| With the rapid development of Internet information technology,China has entered the era of the Internet economy,information industry has been transformed into the core of global industry in developed countries,and promoted the innovation and operation of Internet related industry chain.In recent years,the number of Internet enterprises in our country has increased year by year.Among them,the development of online game enterprises is the most prominent.As the major source of revenue for most Internet companies,online games' revenue has already become a dark horse in internet entertainment industry.Therefore,the requirements for information disclosure of online game businesses increase accordingly.As one of the six major accounting elements,income is an important part of the income statement.It is also the key analysis target of the relevant management,investors and supervisors.The recognition rules of income have always been highly valued by the accounting profession.China pursues "convergence with the international community" and has made many amendments to its income guidelines.It revised and promulgated the latest Accounting Standards for Business Enterprises in May 2017 to improve the accuracy of revenue recognition,comprehensively reflect the essence of economic operations and ensure the quality of accounting information is reliable,comparable and real.Scholars around the world have a very detailed study on the traditional business income recognition model.However,new online game business,of which business model is mainly dominated by virtual business,which is totally different from the traditional business model.Furthermore,the profitability of online game companies is far ahead of other Internet companies.However,due to the complexity of the online game industry and the virtual nature of online games,the online game enterprises in our country have different methods of accounting treatment of their virtual currency revenues.Not only domestic listed online game companies deal with overseas listed online game companies such as Hong Kong and the United States in different ways,but also the online game companies listed abroad have greater discrepancies in handling virtual currency revenues.This reduces the comparability of online game business accounting information,thereby it improve the risk of accounting information users.Our country published new accounting standard on July.2017.The guidelines draw on the joint guidelines of IASB and FASB for revenue recognition in 2014 and made drastic changes in the accounting standards for business enterprises promulgated.The idea of revenue recognition emphasizes the transfer of control and starts to recognize revenue based on customer contracts This article combs the basic principles and specific requirements of the new accounting standards recognition from the perspective of the online game enterprises with special characteristics.This paper analyzes the revenue recognition mode under different business models of online game enterprises and the practice of Tencent Holdings in practice to explore the problems and challenges encountered by online game enterprises in confirming the virtual currency revenue of online games,and puts forward some suggestions based on the thoughts of new CAS14.This article choses Tencent Holdings,a Hong Kong-listed Internet companies as a case analysis for four main reasons: Firstly,Tencent Holdings is a high profile integrated Internet companies;Secondly,Tencent Holdings' financial reports and other information is publicly visible;Thirdly,Tencent's main source of revenue is online game revenue;finally,Tencent Holdings listed in Hong Kong,it recognizes revenue according to the International Financial Reporting Standards,that our new revenue standard has been in line with it.Based on the current research results,this article summarizes the existing problems of virtual currency revenue recognition in online games from three aspects.Firstly,the definition of the point of recognizing the sales revenue;Secondly,the recognition of promotional revenue;Thirdly,the definition of "broken" revenue.In view of the above problems,this article further analyzes the reasons for its existence.Based on the analysis of the existing problems,the analysis of the causes and the case analysis of Tencent Holdings,the paper puts forward some relevant suggestions,mainly from reasonably defining the timing of revenue recognition,reasonably estimating the deferral period,identifying the economic substance of the promotion contract,reasonably estimating and confirming the "broken" revenue,developing application guidelines,considering the professional quality of accountants.Hoping that it will help the model of online game virtual currency revenue recognition to unified development.However,due to the short release time of new income rules,there are few research results on the specific impact of the new income rules on the accounting treatment of enterprises.Therefore,this paper may have a narrow view of the new income criterion,and there are many related practical issues are not understood.In addition,the author's social experience is not rich enough,it is difficult to obtain the specific information of online game companies,therefore,this article does not conduct substantive operation of the vast number of online game companies one by one in-depth survey,only analyze Tencent Holdings who is more representative.Eventually,the scope of the study is not only comprehensive enough,also poor combination of theory and practice,while the case analysis is be insufficient.I deeply hope to get the teacher's criticism and correction. |
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