Technical - Give me brief of Ind AS 116 , Ind AS 19, Ind AD 115

Question

Accepted Answer

Ind AS 116, 19, and AD 115 are accounting standards related to lease accounting, employee benefits, and revenue recognition respectively.

Ind AS 116 deals with lease accounting and replaces the previous standard Ind AS 17.
Ind AS 19 deals with employee benefits and requires companies to recognize the cost of providing employee benefits.
Ind AS 115 deals with revenue recognition and requires companies to recognize revenue when control of goods or services is transferred to the customer.
All three standards are part of the Indian Accounting Standards (Ind AS) and are applicable to companies in India.
Ind AS 116 and 115 are based on the International Financial Reporting Standards (IFRS) and are aimed at bringing more transparency and consistency in financial reporting.

Popular interview questions of Management Trainee - Technical