LTIMindtree Senior Executive Finance & Accounts Interview Questions and Answers

Ind AS 115 is a revenue recognition standard that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers.

• Identify the contract with the customer

• Identify the performance obligations in the contract

• Determine the transaction price

• Allocate the transaction price to the performance obligations

• Recognize revenue when (or as) the entity satisfies a performance o

Accounting for share-based payments under Ind AS 102

• Determine the fair value of the share-based payment

• Recognize the fair value as an expense over the vesting period

• Create a liability for the fair value of the share-based payment

• Disclose the details of the share-based payment in the financial statements

Ind AS 116 is the Indian version of IFRS 16, while AS 16 is the old Indian accounting standard for leases.

• Ind AS 116 is effective from April 1, 2019, while AS 16 was effective from April 1, 2001.

• Ind AS 116 requires lessees to recognize most leases on their balance sheet, while AS 16 only required finance leases to be recognized on the balance sheet.

• Ind AS 116 eliminates the distinction between operating and finance lea...read more

Fair value is the estimated worth of an asset or liability, while intrinsic value is the true underlying value of an asset or liability.

• Fair value is determined based on market prices or valuation techniques, while intrinsic value is calculated based on fundamental analysis.

• Fair value is used for financial reporting and accounting purposes, while intrinsic value is used for investment decision-making.

• Fair value can flu...read more