A theoretical analysis of the construction business in the frame of revenue standard in TFRS-15 customer contracts

Abstract

Aim of the Study: The accountancy of Business revenues is an important factor to present the financial results. To make these results comparable at the international level, the new standard IFRS15 was developed by the two international standard determinants: The International Financial Accountancy Standards Board and The US GAAP. The new standard TFRS-15 of The Customer Contract Revenue Standard is designed for reconciling between the current two TMS-18 Revenue standard and TMS-11 construction contract and providing better comparison among the businesses, sectors and markets, and complying with the necessary explanations. Methodology of the Study: It is much easier to create financial tables by using only one standard. On January 1, 2018, the new standard was replaced with TMS-18 Revenue and TMS-11 Construction Contract standards and their interpretations. The new international standard was introduced on May 28, 2014 after countless international meetings with many participants and so many international discussions and comments taking many years. IASB and FASB postponed the initial starting date from January 1, 2017 to January 1, 2018 and so did Turkey. Thus, the standard will be analyzed and evaluated from this perspective. Findings of the Study: The revenue obtained from customers’ contracts should be explained in the deep notes in the new standard based on five stage-model of TFRS-15. Whether the new standard has any impact on business and, if any, how much impact it has on them depends on the industries. It is possible to say that the TFRS-15 standard could not succeed to diminish the discretion of the revenue description. Importance of the Study: The purpose of this study is to make cumulative knowledge contribution to the literature by means of explaining and evaluating the subject using enriched and international literature.

Calismanin Amaci: Isletmelerdeki gelirlerin muhasebelestirilmesi konusu, finansal sonuclarin dogru bir sekilde sunulmasi icin onemli bir faktordur. Bunu uluslararasi duzeyde daha karsilastirilabilir kilmak icin, yeni standart IFRS 15, iki uluslararasi standart belirleyici olan Uluslararasi Muhasebe Standartlari Kurulu ve ABD GAAP standartlarinin olusturulmasindan sorumlu olan Finansal Muhasebe Standartlari Kurulu tarafindan gelistirilmistir. Yeni standart TFRS 15 Musteri Sozlesmelerinden Hasilat Standardi, yururlukteki iki standart TMS 18 Gelir ve TMS 11 Insaat Sozlesmelerinin mevcut tutarsizliklarini gidermek ve isletmeler, sektorler ve piyasalar arasinda daha iyi karsilastirilabilirlik saglamak ve aciklama gerekliliklerine uymak amaciyla tasarlanmistir. Calismanin Metodolojisi: Tek bir standart kullanarak, finansal tablolarin olusturulmasi da daha kolay olmaktadir. 1 Ocak 2018 itibariyla yeni standart, TMS 18 Gelir ve TMS 11 Insaat Sozlesmeleri standartlarinin ve ilgili yorumlarin yerini almistir. Paydaslarla yapilan sayisiz uluslararasi toplantidan olusan ve binlerce yorumu dikkate alan birkac yil suren bir surecten sonra yeni standart uluslararasi duzeyde 28 Mayis 2014 tarihinde yayinlanmistir. IASB ve FASB ilk gecisi ise 1 Ocak 2017'den, 1 Ocak 2018'e ertelemeye karar vermistir ki Turkiye'de bu karara uyarak gecis surecini 1 Ocak 2018 olarak belirlenmistir. Bu baglamda standart incelenerek, degerlendirmeler yapilacaktir. Calismanin Bulgulari: Musterilerle yapilan sozlesmelerden elde edilen gelir, TFRS 15'e gore bes asamali bir modele dayanmaktadir ve yeni standart, dipnotlarda aciklamalarin sunulmasi icin cok sayida gereklilik icermektedir. Yeni standardin isletmeler uzerinde bir etkisi olup olmadigi ve ne olcude etkili oldugu ise ilgili endustriye baglidir. TFRS 15 ile standart belirleyicinin, hasilat tanimayla ilgili mevcut takdir yetkisini azaltma hedefini karsilayamadigini soylemek mumkundur. Calismanin Onemi: Kapsamli ve uluslarasi yayinlara agirlik verilerek bir analiz yapmasi ve konunun anlasilabilirligini artirmaya yonelik sekil, aciklama ve degerlendirmelerde bulunarak birikimli bilimsel bilgi gelisimine destek amaclanmistir.