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CA Final · Financial Reporting · Ind AS 115 Revenue from Contracts with Customers

A CA Final student compares Ind AS 115 with IFRS 15. Which observation about the terminology and numbering is correct?

Ind AS 115 uses the terms 'balance sheet' and 'statement of profit and loss' rather than IFRS terminology, and it keeps deleted paragraphs such as B57 marked as 'Deleted' so that paragraph numbers stay consistent with IFRS 15. It does not renumber paragraphs.

  1. AInd AS 115 uses 'balance sheet' and 'statement of profit and loss', and retains paragraph numbers such as B57 as 'Deleted' for consistency with IFRS 15Correct
  2. BInd AS 115 uses 'statement of financial position' and renumbers all paragraphs
  3. CInd AS 115 omits Appendix B entirely and renumbers the rest
  4. DInd AS 115 uses 'statement of comprehensive income' but 'balance sheet' is dropped

Explanation

The comparison appendix says Ind AS uses 'balance sheet' instead of 'statement of financial position' and 'statement of profit and loss' instead of 'statement of comprehensive income'. Paragraph B57 appears as 'Deleted' but its number is retained to stay consistent with IFRS 15 numbering. Renumbering is therefore incorrect.

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