Month: May 2020

Definition: Revenue needs to be recognized when an entity transfers the control of goods and services to customers at an amount that the entity expects to be entitled. Ind AS 115, a new revenue recognition standard introduced and replaced the below existing Standards. Ind AS 11-construction …

Standard shall be applied in accounting for the impairment of all assets except below Exclusions •Inventories (see Ind AS 2 Inventories); •Assets arising from construction contracts (see Ind AS 11 Construction Contracts); •Deferred tax assets (see Ind AS 12 Income Taxes); •Assets arising from employee benefits …