Ind as 115 detailed explanation

Question

Accepted Answer

Ind AS 115 is a new revenue recognition standard that replaces existing revenue recognition standards.

Ind AS 115 provides a single, comprehensive revenue recognition model for all contracts with customers.
It requires companies to recognize revenue when control of goods or services is transferred to the customer.
The standard also requires companies to disclose more information about their revenue recognition policies and the nature of their contracts with customers.
Ind AS 115 has significant impacts on various industries, including software, telecommunications, and construction.
The standard is effective for annual reporting periods beginning on or after April 1, 2018.

Top Larsen & Toubro Limited Cost and Management Accountant interview questions & answers