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ind as 115 ppt

AS – 24 •Disclosure and certain presentation requirements relating to Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. Ind AS 116 Existing Ind AS 17 Lessee Accounting 1. 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. 4 Likes. The standard is applicable from accounting periods beginning on or after 1st April 2018 See our User Agreement and Privacy Policy. • 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 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. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Paragraphs in bold type indicate the main principles.) 1. • Ind AS 101 sets out specific transition requirements and exemptions available on the first time adoption of Ind AS. You can change your ad preferences anytime. IndAS 115 deals with Revenue from Contracts with Customers. guarantees) that are within the scope of Ind AS 109 Financial Instruments. • 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 2 Inventories: 12. Expert Assisted Services. Report Abuse. IND AS 115 Revenue from Contracts with Customers talks about revenue recognition from a contract with a customer for transfer of goods and services. See our Privacy Policy and User Agreement for details. 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. Overview of guidance in Ind AS 115. Products. India has issued a corresponding converged standard Ind AS-115 ‘Revenue from Contracts with Customers’. 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. •IND AS 113 also applies to measurements such as fair value less costs to sell, based on fair value or disclosures about those measurements. Improves comparability of revenue across entities, industries, global capital markets 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. 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. Under Ind AS 116 lessees have to recognise a lease liability reflecting future lease payments … 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. CONTRACTS WITH CUSTOMERS We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. See our Privacy Policy and User Agreement for details. 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 Comparative S.No. All Lectures available on YouTube. 1. Ind AS 115 is based on a five-step model shown below: Transition to Ind AS 115 • Ind AS 101 sets out specific transition requirements and exemptions available on the first time adoption of Ind AS. Ind AS 12 Income Taxes: 17. If you continue browsing the site, you agree to the use of cookies on this website. CMA Raman Khanna 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. • An opening balance sheet is prepared at the date of transition, which is the starting point for accounting in accordance with Ind AS. Income Tax Filing. Category Accounts Other Articles by - CA Vivekanand Pote . Ind AS 115 Revenue from Contracts with Customers, IFRS 15. You can change your ad preferences anytime. Ind AS 115 is applicable from 1 April 2018, i.e., FY 2018–19. 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. The standard is applicable from accounting periods beginning on or after 1st April 2018. Notified by MCA based on recommendation by ICAI. Tags :accounts. Ind AS 17 Leases: 19. Now customize the name of a clipboard to store your clips. If you continue browsing the site, you agree to the use of cookies on this website. The regulatory board is the AS… 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. Ind AS 11 Construction Contracts: 16. Satyam scam...a shame in indian corporate it world. 36 Shares. IT. 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 … Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The main objective is to ensure uniformity in financial statements and reports and to make the same user-accessible and transparent. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. India has issued a corresponding converged standard Ind AS-115 ‘Revenue from Contracts with Customers’. By Mahesh Babu Alapati AS 8 Accounting Policies, Changes in Accounting Estimates and Errors:.... To ind as 115 ppt you more relevant ads 15, under US GAAP go back to later main principles. Rules.! 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