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

 

Related Articles

  • Convergence Collaboration: Revising Revenue Recognition. CIESIELSKI, JACK T.; WEIRICH, THOMAS R. // Management Accounting Quarterly;Spring2011, Vol. 12 Issue 3, p18 

    The article offers information on the joint Financial Accounting Standards Board (FASB)/ International Accounting Standards Board proposed accounting standard on revenue recognition, as well as its implication and role that will be played by contracts. It mentions that steps in applying the...

  • PRONOUNCEMENT: Proposed Accounting Standards Update (ASU), Revenue Recognition (Topic 605): Revenue from Contracts with Customers. Neal, Terry L. // GAAP Update Service;4/15/2011, Vol. 11 Issue 7, p1 

    The article announces the proposed Accounting Standards Update (ASU), Revenue Recognition (Topic 605): Revenue from Contracts with Customers between the Financial Accountings Standards Board (FASB) and the International Accounting Standards Board (IASB).

  • FASB, IASB release revised revenue recognition proposal. Gaetano, Chris // Trusted Professional;Jan2012, Vol. 15 Issue 1, p9 

    The article presents information on the release of revised revenue recognition proposal by the International Accounting Standards Board and Financial Accounting Standards Board.

  • STANDARD SETTERS MISS G20 DEADLINE.  // Accountancy;May2011, Vol. 147 Issue 1413, p5 

    The article reports on the admission made by the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) that they cannot meet the June 2011 deadline for convergence work in the four areas of revenue recognition, leasing, financial instruments and...

  • IASB Proposes Changes in Revenue Recognition Standard. Cohn, Michael // Accountingtoday.com;7/30/2015, p1 

    The article reports that the International Accounting Standards Board (LASB) introduced amendments meant for reforming the revenue recognition standards, wherein the amendments were similar to the revenue and performance obligations standard launched with the U.S. Financial Accounting Standards...

  • REVENUE RECOGNITION COLLABORATION. Brookes, Sophie; Davies, Christopher // Accountancy;Sep2013, Vol. 151 Issue 1441, p52 

    The article reports that the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) are establishing a joint resource group to support the transition to the final combined standard on revenue recognition that will be issued later in 2013 as of...

  • A World of Fair Value. Pounder, Bruce // Strategic Finance;Aug2011, Vol. 93 Issue 2, p15 

    The article discusses changes in the fair-value provisions of the U.S. Financial Accounting Standards Board and the International Accounting Standards Board. With these changes, U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards have become almost alike...

  • Fair-value changes loom for alternative funds. Jacobius, Arleen // Pensions & Investments;7/26/2010, Vol. 38 Issue 15, p4 

    The article offers information on the changes in the Fair-value accounting laid by Financial Accounting Statement 157 and its impact on investment and private equity managers and venture capitals. It states that the new proposal will expect the managers to answer the asset's value and methods...

  • The Debate over Fair Value Reporting. Jordan, Charles E.; Clark, Stanley J.; Pate, Gwen R. // CPA Journal;Feb2013, Vol. 83 Issue 2, p46 

    The article reports that the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been slowly shifting from historical cost to fair value reporting for the past several decades. The two bodies have made known that fair market value is the...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics