S.R.Batliboi & Co. Interview Questions and Answers

Ind AS 115 is a revenue recognition standard that outlines a five step model for recognizing revenue from contracts with customers.

• Ind AS 115 is based on the principle that revenue should be recognized when goods or services are transferred to the customer at the amount the entity expects to be entitled to.

• The five step model includes: identifying the contract with the customer, identifying the performance obligations ...read more

CARO (Companies Auditor's Report Order) has undergone major changes to enhance transparency and accountability in financial reporting.

• CARO 2020 has expanded the scope of reporting requirements for auditors.

• It now includes reporting on various additional matters such as internal financial controls, default in repayment of loans, frauds, etc.

• The threshold limits for reporting on related party transactions have been revis...read more

IFC stands for Incremental File Change. It is a method used in software development to track changes in files over time.

• IFC is commonly used in version control systems like Git to track changes made to files.

• It allows developers to see the history of changes, revert to previous versions, and collaborate with others on the same codebase.

• Practical examples of using IFC include committing code changes to a Git repository,...read more

AS 9 and Ind AS 115 are accounting standards related to revenue recognition, with Ind AS 115 being more comprehensive and principles-based.

• AS 9 is the old Indian Accounting Standard related to revenue recognition, while Ind AS 115 is the new converged Indian Accounting Standard based on IFRS 15.

• AS 9 follows the percentage of completion method for revenue recognition, whereas Ind AS 115 follows a five-step model approac...read more

Ind AS 116 and AS 17M are accounting standards related to lease accounting, with Ind AS 116 being the updated version of AS 17M.

• Ind AS 116 is the updated version of AS 17M, which deals with lease accounting.

• Ind AS 116 requires lessees to recognize most leases on their balance sheets, while AS 17M allows for off-balance sheet treatment in certain cases.

• Under Ind AS 116, lessees must recognize a right-of-use asset and a ...read more

My daily prime activities include managing schedules, coordinating meetings, handling correspondence, and assisting with projects.

• Creating daily to-do lists and prioritizing tasks

• Scheduling meetings and appointments

• Coordinating travel arrangements

• Handling phone calls and emails

• Assisting with project research and preparation

• Organizing files and documents

IND AS 115 outlines revenue recognition principles for contracts with customers, ensuring consistency and transparency.

• Revenue is recognized when control of goods or services is transferred to the customer.

• Five-step model: Identify contract, Identify performance obligations, Determine transaction price, Allocate price, Recognize revenue.

• Example: A software company recognizes revenue when the customer can access the sof...read more

IND AS 116 governs lease accounting, focusing on recognition, measurement, and disclosure of leases by lessees and lessors.

• Introduces a single lessee accounting model, eliminating the distinction between operating and finance leases.

• Requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet.

• The lease liability is measured at the present value of future lease payments.

• Right-of-use asse...read more

The question covers various topics related to auditing and accounting.

• Schedule 3 amendments refer to changes made in the Companies Act, 2013.

• Caro 2020 is the Companies (Auditor's Report) Order, 2020 which outlines the format and content of the auditor's report.

• Stock audit involves verifying the physical existence and valuation of inventory.

• Auditing rental and housekeeping expenses involves checking the accuracy and com...read more