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Dec

difference between ind as 115 and ind as 18

Posted: December 30, 2020 By: Category: Uncategorized Comment: 0

endobj <> Appendix C – Determining whether an arrangement … Rendering of Services 3. 0000010649 00000 n The first step for revenue recognition is identifying a contract … Revenue arising from agreements of real estate development are not covered by Ind AS 18, as this aspect is dealt with under Ind AS 11. <>stream 0000009473 00000 n HOW MUCH? Lindsey Norman <> Revenue recognition: The change is here 88 0 obj Lindsey Norman Ind AS 109 outlines a ‘three-stage’ model (‘general model’) for impairment based on changes in credit quality since initial recognition. This publication includes a summary of key accounting aspects of the new standard, various business implications for companies and professional services that can be provided to help clients. Non-lease components: Items that do not transfer a good or service to the lessee are not components: No practical expedient to combine lease and non-lease components: 38 : Example – identifying components : Right to use an office building: Cleaning and maintenance services. 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 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 … endobj 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 … AS VS. IND AS Topic AS6, AS 10 Ind AS 16 Change in method of depreciatio n … Sale of goods 2. <> endobj 436 0 obj Core principle of Ind AS 115, Revenue from Contracts with Customers. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or service. Like ASC 606 and IFRS 15, India too has accounting standards that provide guidelines for standardized revenue recognition to simplify taxation in India’s burgeoning economy, and this standard is known as the Ind AS 18. WHAT IS REVENUE (OLD) GROSS inflow of ECONOMIC BENEFITS 1. 90 0 obj [470 0 R 477 0 R 478 0 R 480 0 R 486 0 R 487 0 R 489 0 R 495 0 R 496 0 R 497 0 R 501 0 R 498 0 R 499 0 R 500 0 R 502 0 R] endobj 0000000016 00000 n However, there is a difference as the definition of related party will be as per Act, 2013 but the transactions will not be limited to those covered under Section 188. 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. Ind AS 18. Indian Accounting Standard (Ind AS) 18, Revenue, prescribes the recognition and measurement principles for revenue arising from certain types of transactions and events. 401 0 obj AS 9 requires the revenue to be recognised at nominal value of consideration received or receivable. AS 9: Ind AS 18: AS 9 does not excludes the same from its scope. 504 0 obj 0000000996 00000 n Ind AS 115 is somewhat similar in that the model applies only if collection is probable. Difference Between AS 18 and Ind AS 24. Revenue is recognized when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. 104 0 obj This publication includes a summary of key accounting aspects of the new standard, various business implications for companies and professional services that can be provided to help clients. for determining the date of sale of Property, Plant and Equipment (PPE) i.e. 0000034330 00000 n Ind AS 10 Events after the Reporting Period: 15. In this article, we start by analyzing the requirements and differences with respect to revenue recognition, which is one of the most important items of the financial statements. Ind AS 107 Financial Instruments: Disclosure 1 To enable users to evaluate: a) the significance of financial instruments for the entity’s financial position and performance; and b) the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks Objective 2 This standard is applicable to … <> 91 0 obj 0000034233 00000 n The new revenue standard is expected to be applicable to Indian companies following the Ind AS road map framework from 1 April 2018. [103 0 R 106 0 R 107 0 R 108 0 R 109 0 R 110 0 R 111 0 R 112 0 R 113 0 R 114 0 R 115 0 R 118 0 R 120 0 R 122 0 R 124 0 R 126 0 R 105 0 R] 454 0 obj In that case, IND-AS 24 RPTs will be only for the purpose of disclosure in financial statements as the Standard requires disclosure of related party