IFRS 15, Revenue from Contracts with Customers is applicable from accounting periods beginning on or after 1 January 2018. Ind AS 115 being the equivalent standard is expected to be applicable to Indian companies following the Ind AS road map framework from 1 April 2018. This standard would primarily replace the current standards Ind AS 18, Revenue and Ind AS 11, Construction Contracts.

The new requirements are expected to affect different companies in different ways. The impact may particularly be severe for companies in sectors such as telecommunications, technology, real estate, aerospace and defense, building and construction and contract manufacturing.

Continuing with the series of special sessions on Ind AS 115, our Voices on Reporting webinar held on 21 March 2018 focussed on the significant areas of revenue recognition where current guidance in Ind AS is expected to change due to implementation of Ind AS 115. We covered following sectors:

• Telecommunications and technology: The companies in these sectors have a varied range of products and services that would be bundled in many different ways. Therefore, companies in these sectors would need to evaluate the impact of Ind AS 115 on revenue recognition, transition and disclosures.
  
  
• Construction and real estate: The new standard contains a single model that will be applied while accounting for contracts with customers across all companies in construction and real estate sector. It could impact the top line of real estate companies.
  
  

Downloads : 

Slide deck - March 2018 (PDF, 881 KB)