TAS 11 construction contracts and IAS 18 revenue standards by comparison with TFRS 15 customer contracts

When examining the financial statements, one of the most important items is net income of a period. Net period profit is a conclusion account and undoubtedly the most important component is net Profit. Therefore, accounting policies related to revenue are important in terms of present and evaluate the performance of the company. The yield was calculated in different ways according to different standards. TMS 11 Construction Contracts relate to the disclosure of accounting practice related to income and costs related to construction contracts. TMS 18 Revenue; The sales of goods, service offerings and interest generated by the use of the business assets by others are applied in the recognition of revenue from transactions and events related to the right to name and dividends. TFRS 15 Revenue from Contracts with Customers published on May 28, 2014 brings a different perspective to revenue concept from existing TAS 11 and TAS 18. The standard related with the acquisition of revenue to the realization of the performance obligation states that this condition may be realized in two different ways, at a certain point in time or for the duration of time. In addition, the standard includes a five-stage model that focuses on contractual and control transfer with the client to determine when and in what amount revenue is recognized. Another important point of the standard is that it considers the "transaction price" instead of the fair value concept in revenue records. The purpose of this study is; TMS 11 and TMS 18 Revenue is explained with the relevant examples and the new revenue standard is explained with the examples of TFRS 15 Revenue from Contracts with Customers by means of examples. The literature review was done in the preparation of the study and TFRS 15 Revenue from Contracts with Customers was explained with the related examples which are different from TMS 11 and TMS 18. TFRS 15 will be useful knowledge for companies to implement the Revenue from Contracts with Customers standard in the application of this standard. Keywords: Revenue, TAS 11, TAS 18, TFRS 15