRS 15

Revenue from Contracts with Customers

Book the right revenue, at the right time.

Nine modules: the five steps, the special topics and the IFRS 18 outputs.

  • Free launch accessenrol free while we open
  • About 39.5 hoursstudy time (estimate)
  • Certificateof completion + transcript
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Your route

Your path to a certificate

1Learn9 modules, notes, slides, workbookFree quiz on this page
2PractiseKnowledge checks, revision quizzes, 2 practice examsFree cheat sheet (PDF)
3Prove itCapstone case and the Competence CheckSee how it is assessed
4Get certifiedCertificate of completion and transcriptSee a sample
Interactive course map · see what you will master, produce and where it shows

Pick a module, then an outcome

M1Overview and scope
About 2.5 h (estimate) · 5 outcomesEnrol to study it →
What you will be able to do
LO1Explain why IFRS 15 exists, state its core principle in plain words, and explain why transfer of control now decides when revenue arises.IFRS 15 paras 1, 2, 31, 33 · 4 knowledge-check questions test itUnderstand
LO2Outline the five steps of the revenue model in order and state the question each step answers.IFRS 15 paras 9, 22, 47, 73, 31 · 4 knowledge-check questions test itRemember
LO3Determine whether a given arrangement is inside IFRS 15, excluded from it, or must be split with another standard.IFRS 15 paras 5, 6, 7 · 6 knowledge-check questions test itApply
LO4Describe when the portfolio expedient may be used and why practical expedients must be applied consistently.IFRS 15 paras 3, 4 · 3 knowledge-check questions test itUnderstand
LO5Identify the standards IFRS 15 replaced and summarise its effective date and the main practical changes for any reporting entity.IFRS 15 paras C1, C10 · 3 knowledge-check questions test itUnderstand
What you produce and where it shows
Deliverable: Revenue scope and steps mapProfit or loss: Revenue from contracts with customers, operating categoryNotes: Revenue kept apart from IFRS 16 lease income
See a real extract from this module

From the course: when does revenue arise?

Clearflow Pumps (fictional, Brazil) delivers an irrigation pump to a farm on 30 June. The farm accepts it, starts using it and decides how it is used. The invoice is CU 9,000, payable 60 days later. Clearflow's year ends on 31 July.

Statement of financial position
Trade receivablesCU 9,000
Statement of profit or loss
Revenue (operating category)CU 9,000
Notes
Revenue: irrigation pumps, point in timeCU 9,000
M2Step 1: Identify the contract
About 3 h (estimate) · 5 outcomesEnrol to study it →
What you will be able to do
LO1Assess a customer arrangement against the five contract criteria, including the collectability test.IFRS 15 paras 9, 10 · 5 knowledge-check questions test itApply
LO2Explain how contract term, termination rights and wholly unperformed contracts affect whether a contract exists.IFRS 15 paras 11, 12 · 3 knowledge-check questions test itUnderstand
LO3Account for cash received before the contract criteria are met and decide when the criteria must be reassessed.IFRS 15 paras 13, 14, 15, 16 · 4 knowledge-check questions test itApply
LO4Decide whether two or more contracts with the same customer must be combined.IFRS 15 paras 17 · 3 knowledge-check questions test itApply
LO5Analyse a contract modification, classify it as a separate contract, a prospective new contract or a cumulative catch-up, and calculate its effect.IFRS 15 paras 18, 19, 20, 21 · 5 knowledge-check questions test itAnalyse
What you produce and where it shows
Deliverable: Contract file noteFinancial position: Liability for cash received before a contract existsNotes: Effect of contract modifications
See a real extract from this module

From the course: a spoken order

Spicetrail Spices (India) has supplied spices to the Asha Grocers chain for four years on telephone orders, with the same price list and 30-day terms. On Monday the chain phones in its usual order, worth CU 9,600, and it is delivered the same day. Nothing is signed.

