Report Abuse. CMA Raman Khanna Ind AS 116, “ Leases” will be applicable on the companies which are preparing their financial statements as per Ind AS. 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 … 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. Background • Ind AS was introduced with a view to enhance acceptability and transparency of the financial information communicated by the Indian corporates 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. Looks like you’ve clipped this slide to already. “ Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Ind AS 115, Revenue from Contracts with Customers 162 Appendix A 169 . Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Ind AS 115, Revenue from Contracts with Customers has introduced a single comprehensive guidance – a ‘five step model’ for analysing revenue transactions. 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 115/ IFRS 15 Ind AS 115/IFRS 15 will apply to most revenue arrangements, including construction contracts. Ind AS 12 Income Taxes: 17. IndAS 115 deals with Revenue from Contracts with Customers. If you continue browsing the site, you agree to the use of cookies on this website. Category Accounts Other Articles by - CA Vivekanand Pote . • An opening balance sheet is prepared at the date of transition, which is the starting point for accounting in accordance with Ind AS. These standards adopted were made mandatory for certain companies. 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. •IND AS 113 also applies to measurements such as fair value less costs to sell, based on fair value or disclosures about those measurements. " 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 113 also applies to measurements such as fair value less costs to sell, based on fair value or disclosures about those measurements. 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. 1. If you continue browsing the site, you agree to the use of cookies on this website. 4 Likes. • Ind AS 101 sets out specific transition requirements and exemptions available on the first time adoption of Ind AS. Indian Accounting Standards (AS) can be understood as standards for the IFRS (International Financial Reporting Standards) to ensure that Indian Companies are accessible globally. India has issued a corresponding converged standard Ind AS-115 ‘Revenue from Contracts with Customers’. Clipping is a handy way to collect important slides you want to go back to later. As per Para 31 of Ind AS 115, “an entity shall recognize revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e an asset) to a customer. You can change your ad preferences anytime. 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. Ind AS 115/ IFRS 15 Ind AS 115/IFRS 15 will apply to most revenue arrangements, including construction contracts. • An opening balance sheet is prepared at the date of transition, which is the starting point for accounting in accordance with Ind AS. 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. 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 … The main objective is to ensure uniformity in financial statements and reports and to make the same user-accessible and transparent. International Financial Reporting Standards (IFRS) 15 Indian Accounting Standard (Ind AS) 115. This core principle is described in a five-step model framework: Step 1: Identify the contract with the customer. IND AS 115 Revenue from Contracts with Customers talks about revenue recognition from a contract with a customer for transfer of goods and services. Expert Assisted Services. You can change your ad preferences anytime. transfer of control over goods/services and replaces the ‘fair value’ concept with ‘Transactions Price’ which is better suited for measurement of revenue 36 Shares. Ind AS 115 Revenue from Contracts with Customers, IFRS 15. All Lectures available on YouTube. guarantees) that are within the scope of Ind AS 109 Financial Instruments. Ind AS 115 –Revenue Recognition •A contract is an agreement between two or more parties that creates enforceable rights and obligations. Notified by MCA based on recommendation by ICAI. If you continue browsing the site, you agree to the use of cookies on this website. Now customize the name of a clipboard to store your clips. PowerPoint slide on IND AS compiled by Mahesh Babu Alapati. •A contract can be written, oral, or implied by an entity’scustomary business practices. See our User Agreement and Privacy Policy. - Anand Banka. two companies agree to collaborate on the development of a new 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. Products. The objective of Ind AS 115 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. Tags :accounts. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Comparative S.No. Ind AS 116 Existing Ind AS 17 Lessee Accounting 1. 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. The standard is applicable from accounting periods beginning on or after 1st April 2018. Ind AS 2 Inventories: 12. This Standard will supersede Ind AS-11 ‘Construction Contracts’ and Ind Implementation of Ind AS 115. Lessee accounting will undergo a profound transformation with the applicability of the new standard on leases, Ind AS 116- Leases. Improves comparability of revenue across entities, industries, global capital markets 1. Ind as bbsr (cma m.acharya) Deepak Kar. For eg. See our Privacy Policy and User Agreement for details. 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. Background and Roadmap for implementing Ind AS. Paragraphs in bold type indicate the main principles.) 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. 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). Notified by MCA based on recommendation by ICAI. 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 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 115 is based on IFRS 15, under IFRS and ASC 606, under US GAAP. CONTRACTS WITH CUSTOMERS File Income tax returns for free in 7 minutes EX. 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. See our User Agreement and Privacy Policy. An asset is transferred when (or as) the customer obtains control of that asset”. 1. AS – 24 •Disclosure and certain presentation requirements relating to • Ind AS 101 sets out specific transition requirements and exemptions available on the first time adoption of Ind AS. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 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. The regulatory board is the AS… This Standard does not apply to executory contracts unless they are onerous. Overview of guidance in Ind AS 115. Under Ind AS 116 lessees have to recognise a lease liability reflecting future lease payments … Ind AS 115 is applicable from 1 April 2018, i.e., FY 2018–19. India has issued a corresponding converged standard Ind AS-115 ‘Revenue from Contracts with Customers’. Ind AS 115 "Revenue from Contracts with Customers" - A brief points. 6 Ind AS 16 Property, Plant and Equipment: 18. Improves comparability of revenue across entities, industries, global capital markets 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 … Implementation of Ind AS 115. On March 30, 2019, the Ministry of Corporate Affairs notified the new standard to be effective for annual periods beginning on or after 1 April 2019. Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. khanna1975@yahoo.co.in. Buy Related Books From : www.asfoundation.co.in. 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. Looks like you’ve clipped this slide to already. 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 115 –Revenue Recognition Ind AS 116 –Leases. Ind AS 11 Construction Contracts: 16. Now customize the name of a clipboard to store your clips. 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 10 Events after the Reporting Period: 15. 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. See our Privacy Policy and User Agreement for details. 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. The standard is applicable from accounting periods beginning on or after 1st April 2018. Income Tax Filing. IndAS 115 deals with Revenue from Contracts with Customers. Clipping is a handy way to collect important slides you want to go back to later. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. IND AS 108 Identification of Segments ... • Will remain as Major carve out from IFRS till Ind AS 115 is notified. • 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 17 Leases: 19. Ind AS 115 was originally notified along with the other Ind AS standards in February 2015, but was subsequently deferred in March 2016. 18080 Views. Ind AS 115 specifically excludes collaborative (and certain other) agreements, e.g. Ind AS 115 was originally notified along with the other Ind AS standards in February 2015, but was subsequently deferred in March 2016. PowerPoint slide on IND AS compiled by Mahesh Babu Alapati. 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 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 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 … 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. Indian Accounting Standard (Ind AS) 37 “Provisions, Contingent Liabilities ... Valuation in India - Regulations and Standards, National Financial Reporting Authority Rules 2018, Customer Code: Creating a Company Customers Love, Be A Great Product Leader (Amplify, Oct 2019), Trillion Dollar Coach Book (Bill Campbell). We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. 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. IFRS 15 – REVENUE FROM For eg. IT. This is in accordance with the Companies (Indian Accounting Standard) Rules 2015. 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. 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