Assessment of the impact of the revenue standard from TFRS 15 customer contracts on the oil and gas industry

The revenue that businesses have obtained as a result of their ordinary activities is one of the most important financial statements in determining the performance of the business. It will be extremely effective on performance analysis, which will be reported in the financial statements at the right time and at the right time by the entity. The IFRS 15 "Revenue from Contracts with Customers" standard published by IASB in May 2014 contains the principles regarding financial reporting for the revenues arising from the contracts that businesses have with their customers, and has eliminated some uncertainties and inadequacies in the IAS 18 Revenue standard that was previously published. It contains many guidance. The standard, which will have an impact on the principles and methods of identification of the disease, has varying effects on many sectors. One of these sectors is the oil and gas industry. Enterprises operating in the oil and gas industry with a high capital density enter into complex contractual arrangements with their customers. The IFRS 15 has many effects on the recognition timing of the revenue arising from such contracts and the calculation of the related revenue amounts. In addition, IFRS 15 has many effects on issues such as production sharing arrangements, product changes, copyrights based on production and sales, and on-board delivery (FOB). In this study, it is aimed to explain the effects of industry-specific issues on financial reporting within the framework of the five-step model of IFRS 15 regarding the measurement of revenue.