IMPROVING THE ACCOUNTING OF REVENUE, EXPENSES AND FINANCIAL RESULTS IN PRIVATE HIGHER EDUCATION INSTITUTIONS
DOI:
https://doi.org/10.5281/zenodo.23318843Abstract
This article examines approaches to improving the accounting of revenue, expenses and financial results in private higher education institutions. The study highlights the importance of recognising revenue from educational services in accordance with the timing of service delivery to ensure a more accurate and consistent presentation of financial performance. A seven-stage revenue recognition algorithm is proposed, comprising contract registration, determination of the net contract value, recognition of advance payments as contract liabilities, measurement of the extent of services provided, revenue recognition, determination of receivables or contract liabilities, and adjustments arising from contract modifications. The proposed approach aims to enhance the consistency of accounting procedures and support more informed financial management decisions.Keywords
revenue recognition, seven-stage algorithm, contract liability, net contract value, educational services, financial performance, IFRS 15, accounting proceduresReferences
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