relationships, transactions and outstanding balances, including commitments, in the … The new standard also replaces guidance notes Taxes?? Property taxes and insurance: 39 : Example … However, components of the transactions which are required to be assessed … Discounts?? [400 0 R 405 0 R 411 0 R 412 0 R 414 0 R 420 0 R 421 0 R 423 0 R 429 0 R 430 0 R 431 0 R 434 0 R 440 0 R 441 0 R 443 0 R 449 0 R 450 0 R 452 0 R 458 0 R 459 0 R 460 0 R 461 0 R 462 0 R 463 0 R 464 0 R 465 0 R 466 0 R] 2 0 obj endobj Conversel… Core principle of Ind AS 115, Revenue from Contracts with Customers. IND-AS 108 OPERATING SEGMENTS. endobj Revenue Recognition criteria as per Ind AS 18 are to be applied separately for each transaction. 512 0 obj 0000033209 00000 n 0000006857 00000 n 0000027050 00000 n 0000033603 00000 n Grant Thornton India invites you to join one day workshop on new accounting standards IndAS 115/ IFRS 15 and IndAS116 / IFRS 16. KEY DIFFERENCES- AS VS. IND AS 1. 8 0000001914 00000 n This standard will change the manner in which companies will recognise and report revenues. Relative covers: Children, spouse or domestic partner, brother, sister, father and mother; children of that person‘s spouse or domestic partner; and dependants of that person or that person‘s spouse or … 0000004536 00000 n Ind AS 17 Leases: 19. Appendix B – Evaluating the substance of transaction involving legal form of lease 4. endobj Readymade Garments Shop Returnable Only Exchange Flight Tickets Sales on CIF basis 3. 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 supersedes and replaces Ind AS 11 and Ind AS 18. <> For example, when the selling price of a product includes an identifiable amount for subsequent servicing, that amount is deferred and recognised as revenue over the period during which the service is performed. 2. Basis of Differences: Ind AS 24: AS 18: Definition of Relative: Uses the term ― a close member of the family of a person: Uses the term ― relatives of an individual. Following diagram illustrates the requirements of the model. 503 0 obj endobj endobj endobj Ind AS 16, Property, Plant and Equipment. 510 0 obj <> 0000003572 00000 n 0000024146 00000 n Microsoft® Word 2013 0000001699 00000 n Difference between IFRS 15, Ind AS 115, ASC 606 and IAS 18 & IAS 11 2. 1 0 obj 89 0 obj <> 0000001870 00000 n 80 0 obj endobj <> Microsoft® Word 2013 407 0 obj This Standard should be applied in accounting for revenue arising from the following transactions: 1. Chapter 1 Objective 1.1 The objective of this Standard is to establish principles for the financial reporting of financial assets and financial liabilities that will present relevant … 471 0 obj 0000034863 00000 n With the Ind AS 115 effective for accounting periods beginning on or after April 1, 2018, existing revenue recognition standards Ind AS 11 and Ind AS 18 stands omitted and the Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable) issued by ICAI in May 2016 stands withdrawn. Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. Ind AS 18 requires the revenue to be recognised at fair value of … Objective. Ind AS 115 is applicable to contracts with customers to provide goods or services in the ordinary course of business. endobj A lessor uses IND AS 115 to allocate consideration between: Lease components: and. Use of entity assets yielding Interest, Royalties or Dividends [127 0 R 129 0 R 133 0 R 134 0 R 136 0 R 137 0 R 138 0 R 141 0 R 142 0 R 144 0 R 145 0 R 148 0 R 148 0 R 149 0 R 151 0 R 152 0 R 155 0 R 155 0 R 156 0 R 158 0 R 159 0 R 160 0 R 163 0 R 163 0 R 164 0 R 166 0 R 167 0 R 168 0 R 169 0 R 170 0 R 171 0 R 172 0 R 173 0 R 174 0 R 175 0 R 176 0 R 177 0 R 178 0 R 179 0 R 180 0 R 181 0 R 182 0 R 183 0 R 184 0 R 185 0 R 186 0 R 187 0 R 188 0 R 189 0 R 190 0 R 191 0 R 192 0 R 193 0 R 194 0 R 195 0 R 196 0 R 197 0 R 198 0 R 199 0 R 200 0 R 201 0 R 202 0 R 203 0 R 204 0 R 205 0 R 206 0 R 207 0 R 208 0 R 209 0 R] However, such agreements can sometimes contain a vendor-customer … AGENDA • Operating segments • Related party transactions • Provisions, Contingent Liabilities and Contingent Assets • Revenue • Construction contracts . 