Importance The research investigates the provisions of IFRS 15 Revenue from Contracts with Customers designated to supersede IAS 11 Construction Contracts and IAS 18 Revenue. Objectives The objective of the research is to analyze new regulations of IFRS 15 Revenue from Contracts with Customers and compare them with the requirements set forth in the Russian accounting regulations. Methods This research is based on the comparative analysis, systematization and logic approach. Results The article investigates the provisions of IFRS 15 Revenue from Contracts with Customers that present a five-step model for revenue accounting. We determine the correlation of this standard with the Russian accounting principles in relation to revenue. Conclusions and Relevance We substantiate the conclusions on that there is no need to actively make the Russian accounting principles concerning revenue converge with IFRS 15 Revenue from Contracts with Customers. We provide our rationale on that such convergence will be more appropriate in the future. The results of the research may be useful for a broad readership who is interested in the Russian and international accounting for revenue. The results may be applied to prepare and improve the relevant accounting regulations, as well as in practices of accounting departments and for training purposes.
Keywords: revenue, contract with customer, goods and services, five-step model, Russian accounting regulations, International Financial Reporting Standards
References:
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