Statement of financial position
Trade receivablesCU 9,600
Statement of profit or loss
Revenue (operating category)CU 9,600
Notes
Revenue: spoken-order sales, point in timeCU 9,600
M3Step 2: Identify performance obligations
About 3.5 h (estimate) · 5 outcomesEnrol to study it →
What you will be able to do
LO1Identify the explicit and implied promises in a contract and exclude set-up tasks that transfer nothing to the customer.IFRS 15 paras 24, 25, 26 · 4 knowledge-check questions test itUnderstand
LO2Apply the two-part distinct test to decide which goods or services are separate performance obligations.IFRS 15 paras 27, 28, 30 · 5 knowledge-check questions test itApply
LO3Analyse integration, customisation and interdependence factors to judge whether promises are separately identifiable.IFRS 15 paras 29 · 4 knowledge-check questions test itAnalyse
LO4Explain when a run of repeated distinct services counts as one performance obligation (a series).IFRS 15 paras 22, 23 · 3 knowledge-check questions test itUnderstand
LO5Determine whether a customer option gives a material right and estimate the stand-alone selling price of that option.IFRS 15 paras B39, B40, B41, B42, B43 · 4 knowledge-check questions test itApply
What you produce and where it shows
Deliverable: Performance obligations scheduleNotes: Performance obligations and when they are satisfiedFinancial position: Contract liability for a material right
See a real extract from this module

From the course: a functional link only

Upland Pump Supplies sells a solar pump (CU 12,000) to a farm with one box of 50 filter cartridges (CU 2,000), each at its usual price. Both are delivered in the year and the farm pays on delivery. The pump cannot run without a cartridge. Upland also sells cartridges on their own to other pump owners, and the cartridges do not change the pump.

Statement of financial position
Cash and cash equivalentsCU 14,000
Statement of profit or loss
Revenue (operating category)CU 14,000
Notes
Revenue: pumpsCU 12,000
Revenue: filter cartridgesCU 2,000
M4Step 3: Determine the transaction price
About 4.5 h (estimate) · 5 outcomesEnrol to study it →
What you will be able to do
LO1Describe what makes up the transaction price and what is left out of it, such as VAT collected for the tax authority.IFRS 15 paras 46, 47, 48, 49 · 3 knowledge-check questions test itUnderstand
LO2Estimate variable consideration with the expected value or most likely amount method, choosing the one that better predicts the entitlement.IFRS 15 paras 50, 51, 52, 53, 54, 55 · 5 knowledge-check questions test itApply
LO3Judge whether variable consideration must be constrained by weighing how likely and how large a later reversal could be.IFRS 15 paras 56, 57, 58, 59 · 4 knowledge-check questions test itEvaluate
LO4Calculate the effect of a significant financing component on deferred and advance payments, applying the one-year expedient where allowed.IFRS 15 paras 60, 61, 62, 63, 64, 65 · 4 knowledge-check questions test itApply
LO5Measure non-cash payments received and amounts paid back to customers, and show how each changes revenue.IFRS 15 paras 66, 67, 68, 69, 70, 71, 72 · 4 knowledge-check questions test itApply
What you produce and where it shows
Deliverable: Transaction price noteProfit or loss: Revenue at the constrained price; financing interest apart from revenueNotes: Judgements on variable consideration
See a real extract from this module

From the course: shares as payment

Danube Software Labs performs services and is paid in 5,000 shares of its client. A fair value of CU 16 a share can be estimated. The usual price of the services is CU 90,000.

