CONCEPTUAL BASES AND PRACTICAL ASPECTS OF FORMING REVENUE INFORMATION ON CORPORATE REPORTING
The requirements of IFRS have been systematized to reflect revenues of the economic entity using the new conceptual model, structural elements of each stage of revenue recognition have been identified, the analysis of the reporting of companies` revenues in 2016 has been made, practical aspects of the conceptual model of revenue recognition have been determined, which require further methodological development at the level of the economic subject.
Keywords: international financial reporting standards, revenues, multi-component contracts, variable compensation, revenue recognition model.
Highlights:
the terms and principles of revenue recognition in corporate reporting are systematized in accordance with international standards;
structural elements of separate stages of revenue recognition within the framework of the new conceptual model are identified and justified;
the analysis of the revenue informatio in the reporting of major Russian companies for 2016 concluded that it is necessary to assess the impact of the new model on reporting and the need to reflect this influence in the information on accounting policies of corporate reporting;
on the basis of correlation analysis between requirements of Russian accounting standards (federal standards) and international standards in terms of the revenue information in corporate reporting, adjustments to the Russian reporting required in connection with differences in requirements of these documents in terms of recognition and evaluation of revenue are proposed;
practical aspects for application of the conceptual model of revenue recognition are identified, requiring further methodological development at the level of the economic entity.
Natalia A. Arkhipova, Candidate of Economics, Associate Professor, Samara State University of Economics; Tatyana A. Korneeva, Doctor of Economics, Professor, Samara State University of Economics; Galina A. Shatunova, Candidate of Economics, Professor, Samara State University of Economics.