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

A CA is reviewing the Ind AS 115 text issued by ICAI and notes that paragraph B57 of Appendix B of IFRS 15 and paragraphs 28A-28C of IFRIC 12 appear as 'Deleted'. A junior asks why the paragraph numbers still appear. Which explanation is correct?

The deleted paragraphs, B57 of IFRS 15 Appendix B and 28A-28C of IFRIC 12, still appear in Ind AS 115 marked 'Deleted' so that paragraph numbering stays consistent with IFRS 15 and IFRIC 12. This is purely a numbering convention, not a reinstatement or transfer of the content.

  1. AThe paragraphs are retained as 'Deleted' to maintain consistency with the paragraph numbers of IFRS 15 and IFRIC 12Correct
  2. BThe paragraphs are retained because they will be reinstated in the next amendment
  3. CThe paragraphs were deleted from IFRS 15 but still apply in India through Schedule III
  4. DThe paragraph numbers are retained since the deleted content is now covered by Ind AS 109

Explanation

The comparison appendix states that these paragraphs appear as 'Deleted' in Ind AS 115, but their numbers are retained to keep consistency with the paragraph numbering of IFRS 15 and IFRIC 12. No reinstatement, Schedule III link or Ind AS 109 transfer is mentioned. The distractors invent reasons not found in the text.

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