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Accounting For Discounts Under Ifrs 15 Revenue From Contracts With Customers

Author

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  • Cristina Aurora BUNEA-BONTA?

    (”Constantin Brâncoveanu” University of Pite?ti, Romania)

Abstract

Revenue is an important indicator to users of financial statements in assessing an entity’s financial performance. In May 2014, the International Accounting Standards Board issued IFRS 15 Revenue from Contracts with Customers which supersedes IAS 18 Revenue and IAS 11 Construction contracts. It applies to all businesses reporting under IFRS for periods beginning on or after 1 January 2018. IFRS 15 specifies the requirements an entity must apply to measure and recognise revenue and the related cash flows. This article considers the application of IFRS 15 and the impact it has on determining the transaction price, especially in case of variable consideration.

Suggested Citation

  • Cristina Aurora BUNEA-BONTA?, 2018. "Accounting For Discounts Under Ifrs 15 Revenue From Contracts With Customers," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 3(2), pages 73-79.
    • Handle: RePEc:brc:brccej:v:3:y:2018:i:2:p:73-79
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    More about this item

    Keywords

    IFRS 15; revenue; discounts; transaction price; variable consideration;
    All these keywords.

    JEL classification:

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

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