Extended Implementation of IFRS 15 Integrated Model in Countries with an Emerging Economy

Authors

DOI:

https://doi.org/10.5755/j01.ee.33.4.27638

Keywords:

IFRS 15, Evaluation and Recognition Policies, Stakeholders, Business Model

Abstract

The mandatory implementation of the International Financial Reporting Standard 15 (IFRS 15) Revenue from Contracts with Customers starting with the 2018 financial year for all those companies using the IFRS has led to a significant change in approaching the accounting policies on profits, especially those related to their evaluation and identification within the financial statement. It is a fact that this significant change has had visible effects on the information disclosed by stakeholders especially given the stressful financial statement when both the costs themselves and the lack of cash flow have amplified these results. Consequently, the aim of the present study is both to evaluate the real impact of the use of the IFRS 15 in different fields of activity and to identify those solutions in terms of solving the issues for each and every significant sector given the stressful financial conditions, especially in those countries with an emergent economy. Thus, the main objectives of the study itself refer to the identification of the framework of applicability of the IFRS 15 and its matrix transposition in the form of a scoreboard based on certain cross-panel correlation keys and the design of an extended modelling methodology for applying the IFRS 15 based on dynamic indicators and indexes. The final results refer to the design of a replicable model of extended usage of the IFRS 15 which will serve all the analysed fields of activity. This up-to-date topic is the result of the implementation of the right model in itself as well as an accurate and objective evaluation of the value of those profits originating from the contracts signed with clients for all those categories of entities using the IFRS irrespective of the type of activity or the business model.

Author Biographies

Veronica Grosu, Ștefan cel Mare University of Suceava, Romania

Veronica Grosu is a PhD Professor at the University of Suceava “Ștefan cel Mare”, Romania, Department of Accounting, Auditing and Finance. She is also the editor-in chief of the Journal of Accounting, Finance & Business. Areas of interest: international accounting, IFRS, corporate governance, financial audit, intellectual capital, CSR, integrated reporting, digital revolution. Her research appeared in journals such as Environment, Development and Sustainability, Frontiers in Nutrition, Revista de Economia Mundial, Economic Research-Ekonomska Istraživanja, Journal of Business Economics and Management, Polish Journal of Environmental Studies, Journal E&M Economics and Management, Argumenta Oeconomica, Economic Annals-XXI, Sustainability, Entrepreneurship and Sustainability Issues.

Svetlana Mihaila, The Academy of Economic Studies of Moldova, Moldova

Svetlana Mihaila is a PhD Associate professor at the Academy of Economic Studies of Moldova, Chisinau, Moldova, Department of Accounting, Audit and Economic Analysis. Areas of interest: international accounting, management accounting, audit, integrated reporting. Her research appeared in journals such as Economic Research-Ekonomska Istraživanja, Journal of Business Economics and Management, Sustainability.

Nicolai Jieri, Ștefan cel Mare University of Suceava, Romania

Nicolai Jieri is a PhD student at the University of Suceava “Ștefan cel Mare”, Romania, Department of Accounting, Auditing and Finance. Areas of interest: international accounting, audit, financial reporting, business economics. His research appeared in Eastern European Journal for Regional Studies (EEJRS), European Journal of Accounting, Finance & Business.

Monica-Laura Zlati, Ștefan cel Mare University of Suceava, Romania

Monica-Laura Zlati is a PhD in accounting at the University of Suceava “Ștefan cel Mare”, Romania, Department of Accounting, Auditing and Finance. Areas of interest: international accounting, CSR, audit, food industry, management, digitalization, agriculture, health and education economics, business economics, econometrics. Her research appeared in journals such as Technological and Economic Development of Economy, Economic Research-Ekonomska Istraživanja, Mathematics, Healthcare, Sustainability, Technological Forecasting and Social Change, International Journal of Finance & Economics, Journal of cleaner production, Environment, Development and Sustainability, Economic Annals-XXI.

Marian Socoliuc, Ștefan cel Mare University of Suceava, Romania

Marian Socoliuc is a PhD Associate Professor at the University of Suceava “Ștefan cel Mare”, Romania, Department of Accounting, Auditing and Finance. Areas of interest: public accounting, fiscality, tax evasion, international accounting, audit, financial reporting. His research appeared in Frontiers in Nutrition, Economic Research-Ekonomska Istraživanja, Journal of Business Economics and Management, Polish Journal of Environmental Studies, Journal E&M Economics and Management, International Journal of Finance & Economics, Argumenta Oeconomica, Economic Annals-XXI, Sustainability.

Cristina-Gabriela Cosmulese, Ștefan cel Mare University of Suceava, Romania

Cristina-Gabriela Cosmulese is a PhD Assistant professor at the University of Suceava “Ștefan cel Mare”, Romania, Department of Accounting, Auditing and Finance. She is also assistant editor of the Journal of Accounting, Finance & Business. Areas of interest: international accounting, financial audit, business economics, intangible assets, CSR, integrated reporting, digital revolution. Her research appeared in journals such as Frontiers in Nutrition, Economic Research-Ekonomska Istraživanja, Journal of Business Economics and Management, Polish Journal of Environmental Studies, Journal E&M Economics and Management, International Journal of Finance & Economics, Argumenta Oeconomica, Economic Annals-XXI, Sustainability.

Additional Files

Published

2022-10-26

Issue

Section

Journal General Track