Features Of Cost Accounting In Accordance With International And Russian Accounting Rules In The Construction Industry

Olga Alexandrovna BIRYUKOVA,Roza Stepanovna NIKADROVA, Evgeniy Alekseevich IVANOV,Liya Yu MALININA and Nikolay Nikolaevich PUSHKARENKO

Abstract:

International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers, which was included in the system of international standards, replaces the previously existing IAS 11 Construction Contracts and IAS 18 Revenue. IFRS 15 introduces new rules for accounting for revenue and expenses under contracts with customers, other requirements for the presentation and disclosure of information about contracts in the financial statements. The paper discusses the costs (expenses) arising in connection with the fulfillment of obligations under contracts with customers for construction work in accordance with IFRS 15 Revenue from Contracts with Customers and the Russian standard PBU 2/2008 Accounting for Construction Contracts.