REVENUE DISCLOSURES IN FINANCIAL STATEMENTS IN ACCORDANCE WITH IFRS 15 „REVENUE FROM CONTRACTS WITH CUSTOMERS”
Each economic entity is entitled and, at the same time, obliged to monitor its assets that are exposed to a series of flows, which directly contribute to the achievement of the primary objective - profit generation. Financial statements are the basic element that diagnoses the state of economic &q...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Editura Univeristatii "Stefan cel Mare" din Suceava
2021-12-01
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| Series: | USV Annals of Economics and Public Administration |
| Subjects: | |
| Online Access: | http://annals.feaa.usv.ro/index.php/annals/article/view/1316/1084 |
| Summary: | Each economic entity is entitled and, at the same time, obliged to monitor its assets that are exposed to a series
of flows, which directly contribute to the achievement of the primary objective - profit generation. Financial statements
are the basic element that diagnoses the state of economic "health" of an entity, respectively that this assessment is
correct, accurate and transparent - those responsible for preparing financial statements must comply with certain rules,
instructions, policies, so that this report to generate maximum utility to users, such as shareholders, investors, society,
state, etc. In the context of reporting entities in accordance with International Financial Reporting Standards, it is
important to note that there is both a general standard for the preparation and presentation of financial statements and
identifiable information on the minimum required to disclose specific areas depending on the nature of the economic
element. IFRS 15 "Revenue from Contracts with Customers" is a relatively new standard and comes with radical
provisions for some industries, in terms of revenue recognition-assessment and details on revenue disclosure in the
integrated set of financial statements, both on the side of the Profit and Loss Statements, as well as in separate notes
intended strictly for income. |
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| ISSN: | 2285-3332 2344-3847 |