0000003572 00000 n <> <> [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] 436 0 obj 91 0 obj Conversel… <> 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 <> Ind AS 115 is applicable to contracts with customers to provide goods or services in the ordinary course of business. 513 0 obj 0000008232 00000 n 0000010649 00000 n 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 … %PDF-1.7 %���� 514 0 obj 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. 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 – WHAT? endobj 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 Revenue: 20. 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. 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 … Ind AS 16, Property, Plant and Equipment. 128 0 obj As for lessee, the existing distinction between financial and operating leases (whereby the former was on the balance sheet, and the latter … 0000033209 00000 n 0000001914 00000 n Sale of goods 2. Difference Between AS 18 and Ind AS 24. 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. In addition, the general Ind AS 115 model applies only when or if: 0000013735 00000 n 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. Identify the Contract with a customer. <>stream Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. WHEN? AS VS. IND AS Topic AS6, AS 10 Ind AS 16 Change in method of depreciatio n … Lindsey Norman endobj 0000012737 00000 n [291 0 R 293 0 R 293 0 R 293 0 R 295 0 R 296 0 R 296 0 R 296 0 R 301 0 R 305 0 R 307 0 R 308 0 R 313 0 R 313 0 R 313 0 R 313 0 R 313 0 R 317 0 R 318 0 R 323 0 R 323 0 R 323 0 R 323 0 R 323 0 R 327 0 R 328 0 R 333 0 R 333 0 R 333 0 R 333 0 R 333 0 R 337 0 R 339 0 R 340 0 R 345 0 R 345 0 R 345 0 R 345 0 R 345 0 R 345 0 R 345 0 R 345 0 R 349 0 R 350 0 R 355 0 R 355 0 R 355 0 R 355 0 R 355 0 R 355 0 R 359 0 R 360 0 R 365 0 R 365 0 R 365 0 R 365 0 R 365 0 R 369 0 R 371 0 R 373 0 R 374 0 R 379 0 R 379 0 R 379 0 R 379 0 R 379 0 R 379 0 R 381 0 R 382 0 R 387 0 R 387 0 R 387 0 R 387 0 R 387 0 R 387 0 R 389 0 R 392 0 R 394 0 R 396 0 R 398 0 R 399 0 R] 0000001699 00000 n 89 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. 0000000016 00000 n Agenda . 505 0 obj endobj 0000004276 00000 n Ind AS … KEY DIFFERENCES- AS VS. IND AS 1. 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. Following diagram illustrates the requirements of the model. IND AS 16 PROPERTY, PLANT AND EQUIPMENTS Titre de la présentation Date. endobj This standard will change the manner in which companies will recognise and report revenues. The new revenue standard is expected to be applicable to Indian companies following the Ind AS … A customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or service. Ind AS 17 Leases: 19. 2018-03-30T09:09:50.000-04:00 Lindsey Norman 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. 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 … 292 0 obj 0000033700 00000 n endobj ���C#��< � `��� LbG��((�� This is a common practice when nature of the business transactions are becoming more complex day by day. Property taxes and insurance: 39 : Example … endobj Apart from AS-19 contents 2. 425 0 obj Paragraphs in bold type indicate the main principles.) endobj <> 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 … This standard also modifies other Ind AS for e.g. 0000006857 00000 n Ind AS 16, Property, Plant and Equipment . [93 0 R 96 0 R 97 0 R 98 0 R 99 0 R 101 0 R 102 0 R] Ind AS 12 Income Taxes: 17. IFRS 15 – REVENUE FROM CONTRACTS WITH CUSTOMERS - Anand Banka 2. endobj Microsoft® Word 2013 endobj 0000011812 00000 n 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 . application/pdf 0000033170 00000 n Grant Thornton India invites you to join one day workshop on new accounting standards IndAS 115/ IFRS 15 and IndAS116 / IFRS 16. Certain sectors where revenue comes in tranches such as real estate, telecom, construction … 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]� <> Objective. 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