INTERNATIONAL FOREIGN PRACTICES IN ACCOUNTING FOR FINISHED GOODS AND REVENUE FROM SALES IN ENTERPRISES

Abstract

This article examines international foreign practices in accounting for finished goods and revenue from sales in enterprises. During the research process, the economic essence of finished goods, valuation criteria, and procedures for their presentation in financial statements were analyzed in accordance with the requirements of IAS 2. In addition, modern approaches to revenue recognition and the five-step model were considered within the framework of IFRS 15.         The article also scientifically substantiates the valuation methods of finished goods, particularly FIFO and weighted average cost methods, based on the practices of developed countries and large international companies. Furthermore, the principle of recognizing revenue when control is transferred to the customer was examined. The role of automated ERP systems in optimizing accounting processes was also analyzed.