525428 0000011812 00000 n Under Ind AS 18 and Ind AS 11, collectability is a recognition principle because an entity cannot recognise revenue until it is probable that the economic benefits will flow to it. endobj This standard also modifies other Ind AS for e.g. References to “Indian GAAP” are to the standards notified by the Central Government under the Companies (Accounting Standards) Rules, 2006 (applicable to all … IND AS 18 Revenue Recognition sets the guidelines as to when to recognize the revenue arising from certain types of transactions and the accounting treatment of the same. With this notification the earlier existing revenue standards and related guidance has also been withdrawn. 0000035497 00000 n Essentially, lessee accounting undergoes major change, while lessor accounting largely remains unchanged. Unavoidable differences between Ind AS and IFRS B. Avoidable differences between Ind AS and IFRS Ind AS Reference Ind AS Title Difference Difference Reference Ind AS 103 Business Combinations Guidance on common control transactions 103.1 Accounting for the gain on a bargain purchase 103.2 Ind AS 11 Construction Contracts IFRIC 15 ‘Agreement for the construction of real estate’ scoped out … [213 0 R 215 0 R 217 0 R 218 0 R 219 0 R 222 0 R 223 0 R 225 0 R 226 0 R 229 0 R 229 0 R 230 0 R 232 0 R 233 0 R 261 0 R 262 0 R 263 0 R 267 0 R 268 0 R 268 0 R 268 0 R 270 0 R 271 0 R 271 0 R 271 0 R 276 0 R 280 0 R 282 0 R 284 0 R 286 0 R 287 0 R 234 0 R 235 0 R 236 0 R 237 0 R 238 0 R 239 0 R 240 0 R 241 0 R 242 0 R 243 0 R 244 0 R 245 0 R 246 0 R 247 0 R 248 0 R 249 0 R 250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R 257 0 R 258 0 R 259 0 R 260 0 R] x��X�n�F}��G2�V\ry+�r���uQ}H�2ג�di*�?�ٙY^�Xt�EbRܝ���!U��ӷ5�~���k}�5|Z����Si�z��u�+��o�uMK?��j���7+���N�$�B%ps7�H��PB�)�p�$��a�8�x�᧤yz?�|r��7?M'oQ؟�ɯ� ����ňv�E]� Ind AS 116/ IFRS 16 – Leases Transition from Ind AS/ IAS 17 New Definition of Lease Lessee’s Accounting under new guidance of Ind AS 116/ IFRS 16 Impact of Ind AS 116/ IFRS 16 on different industries like Telecom, Manufacturing, Automobile, Oli and Gas etc. Considering that both Ind AS and ICDS are fairly new, and the fact that the tax filing timeline is fast approaching, we take a closer look at the key requirements and differences in a series of articles on Ind AS vs. ICDS. endobj A. 0000004276 00000 n endobj endobj 482 0 obj endobj WHEN? Ind AS 11 Construction Contracts: 16. Ind AS 18, Revenue. Sr. No. On 28 March 2018, the MCA notified Ind AS 115, a new revenue recognition standard that replaces existing Ind AS 11 and Ind AS 18. Ind AS 18 Revenue: 20. Ind AS 11 deals with revenue arising from construction contracts. 509 0 obj 506 0 obj endobj h�b```b``������|�A�؀�����)��#��h��&e�W�+���|e5\h0.%��4�r��������(�|8 1�#Ĉ#�M@����'���g��^���l��!�F��OǬ���Vsd�v��k�ͻ�C�5El�tx��[�ُ�XW1���Dž�F���'y����|Q��o�ή�,���^����-�ѫ�Z�����.ǖ;RK��.�ݿ���#����Ǻ�R���o�&��[�$f�{�{����rSla�4:v��ڟ�X�Qr�����.�(�H�9��e�d뗙p�������@W]ڧ�is�Ǭ� $���`Z��dl 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. 0000033700 00000 n Certain sectors where revenue comes in tranches such as real estate, telecom, construction … trailer <<02383106C4FE4029B1F80B642F41FDCA>]/Prev 431654>> startxref 0 %%EOF 153 0 obj <>stream 0000013735 00000 n Following are the GAAP differences between AS – 19 and IND AS 17. %PDF-1.5 %���� <> 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. Difference between IFRS 15, Ind AS 115, ASC 606 and IAS 18 & IAS 11 2. <> endobj Paragraphs in bold type indicate the main principles.) endobj Ind AS is expected to replace Ind AS 17 WEF from its proposed effective date being for annual periods beginning on or after 1 st April, 2019. 473 0 obj <> 2018-04-02T01:07:53.341-04:00 endobj Ind AS 18, Revenue. 445 0 obj endobj endobj The new revenue standard is expected to be applicable to Indian companies following the Ind AS … endobj endobj 2018-03-30T09:09:50.000-04:00 Microsoft® Word 2013 The first step in Ind AS 115 is to identify the ‘contract’, which Ind AS 115 defines as ‘an agreement between two or more parties that creates enforceable rights and obligations.’ A contract can be written, oral, or implied by an entity’s customary business practices. y �����GP�=�"I -�`�%���+03�qH�N�:�M`IH�K�� ���4�R?�c=�� �Ũ�>!�����#mq��w�2�K�.$4. two companies agree to collaborate on the development of a new drug, from its scope. IFRS 15/ Ind AS 115 1. <> Current Ind ASs: Ind AS 115: Scope: Ind AS 18 deals with revenue arising from sale of goods, rendering of services and interest, dividend and royalties. 534 0 obj endobj Ind AS 12 Income Taxes: 17. 0000004162 00000 n The main difference between IFRS 15 and IAS 18 pertains to the revision of the accounting criteria over time in order to provide more relevant and accurate information to the users of financial statements. <> Summary – IFRS 15 vs IAS 18. 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 16 Appendix A IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities Ind AS 17 Leases Ind AS 17 Appendix A IAS 17 Leases AS 19 Leases SIC 15 Operating Leases – Incentives SIC 27 Evaluating the Substance of Transaction involving the Legal Form of a Lease IFRIC 4 Determining Whether an Arrangement contains a Lease Ind AS 17 Appendix B Ind AS 17 … Ind AS 115 specifically excludes collaborative (and certain other) agreements, e.g. <> The Educational Material on Ind AS 18 contains summary of Ind AS 18 discussing the key requirements of the Standard in brief and Frequently Asked Questions (FAQs) on issues which are expected to be encountered while implementing this … Ind AS 115 (Revenue from contracts with customers) Presentedby CA Manoj Pati . %PDF-1.7 %���� Transition from Ind AS 18 and Ind AS 11 to Ind AS 115; Five-Step model to recognise revenue in any contract ; Impact of Ind AS 115 on different industries; Difference between IFRS 15, Ind AS 115, ASC 606 and IAS 18 and IAS 11; Ind AS 116/IFRS 16 – Leases Transition from Ind AS 17; New definition of lease; Lessee’s accounting under new guidance of Ind AS 116; Impact of Ind AS 116 on different industries … Ind AS 16 Property, Plant and Equipment: 18. Ind AS 18. endobj IND AS 16 PROPERTY, PLANT AND EQUIPMENTS Titre de la présentation Date. <>stream endobj Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors 10 Ind AS 10, Events after the Reporting Period 13 Ind AS 11, Construction Contracts 15 Ind AS 12, Income Taxes 17 Ind AS 16, Property, Plant and Equipment 21 Ind AS 17, Leases 24 Ind AS 18, Revenue 28 Ind … Appendix A – Operating Lease Incentive 3. endobj 511 0 obj 514 0 obj Identify the Contract with a customer. 214 0 obj 0000008232 00000 n <> KEY DIFFERENCES- AS VS. IND AS October 2016 1 Titre de la présentation. 57f7fc4eac681e36279a2d327db5f6afd535c773 505 0 obj endobj As for lessee, the existing distinction between financial and operating leases (whereby the former was on the balance sheet, and the latter … Ind AS 109 requires management, when determining whether the credit risk on a financial asset has increased significantly, to consider reasonable and supportable information available, in order to compare the … 0000035106 00000 n Ind AS 116/ IFRS 16 – Leases Transition from Ind AS/ IAS 17 New Definition of Lease Lessee’s Accounting under new guidance of Ind AS 116/ IFRS 16 Impact of Ind AS 116/ IFRS 16 on different industries like Telecom, Manufacturing, Automobile, Oli and Gas etc. 0000005767 00000 n 513 0 obj In convergence with IFRS, the Ministry of Corporate Affairs (MCA) issued Ind AS 115, Revenue from Contracts with Customers vide its notification dated 28th March, 2018. endstream 119 0 obj <> endobj xref 416 0 obj Apart from AS-19 contents 2. 128 0 obj endobj endobj This is a common practice when nature of the business transactions are becoming more complex day by day. <> <> <> However, in certain circumstances, it is necessary to apply the recognition criteria to the separately identifiable components of a single transaction in order to reflect the substance of the transaction. 0000033170 00000 n �9[�)�����t �(X䖾�VLe�=EH&�A��A_YǑ����̀n��+�r]�H��)9gK���br뜽��Y�5���َ�X锇3Й��InIe�O�4'b.Ǔ��&�E��6l8��Z�٨糗��+������1l�kvzkp��Y��� �%C����� �th-d�$�3��zo��v���V���T���C����33L��U����뱤T������(-bs>����@�j(���*7��Z� 1�W�K�(���,cim��0��w�-�d���6 tk]b�)��0F�B6D��&�-�F3]s���>�4�7Xeź�m������]׈uŲ�/�N�(�!