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Abstract


REVENUE STANDARD FROM CUSTOMER CONTRACTS: 5 STAGE MODEL
Turkey Financial Reporting Standards Standards of Customer Contract Revenue (TFRS 15) was released on 09.09.2016. It will be applied in the accounting periods starting after 31/12/2017. The enterprises that wishes can implement them before they perform certain procedures. With the entry into force of TFRS 15, TAS 11 Construction Contracts and TAS 18 Revenue Standards have been abolished. Revenue is one of the most important elements of the financial statements. It has an effective position in determining the period profit / loss and tax. Revenue from TFRS 15 Customer Contracts has been prepared and applied as the previous standards related to revenue do not meet the requirements. Revenue is recognized in accordance with TFRS 15 by following a five-stage model. These stages are the determination of the contract, determination of the obligations, determination of the transaction price, distribution of the transaction price to the performance obligations and recording of the revenue. The standard covers each stage in detail according to the alternative situations that may occur. The obligations and obligations of the parties against each other are determined by contract. The contract can be arranged in accordance with written verbal or commercial practices. Revenue is recognized when the goods or services which have a performance obligation are under the control of the customer. TFRS 15 Standard has a detailed structure that can be applied to different sectors. Contracted software with its customers will find a wider range of applications in industries such as construction, information and retail, and furniture.

Keywords
TFRS 15, Revenue, Customer Contracts.


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