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 recognise revenue and introducing an in-depth five step model to apply the core principle of Ind AS 115.

We at BDO in India, have summarised the impact of transition to Ind AS 115.

We hope you find it a useful read