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Risk Assessment And Relevant Procedures In Order To Mitigate The Risks For The Revenue Recognized In Line With Ifrs 15

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  • Nicolai JIERI

    (Stefan cel Mare University of Suceava, Romania)

Abstract

The accounting policies are designed by the accounting team and are mandatory to follow in order to be in compliance with the framework used by the company. More than this, the accounting policies are mandatory to be indicated in the financial statements at the reporting date. We are referring in this research to companies which apply IFRS as a reporting framework. Therefore, IFRS 15 in such financial statements should be described, applied, and disclosed. As an assurance to the financial team that the accounting treatment for the revenues recognized is correct, a control approach should be adopted. The process of control should contain several subphases, such as risk identification, level of the risks identified, set of materiality, and defining the procedures which would address the risks. Through this exercise, the risks identified would be mitigated to the accepted level. Therefore, the conclusions should be taken based on the completed control procedures.

Suggested Citation

  • Nicolai JIERI, 2021. "Risk Assessment And Relevant Procedures In Order To Mitigate The Risks For The Revenue Recognized In Line With 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 41-47, October.
    • Handle: RePEc:scm:ejafbu:v:17:y:2021:i:27:p:41-47
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    References listed on IDEAS

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    1. Ray Ball, 2006. "International Financial Reporting Standards (IFRS): pros and cons for investors," Accounting and Business Research, Taylor & Francis Journals, vol. 36(S1), pages 5-27.
    2. Ray Ball, 1995. "Making Accounting More International: Why, How, And How Far Will It Go?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 8(3), pages 19-29, September.
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