Norbekov Davron, Associate Professor,
Department of Accounting, Tashkent University of Economics
Tashkent, Uzbekistan
Toshpo’latova Munisabonu,
Master’s Student of Accounting department
Tashkent, Uzbekistan
Abstract. The financial report of an organization is the most important source of information for external users. Based on the dynamics of the report indicators, one can obtain information about changes in the market value of the enterprise, solvency and creditworthiness, profitability, financial stability, and several other criteria for the development of the organization. According to the decision PQ-4611 dated February 24, 2020, “On additional measures for the transition to international financial reporting standards,” in order to ensure the implementation of the decision for the specified entrepreneurial entities, they need to prepare their reports in accordance with international standards. This raised several questions regarding the practical application of revenue recognition criteria, which is a key element of financial accounting. Therefore, developing methodological guidelines for the application of IFRS 15 in our country is of urgent importance. This article provides a comparative analysis of the differences between the description of revenue according to international standards and the Regulations on Costs, as well as the process of developing and implementing IFRS 15 by the International Accounting Standards Board using two different methods.
Keywords: revenues, income, IFRS, revenue from sales of goods, primary income from ordinary activities, other income, retrospective method, modified retrospective method.