PRACTICE IN ACCOUNTING FOR TFRS 15: REVENUE FROM CONTRACTS WITH CUSTOMERS

Authors

  • Penprapak Manapreechadeelert Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi
  • Chalor Nuin Nuin Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi
  • Poonsin Klinpratoom Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi
  • Koonprapat Sukeeroaj Faculty of Business Administration and Information Technology, Rajamangala University of Technology Suvarnabhumi

DOI:

https://doi.org/10.60101/rmuttgber.2024.277198

Keywords:

financial reporting standards, revenue recognition, TFRS 15

Abstract

The purpose of this study is to introduce Financial Reporting Standard No. 15, Revenue from Contracts with Customers. Addressing the crucial principles in revenue recognition, the study employs the Five-Step Model to ascertain revenue recognition for various types of income across different business sectors. Comprising five distinct steps, this model facilitates businesses in evaluating contracts and determining the timing and amount of revenue recognition from contracts with customers with comprehensive examples to aid in understanding.

References

Biondi, Y., Bloomfield, R. J., Glover, J. C., Jamal, K., Ohlson, J. A., Penman, S. H., & Tsujiyama, E. (2011). Accounting for revenues: A framework for standard setting. Accounting Horizons, 25(3), 2013-2690.

Boujelben, S., & Kobbi-Fakhfakh, S. (2020). Compliance with IFRS 15 mandatory disclosures: An exploratory study in telecom and construction sectors. Journal of Financial Reporting and Accounting, 18(4), 707–728.

EY. (2021). Summary of IFRS 15 Revenue from Contracts with Customers. Retrieved from https://elearning.set.or.th/SETGroup/courses/559/info

KPMG. (2024). Revenue – IFRS 15 Handbook. Retrieved from https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2022/11/handbook-revenue.pdf

Lee, W. J., & Choi, S. U. (2024). The effect of the new revenue recognition principle (IFRS 15) on financial statement comparability: Evidence from Korea. Journal of International Accounting, Auditing and Taxation, 54. https://doi.org/10.1016/j.intaccaudtax.2024.100601

McConnell. (2014). Revenue recognition: Finally, a standard approach for all. Retrieved from https://www.ifrs.org/content/dam/ifrs/resources-for/investors/investor-perspectives/investor-perspective-jun-2014-1.pdf

Panyaying, K., Pethin, K., Ngambuntam, C., Kamlangdech, N., & Manapreechadeelert, P. (2020). The impact of TFRS15 revenue from contracts with customers on financial statement of listed companies in the stock exchange of Thailand. Rajabhat Krungkao National Academic Conference, 5, 332–338.

Srijunpetch, S., & Phakdee, A. (2019). Revenue from contracts with customers: Revenue recognition principles. Journal of Federation of Accounting Professions, 1(2019), 5–20.

Srijunpetch, S., & Phakdee, A. (2020). How did the First Year of TFRS 15 Implementation have an impact on the Financial Statements? Journal of Accounting Profession, 16(50), 23–42.

Srijunpetch, S., & Phakdee, A. (2021). Advanced Accounting. TPN Press Limited Partnership.

TFAC. (2022). TFRS 15 Revenue from Contracts with Customers and affect the change from the Application. Retrieved from https://www.tfac.or.th/upload/9414/c72pC3NFy6.pdf

TFAC. (2023). Conceptual Framework for Financial Reporting. Retrieved from https://acpro-std.tfac.or.th/standard/1

Downloads

Published

19.11.2024

How to Cite

MANAPREECHADEELERT, P.; NUIN, C. N.; KLINPRATOOM, P.; SUKEEROAJ, K. PRACTICE IN ACCOUNTING FOR TFRS 15: REVENUE FROM CONTRACTS WITH CUSTOMERS. RMUTT Global Business and Economics Review, Pathum Thani, Thailand, v. 19, n. 2, p. 194–206, 2024. DOI: 10.60101/rmuttgber.2024.277198. Disponível em: https://so03.tci-thaijo.org/index.php/RMUTT-Gber/article/view/277198. Acesso em: 21 dec. 2024.

Issue

Vol. 19 No. 2 (2024): July - December 2024

Section

Academic Articles

License

Copyright (c) 2024 Penprapak Manapreechadeelert, Chalor Nuin Nuin, Poonsin Klinpratoom, Koonprapat Sukeeroaj

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

บทความที่ได้รับการตีพิมพ์เป็นลิขสิทธิ์ของผู้นิพนธ์

ข้อความที่ปรากฏในบทความแต่ละเรื่องในวารสารวิชาการเล่มนี้เป็นความคิดเห็นส่วนตัวของผู้เขียนแต่ละท่านไม่เกี่ยวข้องกับมหาวิทยาลัยเทคโนโลยีราชมงคลธัญบุรี และคณาจารย์ท่านอื่นๆในมหาวิทยาลัยฯ แต่อย่างใด ความรับผิดชอบองค์ประกอบทั้งหมดของบทความแต่ละเรื่องเป็นของผู้เขียนแต่ละท่าน หากมีความผิดพลาดใดๆ ผู้เขียนแต่ละท่านจะรับผิดชอบบทความของตนเองแต่ผู้เดียว