RISK ASSESSMENT AND RELEVANT PROCEDURES IN ORDER TO MITIGATE THE RISKS FOR THE REVENUE RECOGNIZED IN LINE WITH IFRS 15

Nicolai Jieri ()
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Nicolai Jieri: Stefan cel Mare University of Suceava, Romania

European Journal of Accounting, Finance & Business, 2021, vol. 17, issue 27, 41-47

Abstract: The accounting policies are designed by the accounting team and are mandatory to follow in order to be in compliance with the framework used by the company. More than this, the accounting policies are mandatory to be indicated in the financial statements at the reporting date. We are referring in this research to companies which apply IFRS as a reporting framework. Therefore, IFRS 15 in such financial statements should be described, applied, and disclosed. As an assurance to the financial team that the accounting treatment for the revenues recognized is correct, a control approach should be adopted. The process of control should contain several subphases, such as risk identification, level of the risks identified, set of materiality, and defining the procedures which would address the risks. Through this exercise, the risks identified would be mitigated to the accepted level. Therefore, the conclusions should be taken based on the completed control procedures.

Date: 2021
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