On recognition of contract asset and contract liability in the financial statements

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dc.contributor.authorSabauri, Levan
dc.contributor.authorVardiashvili, Mariam
dc.contributor.authorMaisuradze, Marina
dc.date.accessioned2024-05-20T10:29:49Z
dc.date.available2024-05-20T10:29:49Z
dc.date.issued2023
dc.descriptionACCA. (2022, December 9). IFRS 15 – Contract Assets and Contract Liabilities. Retrieved from https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-examsstudy- resources/f7/technical-articles/assets-liabilities.html. ISSB. (2023, July 7). Conceptual Framework for Financial Reporting. Retrieved from https://www.ifrs.org/issued-standards/list-of-standards/conceptual-framework/. ISSB. (2023, May 7). IAS 16 Property, Plant and Equipment. Retrieved from https://www.ifrs.org/issuedstandards/ list-of-standards/ias-16-property-plant-and-equipment/. ISSB. (2023, January 25). IFRS 15 Revenue from Contracts with Customers. Retrieved from https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-withcustomers/. ISSB. (2023, June 3). IFRS 9 Financial Instruments. Retrieved from ifrs.org/issued-standards/list-ofstandards/ ifrs-9-financial-instruments/. Katja van der Kuij-Groenberg, Maarten Pronk. (2019). Impact van IFRS 15. Maandblad voor Accountancy en Bedrijfseconomie, 317-328. Mariam Vardiashvili. (2022). Some issues of accounting for long-term contracts. STRATEGIC IMPERATIVES OF MODERN MANAGEMENT, (pp. 103-105). Nadezhda Kvatashidze, Zeinabi Gogrichiani. (2016). New model of revenues recognition-IFRS 15 revenue from contracts with customers. (pp. 293-297). Universal. Nicole L. Cade; Lisa Koonce; Kim I. Mendoza. (2019). Assets and Liabilities: When Do They Exist? Contemporary Accounting Research, 2-48. Sabauri, L., Vardiashvili, M., Maisuradze, M. (2022). Methods for Measurement of Progress of Performance Obligation under IFRS 15. Ecoforum, 160-165. Vardiashvili, M., Maisuradze, M. (2017). ON RECOGNITION AND MEASUREMENT OF THE REVENUES ACCORDING TO IFRS 15. ECONOMY&BUSINESS, 182-189. VICTOR S. PLOTNIKOV;OLESYA V. PLOTNIKOVA; ANDREY I. SHEVCHUK. (2015). New Objects of Accounting Introduced in IFRS (IFRS) 15 «Revenue under the Contract with the Buyer». ТЕОРИЯ УЧЕТНО-КОНТРОЛЬНЫХ И АНАЛИТИЧЕСКИХ ПРОЦЕССОВ, 35-44. Retrieved from https://cyberleninka.ru/article/n/novye-obekty-buhgalterskogo-ucheta-vydelennye-v-msfo-ifrs- 15-vyruchka-po-dogovoram-s-pokupatelyami. Максим Лесовой. (2013). Как учесть договорные обязательства. МСФО , 7-14.
dc.description.abstractWith the publication of the International Financial Reporting Standard (IFRS) 15 “Revenue from Contracts with Customers”, approaches to recognition and methods of measurement of the revenues have changed fundamentally. The standard considers a contract liability as a reference point for accounting coordinates, for transferring control over an asset (goods or services) and determining the moment of recognition of revenue to the seller. In the fulfillment of the performance obligations in the contract with the customer, assets or liabilities may arise that are directly related to the performance of the terms of the contract by any of the parties to the contract. Depending on the situation in terms of the fulfillment of the obligation by the entity and payment by the customer, the entity must reflect this contract in the statement of financial condition in the form of a contract asset or a contract liability The article discusses the terms of reflection of a contract asset and a contract obligation in the financial statements, and the difference from such traditional objects of accounting as trade requirements and trade obligations. The study of a contract asset or contract obligation is important because it improves general purpose financial statements, providing financial information to the users of financial statements that will be useful for making decisions about the supply of resources to a given entity. The article deals with the opinions and views of various researchers related to this issue.
dc.identifier.citationEkonomisti, №4, Volume XIX, 2023, pp. 42-49
dc.identifier.issn1987-6890
dc.identifier.urihttps://dspace.tsu.ge/handle/123456789/2457
dc.language.isoen
dc.publisherIvane Javakhishvili Tbilisi State University Paata Gugushvili Institute of Economics
dc.titleOn recognition of contract asset and contract liability in the financial statements
dc.typeArticle
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