Dear Friends,
In india we are following IFRS-15? Anyone can brief me about the same for better understanding?
2 Replies
Asha Kanta Sharma
(Manager - Finance & Accounts)
(36355 Points)
Replied 14 May 2020
IFRS-15 is Ind-AS 115 for India
The Ministry of Corporate Affairs (MCA), on 28 March 2018, notified Ind AS 115, Revenue from Contracts with Customers (which is based on IFRS 15, Revenue from Contracts with Customers) as part of the Companies (Indian Accounting Standards) Amendment Rules, 2018. The new standard is effective for accounting periods beginning on or after 1 April 2018, thus aligning the Ind AS 115 applicability date with the IFRS applicability date i.e. 1 January 2018.
https://mca.gov.in/Ministry/pdf/INDAS115.pdf
Mohanraj J
(1178 Points)
Replied 14 May 2020
It is mandatory for every organization? I mean, how do we recognise revenue in our BS ?
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