ITI Finance Executive Interview Questions and Answers

Ind AS 115 is a new revenue recognition standard that replaces the existing revenue recognition guidance in Ind AS 18 and Ind AS 11.

• Ind AS 115 establishes a comprehensive framework for recognizing revenue from contracts with customers.

• It requires entities to identify performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations, and recognize reven...read more

Accounting standards are rules and guidelines set by accounting bodies to ensure consistency and transparency in financial reporting.

• Accounting standards provide a framework for how financial transactions should be recorded, reported, and disclosed.

• They help ensure that financial statements are prepared in a consistent and comparable manner.

• Examples of accounting standards include GAAP (Generally Accepted Accounting Pr...read more

Projects are analyzed through financial statements, budgeting, forecasting, and variance analysis.

• Financial statements are analyzed to assess the financial health of the project.

• Budgeting involves creating a financial plan for the project and comparing actual expenses to the budgeted amounts.

• Forecasting helps predict future financial performance based on historical data and market trends.

• Variance analysis involves comp...read more