Indian Accounting Standards 115 & 116

Introduction

Ind AS 115 and 116 are complex and can be difficult to understand and apply, especially for entities with a large number of contracts or leases. You may need to gather and analyze additional data and information to comply with the requirements of the standards.

Ind AS 116 requires lessees to classify leases as either finance leases or operating leases. This can be challenging for entities with large numbers of leases, as it may require significant amounts of data analysis and judgment to make these classifications.

This workshop will discuss challenges in the implementation of the new standards and ways to apply them in order to ensure compliance.

Module 1: Overview of IND AS 115 & 116 and their key provisions

Module 2: Recognizing Revenue

·     Criteria for recognizing revenue under IND AS 115

·     Identifying performan ce obligations and determining transaction pric e

·     Challenges in applying the five-step model for revenue recognition

Module 3: Measuring Revenue

·     Methods for measuring revenue under IND AS 115

·     Allocating transaction pric e to performan ce obligations

·     Challenges in determining the stand alone selling pric e

Module 4: Leases under IND AS 116

·     Classification of Leases

·     Accounting for Leases

·     Challenges in Accounting for Leases

Module 5: Disclosure Requirements

·     Disclosure requirements under IND AS 115 & 116

·     Comparison with previous accounting standards

·     Challenges in providing transparent and comparable information

Module 6: Implementation and Case Studies

·     Common implementation issues and challenges

·     Case studies and practical examples to illustrate key concepts

·     Best practices for implementing IND AS 115 & 116

·     Future perspective on IND AS 115 & 116 and related developments