Following apex accounting advisory panel NACAS's recommendation, the Ministry has decided to postpone implementation of Ind AS 115. CA Santosh Maller. A seller may provide various incentives to its customers as part of a sales arrangement. Ind AS Technical Facilitation Group (ITFG) Clarification Bulletin 23 Clarification given or a view expressed by the ITFG represents the view of the members of the Group and are not necessarily the views of the Ind AS Implementation Committee or the Council of … The Ind AS 115 pertaining to revenue recognition came into effect from April 1. Biological assets: 104 In addition, the general Ind AS 115 model applies only when or if: 13 Need for a standard on Fair Value? 1 Ind AS Outlook Survey was released at the ‘Meet the experts - PwC IFRS Conference 2016’ on 3 February 2016. Exceptions to the Scope . 1 April 2015 will be the transition date to Ind AS. 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. Ind AS 116 Existing Ind AS 17 Lessee Accounting 1. REVENUE – WHAT? 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. Ind AS 115 notified with other 38 Ind AS. 4. Proposed effective date. Ind AS-115 provides single comprehensive framework to be used by entities to recognize revenue from their customers and report useful information about nature, amount, timing and uncertainty of cash flows arising from a customer. 14 Need for a standard on Fair Value? New Ind AS 116, Leases, is based on IFRS 16 Leases which is an outcome of the joint project of IASB of IFRS Foundation and FASB, US National Standard-setter. Ind AS 116, “ Leases” will be applicable on the companies which are preparing their financial statements as per Ind AS. Assets arising from employee benefits: 109. IND AS 12, DEFERED TAX REVISION LECTURE Notes: https://drive.google.com/open?id=1OfHflgKGIvsEwYHwdVab8slzkqoTn52a Ind AS 115: Accounting for revenue arrangements with significant financing . Ind AS 115 replaced by Ind AS 18 and Ind AS 11. Ind AS 116, Leases, replaces the existing standard Ind AS 17, Leases, and interpretation/ guidance contained in its appendices. Ind AS (Indian Accounting Standard) 115 pertaining to revenue recognition is with effect from today. 2. June. Lessee Accounting View all. You would need to develop your own roadmap by considering the key points along the items shown … Value to an Art Collector? Sep. Dec. Mar 2019. Banks provide various incentives to credit card holders as part of their marketing schemes. View all . Previous Previous post: CA Foundation Differentiation and Integration Summary. Ind AS 16 Property, Plant and Equipment: 18. Ind AS 12 Income Taxes: 17. From the IFRS Institute - February 2017. Ind AS 115 Measurement of non-cash consideration Appendix C to Ind AS 17 Accounting standard requirements . Companies with a net worth of INR 250 crore or more (but less than INR 500 crore), and all listed Companies need to report under Ind AS for reporting periods 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. AS – 24 •Disclosure and certain presentation requirements relating to of Ind AS 115, Revenue from Contracts with Customers; and e) Rights held by a lessee under licensing agreements within the scope of Ind AS 38, Intangible Assets for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights. 1 Apr 2018. Ind AS Lab. Ind AS 17 Leases: 19. Financial assets: 41. Ind AS 115/116 workshop; ACCA DipIFRS - online live training; Workshop on transfer pricing; Advanced excel boot camp; Masterclass on ESOPs and other equity-linked long … • Will remain as Major carve out from IFRS till Ind AS 115 is notified. Ind AS 113 12 . Deferred tax assets: 19. ED issued on deferment of Ind AS 115 . Ind AS 115, Revenue Contracts with Customers introduces comprehensive guidance for revenue recognition which applies to contracts with customers across all industries. The accounting body Institute of Chartered Accountants of India notified a new revenue recognition standard for customer contracts in line with the International Financial Reporting Standards. Auditor Rotation - Who's In Who's Out !! Readymade Garments Shop Returnable Only Exchange Flight Tickets Sales on CIF basis 3. Variable consideration under Ind AS 115 . Ind AS 115 specifically excludes collaborative (and certain other) agreements, e.g. Discounts?? The path to Ind AS conversion 6 Summary Your Ind AS conversion is a strategic issue. Annual report. NEW DELHI: Coming out with a clarification on Ind AS (Indian Accounting Standard) 115 in the context of real estate sector, chartered accountants' apex body ICAI on Friday said recognition of revenue as construction progresses is possible considering the circumstances of individual case. Value depends on perspective . Inventories –Ind-AS 2 Provisions, Contingent Liabilities and Contingent Assets: IndAS 37 The Effect of Changes in Foreign Exchange Rates –Ind-AS 21 Borrowing cost –Ind-AS 23 Property, Plant, Equipment’s (IND AS 16) Government Grants (IND AS 20) MAT Impact Revenue recognition -IND AS 115 Intangible Assets (IND AS 38) Ind AS-115 notified on 28.03.2018 by the Ministry of Corporate Affairs, effective from 01.04.2018. 