Revenue Recognition In Practice: Theoretical, Calculative And Accounting Differences Between Ias 18 And Ifrs 15/Asc 606

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Published: Dec 10, 2023
DOI: https://doi.org/10.53555/jrtdd.v6i10s(2).3828
Keywords:
Financial Statement, Indian Accounting Standard, Revenue Recognition, Performance obligation, IFRS.

Main Article Content

O. F. Ulfath Shama
K. Tamizhjyothi

Abstract

Accounting Standards plays an eminent role in regulation the Principles, Guidelines and Rules for Financial Statement framework. Prior to the advent of Global Accounting Standards, there were inconsistencies in the Accounting Standards of different countries as each countries practiced its respective Accounting Standards. It is due to this differences that the gave rise for one Global Financial Language, hence in 2014 IASB (that handles IFRS) and FASB (that handles the US GAAP) collaborated to develop the Global Accounting Standards. In order to assess the Financial Performance and Positioning of any entity, Revenue plays a vital role. Therefore, there are certain guidelines set by the ASC/ IFRS for the prompt recognition of Revenue. This article clarifies on how the Revenue is recognized based IAS and ASC/ IFRS guidelines.

Article Details

How to Cite
O. F. Ulfath Shama, & K. Tamizhjyothi. (2023). Revenue Recognition In Practice: Theoretical, Calculative And Accounting Differences Between Ias 18 And Ifrs 15/Asc 606. Journal for ReAttach Therapy and Developmental Diversities, 6(10s(2), 2367–2371. https://doi.org/10.53555/jrtdd.v6i10s(2).3828
Issue
Vol. 6 No. 10s(2) (2023)
Section
Articles
Author Biographies

O. F. Ulfath Shama

Research Scholar, Dept. of Business Administration, Annamalai University, Email: ulfathshama@gmail.com

K. Tamizhjyothi

Associate Professor in Business Administration, D. G. Govt. Arts College for Women, Mayiladuthurai

References

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