Ind AS 115 is a Five (5) step revenue recognition model wherein the revenue needs to be recognized by following the five steps namely, Identify the contract with the customer, Identify the performance obligations, Determine the transaction price, Allocate the transaction price to the performance ...
Ind AS 115 replaces Ind AS 11and 18 which are related to revenue and construction contracts. MCA has introduced Ind AS 115 with an objective to establish the principles that an entity should apply, to report useful information to users of financial statements about the nature, amount, timing ...
When a company acquires certain types of Tangible Asset under Ind AS 16, it sometimes has an obligation to remove these assets after the end of their useful liv