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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 … endobj 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. Microsoft® Word 2013 Identify the Contract with a customer. endobj <>stream 0000001699 00000 n Ind AS 16, Property, Plant and Equipment . Ind AS 115 (Revenue from contracts with customers) Presentedby CA Manoj Pati . Following diagram illustrates the requirements of the model. 511 0 obj 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. 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 Ind AS 7 Statement of Cash Flows: 13. <> AS VS. IND AS Topic AS6, AS 10 Ind AS 16 Change in method of depreciatio n … <> Following the deferral of IFRS 15 to 1 January 2018, the MCA also deferred the application of Ind AS 115 on 30 March 2016, and issued Ind AS 11 (construction contract) and Ind AS 18 (revenue recognition). endobj 89 0 obj 0000013735 00000 n 292 0 obj endobj 0000004162 00000 n Following are the GAAP differences between AS – 19 and IND AS 17. 512 0 obj endobj <> REVENUE – WHAT? <> 0000004536 00000 n IndAS 115/IFRS 15 – Revenue from contracts with Customers Transition from IndAS 18 and IndAS 11 to IndAS 115; 5 Step model to recognise revenue in any contract; Impact of IndAS 115 on different industries; Difference between IFRS 15, IndAS 115, ASC 606 and IAS … 0000033209 00000 n 0000034863 00000 n two companies agree to collaborate on the development of a new drug, from its scope. 510 0 obj <> endobj <> 436 0 obj Ind AS 109 outlines a ‘three-stage’ model (‘general model’) for impairment based on changes in credit quality since initial recognition. endobj endobj endobj endobj Ind AS 24: AS 18: Related Party Disclosures: Related Party Disclosures : 1: … 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. endobj <> <> 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. 119 35 505 0 obj Core principle of Ind AS 115, Revenue from Contracts with Customers. �+�z���N2JD�*}r.�y�ܻ��^`G�Wz�ޘGw�4K9�[Z�G&-+"P��k��}��•>R��[t��L#�-� endobj 0000003012 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. <> 8.268333333333334 The recognition criteria in this Standard are usually applied separately to each transaction. endobj Sale of goods 2. 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. <> endobj [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] 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. endobj 0000034233 00000 n [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] <> Difference Between AS 18 and Ind AS 24. 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. 88 0 obj Paragraphs in bold type indicate the main principles.) <>/Metadata 534 0 R/Pages 2 0 R/StructTreeRoot 88 0 R/Type/Catalog>> 534 0 obj [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] 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 … endobj ��%��[�NOn� .ENQ>��ة\eO�l����8�7vP0�W��A�k�A�����N,��ӡh&�0���������1���a,¤��4tJ�&�$}x$QxjF�@]M�CUxC�=�O.�y��{����{�kD��"(���Som�E�TP�;�����{R@��p�6o������~�:�ս�`m�$�sW�#U�z}�:��9�(j�y�ܽj6�ʘ�nj�*P�8J����8Z�%ŝ#�T�8ջ�F��k����=�� /�� Essentially, lessee accounting undergoes major change, while lessor accounting largely remains unchanged. Ind AS 18. 482 0 obj Readymade Garments Shop Returnable Only Exchange Flight Tickets Sales on CIF basis 3. [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] 507 0 obj 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. 2018-04-02T01:07:53.341-04:00 endobj 508 0 obj Appendix C – Determining whether an arrangement … 91 0 obj Microsoft® Word 2013 Difference between IFRS 15, Ind AS 115, ASC 606 and IAS 18 & IAS 11 2. 11.695 503 0 obj Taxes?? 0000005767 00000 n 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 … Indian Accounting Standard (Ind AS) 18, Revenue, prescribes the recognition and measurement principles for revenue arising from certain types of transactions and events. <> endobj 0000033846 00000 n endobj 0000033700 00000 n IFRS 15/ Ind AS 115 1. Agenda . Lindsey Norman Ind AS 11 deals with revenue arising from construction contracts. endobj 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 … <> 471 0 obj 2018-03-30T18:39:50.000+05:30 This Standard should be applied in accounting for revenue arising from the following transactions: 1. A customer obtains control when it has the ability to direct the use of and obtain the benefits from the good or service. 2018-03-30T09:09:50.000-04:00 104 0 obj 0000027050 00000 n 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 … 8 0000003619 00000 n Certain sectors where revenue comes in tranches such as real estate, telecom, construction … [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] 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. Appendix B – Evaluating the substance of transaction involving legal form of lease 4. Ind AS 17 Leases: 19. 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. 0000011812 00000 n 2018-03-30T09:09:50.000-04:00 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. Ind AS 16 Property, Plant and Equipment: 18. endobj References to “Indian GAAP” are to the standards notified by the Central Government under the Companies (Accounting Standards) Rules, 2006 (applicable to all … In addition, the general Ind AS 115 model applies only when or if: The first step for revenue recognition is identifying a contract … 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 … 407 0 obj Conversel… 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 . <>/MediaBox[0 0 595.32 841.92]/Parent 2 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/StructParents 34/Tabs/S/Type/Page>> 0000000016 00000 n 0000003572 00000 n 0000010649 00000 n 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 … Ind AS 16, Property, Plant and Equipment. 473 0 obj A lessor uses IND AS 115 to allocate consideration between: Lease components: and. endobj 0000000996 00000 n <> 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. 2. <>stream endobj 80 0 obj 504 0 obj 119 0 obj <> endobj xref y �����GP�=�"I -�`�%���+03�qH�N�:�M`IH�K�� ���4�R?�c=�� �Ũ�>!�����#mq��w�2�K�.$4. 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