Abstract:

Revenue is a fundamental element of any business, being one of the key indicators of its financial condition. It is thanks to revenue that the company is able to generate profit, which for investors is the answer to the question of the efficiency of the management of the entrusted assets. That is why it is so important for accounting to properly recognize, value and recognize them in the right period. There has been an ongoing discussion of these aspects for many years, which has gained momentum in recent years. IFRS 15 has been published, which takes a different view of the revenue aspect than before. As if in response to it, the Polish Accounting Standards Committee issued Polish National Accounting Standard No. 15. The two documents address similar issues. One of them is the timing of revenue recognition. In this article, the author would like to look at the moment of revenue recognition and compare the solutions that both acts have applied.