Accounting practice regarding discounts. Limitations and actions for a modern legislation
Author:
Alin-Eliodor TĂNASE, Traian-Ovidiu CALOTĂ
JEL:
G32; H32; M41
DOI:
10.20869/AUDITF/2016/135/334
Keywords:
Prompt payment discount, significant
financing component, consideration paid or payable to a
customer, right of return.
Abstract:
Revenue is an important indicator for the users of
financial statements in their assessment of an entity’s
financial position and performance. Therefore, the
applicable regulations regarding the recognition and
measurement of revenues play an important role in
shaping the corporate image.
This article focuses on some specific accounting
transactions under Romanian GAAP (The Order of the
minister of public finance no. 1802/2014) by comparing
the accounting treatment with that in compliance with
IFRS 15 Revenue from contracts with customers.
Whenever it was considered necessary, there were
presented the new tax requirements - according to the
new Tax Code in force from January 1st, 2016. This new
standard intends to cover the gaps from other previous
standards (IAS and IFRS) or their respective
interpretations (SIC and IFRIC) such as IAS 18 Revenue
and IAS 11 Construction contracts.
Abstract(107KB)
Article(226KB)