APPLICATION OF IFRS 15 REVENUES FROM CONTRACTS WITH CUSTOMERS IN THE COMPANY IN THE CZECH REPUBLIC

The paper deals with the effects of implementing the new international accounting standard IFRS 15 in a telecommunication company operating in the Czech Republic. It has been proved that the implementation of this new standard had a significant impact on the company. The preparation of the implementation project was an important part of the process which proved to be considerably time consuming and financially demanding. The case study includes a typical area of the given industry - discounts on goods (hardware) and services. The assessment of the impacts is based on the comparison of the previous situation - earlier revenue recognition -presented in the financial statements and a simulated influence of a new standard on these financial statements. The results showed the change in the revenues structure, and while adhering to ceteris paribus principle, an increase of revenues by 2% and increase of the net comprehensive income by 11% in the first year of applying IFRS 15. At the same time, a new item "contract assets" was introduced in the balancesheet as a part of non-current assets. The influence of the new standard in the following years will depend on several factors, such as the level of the provided discount and on the amount of revenues for goods and services and their further development.