Transition to New Revenue Standard – Ind AS 115

July 2018

The Ministry of Corporate Affairs notifies Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers, the new revenue standard effective from 1 April 2018.

The key features of the change are - merging existing revenue standards, coming up with a single comprehensive framework to recognise revenue and introducing an in-depth five step model to apply the core principle of Ind AS 115.