Transcription of Indian Accounting Standard (Ind AS) 115 - K C Mehta & Co
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Indian Accounting Standard (Ind AS) 115 - K C Mehta & Co
Indian Accounting Standard ( ind as ) 115 Revenue from Contracts with CustomersInd AS 115 Revenue from Contracts with CustomersBackgroundThe Ministry of Corporate Affairs (MCA), Government of India vide notification GSR 111 (E) dated 16th February, 2015 notified the Companies (India Accounting standards ) Rules, 2015. The applicability of these standards to various listed / unlisted companies (including their holding, subsidiary, joint venture or associate companies) was laid down in this notification also laid down the various standards commonly known as ind as . ind as standards are in broadly line with International Financial Reporting standards (IFRS).IFRS 15 IFRS 15 Revenue from Contracts with Customers was issued in May 2014 and was made effective for an entity's IFRS financial statements for the periods beginning on or after 1st January, 2017.
Ind AS 115 Revenue from Contracts with Customers The 5 step model framework Ind AS 115 moves away from the “transfer of risk and rewards” approach and introduces a new “transfer of control”
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