FORMATION AND DISCLOSURE OF ACCOUNTING POLICY UNDER IFRS 15 “INCOME FROM CONTRACTS WITH CUSTOMERS”

Abstract

The basic elements of the accounting policy concerning the income are determinate. These elements are include the basis of the accounting and reporting, the materiality, offsetting, the work chart of accounts, accounting unit, recognition criteria’s, classification, evaluation, disclosure, and others. It is suggested to distinguish between the following components of the accounting policy: for the purposes of drawing up the rules of the accounting policy and notes to the financial statements; general and those that relate directly to a particular item of financial statements; permanent and temporary, appointed for the transition to new (revised) standards. A comparison between requirements in IAS 18 Revenue, IAS 11 Construction Contracts and IFRS 15 Revenue from Customer Contracts regarding terminology and a list of key elements of accounting policies and estimates has been proposed. The approach to the formation of an accounting policy on revenue based on IFRS 15 requirements is developed. The analysis of the matching of the recognition, measurement and disclosures of revenue and related balance sheet items in the interim financial statements for the year ended by 31 December 2018 with the requirements of IFRS 15 is carried out inaccordance. The approaches to disclosure the accounting policy in the notes section "Accounting policy", "The adoption of new and revised standards and interpretations", "Essential considerations, estimates and assumptions" are generalized.