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Ind AS 11 Construction Contracts: 16. Looks like you’ve clipped this slide to already. guarantees) that are within the scope of Ind AS 109 Financial Instruments. You can change your ad preferences anytime. Improves comparability of revenue across entities, industries, global capital markets AS – 24 •Disclosure and certain presentation requirements relating to 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 16 Property, Plant and Equipment: 18. •A contract can be written, oral, or implied by an entity’scustomary business practices. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Ind AS 17 Leases: 19. Implementation of Ind AS 115. 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. Overview of guidance in Ind AS 115. Looks like you’ve clipped this slide to already. 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 113 also applies to measurements such as fair value less costs to sell, based on fair value or disclosures about those measurements. Ind AS 10 Events after the Reporting Period: 15. 6 The standard is applicable from accounting periods beginning on or after 1st April 2018. khanna1975@yahoo.co.in. IT. 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. PowerPoint slide on IND AS compiled by Mahesh Babu Alapati. 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. Category Accounts Other Articles by - CA Vivekanand Pote . 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. IndAS 115 deals with Revenue from Contracts with Customers. Ind AS 115/ IFRS 15 Ind AS 115/IFRS 15 will apply to most revenue arrangements, including construction contracts. 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. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime. 1. Ind AS 115 specifically excludes collaborative (and certain other) agreements, e.g. - Anand Banka. 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 … “ 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… Under Ind AS 116 lessees have to recognise a lease liability reflecting future lease payments … India has issued a corresponding converged standard Ind AS-115 ‘Revenue from Contracts with Customers’. Income Tax Filing. Background and Roadmap for implementing Ind AS. Ind AS 115, Revenue from Contracts with Customers has introduced a single comprehensive guidance – a ‘five step model’ for analysing revenue transactions. This Standard will supersede Ind AS-11 ‘Construction Contracts’ and Ind Ind AS 115/ IFRS 15 Ind AS 115/IFRS 15 will apply to most revenue arrangements, including construction contracts. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. 1. Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. File Income tax returns for free in 7 minutes EX. Expert Assisted Services. IND AS 115 Revenue from Contracts with Customers talks about revenue recognition from a contract with a customer for transfer of goods and services. This core principle is described in a five-step model framework: Step 1: Identify the contract with the customer. Ind AS 115 –Revenue Recognition Ind AS 116 –Leases. This Standard does not apply to executory contracts unless they are onerous. Now customize the name of a clipboard to store your clips. For eg. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 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. This is in accordance with the Companies (Indian Accounting Standard) Rules 2015. See our Privacy Policy and User Agreement for details. Ind AS 115 was originally notified along with the other Ind AS standards in February 2015, but was subsequently deferred in March 2016. Ind AS 7 Statement of Cash Flows: 13. Implementation of Ind AS 115. 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 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). IndAS 115 deals with Revenue from Contracts with Customers. • An opening balance sheet is prepared at the date of transition, which is the starting point for accounting in accordance with Ind AS. All Lectures available on YouTube. Ind AS 115 –Revenue Recognition •A contract is an agreement between two or more parties that creates enforceable rights and obligations. 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.. If you continue browsing the site, you agree to the use of cookies on this website. 4 Likes. 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. Indian Accounting Standards (AS) can be understood as standards for the IFRS (International Financial Reporting Standards) to ensure that Indian Companies are accessible globally. 1. Lessee accounting will undergo a profound transformation with the applicability of the new standard on leases, Ind AS 116- Leases. The main objective is to ensure uniformity in financial statements and reports and to make the same user-accessible and transparent. 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. For eg. 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. 18080 Views. International Financial Reporting Standards (IFRS) 15 Indian Accounting Standard (Ind AS) 115. • An opening balance sheet is prepared at the date of transition, which is the starting point for accounting in accordance with Ind AS. Products. Ind AS 2 Inventories: 12. 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. If you continue browsing the site, you agree to the use of cookies on this website. Share. two companies agree to collaborate on the development of a new CONTRACTS WITH CUSTOMERS 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. Now customize the name of a clipboard to store your clips. Ind AS 115 is based on IFRS 15, under IFRS and ASC 606, under US GAAP. 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.’ See our Privacy Policy and User Agreement for details. Tags :accounts. See our User Agreement and Privacy Policy. India has issued a corresponding converged standard Ind AS-115 ‘Revenue from Contracts with Customers’. • 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. 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). Ind AS 115, Revenue from Contracts with Customers 162 Appendix A 169 . If you continue browsing the site, you agree to the use of cookies on this website. These standards adopted were made mandatory for certain companies. An asset is transferred when (or as) the customer obtains control of that asset”. 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. 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. PowerPoint slide on IND AS compiled by Mahesh Babu Alapati. 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 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. IND AS 108 Identification of Segments ... • Will remain as Major carve out from IFRS till Ind AS 115 is notified. Improves comparability of revenue across entities, industries, global capital markets 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 36 Shares. The standard is applicable from accounting periods beginning on or after 1st April 2018. •IND AS 113 also applies to measurements such as fair value less costs to sell, based on fair value or disclosures about those measurements. Satyam scam...a shame in indian corporate it world. 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 … Ind AS 115 was originally notified along with the other Ind AS standards in February 2015, but was subsequently deferred in March 2016. Ind AS 116, “ Leases” will be applicable on the companies which are preparing their financial statements as per Ind AS. 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). Report Abuse. 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