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 …
Introduction Two Set of accounting standards were notified by the Ministry of Corporate Affairs of India for companies. Existing Accounting Standards under Companies (Accounting Standards) Rule 2006 Indian accounting Standards (Ind AS) companies specified in rule 4 of (Indian accounting standard) rules 2015 Click Here to understand …
Applicability of Accounting Standards Indian Accounting Standards (Ind AS) shall be the accounting standards applicable to classes of companies specified in rule 4 of (Indian accounting standard) rules 2015 The Accounting standards of the Companies (Accounting Standards) Rules, 2006 shall be the Accounting Standards applicable to …
