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Accounting for Revenue in the Framework of the Draft Financial Reporting Standard for Small and Micro Sized Enterprises and Comparison with Other Financial Reporting Standards

Author

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  • Nesegul Parlak

    (Ordu University, Fatsa Vocational School, Accounting and Tax Department, Ordu, Turkey)

Abstract

In Turkey, standardizations are made in accordance with international regulations to ensure that companies prepare and present comparable, factual, and all-purpose financial statements. Thus, a draft of the financial reporting standard (FRS) for Small and Misro Sized Enterprises (SMEs) was published and presented to the public. In this case, the revenue standard is the FRS for SMEs P7. Additionally, conducting this measurement and recording the service encounters and sales of goods based on this framework will not only ensure comparable, factual, and all-purpose financial statements, but it will also help make correct decisions for the parties interested in the financial information of such enterprises. In this study, the FRS for SMEs P7 was analyzed in comparison to the current practices and standards, after which the accounting of revenue within this framework was discussed with examples.

Suggested Citation

  • Nesegul Parlak, 2021. "Accounting for Revenue in the Framework of the Draft Financial Reporting Standard for Small and Micro Sized Enterprises and Comparison with Other Financial Reporting Standards," Muhasebe Enstitusu Dergisi - Journal of Accounting Institute, Istanbul University Business School, vol. 0(65), pages 75-89, July.
    • Handle: RePEc:ist:imeder:v:0:y:2021:i:65:p:75-89
    DOI: 10.26650/MED.939802
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