PRACTICAL APPLICATION OF IFRS THE WAY TO MAKING EFFECTIVE FINANCIAL, MANAGERIAL AND ECONOMIC DECISIONS
DOI:
https://doi.org/10.55640/Keywords:
revenue, financial condition, contract, transaction price, buyer, obligations to perform, cost price, methods of determination, net profit.Abstract
This article lists the problems of IFRS implementation, interprets the key points of IFRS 15 “Revenue from Contracts with Customers” and examines issues of its practical application. The core principle of the standard is that an entity should recognise revenue from the transfer of promised goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In order to make it better understandable for the reader, examples are given on the disclosure of the essence of revenue accounting with a reflection of their impact on the company's financial statements in the form of an excerpt from the statement of financial position and the profit and loss statement.
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