Escalon Business Services Financial Controller Interview Questions and Answers

INDAS 115 is a new accounting standard that governs revenue recognition from contracts with customers.

• INDAS 115 replaces the previous accounting standard INDAS 18

• It requires companies to recognize revenue when goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled

• The standard also requires companies to disclose information about the nature...read more

INDAS 116 Leases is a new accounting standard that changes the way leases are accounted for.

• Under INDAS 116, lessees are required to recognize all leases on their balance sheet as a right-of-use asset and a lease liability.

• This standard eliminates the distinction between operating and finance leases.

• Lessees must now recognize interest and depreciation expenses separately on their income statement.

• INDAS 116 also introdu...read more