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IFRS 15 - Revenue from contracts with Customers

Mohanraj J (1162 Points)

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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Asha Kanta Sharma (Manager - Finance & Accounts) (10519 Points)
Replied 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

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