IMPROVING REVENUE RECOGNITION UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS IN CONSTRUCTION CONTRACTING ORGANIZATIONS.

The article examines the issues of aligning the procedure for revenue recognition in construction contracting organizations of Uzbekistan with the requirements of International Financial Reporting Standard (IFRS) 15 "Revenue from Contracts with Customers". The five-step model of IFRS 15, the criteria for satisfying a performance obligation over time, the methods of measuring the stage of completion (the input and output methods), variable consideration, contract modifications, and the presentation of contract assets and contract liabilities are considered. Practical problems arising in the transition from National Accounting Standards (NAS) to IFRS are identified, and proposals for resolving them are developed. A hypothetical numerical example is provided for the analysis. The results contribute to increasing the transparency and international comparability of the financial statements of construction organizations.