Revenue recognition and disclosures: test for IFRS compliance in the Russian Federation

Student: Puchkova Elena

Supervisor: Katerina Sorokina

Faculty: School of Statistics, Data Analysis and Demography

Educational Programme: Bachelor

Year of Graduation: 2014

The International Financial Reporting Standards (IFRS) are already applied in more than hundred countries.         Since 2012 in the Russian Federation has begun the transition to a new system of reporting. By 2015, all public companies will be required to provide their statements in according to international standards.         One of standards of IFRS is devoted to revenue, its “IAS 18”.Revenue as one part of the financial report, plays an importance role for all users of information. In general it displays financial result of the company. Information on revenue should be reflected completely and authentically.         The main problems are the methodology for applying this standard in practice and correct disclosures in the financial statements of companies.

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