Construction, like any industry, has its own specifics, which should be taken into account when organizing the accounting work of an enterprise. In addition to material consumption, labor intensity and risks, construction is characterized by a long production cycle, which largely determines the financial and economic flows of a construction organization. It is common in the construction industry to provide a variety of services for a single customer or to related parties of a customer. A construction company, in addition to the construction services, can also be hired to provide design services, project management, consulting, supervision, engineering survey, design, installation, commissioning and other types of work. The article is devoted to the problems of IFRS 15 application for proceeds accounting under construction contracts. The article discusses the specifics of accounting organization for income and expenses in the construction industry. 5 steps of the revenue accounting model are considered, a step-by-step procedure for working with contracts to recognize revenue. The article outlines a mechanism for recognizing revenue and allocating expenses. The article notes that, despite the complexity of IFRS 15, its new application improves the accounting system for income and expenses of construction companies and solves the problem of recognizing revenue and the financial result determination in construction. Owing to the control system contained in IFRS 15, construction companies can incrementally enhance their revenue recognition accounting system and remove the customer risks related to contracts.
There stands a possibility of crises in organizations, which are defined by objective elements, including unforeseen fluctuations in market circumstances, periodic technological modernizations, alterations in the production’s organization, staff change or external circumstances, and oftentimes political conditions. Bankruptcy is regarded as a crucial factor of crisis notion at enterprises. In fact, bankruptcy is a substantial factor in the structure of the market system, and its primary aim is to preserve social-economic procedures from the outcomes of inefficient actions of their participants and the failure to meet their tasks. As a result, this article mainly intends to analyze the methodical means and techniques for bankruptcy prediction model development. To that aim, several methods, including synthesis, assessment, analysis, comparison, generalization method, and system analysis are utilized. Based on the results, it can be concluded that the international authors incorporate the indicators calculated utilizing the information on financial outcomes as the most crucial indicators. In contrast, Russian scholars and analysts are more concerned with the application of the enterprise property state.
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