Control in the structure of the concept of accounting for contractual obligations

Abstract

Control over economic resources and ownership of assets represent two interrelated but distinct economic categories in the concept of accounting for contractual obligations. If the ownership of assets arises at the time of signing the contract and, accordingly, the objects of the exchange transaction are evaluated and fixed at that moment, then control over the economic resource arises at the time of the transfer of the underlying asset under the control of the buyer organization. Control allows you to identify the economic resource to be accounted for by the organization during the performance of contractual obligations. Therefore, for accounting purposes, differences in these categories should be taken into account when estimating revenue from contracts with buyers.