Difference between As 9 and Ind AS 115

Question

Accepted Answer

AS 9 and Ind AS 115 are accounting standards that differ in revenue recognition principles.

AS 9 follows the 'realization' principle, recognizing revenue when it is realized or realizable.
Ind AS 115 follows the 'control' principle, recognizing revenue when control of goods or services is transferred to the customer.
AS 9 allows revenue recognition at different stages of completion, while Ind AS 115 requires a more stringent criteria for recognizing revenue.
AS 9 allows for separate recognition of revenue from sale of goods and rendering of services, while Ind AS 115 combines them into a single model.
AS 9 provides specific guidance for industries like construction contracts, while Ind AS 115 provides a more comprehensive framework applicable to all industries.

Accepted Answer

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