2. IFRS 15/ Ind AS 115 1. Paragraphs in bold type indicate the main principles.) HOW MUCH? Mar 2016. About Practical Guide to Ind AS 115 Revenue from Contracts with Customers. Ind AS 2 Inventories: 12. Ind AS 116 is proposed to be effective from annual periods beginning on or after 1st April, 2019. For example, Ind AS 115 requires companies to provide disaggregated revenue information in the financial statements that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. 1. 1 Disclosures Checklist of Indian Accounting Standards (Ind AS)1 Ind AS 1, Presentation of Financial Statements S. No Refere nce Disclosure Y/NA/N M 1. 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. The Memorandum to the Finance Bill, 2017 mentioned that the adjustment as on the last day of the comparative period is to be considered. • 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). Comparative S.No. The results are also available on the PwC India website at www.pwc.in 2 Ind AS is not applicable to these companies due to the financial year end being other than 31 March. Ind AS 116 supersedes Ind AS 17, Leases. Major changes from Ind AS 17, Leases, are as follows: The definition of a lease in Ind AS 116 has certain differences compared to definition of lease given in Ind AS 17. Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. Inventories: 115. 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. Ind AS for preparation of their financial statements either voluntarily or mandatorily. WHEN? AS 7 VS. IND AS 11 Service concession Arrangements Indian GAAP • In 2008 and 2014, ICAI issued one exposure drafton this but final version was never issued or notified. 31 March 2019. Ind AS 7 Statement of Cash Flows: 13. Ind AS 115 evolution Background Interim reports. WHAT IS REVENUE (OLD) GROSS inflow of ECONOMIC BENEFITS 1. FRS 115 IE 4 Example 43—Disclosure of the transaction price allocated to the remaining performance obligations—qualitative disclosure WARRANTIES IE222 Example 44—Warranties PRINCIPAL VERSUS AGENT CONSIDERATIONS IE230 Example 45—Arranging for the provision of goods or services (entity is an agent) Example 46—Promise to provide goods or services (entity is a principal) 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. Contract assets and assets arising from costs to obtain or fulfil a contract that are recognised in accordance with Ind AS 115: 12. IFRS 15 – REVENUE FROM CONTRACTS WITH CUSTOMERS - Anand Banka 2. 3. 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. Ind AS 115 require extensive qualitative and quantitate disclosures pertaining to contract with customer. Ind AS 10 Events after the Reporting Period: 15. 2. A customer obtains control when it has the ability to direct the … India has issued a corresponding converged standard Ind AS-115 ‘Revenue from Contracts with Customers’. Ind AS 11 Construction Contracts: 16. This Standard will supersede Ind AS-11 ‘Construction Contracts’ and Ind Related Posts. Value to a Scrap dealer? Ind AS for financial years beginning from 1 April 2016 with comparative information for financial year 2015-16 (Phase 1). ... Ajit Viswanath, Director, Accounting Advisory Services,KPMG in India . Ind AS 115 will change the way in which banks account for customer loyalty programmes. The new standard is effective from financial year commencing 1 April 2018. Next Next post: CA Inter SA Charts by Pankaj Garg Sir. Revenue – IGAAP Vs. Ind AS. Starting April 1, the way companies recognise revenue from contracts with their customers is set to change. This may be in the form of cash discounts, volume rebates, free goods or services, customer loyalty programmes, vouchers, etc. Ind AS 115, Revenue from Contracts with Customers 162 Appendix A 169 . two companies agree to collaborate on the development of a new Oct 2015. Post navigation. Technical Reviewer: Sunil Gupta, CA, LL.B, CPA (USA) ABOUT THE BOOK Ind AS 115, Revenue from Contracts with Customers (Ind AS 115) corresponding to IFRS 15 is notified by the MCA vide notification dated 28 March 2018. The new revenue standards, IFRS 15 and ASC 606, originally published in May 2014, are substantially converged. Download CA Final Ind AS Handwritten Summary by Praveen Sharma Sir Applicable for November 2020 Exams and Onward. 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