Abstract 

In the article, we analyze the separate points of recognition of assets from long-term contracts in accordance with IFRS 15. In particular, the recognition of income and expenses during the long-term delivery of goods and services, the methods of evaluating the quality of performance of the obligations to be fulfilled, the recognition and assessment of the current obligation provided for in the contract as an installment, the costs of the contract and others are discussed.

The standard establishes the basic principles that the enterprise must use to recognize one of the important elements of financial reporting in order to present the necessary information on the nature, size, timing and uncertainty of the cash flows resulting from the contract signed with the customer in the financial reporting.

The implementation of IFRS 15 and the new rules for recognition of assets have a minimal impact on some enterprises, but in many companies the new standard may change the timing of revenue recognition, as the focus is on the risk associated with the transfer of goods. They include companies that consider the provision of goods and services as one unified package, or implement large projects, such as licensing and software sales, as well as enterprises working in the fields of telecommunications, construction, self-defense, industry, and others.