The effects of real estate business on revenue accounting in Vietnam’s real estate enterprises

Authors

DOI:

10.46223/HCMCOUJS.econ.en.14.1.2556.2023

Keywords:

IFRS 15; real estate; revenue

JEL Classification:

M41; M410; M48; R330

Abstract

International Financial Reporting Standards (IFRS) 15, which was issued and has taken effect since 2018, replaced IAS 18 - Revenue, International Accounting Standards (IAS) 11 -Construction Contract. On March 16, 2020, the Ministry of Finance (2017) issued Decision 345/QD-BTC approving the project to apply IFRS in Vietnam. The roadmap for applying IFRS to 2025, which will be extended to businesses in order to ensure provision complete, clear, and transparent information about the financial position of the business. The application of IFRS 15 will affect the recognition of revenue in enterprises, especially in the real estate business because their characteristics are different from normal businesses. Due to the importance of applying IFRS 15 and the specifics of the real estate business, the author has studied the influence of the characteristics of the real estate industry on revenue accounting in real estate enterprises.

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References

General Statistics Office. (2020). Movements and socio-economic situation of Vietnam in 5 years 2016-2020. Retrieved May 10, 2022, from https://www.gso.gov.vn/du-lieu-va-so-lieu-thong-ke/2021/06/dong-thai-va-thuc-trang-kinh-te-xa-hoi-viet-nam-5-nam-2016-2020/

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General Statistics Office. (2022). Report on socio-economic situation in August and 8 months, 2022. Retrieved May 10, 2022, from https://www.gso.gov.vn/bao-cao-tinh-hinh-kinh-te-xa-hoi-hang-thang/

General Statistics Office. (2022). Statistical yearbook 2021. Retrieved May 10, 2022, from https://www.gso.gov.vn/du-lieu-va-so-lieu-thong-ke/2022/08/nien-giam-thong-ke-2021-2/

IASB. (2014). IFRS 15-Revenue from contracts with customers. Retrieved May 10, 2022, from https://www.ifrs.org/issued-standards/list-of-standards/ifrs-15-revenue-from-contracts-with-customers/

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Received: 12-10-2022
Accepted: 24-11-2022
Published: 16-12-2022

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How to Cite

Hien, N. N. (2022). The effects of real estate business on revenue accounting in Vietnam’s real estate enterprises. HO CHI MINH CITY OPEN UNIVERSITY JOURNAL OF SCIENCE - ECONOMICS AND BUSINESS ADMINISTRATION, 14(1), 76–83. https://doi.org/10.46223/HCMCOUJS.econ.en.14.1.2556.2023

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