RSM India Office Assistant Interview Questions and Answers

IFRS 15 is a revenue recognition standard that outlines principles for recognizing revenue from contracts with customers.

• IFRS 15 provides a single, comprehensive framework for revenue recognition

• It requires entities to identify performance obligations in a contract and allocate the transaction price to each obligation

• The standard also includes guidance on when to recognize revenue over time or at a point in time

• IFRS 15...read more

IFRS 16 is a new accounting standard for leases that requires lessees to recognize assets and liabilities for all leases.

• IFRS 16 replaces the previous standard IAS 17 for lease accounting

• Under IFRS 16, lessees must recognize a right-of-use asset and a lease liability on their balance sheet for all leases, except for short-term leases and low-value assets

• The standard aims to provide more transparency and comparability i...read more