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Perceptions Regarding the Impact of IFRS 15 - Illustrative Examples Step by Step

Author

Listed:
  • Nicoleta FARCANE

    (West University of Timi?oara, Romania)

  • Rodica Gabriela BLIDISEL

    (West University of Timi?oara, Romania)

  • Ovidiu Constantin BUNGET

    (West University of Timi?oara, Romania)

  • Alin DUMITRESCU

    (West University of Timi?oara, Romania)

Abstract

As users' needs become larger, entities need to adapt their provided information. Thus, financial reporting suffers permanent changes. One of the recent changes that occurred at entities that report in line with the International Financial Reporting Standards, applicable from 2018, highlights the IFRS 15 revenue recognition approach, which amends IAS 18 and is based rather on a related approach transfer of control than on the commonly used risk transfer and benefit approach. The areas that best reflect these changes are telecommunications, software development, real estate investment and construction. In this paper it is emphasized the impact of the new IFRS 15 standard on income recognition, highlighting various illustrative examples.

Suggested Citation

  • Nicoleta FARCANE & Rodica Gabriela BLIDISEL & Ovidiu Constantin BUNGET & Alin DUMITRESCU, 2019. "Perceptions Regarding the Impact of IFRS 15 - Illustrative Examples Step by Step," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 17(154), pages 283-283.
    • Handle: RePEc:aud:audfin:v:17:y:2019:i:154:p:283
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    References listed on IDEAS

    as
    1. Christopher W. Nobes, 2006. "Revenue Recognition and EU Endorsement of IFRS," Accounting in Europe, Taylor & Francis Journals, vol. 3(1), pages 81-89, October.
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    Citations

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    Cited by:

    1. Irina Diana Iordache, 2020. "Awareness level of IFRS Among Managers in Romania," Book chapters-LUMEN Proceedings, in: Carmen NÄ‚STASE (ed.), 16th Economic International Conference NCOE 4.0 2020, edition 1, volume 13, chapter 14, pages 148-157, Editura Lumen.
    2. Cristina Gabriela COSMULESE, 2021. "Key Theoretical Aspects Of Applying Ifrs 15," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 17(27), pages 87-94, October.

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    More about this item

    Keywords

    IFRS 15; income recognition; customer contracts;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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