Transition to New Revenue Standard – Ind AS 115
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 recognize revenue and introducing an in-depth five step model to apply the core principle of Ind AS 115.
SHARE