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Financial assets: 41. Indian Accounting Standard (Ind AS) 109 Financial Instruments (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Ind AS 115 addresses revenue from contracts with customers and so is only applied to a contract in its scope if the counterparty to the contract is a customer. A customer obtains control when it has the ability to direct the … This Standard will supersede Ind AS-11 ‘Construction Contracts’ and Ind The accounting body Institute of Chartered Accountants of India notified a new revenue recognition standard for customer contracts in line with the International Financial Reporting Standards. The Memorandum to the Finance Bill, 2017 mentioned that the adjustment as on the last day of the comparative period is to be considered. Previous Previous post: CA Foundation Differentiation and Integration Summary. 2. The new revenue standards, IFRS 15 and ASC 606, originally published in May 2014, are substantially converged. Feb 2015. In addition, the general Ind AS 115 model applies only when or if: Ind AS 115, Revenue Contracts with Customers introduces comprehensive guidance for revenue recognition which applies to contracts with customers across all industries. 1 April 2015 will be the transition date to Ind AS. • Ind AS 16’s requirements on Initial Direct Costs are consistent with the concept of incremental costs in Ind AS 115 Under Ind AS 116, Initial Direct Costs exclude costs that are incurred regardless of whether lease is obtained (e.g., certain legal advice). 3. WHAT IS REVENUE (OLD) GROSS inflow of ECONOMIC BENEFITS 1. 2. Ind AS 116, “ Leases” will be applicable on the companies which are preparing their financial statements as per Ind AS. Next Next post: CA Inter SA Charts by Pankaj Garg Sir. Contract assets and assets arising from costs to obtain or fulfil a contract that are recognised in accordance with Ind AS 115: 12. • Will remain as Major carve out from IFRS till Ind AS 115 is notified. Ind AS 115 notified with other 38 Ind AS. Ind AS 115 require extensive qualitative and quantitate disclosures pertaining to contract with customer. IND AS 105 IND AS -105 sets out two concepts: •Classification, measurement and presentation of Non Current asset held for sale / Disposal Group / Non Current Asset held for Distribution to Owners and; •Classification, presentation and disclosure of discontinued operations. Post navigation. Value to an Art Collector? From the IFRS Institute - February 2017. 1 Apr 2018. Ind AS 113 12 . Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. Ind AS 7 Statement of Cash Flows: 13. View all . A seller may provide various incentives to its customers as part of a sales arrangement. two companies agree to collaborate on the development of a new Lessee Accounting Ind AS 115 specifically excludes collaborative (and certain other) agreements, e.g. Ind AS Technical Facilitation Group (ITFG) Clarification Bulletin 23 Clarification given or a view expressed by the ITFG represents the view of the members of the Group and are not necessarily the views of the Ind AS Implementation Committee or the Council of … Ind AS 115 replaced by Ind AS 18 and Ind AS 11. Ind AS 10 Events after the Reporting Period: 15. The path to Ind AS conversion 6 Summary Your Ind AS conversion is a strategic issue. The Ind AS 115 pertaining to revenue recognition came into effect from April 1. Ind AS 16 Property, Plant and Equipment: 18. Ind AS 115: Accounting for revenue arrangements with significant financing . WHEN? The results are also available on the PwC India website at www.pwc.in 2 Ind AS is not applicable to these companies due to the financial year end being other than 31 March. 1 Ind AS Outlook Survey was released at the ‘Meet the experts - PwC IFRS Conference 2016’ on 3 February 2016. Following apex accounting advisory panel NACAS's recommendation, the Ministry has decided to postpone implementation of Ind AS 115. Under Ind AS 115, revenue is recognised when a customer obtains control of a good or service, while under existing principles of Ind AS, revenue is recognised when there is a transfer of risk and rewards. Ind AS 2 Inventories: 12. You would need to develop your own roadmap by considering the key points along the items shown … Ind AS 115 Measurement of non-cash consideration Appendix C to Ind AS 17 Accounting standard requirements . Ind AS (Indian Accounting Standard) 115 pertaining to revenue recognition is with effect from today. Starting April 1, the way companies recognise revenue from contracts with their customers is set to change. Ind AS 17 Leases: 19. NEW DELHI: Coming out with a clarification on Ind AS (Indian Accounting Standard) 115 in the context of real estate sector, chartered accountants' apex body ICAI on Friday said recognition of revenue as construction progresses is possible considering the circumstances of individual case. Ind AS for financial years beginning from 1 April 2016 with comparative information for financial year 2015-16 (Phase 1). Download. Banks provide various incentives to credit card holders as part of their marketing schemes. AS – 24 •Disclosure and certain presentation requirements relating to Annual report. CA Santosh Maller. Comparative S.No. Value depends on perspective . 4. ED issued on deferment of Ind AS 115 . As per the IFRS convergence status dated December 19, 2018 issued by the ICAI, its already cleared by the NACAS and submitted to MCA for Notification. Paragraphs in bold type indicate the main principles.) Biological assets: 104 New Ind AS 116, Leases, is based on IFRS 16 Leases which is an outcome of the joint project of IASB of IFRS Foundation and FASB, US National Standard-setter. Inventories: 115. 31 March 2019. Value to a Scrap dealer? 2. FRS 115 IE 4 Example 43—Disclosure of the transaction price allocated to the remaining performance obligations—qualitative disclosure WARRANTIES IE222 Example 44—Warranties PRINCIPAL VERSUS AGENT CONSIDERATIONS IE230 Example 45—Arranging for the provision of goods or services (entity is an agent) Example 46—Promise to provide goods or services (entity is a principal) 1 Disclosures Checklist of Indian Accounting Standards (Ind AS)1 Ind AS 1, Presentation of Financial Statements S. No Refere nce Disclosure Y/NA/N M 1. CUSTOMERS (IND AS-115)* 41.1 Introduction The IFRS 15, the new Standard creates a single model for revenue recog-nition from the contracts with customers. 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