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IFRS 15 - Revenue from contracts with Customers

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Mohanraj J

1238 Points Posted on 14 May 2020

Dear Friends,
In india we are following IFRS-15? Anyone can brief me about the same for better understanding?

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Quick Summary

This discussion clarifies that in India, IFRS 15 is known as Ind AS 115 and was officially notified by the Ministry of Corporate Affairs on 28 March 2018. It became effective for accounting periods starting on or after 1 April 2018, aligning its application with the IFRS 15 effective date. The standard governs how revenue from contracts with customers is recognised.

Aashok Kumar Sharma

Finance/Compliance Consultant

69413 Points Posted on 14 May 2020

IFRS-15 is Ind-AS 115 for India The Ministry of Corporate Affairs (MCA), on 28 March 2018, notified Ind AS 115, Revenue from Contracts with Customers (which is based on IFRS 15, Revenue from Contracts with Customers) as part of the Companies (Indian Accounting Standards) Amendment Rules, 2018. The new standard is effective for accounting periods beginning on or after 1 April 2018, thus aligning the Ind AS 115 applicability date with the IFRS applicability date i.e. 1 January 2018. https://mca.gov.in/Ministry/pdf/INDAS115.pdf