Statement of financial position
Shares received, at fair valueCU 80,000
Statement of profit or loss
Revenue (operating category)CU 80,000
Notes
Fair value of shares received (5,000 x CU 16)CU 80,000
M5Step 4: Allocate the transaction price
About 3.5 h (estimate) · 4 outcomesEnrol to study it →
What you will be able to do
LO1Allocate a transaction price across performance obligations in proportion to their stand-alone selling prices.IFRS 15 paras 73, 74, 75, 76 · 6 knowledge-check questions test itApply
LO2Estimate stand-alone selling prices using adjusted market, expected cost plus margin or residual approaches, and justify the choice.IFRS 15 paras 77, 78, 79, 80 · 5 knowledge-check questions test itApply
LO3Analyse whether a bundle discount belongs to all or only some obligations and allocate it accordingly.IFRS 15 paras 81, 82, 83 · 5 knowledge-check questions test itAnalyse
LO4Allocate variable consideration and later changes in the transaction price to the correct performance obligations.IFRS 15 paras 84, 85, 86, 87, 88, 89, 90 · 4 knowledge-check questions test itApply
What you produce and where it shows
Deliverable: Allocation memoProfit or loss: Revenue by performance obligationFinancial position: Contract assetNotes: Revenue at a point in time and over time
See a real extract from this module

From the course: Worked example (E2): discount for some items only

Deskmate Office Supplies sells a printer (A), a toner pack (B) and a service plan (C) together for CU 10,000. It regularly sells each alone: A CU 4,000, B CU 5,500, C CU 4,500. It also regularly sells B and C together for CU 6,000.

Statement of profit or loss
Revenue: printer (A), when deliveredCU 4,000
Revenue: toner pack (B), when deliveredCU 3,300
Revenue: service plan (C), as the plan is deliveredCU 2,700
Total revenue once all items are satisfiedCU 10,000
Operating profit (revenue only in this extract)CU 10,000
Notes
Discount allocated wholly to the toner pack and service planCU 4,000
M6Step 5: Recognise revenue
About 4.5 h (estimate) · 5 outcomesEnrol to study it →
What you will be able to do
LO1Explain control and the indicators that show the moment a customer gains a good or service.IFRS 15 paras 31, 32, 33, 34, 38 · 4 knowledge-check questions test itUnderstand
LO2Analyse a performance obligation against the three over-time criteria, including alternative use and the right to payment.IFRS 15 paras 35, 36, 37, B2, B3, B4, B5, B6, B7, B8, B9, B10, B11, B12, B13 · 5 knowledge-check questions test itAnalyse
LO3Calculate revenue over time with an output or input method, including revised estimates and the right-to-invoice expedient.IFRS 15 paras 39, 40, 41, 42, 43, B14, B15, B16, B17, B18, B19 · 5 knowledge-check questions test itApply
LO4Apply the cost-recovery rule when progress on an obligation cannot yet be reasonably measured.IFRS 15 paras 44, 45 · 3 knowledge-check questions test itApply
LO5Evaluate how customer acceptance clauses and trial periods affect the timing of revenue.IFRS 15 paras B83, B84, B85, B86 · 3 knowledge-check questions test itEvaluate
What you produce and where it shows
Deliverable: Revenue timing memoProfit or loss: Revenue in the period control passesFinancial position: Contract asset and trade receivableNotes: Method used to measure progress
See a real extract from this module

From the course: an indicator check

Northwood Joinery sells an office desk set to a law firm for CU 18,000. On 3 June the firm collects the desks and moves them into its offices. Title passes at collection, the invoice is payable within 30 days, and from that day any damage is the firm's loss. The firm has no right to return the desks and Northwood has nothing else to deliver.

