Evaluation of the Efficiency of Using Accounting Information Systems in Recording and Processing Financial Events According to IFRS 15 "Revenue From Contracts With Customers: an Applied Study in the General Company for Electrical Industries for the Period
Keywords:
Accounting Information Systems, Recording and Processing Financial, IFRS 15, General Company for Electrical IndustriesAbstract
This research aims to evaluate the efficiency of using accounting information systems (AIS) in recording and processing financial events in accordance with IFRS 15, "Revenue from Contracts with Customers." The study is applied to the General Company for Electrical Industries during the period from 2020 to 2024. Revenue recognition is regulated by IFRS 15 as one of the fundamental international accounting standards, which follows a five-step process that includes contract, performance obligations, determination and allocation of transaction price, and revenue recognition. The study results revealed discrepancy in the efficiency level of the accounting system used in the corporation, where some components comply with the yardstick’s requirements, while deficit are shortcoming particularly in linking the system to execution obligations and the timing of revenue recognition. The study pointed out the necessity of enhancing the accounting staff's abilities and improving existing accounting systems to guarantee accuracy and transparency in financial reporting. The study suggest adopting an integrated accounting stand to that supports the requirements of adding 15, in addition to providing uninterrupted training programs for accounting and contributory personnel, contributing to improving effectiveness performance efficiency and realization implementation of international budgetary reporting practices.
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