New approaches income recognition according to IAS/IFRS: Implementation in BIST 100 companies

Businesses' accounting practices differ in terms of revenue, meaning or definition. Removing of these differences, revenue's being clear and having only one definition is needed. Users of financial information, the dynamics of the ever-evolving world economy, need the financial information which is an ability to get a clear answer to the usual periodicity, transparent in an international level, understandable and comparable. In terms of eliminating these needs, the preparation of accounting systems that speak the same language and apply the same standards has become inevitable. In this context, the insufficiency of IAS 18 (Revenue Standard) and IAS 11 (Construction Contracts), which had been previously prepared, necessitated a new study. IFRS 15 (Revenue Standard from Contracts Made with Customers), was started to be worked on in 2010 and started to be implemented on 28 May 2014 and to be implemented in annual reporting periods starting from 1 January 2017 will replace IAS 11 (Construction Contracts) and IAS 18 (Revenue Standard). In this study, the basic requirements for the recognition of the income in IFRS 15 are included and the challenges that the implementation represents for the BIST 100 companies are emphasized.