What is difference between AS 9 and InD AS 115?

Question

Accepted Answer

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 approach.
Ind AS 115 provides more detailed guidance on how to recognize revenue from contracts with customers compared to AS 9.
AS 9 allows for certain exemptions and industry-specific practices, while Ind AS 115 aims for a more consistent and principles-based approach.
Transitioning from AS 9 to Ind AS 115 may require significant changes in revenue recognition practices and financial reporting.

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