ind as 115 ppt

This core principle is described in a five-step model framework: Step 1: Identify the contract with the customer. Ind AS 115 –Revenue Recognition •A contract is an agreement between two or more parties that creates enforceable rights and obligations. “ If you own a biological asset then it shall be measured on initial recognition & at the end of each reporting period at its fair value less cost IFRS 15 – REVENUE FROM Notified by MCA based on recommendation by ICAI. Comparative S.No. Ind AS 12 Income Taxes: 17. If you continue browsing the site, you agree to the use of cookies on this website. This Standard will supersede Ind AS-11 ‘Construction Contracts’ and Ind Indian Accounting Standards (AS) can be understood as standards for the IFRS (International Financial Reporting Standards) to ensure that Indian Companies are accessible globally. Ind as bbsr (cma m.acharya) Deepak Kar. Implementation of Ind AS 115. The core principle of the new standard is that revenue should be recognised when (or as) an entity transfers control of goods or services to a customer at the amount to which the entity expects to be entitled. Ind AS 115 is applicable from 1 April 2018, i.e., FY 2018–19. CMA Raman Khanna Ind AS 115 is based on a five-step model shown below: Transition to Ind AS 115 The core principle of Ind AS 115 is that an entity will recognise revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. Ind AS 115 Revenue from Contracts with Customers, IFRS 15. Paragraphs in bold type indicate the main principles.) If you continue browsing the site, you agree to the use of cookies on this website. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. - Anand Banka. Background and Roadmap for implementing Ind AS. You can change your ad preferences anytime. Ind AS 11 Construction Contracts: 16. See our User Agreement and Privacy Policy. The ICAI had earlier last year also issued an Exposure Draft on Clarifications to Ind AS 115 that proposed that Ind AS 115 would be applicable for accounting periods beginning on or after 1 April 2018. The core principle of Ind AS 115 is that revenue needs to be recognised when an entity transfers the control of goods and services to customers at an amount that the entity expects to be entitled. IT. Ind AS 115/ IFRS 15 Ind AS 115/IFRS 15 will apply to most revenue arrangements, including construction contracts. transfer of control over goods/services and replaces the ‘fair value’ concept with ‘Transactions Price’ which is better suited for measurement of revenue • Ind AS 101 sets out specific transition requirements and exemptions available on the first time adoption of Ind AS. Ind AS 115 was originally notified along with the other Ind AS standards in February 2015, but was subsequently deferred in March 2016. The ICAI had earlier last year also issued an Exposure Draft on Clarifications to Ind AS 115 that proposed that Ind AS 115 would be applicable for accounting periods beginning on or after 1 April 2018. The model specifies that revenue should be recognised when (or as) an entity transfers control of goods or services to a customer at the amount to which the entity expects to be entitled. Ind AS 115 –Revenue Recognition Ind AS 116 –Leases. •A contract can be written, oral, or implied by an entity’scustomary business practices. See our Privacy Policy and User Agreement for details. India has issued a corresponding converged standard Ind AS-115 ‘Revenue from Contracts with Customers’. Under Ind AS 115, an entity allocates a contract’s transaction price to each separate performance obligation within that contract on a relative stand-alone selling price basis at contract inception. Looks like you’ve clipped this slide to already. Ind AS 115 defines a stand-alone selling price as ‘the price at which an entity would sell a promised good or service separately to a customer.’ Ind AS 115 is based on IFRS 15, under IFRS and ASC 606, under US GAAP. Ind AS 7 Statement of Cash Flows: 13. 1. This Standard will supersede Ind AS-11 ‘Construction Contracts’ and Ind Implementation of Ind AS 115 Improves comparability of revenue across entities, industries, global capital markets Prescribes only one underlying principle for revenue recognition i.e. Ind AS 116 Existing Ind AS 17 Lessee Accounting 1. Periods beginning on or after 1st April 2018 m.acharya ) Deepak Kar relating to guarantees ) are... - CA Vivekanand Pote of Ind AS way to collect important slides you want go... 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