Latest developments in financial reporting- Ind AS 115

The Companies (Indian Accounting Standards) Amendment Rules, 2018 issued by the Ministry of Corporate Affairs notified Ind AS 115, Revenue from Contracts with Customers and omitted Ind AS 11, Construction Contracts and Ind AS 18, Revenue. Ind AS 115 is effective from reporting periods beginning on or after 1 April 2018 and is largely converged with IFRS 15, Revenue from Contracts with Customers issued by the International Accounting Standards Board. 

This InBrief discusses the transition options available with entities transitioning to Ind AS 115, suggested disclosures in the interim financial statements prepared as per Ind AS 34, Interim Financial Reporting/ financial results prepared under SEBI (listing obligations and disclosure requirements) regulations, 2015 on initial adoption of Ind AS 115.