TITLE

The Accounting for Revenues and Impact of Fair Value

AUTHOR(S)
Cristin, Nicolae Traian
PUB. DATE
January 2015
SOURCE
Ovidius University Annals, Series Economic Sciences;2015, Vol. 15 Issue 1, p852
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
On 28 May 2014, the IASB (International Accounting Standards Board) and FASB (the US accounting regulatory body) have jointly issued a new standard contains requirements for recognizing revenue from contracts with customers. IFRS 15 "Revenue from contracts with customers" will apply to financial years beginning 1 January 2017. Earlier application is permitted for entities applying IFRS (International Financial Reporting Standards). Global financial developments have increased the interest of economic actors on accounting. This paper investigates the impact of applying IFRS 15 and the fair value measurement. Fair value accounting is appropriate when available reliable estimates of fair value. Compared with historical cost accounting, revenue recognition may be accelerated or postponed sales consisting of several transactions. Key financial indicators, turnover, financial result, rates of return are influenced by the application of IFRS 15, this standard impacts the annual financial statements.
ACCESSION #
109001021

 

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