Concepts of Ind As 115 & Ind AS 116

Question

Accepted Answer

Ind AS 115 and Ind AS 116 are accounting standards used for revenue recognition and lease accounting respectively.

Ind AS 115: It provides guidance on how to recognize revenue from contracts with customers.
Ind AS 116: It outlines the principles for recognizing, measuring, presenting, and disclosing leases.
Both standards are part of the Indian Accounting Standards (Ind AS) framework.
Ind AS 115 replaces the previous revenue recognition standard (Ind AS 18) and provides a comprehensive framework for revenue recognition.
Ind AS 116 replaces the previous lease accounting standard (Ind AS 17) and introduces significant changes in how leases are accounted for.

Accepted Answer

Yes, read concepts thoroughly of Ind As and auditing standards as well as practical exposure is mist

Accepted Answer

IND As 115 basically deals with revenue recognition on the basis of performance obligation which arises at a point of time in a contract and based on performance obligation only decision regarding contracts is taken whether they shoul be considered as a seperate contracts or a single contract

IND AS 116 deals with leases which focus mainly on recognising RoU Assets and finance income due during the whole life on the leased asset from point of view of lessor and lessee as well

Concepts of Ind As 115 & Ind AS 116

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Concepts of Ind As 115 &amp; Ind AS 116

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Concepts of Ind As 115 & Ind AS 116