Subject The article outlines the basic requirements of IFRS 15 providing guidance on accounting for revenue from contracts with customers, and the specifics of the IFRS, RAS and GAAP of the United States in respect of revenue recognition. Objectives The article aims to identify new features in the accounting for revenue according to IFRS 15, and study the IFRS, RAS and U.S. GAAP standards based on the main criteria for company's revenue recognition. Methods For the study, we used the deductive approach and methods of analysis. Results The article identifies the main differences between RAS and IFRS in the recognition of revenue. As well, we present recommendations on building accounting policies and choosing methods to recognize revenue in order to minimize differences between Russian and international standards. Conclusions and Relevance We conclude that there has been some convergence in the international and Russian accounting systems in recent years, though significant differences still remain at the normative level. Our proposals to select methods of revenue recognition may help optimize accounting policies by applying similar methods both in Russian accounting and IFRS, in the preparation of accounting policies. The results obtained can be used by accountants of organizations and enterprises in accounting policy for both bookkeeping and tax accounting, optimizing the accounting records of the organization's income, as well as in lecturing on IFRS in educational institutions.
Tkhamokova S.M., Temrokova A.Kh. [IFRS 2015: The transition of Russian organizations to IFRS accounting, new federal standards]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2015, no. 4-2(57-2), pp. 602–607. (In Russ.)
Myalkina A.F., Mitina N.I. Ponyatie i struktura instituta MSFO, istoriya i perspektivy MSFO v Rossii. V kn.: Uchenye zapiski tambovskogo regional'nogo otdeleniya vol'nogo ekonomicheskogo obshchestva Rossii: Sbornik statei [The concept and structure of the IFRS institution, history and perspectives of IFRS in Russia. In: Academic notes of the Tambov Regional Branch of the Russian Free Economic Society: A collection of articles]. Tambov, Tambovskaya regional'naya obshchestvennaya organizatsiya “Obshchestvo sodeistviya obrazovaniyu i prosveshcheniyu “Biznes – Nauka – Obshchestvo” Publ., 2015, pp. 121–126.
Kovalev V.V. [Discussion about the new models of corporate reporting]. Vestnik IPB (Vestnik professional'nykh bukhgalterov) = Bulletin for Professional Accountants, 2014, no. 5, pp. 18–26. (In Russ.)
Kayachev G.F., Azemsha Е.А. [The transition to international financial reporting standards in Russian practice]. Vestnik tomskogo gosudarstvennogo universiteta. Ekonomika = Tomsk State University Journal of Economics, 2016, no. 2(34), pp. 114–126. (In Russ.) doi: 10.17223/19988648/34/10
Khamidullina Z.Ch. [International models of accounting systems]. Trud i sotsial'nye otnosheniya = Labour and Social Relations, 2014, no. 10, pp. 92–100. (In Russ.)
Kuptsova T.V., Shishova L.I. [Transition to IFRS: The need and the problems]. Sistemnoe upravlenie, 2014, no. 2(23), p. 8. (In Russ.) Available at: Link
Rabadanova Zh.B. [Major difficulties of Russian organizations in the transition to IFRS]. Aktual'nye voprosy sovremennoi ekonomiki = Actual Issues of Modern Economics, 2014, no. 4, pp. 652–657. (In Russ.)
Abduragimova R.M., Rabadanova Zh.B. [Problems of adoption of IFRS and the ways of their resolving]. Aktual'nye voprosy sovremennoi ekonomiki = Actual Issues of Modern Economics, 2014, no. 3, pp. 396–399. (In Russ.)
Silant'eva A.N., Paramonova L.A. [Features of recognition of revenue in accordance with RAS and IFRS]. Ekonomika i sotsium, 2016, no. 3(22), pp. 1137–1140. (In Russ.) Available at: Link(Socialno.pdf
Vysotskaya T.R. [Recognition of revenue in a new way: IFRS 15 Revenue from Contracts with Customers]. Sovremennaya nauka: aktual'nye problemy i puti ikh resheniya = Modern Science: Current Issues and Solutions,2015, no. 3(16), pp. 101–104. (In Russ.)
Goshunova A.V., Tukhtamanova E.Yu. [A comparative analysis of construction contracts according to IFRS 11 and PBU 2/2008]. Uspekhi sovremennoi nauki = Modern Science Success, 2016, vol. 2, no. 2, pp. 82–86. (In Russ.)
Trofimova L.B. Relevantnaya finansovaya otchetnost' v usloviyakh razvitiya integratsionnykh protsessov: monografiya [Relevant financial reporting in terms of development of integration processes: a monograph]. Moscow, INFRA-M Publ., 2015, 253 p.