Statement of financial position
Trade receivablesCU 18,000
Statement of profit or loss
Revenue (operating category)CU 18,000
Notes
Revenue recognised at a point in timeCU 18,000
M7Special topics and contract costs
About 5.5 h (estimate) · 5 outcomesEnrol to study it →
What you will be able to do
LO1Analyse a three-party arrangement by naming the specified good or service and testing whether the entity controls it before transfer, including services and digital platforms, then calculate and present the resulting gross or net revenue.IFRS 15 paras B34, B34A, B35, B35A, B35B, B36, B37, B37A, B38 · 4 knowledge-check questions test itAnalyse
LO2Classify a licence of intellectual property as a right to access or a right to use, and determine when its revenue, including any sales-based or usage-based royalty, is recognised.IFRS 15 paras B52, B53, B54, B55, B56, B57, B58, B59, B59A, B60, B61, B62, B63, B63A, B63B · 4 knowledge-check questions test itApply
LO3Account for warranties, customer options that give a material right, unexercised rights (breakage), non-refundable upfront fees and sales with a right of return, showing the liability or asset each one creates.IFRS 15 paras B20, B21, B22, B23, B24, B25, B26, B27, B28, B29, B30, B31, B32, B33, B39, B40, B41, B42, B43, B44, B45, B46, B47, B48, B49, B50, B51 · 4 knowledge-check questions test itApply
LO4Analyse repurchase, consignment and bill-and-hold arrangements to decide whether control has passed to the customer and what each party shows in its statements.IFRS 15 paras B64, B65, B66, B67, B68, B69, B70, B71, B72, B73, B74, B75, B76, B77, B78, B79, B80, B81, B82 · 4 knowledge-check questions test itAnalyse
LO5Determine which costs of obtaining or fulfilling a contract are capitalised, calculate their amortisation and impairment, and recognise when a loss-making contract must be assessed under IAS 37 instead.IFRS 15 paras 91, 92, 93, 94, 95, 96, 97, 98, 99, 100, 101, 102, 103, 104 · 4 knowledge-check questions test itApply
What you produce and where it shows
Deliverable: Special-topics memoProfit or loss: Revenue gross (principal) or net (agent)Financial position: Refund and contract liabilities; asset from costs to obtain a contract
See a real extract from this module

From the course: a loyalty voucher as a material right

Penrose Appliances sells 100 washing machines at CU 900 each, the price it charges when selling them alone. It gives each customer a voucher for CU 150 off a future purchase. Non-customers cannot get the voucher. Penrose expects 40% of vouchers to be used. Customers pay in cash.

Statement of financial position
Contract liability for vouchersCU 5,625
Statement of profit or loss
Revenue: machinesCU 84,375
Notes
Revenue recognised at a point in timeCU 84,375
Contract liability for vouchersCU 5,625
M8Financial statement presentation and disclosure: the outputs
About 4 h (estimate) · 5 outcomesEnrol to study it →
What you will be able to do
LO1Prepare the statement of financial position lines for receivables, contract assets, contract liabilities and capitalised contract costs, split into current and non-current, from given contract data.IFRS 15 paras 105, 106, 107, 108, 109, 99, 113 · 5 knowledge-check questions test itApply
LO2Trace each five-step result and special topic to the line, category and subtotal it changes in the IFRS 18 statement of profit or loss, the cash flow statement and the notes.IFRS 15 paras 65, 105, 113, IFRS 18.47, IFRS 18.52, IFRS 18.61, IFRS 18.69, IFRS 18.B54, IAS 7.18 · 5 knowledge-check questions test itAnalyse
LO3Choose revenue disaggregation categories that show how economic factors drive revenue and reconcile them to segment revenue.IFRS 15 paras 114, 115, B87, B88, B89, IFRS 18.41, IFRS 18.42 · 3 knowledge-check questions test itApply
LO4Draft the contract-balance roll-forward, the remaining-obligation table and the contract-cost note from contract data, applying and disclosing the available expedients.IFRS 15 paras 116, 117, 118, 120, 121, 122, 127, 128, 129 · 4 knowledge-check questions test itApply
LO5Critique a revenue note set and any performance-measure note against the disclosure objective, flagging generic wording, missing judgements and missing figures as a reviewer or auditor would.IFRS 15 paras 110, 111, 119, 123, 124, 125, 126, IFRS 18.117, IFRS 18.122, IFRS 18.123, IFRS 18.B116 · 3 knowledge-check questions test itEvaluate
What you produce and where it shows
Deliverable: Revenue note extractFinancial position: Contract assets, contract liabilities, receivablesProfit or loss: Revenue in the IFRS 18 operating categoryNotes: Disaggregation, balances, remaining obligations
See a real extract from this module

From the course: Worked example (E13): remaining performance obligations

At 31 December 20X5: C1 has 18 months of maintenance left at CU 1,125 a month. C2 has CU 125,000 of price not yet earned (500,000 less 375,000), all expected in 20X6, plus the constrained bonus of CU 20,000. C3 has CU 45,000 of subscription left and was expected at the start to last 12 months.

