ACCOUNTING FOR CONSTRUCTION CONTRACTS IN ACCORDANCE WITH IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS STANDARD

Abstract

Period income is one of the most important criterion to evelauate performance of an enterprise. Determining recognising time of revenue correctly is very cruical to calculate period income accurately. Due to crucial developments at world economy, transformation from manufacture based economy to service based economy, inreasing of multiple elements contracts, revenue standard could not meet the needs. As a result of joint work FASB and IASB UFRS 15 Revenure from Contracts with Customers has been published. Afterward, TFRS 15 Revenue From Contracts with Customers has been published on 09.09.2016 at Turkish Official Gazette. This standard will be applied after 31.12.2017 accounting period and revenue from constuction contracts will be recogniesd according to TFRS 15. At this study, we have tried to examine how to be applied the new standart to construction contracts.