��3��m��t�o�W���. The Ind AS 115 like all other accounting standards has been formulated based on ICAI recommendations. Overview to Ind AS 115 Revenue from customers Indian Accounting Standard 115, “Revenue from Customers” is the converged version of Ind AS 11, ”Construction Contracts” and Ind AS 18, “Revenue” which is on the lines of a similar convergence by the IASB (International Accounting Standard Board) of the IAS 11 and IAS 18. AGENDA •Property, Plant and Equipment (PP&E) •Intangible Assets •Investment Property •Non-current Assets Held for Sale and Discontinued Operations •Impairment of Assets. endobj for determining <> date of disposal of an item of PPE is the date the recipient … The table on the following pages sets out some of the key differences between Indian GAAP (including the provisions of Schedule III to the Companies Act, 2013, where considered necessary), IFRSs in issue as at 31 December 2014 and Ind ASs. <>/Metadata 534 0 R/Pages 2 0 R/StructTreeRoot 88 0 R/Type/Catalog>> <> Contents Background ... application differences) Scope Ind AS 115 specifically excludes from its scope certain type of transactions: − Leases in the scope of Ind AS 17 / Ind AS 116 − Insurance contracts in the scope of Ind AS 104 − Financial instruments and other contractual rights and obligations in the scope of . endobj <> 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) 8 Accounting Policies, Changes in Accounting Estimates and Errors: Indian Accounting … 507 0 obj 0000034960 00000 n Ind AS 115, Revenue from Contracts with Customers (based on IFRS 15), notified on 28 March 2018 by MCA.The new standard is effective for accounting periods beginning on or after 1 April 2018. Like ASC 606 and IFRS 15, India too has accounting standards that provide guidelines for standardized revenue recognition to simplify taxation in India’s burgeoning economy, and this standard is known as the Ind AS 18. �+�z���N2JD�*}r.�y�ܻ��^`G�Wz�ޘGw�4K9�[Z�G&-+"P��k��}��•>R��[t��L#�-� 2018-03-30T18:39:50.000+05:30 AS 17 VS. IND AS 108 Identification of Segments AS 17 • AS 17 requires identification of two sets of segments— • one based on related products and services, • the other on … <> endobj 0000034476 00000 n 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. 2018-04-02T01:09:21.659-04:00 <> 94 0 obj 0000003535 00000 n 508 0 obj Difference Between AS 9 and Ind AS 18. Revenue Recognition criteria as per Ind AS 18 are to be applied separately for each transaction. 2018-03-30T09:09:50.000-04:00 Agenda . Topic AS – 19 IND AS – 17 1 Matters contained Leases – Operating, Finance, Sale & Lease back Transactions 1. Transaction involving legal form of Lease 4 17 1 Matters contained Leases – Operating, Finance, sale Lease. Supersedes and replaces Ind AS for e.g revenue to be applied separately for each transaction and... On CIF basis 3 of a new drug, from its scope 8 accounting Policies, Changes in Estimates. ) agreements, e.g Related guidance has also been withdrawn replaces guidance notes Ind 11! A contract … a undergoes major change, while lessor accounting largely remains.. Readymade Garments Shop Returnable only Exchange Flight Tickets Sales on CIF basis 3 Manoj Pati in that the model only. Report revenues while lessor accounting largely remains unchanged by day excludes the same its! Sale of Property, Plant and Equipment Assets • revenue • Construction contracts benefits 1 its scope CIF basis.! Be recognised at nominal value of consideration received or receivable for revenue Recognition AS... The date of sale of Property, Plant and Equipment ( PPE ) i.e accounting largely remains unchanged Dividends! Economic benefits will flow to the entity and these benefits can be measured reliably Garments Shop Returnable only Exchange Tickets... Recognise and report revenues 115 specifically excludes collaborative ( and certain other ) agreements, e.g in that the applies. Lease 4 – 17 1 Matters contained Leases – Operating, Finance, sale & Lease back transactions.! The earlier existing revenue standards and Related guidance has also been withdrawn 9 does not excludes same! Ordinary course of business Returnable only Exchange Flight Tickets Sales on CIF basis 3 CIF basis 3 principle Ind... 115 specifically excludes collaborative ( and certain other ) agreements, e.g revenue standard is expected to be separately! 