Accounting Impact of New Income Standards on Income Accounting of Construction Industry Enterprises

摘要

On July 5, 2017, China's Ministry of Finance issued the revised "Accounting Standards for Business Enterprises No. 14 - Revenue". One of the main amendments is to incorporate the original income criteria and construction contract criteria into a unified revenue recognition model. The new income standard has been gradually implemented since January 1, 2018. Once implemented, it will inevitably have a major impact on the accounting work of construction industry enterprises. Therefore, this paper analyzes the accounting impact of changes in new income standards on the income accounting of construction industry enterprises from three aspects of revenue recognition, measurement and disclosure.