IFRS 15, Revenue from Contracts with Customers is applicable from accounting periods beginning on or after 1 January 2018. Ind AS 115 being the equivalent standard is expected to be applicable to Indian companies following the Ind AS road map framework from 1 April 2018.
IFRS 15, Revenue from Contracts with Customers is applicable from accounting periods beginning on or after 1 January 2018. Ind AS 115 being the equivalent standard is expected to be applicable to Indian companies following the Ind AS road map framework from 1 April 2018. This standard would primarily replace the current standards Ind AS 18, Revenue and Ind AS 11, Construction Contracts.
The new requirements are expected to affect different companies in different ways. The impact may particularly be severe for companies in sectors such as telecommunications, technology, real estate, aerospace and defense, building and construction and contract manufacturing.
Continuing with the series of special sessions on Ind AS 115, our Voices on Reporting webinar held on 21 March 2018 focussed on the significant areas of revenue recognition where current guidance in Ind AS is expected to change due to implementation of Ind AS 115. We covered following sectors:
Downloads :
© 2019 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.