India has issued a corresponding converged standard Ind AS-115 ‘Revenue from Contracts with Customers’. Ind AS 115, Revenue from Contracts with Customers 162 Appendix A 169 . Looks like you’ve clipped this slide to already. These standards adopted were made mandatory for certain companies. The main objective is to ensure uniformity in financial statements and reports and to make the same user-accessible and transparent. 3.0 APPLYING IND AS 115 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. Under Ind AS 116 lessees have to recognise a lease liability reflecting future lease payments … Improves comparability of revenue across entities, industries, global capital markets 18080 Views. The standard is applicable from accounting periods beginning on or after 1st April 2018 IndAS 115 deals with Revenue from Contracts with Customers. Comparative S.No. Ind as bbsr (cma m.acharya) Deepak Kar. International Financial Reporting Standards (IFRS) 15 Indian Accounting Standard (Ind AS) 115. International Financial Reporting Standards (IFRS) 15 Indian Accounting Standard (Ind AS) 115 ... Small PPT on IFRS 15, "Revenue from Contracts with Customers" CA Manish Iyer. See our User Agreement and Privacy Policy. Now customize the name of a clipboard to store your clips. Overview of guidance in Ind AS 115. 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. 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. Products. Satyam scam...a shame in indian corporate it world. Ind AS 7 Statement of Cash Flows: 13. Ind AS 115 "Revenue from Contracts with Customers" - A brief points. • 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). Ind AS 115 is based on core principle that requires an entity to recognize revenue: In a manner that depicts the transfer of goods or services to customers At an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services Ind AS 115 prescribes 5 Step model for recognition of revenue. •IND AS 113 also applies to measurements such as fair value less costs to sell, based on fair value or disclosures about those measurements. You can change your ad preferences anytime. For eg. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The core principle of Ind AS 115 is that an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount … Ind AS 115 specifically excludes collaborative (and certain other) agreements, e.g. Ind AS 116 defines a lease as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. You can change your ad preferences anytime. Ind AS 12 Income Taxes: 17. Clipping is a handy way to collect important slides you want to go back to later. •IND AS 113 also applies to measurements such as fair value less costs to sell, based on fair value or disclosures about those measurements. PowerPoint slide on IND AS compiled by Mahesh Babu Alapati. IT. Improves comparability of revenue across entities, industries, global capital markets AS – 24 •Disclosure and certain presentation requirements relating to Ind AS 115 is based on a five-step model shown below: Transition to Ind AS 115 Background and Roadmap for implementing Ind AS. All Lectures available on YouTube. Report Abuse. Ind AS 115 focuses on “control approach” for revenue recognition as against the “risk and rewards” approach under Ind AS 18; The author can also be reached at vcpote@rediffmail.com. “ Indian Accounting Standards (AS) can be understood as standards for the IFRS (International Financial Reporting Standards) to ensure that Indian Companies are accessible globally. Revenue recognition from contracts with customers, IFRS 15 - the new revenue recognition standard, Small PPT on IFRS 15, "Revenue from Contracts with Customers", How to Download slideshare ppts which are disabled by the author, No public clipboards found for this slide. Executory contracts are contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent. Ind AS 17 Leases: 19. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. The standard is applicable from accounting periods beginning on or after 1st April 2018. • An opening balance sheet is prepared at the date of transition, which is the starting point for accounting in accordance with Ind AS. Ind AS 115 and Ind AS 40 Ind AS 115 and Ind AS 109 Ind AS 115 Ind AS 115C Ind AS 38 Ind AS 17 (IFRIC 4) Ind AS 106 Ind AS 115 Ind AS 16 (IFRIC 12) IT / ITES Entertainment & Media Telecom Pharmaceutical Power Oil and gas Automobile Infrastructure / Construction Real estate 20% of above learning may constitute 80% of applications IND AS 108 Identification of Segments ... • Will remain as Major carve out from IFRS till Ind AS 115 is notified. 