Admission of incomes in correspondance with duities performance

  • Tatyana Iefimenko
  • Victoria Orlova
  • Yevhenii Camylkin
Keywords: customers contractual accounting receipts, contract identification, indicators of control transfer, financial statement


 The article continues a series of publications of the authors. The article is dedicated to the problems of financial statement elements identification. Modern approaches to contractual revenue and receipts recognition have been considered. Duty identifications to performance according to the contract have been considered. The connection between the control principle and identification principle of separate goods and services when the amount of compensation promised by the customer influences the estimation of the contract price in nature and timing has been stated. We paid attention to the risks hidden in the choice of methods to determine the level of contract performance as of the date of accounting.  The authors claim that the criteria of a contract recognition influence the contractual financial result identification. This introduces new, different from the existing, classification of financial results into accounting practice.  Such classification substantially improves the contents of the “Statement of the total income”. The performance of accounting assessments is connected with a number of assumptions. These assumptions concern: its fair value, utilization value etc. Assumptions are the product of a professional judgment. Any judgment is subjective. The subjectivity of assessments creates the risk of losing the  accuracy of accounting and financial statements. The article proposes to enlarge the contents of the decree on accounting policy. It is reasonable to include in the decree the demands concerning the revelation of the cases of variation choice of assessments in the financial statements. It has been declared that accounting risk can appear in the cases when laws and regulations provide more than one variant of assessment. Accounting risks regarding assets and obligations reveal themselves in initial assessments. The initial assessments are used by the enterprise for distribution of expenditures and profits between corresponding reporting periods. Such distribution is partially based on professional judgment and consequently creates the thread of the decrease of the financial statement quality and the risk of financial result deformation. Methods of realization of work. The aim of above mentioned threats minimization is reached at the expense of techniques of risk factors influence prevention. The issues of infoware of making managerial decisions have been investigated in the article. The method of accounting policy formation has been improved. The uncertainty in bookkeeping accounting has been researched. This allows discovering circumstances and factors of identifications to performance according . This will be reached by means of inclusion of additional rules into accounting standards. These are the rules concerning the presentation of the information about accounting risk in reporting.

Key words: receipts accounting under contracts with customers, contract identification, indicators of control transfer, financial statement.