Indian Accounting Standard (Ind AS) 115-Revenue from Contracts with Customers

Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers

Central Government, in consultation with the National Advisory Committee on Accounting Standards has amended the Companies (Indian Accounting Standards) Rules, 2015.

Accordingly, the Companies (Indian Accounting Standards) Amendment Rules, 2018 has been notified which comes into force from the 1st day of April, 2018.

The following new IndAS has been introduced:

Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers. 

The objective of this Standard 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. This Standard supersedes the following Standards, Ind AS 11, Construction Contracts and  Ind AS 18, Revenue

Also, the following Indian Accounting Standard (Ind AS) have been amended:

Ind-AS 1
Ind-AS 2
Ind-AS 8
Ind-AS 11
Ind-AS 12
Ind-AS 16
Ind-AS 17
Ind-AS 18
Ind-AS 21
Ind-AS 23
Ind-AS 28
Ind-AS 32
Ind-AS 34
Ind-AS 36
Ind-AS 37
Ind-AS 38
Ind-AS 40
Ind-AS 101
Ind-AS 103
Ind-AS 104
Ind-AS 107
Ind-AS 109
Ind-AS 112
Ind-AS 114

Download MCA Notification for Ind AS 115 Click Here >>