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Date: Thursday, 12 April 2018
Time: 2pm - 3.15pm IST
Duration: 75 minutes (including Q&A)
The MCA notified Ind AS 115, on 28 March 2018, which is effective for accounting periods beginning on or after 1 April 2018. The new revenue standard is based on a transfer of control model, which fundamentally changes the basis of revenue recognition, presentation and disclosures. The standard could significantly change the amount and timing of revenue recognition for many entities.
The ICAI issued the exposure draft of Ind AS 116, 'Leases', proposed to be effective for annual reporting periods beginning on or after 1 April 2019, subject to notification by MCA. The proposed model under Ind AS 116 requires a lessee to recognise almost all lease contracts on its balance sheet. Therefore, lessees will be greatly affected by the new leases standard.