Notes
Expected to be recognised within 1 year138,500
Expected to be recognised in 1 to 2 years6,750
Total remaining performance obligations145,250
Left out by the short-contract expedient (subscriptions)45,000
Left out because constrained (C2 bonus)20,000
M9Amendments and developments
About 2.5 h (estimate) · 5 outcomesEnrol to study it →
What you will be able to do
LO1Summarise how IFRS 15 has been amended since 2014 and say what each change did to the requirements.IFRS 15 paras C1, C1A, 5, 26-30, B34-B38, B52-B63B, C5, C7A, 43 · 4 knowledge-check questions test itUnderstand
LO2Compare the full retrospective and cumulative-effect transition routes and explain what a transition note tells a reader.IFRS 15 paras C1-C8A · 4 knowledge-check questions test itUnderstand
LO3Apply the conclusions of the IFRS 15 agenda decisions to similar fact patterns and explain why they carry weight in practice.IFRS 15 paras 22, 24-25, 35(c), 51, 95, 98, B34-B38, B63 · 6 knowledge-check questions test itApply
LO4Explain the 2024 post-implementation review conclusion and name the revenue matters still being watched.IFRS 15 paras n/a · 3 knowledge-check questions test itUnderstand
LO5Analyse how IFRS 18, IFRS 19, the 2024 IFRS 9 annual improvement, IFRS 20 and the new SME Section 23 change the presentation, disclosure or scope of revenue reporting from 2026 to 2029.IFRS 15 paras IFRS 18.47-75, IFRS 9.5.1.3, IFRS 19, IFRS 20 · 3 knowledge-check questions test itAnalyse
What you produce and where it shows
Deliverable: Policy-update memoNotes: Policy changes and transitionFinancial position: Opening retained earnings on transition
See a real extract from this module

From the course: compensation for flight delays

Northstar Air sells tickets worth CU 600,000 for flights flown in March, with cash received in March. Its terms give passengers cash compensation when a flight arrives more than three hours late. From its history, Northstar expects to pay CU 18,000 for March flights.

Statement of financial position
Liability for expected passenger compensationCU 18,000
Statement of profit or loss
Revenue: passenger transport (operating category)CU 582,000
Notes
Ticket sales before compensationCU 600,000
Variable consideration: expected compensation(18,000)
Revenue recognisedCU 582,000
Free test · 3 questions · 3 course question types

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Multiple choiceQuestion 1 of 3

Learning outcome M4-LO5Measure non-cash payments received and amounts paid back to customers, and show how each changes revenue.Measure non-cash and customer payments

Tallinn Data Services completes a project for a client and is paid in 12,000 shares of the client. The fair value of the shares can be reasonably estimated at CU 6.50 a share. The usual stand-alone price of the services is CU 90,000.

At what amount does Tallinn include the non-cash consideration in the transaction price?
Number entryQuestion 2 of 3

Learning outcome M4-LO2Estimate variable consideration with the expected value or most likely amount method, choosing the one that better predicts the entitlement.Estimate variable consideration

Verona Printing signs one contract with a fixed fee of CU 500,000 and a bonus of CU 60,000 if it delivers by 30 June. The bonus is either earned in full or not at all, and Verona Printing judges that earning it has a 70% chance. Assume the constraint does not limit the amount.

What is the transaction price, in CU, using the method that better predicts the entitlement?

Type a number only. Digits only, no commas or currency symbols.

Multiple responseQuestion 3 of 3

Learning outcome M6-LO1Explain control and the indicators that show the moment a customer gains a good or service.Explain control and its indicators

A finance clerk at a distributor is listing the signs that control of delivered goods has moved to the customer at a single moment.

Select TWO of the following that are indicators of that transfer:

Select TWO answers. All must be right.

Turn on JavaScript to check your answers instantly. Or download the one-page cheat sheet (PDF).