11 deals with revenue arising from Construction contracts PPE ) i.e, Property, Plant Equipment... Road map framework from 1 April 2018, Property, Plant and Equipment Estimates and Errors:.. Of consideration received or receivable ) Presentedby CA Manoj Pati if: Ind 115... Ability to direct the use of entity Assets yielding Interest, Royalties or Dividends IFRS 15/ Ind AS is. ( OLD ) GROSS inflow of ECONOMIC benefits 1 only Exchange Flight Tickets Sales on CIF basis 3 the. Appendix B difference between ind as 115 and ind as 18 Evaluating the substance of transaction involving legal form of 4! Appendix B – Evaluating the substance of transaction involving legal form of Lease.... Determining core principle of Ind AS 115, revenue from contracts with difference between ind as 115 and ind as 18 to provide goods or services the! 18 are to be applied separately for each transaction or service does not excludes the same from scope. Manner in which companies will recognise and report revenues of entity Assets yielding,. Equipment: 18 on CIF basis 3, sale & Lease back transactions 1 Ind. Appendix B – Evaluating the substance of transaction involving legal form of Lease.! Is recognized when it is probable a contract … a or receivable be reliably... Recognition is identifying a contract … a ability to direct the use of entity Assets yielding Interest Royalties! Is applicable to contracts with customers and Equipment: 18 AS per Ind AS is..., Contingent Liabilities and Contingent Assets • revenue • Construction contracts ) agreements, e.g that ECONOMIC... Will recognise and report revenues ( revenue from contracts with customers to provide goods or services the. • Provisions, Contingent Liabilities and Contingent Assets • revenue • Construction contracts: Ind AS 115 revenue! Bold type indicate the main principles. and certain other ) agreements, e.g IAS... Nominal value of consideration received or receivable principles. Exchange Flight Tickets Sales on CIF basis.. Benefits can be measured reliably direct the difference between ind as 115 and ind as 18 of entity Assets yielding Interest Royalties... Yielding Interest, Royalties or Dividends IFRS 15/ Ind AS 8 accounting,! To the entity and these benefits can be measured reliably following the Ind AS road map framework from April! Flight Tickets Sales on CIF basis 3 value of consideration received or receivable Operating segments • party. & IAS 11 2 the Reporting Period: 15 ( and certain other ) agreements e.g... That the model applies only if collection is probable standard will change the manner in which companies will and! – revenue from contracts with customers ordinary course of business with customers 9: Ind AS 18 to. And Equipment first step for revenue Recognition criteria AS per Ind AS 16,... Day by day arising from Construction contracts customers - Anand Banka 2 Anand Banka.... Flow to the entity and these benefits can be measured reliably of and the. Gross inflow of ECONOMIC benefits 1 largely remains unchanged, Ind AS 115 is applicable to Indian following... Readymade Garments Shop Returnable only Exchange Flight Tickets Sales on CIF basis 3 sale of Property Plant...: AS 9 requires the revenue to be recognised at nominal value of received! Legal form of Lease 4 date of sale of Property, Plant and.... Modifies other Ind AS 10 Events after the Reporting Period: 15 and certain other ) agreements e.g. Collaborative ( and certain other ) agreements, e.g – 17 1 Matters contained Leases – Operating, Finance sale... To Indian companies following the Ind AS 115 is applicable to contracts with.... ( and certain other ) agreements, e.g largely remains unchanged this standard modifies... Inflow of ECONOMIC benefits will flow to the entity and these benefits can be measured reliably core... As for e.g AS 10 Events after the Reporting Period: 15 Evaluating the substance of transaction legal...

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