Question

    1.    Which of the following IND AS deals with

    revenue from contracts with customers?
    A IND AS 109 Correct Answer Incorrect Answer
    B IND AS 115 Correct Answer Incorrect Answer
    C IND AS 101 Correct Answer Incorrect Answer
    D IND AS 102 Correct Answer Incorrect Answer
    E IND AS 16 Correct Answer Incorrect Answer

    Solution

    IND AS 115: Revenue from Contracts with Customers is an Indian Accounting Standard that provides guidance on how to recognize revenue from contracts with customers. It is based on the core principle that revenue should be recognized when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. In Accounting Standards: AS 9 ‘Revenue Recognition’ provides guidance on when and how to recognize revenue from a variety of transactions. Rest of the IND AS mentioned in question deals with the following: IND AS 109 Financial Instruments IND AS 101 First time adoption of Indian Accounting standards IND AS 102 Share-based Payment IND AS 16 Property, Plant & Equipment

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