COMPARATIVE ANALYSIS OF THE CRITERIA FOR RECOGNIZE REVENUES OF AN ENTITY IN IFRS 15

IVAN NIKOLAEV SABEV

 

Abstract

International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), serve as a conceptual framework for reporting on the activities of businesses and the preparation and presentation of the financial statements. Injunctions in them are subject to discussions with practical application to improve the accounting for business operations and processes, as a result of companies' activities. The main objective of this paper is to highlight the differences in the criteria for recognition of revenue of the enterprise in accordance with IAS 18 Revenue and FRS 15 Revenue from contracts with customers. A new vision for the future of accounting for revenue and change the existing model, through the development, adoption and implementation of a single set of global accounting standards based on principles. Applying comparative analysis between the performances of the existing IAS 18 and IFRS 15, regulating the recognition of revenue, in the paper are highlighted five separate steps.

 

Keywords

revenue, operating revenues, standards, IAS, IFRS, IASB, convergence, contracts

 

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