THE FORMATION CONCEPTUAL BASIS OF ACCOUNTING POLICY FOR DEFERRED REVENUE IN ACCORDANCE TO IFRS 15 «REVENUE FROM CONTRACTS WHITH CUSTOMERS»

Authors

DOI:

https://doi.org/10.29038/2786-4618-2021-03-22-28

Keywords:

deferred revenue, contractual assets, contractual liabilities, contract modification, significant financing component

Abstract

Abstract. The article provides a scientific justification of the methodological basis of accounting policies for deferred income and the features of their recognition over time, taking into account the requirements of IFRS 15 «Revenue from contracts whith customers». A method of recognizing revenue from contracts with customers over time is assessed, assessing progress towards full compliance with the obligation to perform. Approaches to the reflection of modifications of the contract and a significant component of financing are formalized.

A conceptual accounting model is proposed to disclose information in the financial statements about contractual assets and liabilities. Prerequisites for harmonization of financial statements with the requirements of international standards have been formed.

References

1. IFRS Standards – 2021. (2021). URL: https://www.ifrs.org/issuedstandards/list-of-standards. [in English].

2. Rohoznyy, S. (2020). MSFZ: Korotkyy kurs dlya praktykiv. Kharkiv: TOV «FAKTOR-DRUK» [in Ukrainian].

3. Amalyan, A. (2015). Opublikovano operatsiyi z prodazhu u ramkakh partnersʹkykh bonusnykh prohram u svitoviy noviy hlobalʹniy kontseptsiyi obliku (MSFZ 15). [Zovnishnya torhivlya: ekonomika, finansy, pravo]. (5–6). Р. 149–156 [in Ukrainian].

4. Chalyy, I. (2014). MSFZ 15: ne lyshe pro dokhody. [Visnyk MSFZ]. (13) [in Ukrainian].

5. Chalyy, I. (2014).Vyznachennya vkhodu: novyy MSFZ 15. [Vse pro bukhhaltersʹkyy oblik]. (101). Р 20–22 [in Ukrainian].

6. Chunykhina, T. (2018). MSFO (MSFZ) 15 «Vyruchka za dohovoramy z pokuptsyamy» u pytannyakh ta vidvetakh. (Chastʹ 1) [in Russian].

Downloads

Published

2021-09-30

Issue

Vol. 3 No. 27 (2021): Economic Journal of Lesya Ukrainka Volyn National University

Section

ACCOUNTING, AUDITING, STATISTICS, MATHEMATICAL METHODS AND INFORMATION TECHNOLOG

How to Cite

[1]
2021. THE FORMATION CONCEPTUAL BASIS OF ACCOUNTING POLICY FOR DEFERRED REVENUE IN ACCORDANCE TO IFRS 15 «REVENUE FROM CONTRACTS WHITH CUSTOMERS». Economic journal of Lesya Ukrainka Volyn National University. 3, 27 (Sep. 2021), 22–28. DOI:https://doi.org/10.29038/2786-4618-2021-03-22-28.