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 101 sets out specific transition requirements and exemptions available on the first time adoption of Ind AS. Ind AS 11 Construction Contracts: 16. Notified by MCA based on recommendation by ICAI. If you continue browsing the site, you agree to the use of cookies on this website. RIL’s Ind AS Transition Transition to Ind AS: Applicability: RIL being a listed entity and having net-worth above Rs.500 crores as on March 31, 2014 has adopted Ind AS from April 1, 2016. Ind AS 115/ IFRS 15 Ind AS 115/IFRS 15 will apply to most revenue arrangements, including construction contracts. 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. If you continue browsing the site, you agree to the use of cookies on this website. On 29 March 2018, the Ministry of Corporate Affairs (MCA) notified Ind AS 115, Revenue from Contracts with Customers applicable for companies following Indian Accounting Standards (Ind AS). 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 Ind AS 115 replaces existing revenue recognition standards Ind AS 11, Construction Contracts and Ind AS 18, Revenue and revised guidance note of the Institute of Chartered Accountants of India (ICAI) on Accounting for Real Estate Transactions for Ind AS entities issued in 2016. Ind AS 2 Inventories: 12. If you continue browsing the site, you agree to the use of cookies on this website. 4 Likes. - Anand Banka. Ind AS 115 –Revenue Recognition Ind AS 116 –Leases. IndAS 115 deals with Revenue from Contracts with Customers. Ind AS 116, “ Leases” will be applicable on the companies which are preparing their financial statements as per Ind AS. Buy Related Books From : www.asfoundation.co.in. two companies agree to collaborate on the development of a new CONTRACTS WITH CUSTOMERS Now customize the name of a clipboard to store your clips. • Ind AS 101 sets out specific transition requirements and exemptions available on the first time adoption of Ind AS. See our Privacy Policy and User Agreement for details. To achieve the core principle, the new standard establishes a five- step model that entities would need to apply to determine when to recognise revenue, and at what … The regulatory board is the AS… 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. Expert Assisted Services. This core principle is described in a five-step model framework: Step 1: Identify the contract with the customer. Looks like you’ve clipped this slide to already. Ind AS 115 Revenue from Contracts with Customers, IFRS 15. Indian Accounting Standard (Ind AS) 115 Revenue from Contracts with Customers: Indian Accounting Standard (Ind AS) 1 Presentation of Financial Statements: Indian Accounting Standard (Ind AS) 2 Inventories: Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows: Indian Accounting Standard (Ind … 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. See our Privacy Policy and User Agreement for details. 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. If you continue browsing the site, you agree to the use of cookies on this website. See our User Agreement and Privacy Policy. The standard is applicable from accounting periods beginning on or after 1st April 2018. Notified by MCA based on recommendation by ICAI. APIdays Paris 2019 - Innovation @ scale, APIs as Digital Factories' New Machi... No public clipboards found for this slide, Company Secretary at SGD PHARMA INDIA LIMITED, The Institute of Chartered Accountants of India. Background • Ind AS was introduced with a view to enhance acceptability and transparency of the financial information communicated by the Indian corporates Implementation of Ind AS 115. Ind AS 16 Property, Plant and Equipment: 18. Income Tax Filing. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Ind AS 115 was originally notified along with the other Ind AS standards in February 2015, but was subsequently deferred in March 2016. khanna1975@yahoo.co.in. For eg. India’s new accounting standard, Ind AS 115, is in effect from April 1, 2018, which is the start of the country’s new financial year.. As explained by the Ministry of Corporate Affairs, the Ind AS 115 lays down the principles to be applied by an entity in order to report useful information to users of financial statements.. Ind AS 116 Existing Ind AS 17 Lessee Accounting 1. Ind AS 115, Revenue from Contracts with Customers has introduced a single comprehensive guidance – a ‘five step model’ for analysing revenue transactions. 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