Ind as 115 applicability and compliance in financial statement

Question

Accepted Answer

Ind AS 115 is applicable for revenue recognition in financial statements, ensuring compliance with accounting standards.

Ind AS 115 is applicable for all entities that prepare financial statements in accordance with Indian Accounting Standards.
It provides guidance on when and how to recognize revenue from contracts with customers.
Compliance with Ind AS 115 ensures that revenue is recognized in a manner that reflects the transfer of goods or services to customers.
It requires entities to identify performance obligations, determine transaction price, allocate the price to obligations, and recognize revenue when obligations are satisfied.
Examples of revenue recognition under Ind AS 115 include sale of goods, rendering of services, and construction contracts.

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