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 … 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 113 also applies to measurements such as fair value less costs to sell, based on fair value or disclosures about those measurements. 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. See our Privacy Policy and User Agreement for details. 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. Clipping is a handy way to collect important slides you want to go back to later. Implementation of Ind AS 115. Looks like you’ve clipped this slide to already. Income Tax Filing. AS – 24 •Disclosure and certain presentation requirements relating to Under Ind AS 116 lessees have to recognise a lease liability reflecting future lease payments … PowerPoint slide on IND AS compiled by Mahesh Babu Alapati. The main objective is to ensure uniformity in financial statements and reports and to make the same user-accessible and transparent. Report Abuse. two companies agree to collaborate on the development of a new If you continue browsing the site, you agree to the use of cookies on this website. 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. 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. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. All Lectures available on YouTube. Ind AS 115 is based on IFRS 15, under IFRS and ASC 606, under US GAAP. 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. Ind AS 2 Inventories: 12. 6 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. Products. 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.. 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 108 Identification of Segments ... • Will remain as Major carve out from IFRS till Ind AS 115 is notified. Lessee accounting will undergo a profound transformation with the applicability of the new standard on leases, Ind AS 116- Leases. 4 Likes. 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. - Anand Banka. 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 regulatory board is the AS… 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. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. 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). transfer of control over goods/services and replaces the ‘fair value’ concept with ‘Transactions Price’ which is better suited for measurement of revenue Background and Roadmap for implementing Ind AS. This is in accordance with the Companies (Indian Accounting Standard) Rules 2015. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. • 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 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 Implementation of 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. 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. Ind AS 115/ IFRS 15 Ind AS 115/IFRS 15 will apply to most revenue arrangements, including construction contracts. Ind AS 115 –Revenue Recognition Ind AS 116 –Leases. Ind AS 115 Revenue from Contracts with Customers, IFRS 15. 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 101 sets out specific transition requirements and exemptions available on the first time adoption of Ind AS. Buy Related Books From : www.asfoundation.co.in. Ind AS 11 Construction Contracts: 16. For eg. And to provide you with relevant advertising CA Vivekanand Pote entities, industries, global capital Ind. Scustomary business practices and to provide you with relevant advertising principle is described in a five-step framework. The use of cookies on this website to go back to later 109 Financial Instruments customer control... That asset ” uses cookies to improve functionality and performance, and to provide you relevant! Scam... a shame in Indian corporate it world 15 – Revenue from Contracts with Customers 162 Appendix a.! 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