Mechanism of Transformation of the Financial Reporting of Companies-Participants of International Markets in the Format of Ifrs: Practical Aspects

Varkulevich, Tatyana V.; Bubnovskaya, T.V

doi:10.26140/anie-2020-0903-0021

Cited by 2 publications

(1 citation statement)

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“…The degree of the problem study concerning development of financial result accounting is touched upon in the works of many Russian and foreign scholars (Krasova et al, 2018;Miroshnikova & Taskaeva, 2018;Konvisarova et al, 2020;Varkulevich & Bubnovskaya, 2020).…”

Section: Introductionmentioning

confidence: 99%

IFRS 15 application for accounting of revenue from construction contracts

Bubnovskaya

Gadzhibek

Kim

2022

Ind. Jour. Manag. & Prod.

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Construction, like any industry, has its own specifics, which should be taken into account when organizing the accounting work of an enterprise. In addition to material consumption, labor intensity and risks, construction is characterized by a long production cycle, which largely determines the financial and economic flows of a construction organization. It is common in the construction industry to provide a variety of services for a single customer or to related parties of a customer. A construction company, in addition to the construction services, can also be hired to provide design services, project management, consulting, supervision, engineering survey, design, installation, commissioning and other types of work. The article is devoted to the problems of IFRS 15 application for proceeds accounting under construction contracts. The article discusses the specifics of accounting organization for income and expenses in the construction industry. 5 steps of the revenue accounting model are considered, a step-by-step procedure for working with contracts to recognize revenue. The article outlines a mechanism for recognizing revenue and allocating expenses. The article notes that, despite the complexity of IFRS 15, its new application improves the accounting system for income and expenses of construction companies and solves the problem of recognizing revenue and the financial result determination in construction. Owing to the control system contained in IFRS 15, construction companies can incrementally enhance their revenue recognition accounting system and remove the customer risks related to contracts.

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Section: Introductionmentioning

confidence: 99%

IFRS 15 application for accounting of revenue from construction contracts

Bubnovskaya

Gadzhibek

Kim

2022

Ind. Jour. Manag. & Prod.

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Comparative Analysis of the Major Points Under FAS Revenue, RAS 2/2008 Accounting for Construction Contracts, IFRS 15 Revenue on Contracts with Buyers and Recommendations for Refine the Draft Standard

Suleymanov

2024

Učët, analiz, audit

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The paper is relevant because it addresses the absence of regulatory documents for determining work completion and accounting revenue recognition in non-construction industries. The study aimed to analyze the innovations of the draft FAS Revenue in accounting, specifically regarding revenue and income recognition. It also aimed to identify major discrepancies with the currently applicable IFRS 15 Revenue on Contracts with Buyers and RAS 2/2008 Accounting for Construction Contracts. Also, the work endeavours developing recommendations for refine the draft FAS Revenue on revenue recognition and determining the completion level of work when performing research and development (R&D) under long-term contracts. The author considers new concepts and definitions of the draft standard, considering their probable practical application in modern conditions. The author presents a rationale for the need for priority application of the expert method for assessing the level of completion of R & D under long-term contracts. Based on the principle of rationality and materiality, the author formulates the criteria for recognizing contracts as long-term. Also, the research gives some advice for improving theoretical and organizational-methodological points for accounting of revenue under long-term contracts, ensuring more complete and reliable presentation of accounting (financial) statements. This work’s results can help organizations enhance the quality and reliability of their accounting statements. More over, it can help reduce labor costs associated with preparing these statements using the revenue recognition method. The study used analysis methods, comparison, grouping, the method of analogies, the method of comparison and generalization of regulatory sources and scientific literature on the topic of the study.

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Mechanism of Transformation of the Financial Reporting of Companies-Participants of International Markets in the Format of Ifrs: Practical Aspects

Cited by 2 publications

References 0 publications

IFRS 15 application for accounting of revenue from construction contracts

IFRS 15 application for accounting of revenue from construction contracts

Comparative Analysis of the Major Points Under FAS Revenue, RAS 2/2008 Accounting for Construction Contracts, IFRS 15 Revenue on Contracts with Buyers and Recommendations for Refine the Draft Standard

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