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International Finance and Accounting

Abstract

The introduction of International Financial Reporting Standards (IFRS) in our country is one of the important issues on the agenda. One of the standards of conceptual significance is IFRS 15 Revenue from Contracts with Customers. This standard treats contracts as the primary object in the recognition of receipts. In addition, the development of procedures for the recognition and measurement of receipts in accordance with the requirements of international standards will facilitate the calculation of other objects of financial reporting. Therefore, the development of methodological guidelines for the application of this standard in our country is an urgent issue. This paper proposes a five-step model of revenue recognition in enterprises in accordance with IFRS 15. Based on the research, the first stage of revenue recognition was defined as the main criteria for “identify the contract with the costomer”. The main features of contract assets and their main differences from receivables are disclosed. A methodological procedure for recognizing, valuing and accounting for contract assets has been proposed. A five-step methodological procedure for accounting entries for the recording of contractual assets using recommended accounts and the identify the contracts for the recognition of receipts was proposed.

References

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