[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-159693-105":59,"doc-detail-159693-en":131},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":124,"head_meta":126,"extra_data":128,"updated_unix":130},105,"en","on-recognition-of-contract-asset-and-contract-liability-in-the-financial-statements","On Recognition of Contract Asset and Contract Liability in the Financial Statements","","Publication of IFRS 15 “Revenue from Contracts with Customers” fundamentally changes how revenue is recognized and measured. The standard treats a contract liability as a reference point for accounting and for transferring control of assets (goods or services), including the timing of revenue recognition to the seller. During fulfillment of performance obligations, related assets or liabilities may arise for either party. The entity must present these outcomes in the statement of financial condition as either a contract asset or a contract liability.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/on-recognition-of-contract-asset-and-contract-liability-in-the-financial-statements/159693/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/on-recognition-of-contract-asset-and-contract-liability-in-the-financial-statements/159693.png","ImageObject",300,407,{"name":92,"@type":93},"Emma Mercer","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-09","2026-08-29",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",17,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What does IFRS 15 change about revenue recognition?","Question",{"text":113,"@type":114},"IFRS 15 fundamentally changes approaches to recognition and methods of measuring revenue by introducing universal criteria for contracts with customers.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"Why can contract assets or contract liabilities arise during contract performance?",{"text":118,"@type":114},"When performance obligations are fulfilled and payments occur according to the contract terms, assets or liabilities may arise that relate directly to obligations for either party.",{"name":120,"@type":111,"acceptedAnswer":121},"How should entities reflect contract assets and contract liabilities in financial statements?",{"text":122,"@type":114},"Depending on whether the entity fulfills the obligation and how the customer pays, the entity must present the related contract outcome as a contract asset or as a contract liability in the statement of financial condition.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},159693,1788021272,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":29,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":130,"read_time":144,"preview_page_count":4},962084925502,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","Global Journal of Management and Business Research: D Accounting and Auditing  \nVolume 23 Issue 2 Version 1.0 Year 2023  \nType: Double Blind Peer Reviewed International Research Journal  \nPublisher: Global Journals  \nOnline ISSN: 2249-4588 & Print ISSN: 0975-5853  \nOn Recognition of Contract Asset and Contract Liability in the Financial Statements  \nBy Levan Sabauri, Mariam Vardiashvili & Marina Maisuradze  \nIvane Javakhishvili Tbilisi State University  \nAbstract- With the publication of the International Financial Reporting Standard (IFRS) 15 “Revenue from Contracts with Customers”, approaches to recognition and methods of measurement of the revenues have changed fundamentally.  \nThe standard considers a contract liability as a reference point for accounting coordinates, for transferring control over an asset (goods or services) and determining the moment of recognition of revenue to the seller.  \nIn the fulfillment of the performance obligations in the contract with the customer, assets or liabilities may arise that are directly related to the performance of the terms of the contract by any of the parties to the contract.  \nDepending on the situation in terms of the fulfillment of the obligation by the entity and payment by the customer, the entity must reflect this contract in the statement of financial condition in the form of a contract asset or a contract liability  \nKeywords: contracts; financial reporting; revenue from contracts with customers; contract asset; contract liability.  \nGJMBR-D Classification: FOR Code: 1501  \nOnRecognitionofContractAssetandContractLiabilityintheFinancialStatements  \nStrictly as per the compliance and regulations of:  \nOn Recognition of Contract Asset and Contract Liability in the Financial Statements  \nLevan Sabauri α , Mariam Vardiashvili σ & Marina Maisuradze ρ  \nAbstract- With the publication of the International Financial Reporting Standard (IFRS) 15 “Revenue from Contracts with Customers”, approaches to recognition and methods of measurement of the revenues have changed fundamentally.  \nThe standard considers a contract liability as a reference point for accounting coordinates, for transferring control over an asset (goods or services) and determining the moment of recognition of revenue to the seller.  \nIn the fulfillment of the performance obligations in the contract with the customer, assets or liabilities may arise that are directly related to the performance of the terms of the contract by any of the parties to the contract.  \nDepending on the situation in terms of the fulfillment of the obligation by the entity and payment by the customer, the entity must reflect this contract in the statement of financial condition in the form of a contract asset or a contract liability  \nThe article discusses the terms of reflection of a contract asset and a contract obligation in the financial statements, and the difference from such traditional objects of accounting as trade requirements and trade obligations.  \nThe study of a contract asset or contract obligation is important because it improves general purpose financial statements, providing financial information to the users of financial statements that will be useful for making decisions about the supply of resources to a given entity.  \nThe article deals with the opinions and views of various researchers related to this issue.  \nMethodology: ISSB discussions, guide-recommendation materials of international audit companies (“Big Four”); scientific articles; analysis, systematization and comparison methods.  \nKeywords: contracts; financial reporting; revenue from contracts with customers; contract asset; contract liability.  \nI. Introduction  \nWith the publication of the International Financial  \nReporting Standard (IFRS) 15 “Revenue from  \nContracts with Customers”, approaches to recognition and methods of measurement of therevenues have changed fundamentally.  \nThe objective of this Standard is to establish the principles that an entity","cbCaiv6D4Bxt6ssM","https://ap.wps.com/l/cbCaiv6D4Bxt6ssM","pdf",596930,"English","# Abstract\n## Background and problem setting (IFRS 15)\n## Core concepts: contract asset vs contract liability\n## Reporting requirements and presentation in financial statements\n## Methodology and research approach\n## Introduction","[{\"question\":\"What does IFRS 15 change about revenue recognition?\",\"answer\":\"IFRS 15 fundamentally changes approaches to recognition and methods of measuring revenue by introducing universal criteria for contracts with customers.\"},{\"question\":\"Why can contract assets or contract liabilities arise during contract performance?\",\"answer\":\"When performance obligations are fulfilled and payments occur according to the contract terms, assets or liabilities may arise that relate directly to obligations for either party.\"},{\"question\":\"How should entities reflect contract assets and contract liabilities in financial statements?\",\"answer\":\"Depending on whether the entity fulfills the obligation and how the customer pays, the entity must present the related contract outcome as a contract asset or as a contract liability in the statement of financial condition.\"}]","On Recognition of Contract Asset and Contract Liability in the Financial Statements | PDF",15]