Revenue recognition from construction contracts: differences between Bulgarian national accounting standards and international accounting standards

The Global financial crisis and the Crisis in Bulgaria's Construction Sector has put many questions relating to revenue and the adequate implementation of the methodology, principles and criteria for their recognition from the construction contracts. The revenue recognition standards in Bulgaria - The National Accounting Standards (NASs) differ from, and are based on outdated translations of, the International Accounting Standards (IASs), with significant differences in interpretation in between. In this article we point out a significant portion of these conceptual differences and express the view that they should be harmonized with the IASs, and moreover, with the new standard - Revenue recognition from contracts with customers. (C) 2015 Published by Elsevier B.V.