ACCOUNTING FOR ACCOUNTS RECEIVABLE ACCORDING TO IFRS

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.