ACCOUNTING FOR ACCOUNTS RECEIVABLE ACCORDING TO IFRS
Keywords:
Financial instruments, financial asset, liabilities, receivables, investments, payment, contract, advances, provision for doubtful debts, financial statements, amortized cost.Abstract
Different types of receivables are present in almost every financial statement. The accounting model for different types of financial assets, in particular different types of receivables, depends on the classification category into which they will be assigned for subsequent accounting. This article discusses the procedure for accounting, recognition, and valuation of receivables according to IAS 39. The article also presents the procedure for creating a reserve for doubtful items and calculating the depreciable cost. Finally, the requirements for disclosure of information in relation to accounts receivable, which are defined in IFRS 7 “Financial Instruments: Disclosures”, are considered.
References
No. PP-4611 “On additional measures for the transition to international financial reporting standards” dated February 24, 2020 2.International Accounting Standard 13 “Presentation of Current Assets and Current Liabilities”: [Electronic resource]. Access mode: http://mkdgaap.narod.ru/standards/ias13.html 3.International Accounting Standard “Financial Instruments: Recognition and Valuation” http://mkdgaap.narod.ru/standards/ias13.html. 4. Kamolova F.K “Analysis of receivables and payables of enterprises and organizations of the Republic of Uzbekistan” June 2023 https://www.tadqiqot.uz/index.php/ijear.
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