ACCOUNTING ESTIMATES AND APPROXIMATIONS IN IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS

The enterprise's revenue is the most important financial information that gives objective indications of the economic condition of the enterprise. They are a key indicator of its financial stability, which is used by both management of the enterprise and potential investors in formulating strategies for future economic development. The globalization of the financial markets poses new challenges for entities operating internationally and using International Financial Reporting Standards (IFRS). Commercial relationships between EU and US counterparties (using U.S. GAAP - Generally Accepted Accounting Principles) are accompanied by difficulties in interpreting and comparing the financial information contained in the financial statements prepared under different frameworks. In order to improve the comparability of financial information in for revenue, a common standard was developed and adopted - IFRS 15 Revenue from Contracts with Customers. The standard was created jointly by the US Financial Accounting Standards Board (IASB) and the International Accounting Standards Board (IASB), with the idea of developing a common standard for both frameworks - International Financial Reporting Standards (IFRS) and US GAAP.Changes in revenue reporting have an impact on the financial results of enterprises, as well as on price formation and pricing policy. The practical application of IFRS 15 requires the involvement of not only professionals, but also the active participation of enterprise management, financiers, lawyers, auditors, analysts and other professionals. In addition to the General statements and principles of application of IFRS 15, attention should also be paid to the prepared estimates, judgments and assumptions. In practice, there is often a mark for equality between different valuations, with no distinction made between estimates, estimates and The new IFRS 15 makes extensive use of the two concepts of accounting judgment and approximately valuation. With their comparison and analysis, it is possible to answer the question whether they have common characteristics with estimates.This study proposes the use of differentiating criteria and practical approaches to uniquely define and logically relate the relationships and processes associated with the use of judgments and approximations when for revenue from contracts with customers, and their differences with respect to the content of estimates. The purpose of this distinction in the use of different valuations is to clarify and reduce uncertainty and contradictions in their practical application in theory and practice.