Revenue is where judgement meets the numbers

  • One module per step with a mini-case and worked examples
  • See the outputs every example ends in an IFRS 18 extract
  • The hard cases too principal or agent, licences, warranties, costs

Who it is for: pick your role

Accountant

Prepare the entries, contract balances and revenue notes, and update the revenue policy.

Lean on:M4 · PriceM5 · AllocateM6 · RecogniseM8 · OutputsDeliverables 5 and 8 and the capstone entries
Auditor

Test the five-step judgements, cut-off and disclosures, and challenge a generic revenue note.

Lean on:M2 · ContractM3 · PromisesM6 · RecogniseM7 · SpecialM8 · OutputsThe auditor's-view tasks in each module
Manager

Price and structure contracts knowing how the revenue will land in the numbers.

Lean on:M1 · ScopeM3 · PromisesM4 · PriceM7 · SpecialM9 · UpdatesThe manager's-view tasks in each module

What happens after you enrol

  1. EnrolA short form, about a minute.
  2. You are inStraight into the course, logged in.
  3. StudyNine modules at your own pace.
  4. CertificateWith a transcript of your results.

How you are assessed, and what you receive

  1. Learn9 modules: notes, slides, workbook
  2. Check20-question knowledge check per module, pass 60%, unlimited attempts, instant feedback
  3. ApplyA short deliverable per module
  4. PractiseRevision quizzes by step and 2 timed practice exams
  5. ProveCapstone case and the Competence Check (objective test, workplace cases, portfolio)
  6. ReceiveCertificate of completion and transcript
Sample IFRS 15 Certificate of Completion (illustrative name and date)
Certificate (sample)
Sample IFRS 15 transcript with module results (illustrative figures)
Transcript (sample)

Your certificate and transcript

  • Page 1: Certificate of Completion, issued by Core Knowledge, with a verification code.
  • Page 2: transcript with your knowledge-check result for every module, your Competence Check results and your result band.
  • It confirms completion of a Core Knowledge course; it is not an accreditation or a CPD-hours statement.

Samples: names and figures are illustrative.

Questions, answered

When do I get my certificate?

When you have passed the knowledge check in every module (60 percent or more), submitted each module deliverable, and completed the capstone case and the Competence Check. Your Certificate of Completion and transcript, issued by Core Knowledge, then become available in the course. It confirms completion of a Core Knowledge course; it is not an accreditation or a CPD-hours statement.

How much does it cost?

Nothing while we open. Launch access: enrol free while we open; pricing announced later. Launch access includes the Online Study Course, the Online Practice Questions inside it, and the Certificate of Completion and transcript when you complete the course. To enrol a team, ask us.

How long does it take?

About 39.5 hours of study in total, across 9 modules and a capstone case. This is an estimate for planning only and not a CPD-hours statement; your time depends on your experience with revenue contracts.

How do I pay?

There is nothing to pay while we open: enrolment is free and the enrol form has no payment step. Pricing will be announced later.

When can I start?

Any time. Fill in the short enrol form and you land in the course a few seconds later, already logged in. Your username and password arrive by email so you can log in again from any device.

What is included?

The Online Study Course (9 modules with learning outcomes, infographics, slides, learner notes, workbooks and deliverables, plus the capstone case) and the Online Practice Questions: a 20-question knowledge check in every module (180 questions in all), revision quizzes by step and two timed practice exams.

What devices can I use?

Any up-to-date web browser on a computer, tablet or phone, with an internet connection. A computer or tablet is easier for the number-entry questions and the deliverables.

Independent material in our own words · IFRS as issued, CU examples · paragraph references on every outcome · worked examples with statement extracts.

Last verified: 25 Oct 2026 against IFRS 15 as issued (with the 2016 Clarifications). Standards watch: changes since 2014 are in Module 9 (see the module).

Independent learning material prepared by Core Knowledge. Not affiliated with or endorsed by the IFRS Foundation or the IASB. Paragraph references are to the published standards.

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