TFRS 15 customer contract effects of the construction sector

One of the most important effects of the globalization of commercial life has been the presentation of financial reports made by businesses to users all over the world with a single common language, acceptances and parallel logics within the framework of standards. In this context, international financial reporting standards are the main guides on which companies, especially those doing business on a global scale, prepare their financial statements. In this study, it is discussed how TFRS 15 standard affects the financial statements of construction companies, which are engaged in construction and repair works for years, within the scope of construction contracts. At the point of evaluating the impact of the TFRS 15 standard on the financial statements of the construction industry, the impact of TFRS 15 on the profit / loss, and therefore on the financials of the industry, has been evaluated by taking into account the acceptance of the provisions of the legislation in force for years for construction repair works and accounting records. As a result, it has been observed that the profit and loss figures differ over the years in the calculations made within the scope of the TFRS 15 standard.