Impact of IND AS 115-Revenue From Contracts With Customer On Revenue Recognition

INTRODUCTION: Revenue recognition is the important & pervasive aspect of financial reporting. Accounting Standard which covers this aspect needs to be very clear and descriptive to cover every major possible situations and peculiarities of contracts with customers. Existing standard of revenue i.e. AS 9 (also IND AS 18 for IND AS applicability companies) uses risk and reward transfer as a key point for recognition of revenue. Its guidance is very narrow as compared to IND…