Ind as 115 and ind as 116

Ind AS 115 was introduced to establish a single, control-based five-step framework for revenue recognition across all industries, aligning with IFRS 15. Ind AS 116 was introduced to eliminate off-balance sheet financing by forcing lessees to recognize almost all operating leases as assets and liabilities on their balance sheets, aligning with IFRS 16. Both standards were brought in to enhance global comparability, transparency, and accuracy in financial reporting.