Business, Management and Accounting
3 years ago

New Standard in Revenue Reporting to Impact Global Financial Markets.

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Knowledge International Journal
ACCOUNTING ESTIMATES AND APPROXIMATIONS IN IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS
Валентина Станева

Paper Summary

The article discusses how a new accounting standard, IFRS 15 Revenue from Contracts with Customers, aims to improve the comparability of financial information for revenue. It was developed jointly by the US Financial Accounting Standards Board and the International Accounting Standards Board. The standard emphasizes the importance of using judgments and approximations in revenue reporting, which can impact financial results and pricing policies. By differentiating between estimates, judgments, and approximations, the standard helps clarify the processes involved in revenue recognition.

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