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Companies based in India will need to adopt a more detailed process for revenue recognition as the Ind AS 115 removes scope for interpretation in several areas. The Companies (Indian Accounting Standards) Amendment Rules, 2018 issued by the Ministry of Corporate Affairs notified Ind AS 115, Revenue from Contracts with Customers and omitted Ind AS 11, Construction Contracts and Ind AS 18, Revenue. This is the best notes on accounting standard 9 revenue recognition with examples. ☞ AS 9, Revenue Recognition, ... can refer to IAS 18 which deals with Revenue. IAS 18 states that the recognition criteria depends on each type of revenue. Ind AS 18 REVENUE RECOGNITION CA POOJA GUPTA 2. Ind AS 16 Property, Plant and Equipment: 18. For recognition of revenue in case of rendering of services, Ind AS 18 requires recognition of revenue using a percentage of completion method only. As per IAS 18, a transaction is not regarded as generating revenue if goods or services are exchanged for goods or services of a similar nature and value. Ind AS 115 is applicable from 1 April 2018, i.e., FY 2018–19. Thus, revenue recognition emphasizes on the timing of recognition of revenue in the statement of profit and loss of an enterprise. The major difference in IFRS 15 is the revenue recognition pattern. Revenue recognition under IND-AS & IFRS – Comparative overview- Article discusses Applicability of IFRS-15 and IAS-115 and further discusses the following-Revenue recognition steps- 5 steps model. Ind AS 19 Employee Benefits: 21. This Video Explains the Main Difference in AS and Ind AS. Step: 2 Identify the performance obligations in the contract. The request questioned whether there is a need for more general interpretative guidance in this area. Reporting Criteria: Reporting criteria will be recognized based on the contract and performance obligation. On 28 March 2018, the MCA notified Ind AS 115, a new revenue recognition standard that replaces existing Ind AS 11 and Ind AS 18. Ind AS 18 Revenue Recognition 1. 5. Indian Accounting Standard (Ind AS) 18 Revenue, prescribes principles for recognition and measurement of revenue. This preview shows page 1 - 12 out of 39 pages. IFRS 15 is the New Revenue standard issued by IASB to replace the IAS 18 and IAS 11. April 2018 i.e. Under Ind AS 18, when an arrangement includes more than one element, it is necessary to account for the revenue attributable to each component separately. • The Ministry of Corporate Affairs (MCA) has notified the new revenue recognition standard – Ind-AS 115 which replaces existing Ind-AS 11 (Construction contract) and Ind-AS 18 (Revenue recognition) • Ind-AS 115 is applicable from 1. st . It prescribes only one underlying principle for revenue recognition, which is the transfer of control over goods or services. IND AS 18 – Revenue Recognition Multiple element arrangements (Ex) CA Sandesh Mundra www.consolidationofaccounts.com 45. Step: 1 Identify the contract(s) with a customer. Difference Between AS 9 and Ind AS 18 - Revenue Recognition; Difference Between AS 10 and Ind AS 16: All you need to know about; Difference Between AS 11 and Ind AS 21: Foreign Exchange Rates; About AglaTax. IFRS 15 implements a uniform method in recognizing all types of revenue. Paragraphs in bold type indicate the main principles.) The entity recognise revenue in an amount that reflects a consideration ..to which the entity entitled for transfer of goods and/or services at that time. Indian Accounting Standard (Ind AS) 18 Revenue# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Pages 39. as 18 D1. Ind AS 18 specifically provides guidance regarding revenue recognition in case the entity is under any obligation to provide free or discounted goods or services or award credits to its customers due to any customer loyalty program. The IFRIC received a request for an interpretation of how IAS 18 Revenue paragraph 8 should be applied to situations in which an entity employs another entity to meet the requirements of a customer under a sales contract. IND AS 18 Recognition of revenue from interest Indian GAAP AS 9 requires the recognition from interest on time proportion basis as per contractual terms Ind-AS • IND AS 18 requires interest to be recognised using the effective interest method as set out in Ind AS 109. AglaTax is an free finance platform for educating Professional, Investors, Taxpayers and Students. The Indian Accounting Standards (Ind AS), as notified under section 133 of the Companies Act 2013, have been formulated keeping the Indian economic & legal environment in view and with a view to converge with IFRS Standards, as issued by and copyright of which is held by the IFRS Foundation. After more than a decade of work, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) had published their largely converged standards on revenue recognition in May, 2014. The Ministry of Corporate Affairs (MCA) has notified Ind AS 115, 'Revenue from Contracts with Customers', on 28 March 2018, which is effective for accounting periods beginning on or after 1 April 2018. Ind AS 24 Related Party Disclosures: 25. Revenue Recognition Ind AS - 18.pptx - International Accounting Standard(IAS-18 Ind AS \u2013 18(Old AS \u2013 9 Revenue Recognition Objective of IAS 18 \u2022. IND AS 18 – Revenue Recognition Example • A sells a machine with a two year maintenance service for INR 1,000,000 to a customer. Paragraphs in bold type indicate the main principles.) September 2007 Reason. Ind AS 17 Leases: 19. Revenue recognition is an accounting principle that outlines the specific conditions under which revenue Sales Revenue Sales revenue is the income received by a company from its sales of goods or the provision of services. and issued Ind AS 11 (construction contract) and Ind AS 18 (revenue recognition). Trade and cash discounts; 2. REVENUE RECOGNITION 3. material on Ind AS 18, Revenue Background In accounting parlance, revenue is considered as a subset of income. In accounting, the terms "sales" and "revenue" can be, and often are, used interchangeably, to mean the same thing. This videos compares AS 9 - "Revenue Recognition" with Ind AS 18 "Revenue". Decision not to add. IFRS 15 provides the 5 step framework on how and when to recognize the sale. The notification of Ind AS 11 and 18 by the MCA provides clarity on the revenue recognition provisions that will apply to companies that are transitioning to Ind AS in 2016-17. Ind AS 18 Revenue: 20. Revenue recognition in the power sector is primarily dependent on the terms and conditions enlisted in the power purchase agreement. other things, the amendment inserts a new revenue recognition standard Ind AS 115, Revenue from Contracts with Customers (‘Ind AS 115’). REVENUE RECOGNITION “Income” is defined in Conceptual Framework Income is increase in economic benefits during the accounting period in the form of inflows or enhancements of assets or decrease in liabilities that results in increase in equity, other than 3 Ind AS 18 and 11_Revenue Recognition.pdf - Revenue Recognition October 2016 KPMG.com\/in What wil you learn After this module you would be able to D1. Reporting criteria is decided on whether revenue is received from goods, services, interest, royalties or dividends. (FASB) issued their long-awaited converged standard on revenue recognition. The new standard also replaces guidance notes on real estate revenue recognition. There is no concept of fair valuation in AS 9. The treatment and effect on revenue of the following incentives are discussed here from AS and Ind AS perspective: 1. The new standard also modifies other Ind AS for e.g. Some revenue recognition rules were altered when the transition from Indian GAAP to Ind AS revenue standards (Ind AS 18/11) happened in April 2016. Currently, revenue recognition in this sector is accounted for as per AS 9. Consider the following example - A sells an equipment with a two year maintenance service for Rs.10,00,000 to a customer. Step: 3 Determine the transaction price These standards are required to be adopted by the IFRS and US GAAP reporters from 1 January 2018. 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