دانلود رایگان مقاله انگلیسی تعهدات عملکردی برای "درآمد های حاصله از قرارداد مشتریان" در صنعت ترابری - امرالد 2017

Abstract

Purpose – The aim of this paper is to investigate the gap between cost-based and time-based revenue recognition schemes in the accounting of ship-owning corporations, and to propose cost-based revenue recognition (as in general accounting practice) in connection with the performance obligations. Design/methodology/approach – For a comparative analysis of time-based (traditional approach) and cost-based schemes, a sample of dry bulk ships is selected and voyage estimations are performed by certified professional shipbrokers (Fellow of the Institute of Chartered Shipbrokers) (data collection and voyage estimation by practitioner). Performance obligations are also defined by certified shipbrokers (i.e. survey and expert opinion) and certified public accountant based on common shipping business practice and accounting practice in general. Findings – Empirical results indicate the significant gap between two alternative schemes. Cost-based revenue recognition accelerates the revenue recognition (benefit of shipowner), and it enables comparability among other industries since cost-based allocation is the common practice in accounting (matching principle, Generally Accepted Accounting Principles). Research limitations/implications – It is obviously impossible to observe all kinds of freight market transactions for all different kinds of vessel particulars. The sample size does not undervalue the current study since the central idea of this paper is not the verification of the cost-based recognition in all possible transactions. Practical implications – The proposed approach debiases the existing recognition practice as well as improving the speed of revenue recognition. In the existing practice, time-based recognition is still based on voyage estimations (time estimation). Voyage estimations conventionally answer two questions: “What is the cost of the voyage?” and “What is the duration of the voyage?” Therefore, the proposed approach does not require any additional work done. Common practice also clarifies the cost-based schedule for revenue recognition.

5. Implication for managers and the conclusion

In conclusion, shipping company managers should be able to identify the various performance obligations under each contract. If the margins earned on each obligation under the contract are similar, the use of costs when incurred as a proxy for the timing of revenue recognition may provide a simpler solution to adoption of this new FASB/IASB standard. Costs, it can be argued, are only incurred when performance occurs. Thus, the matching of cost and revenues is the best satisfaction of a performance obligation.

Managers should also consider the requirements of this standard before negotiating contracts (IFRS, 2014). Tax implications not addressed here should be reviewed. Further, they may wish to unbundle contracts. However, this may be considered difficult since shipping customers traditionally have seen the contract as a single package, the services are performed as a continuous sequence and the risk associated with delivering each element are similar (KPMG, 2010).

Further, judgment by management is needed when defining voyage under a contract. Consideration should be given to whether a round trip or leg-to-leg basis is more appropriate. The actual number of days it takes to complete a voyage when a large proportion of ocean freight is delivered late should be used rather than an estimate. Also, the voyage definition should consider contracts that contain several destination ports (KPMG, 2010).