Skip to content

CMA Final · Corporate Financial Reporting · Revenue from Contracts with Customers (Ind AS 115)

A CMA candidate compares Ind AS 115 with IFRS 15 and IFRIC 12. Which statement about paragraph B57 of Appendix B and paragraphs 28A-28C of IFRIC 12 is correct?

In Ind AS 115, paragraph B57 of IFRS 15 and paragraphs 28A-28C of IFRIC 12 are shown as 'Deleted'. Their paragraph numbers are nevertheless retained so that numbering stays consistent with IFRS 15 and IFRIC 12, and nothing is renumbered.

  1. AThey were rewritten with higher thresholds for Indian entities
  2. BThey were moved to Appendix F of Ind AS 115 without change
  3. CThey appear as 'Deleted' in Ind AS 115 but their paragraph numbers are retained to maintain consistency with IFRS 15 and IFRIC 12Correct
  4. DThey were removed and all subsequent paragraphs were renumbered

Explanation

Appendix 1 states that B57 of IFRS 15 and paragraphs 28A-28C of IFRIC 12 appear as 'Deleted' in Ind AS 115. The numbering is kept deliberately so paragraph numbers stay consistent with IFRS 15 and IFRIC 12. Renumbering did not occur, and Appendix F is only a list of references to other Ind AS appendices.

Did you get it right without looking?

One question tells you little. A timed set on Revenue from Contracts with Customers (Ind AS 115) shows your real accuracy, how long you take and where you lose marks.

Practise Revenue from Contracts with Customers (Ind AS 115)Free diagnostic mock

More Revenue from Contracts with Customers (Ind AS 115) questions