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

A company's draft notes use the terms 'statement of financial position' and 'statement of comprehensive income' while preparing Ind AS 115 disclosures. Also, a reviewer notes that paragraph B57 appears in Ind AS 115 with no content. Which conclusion is consistent with the Ind AS 115 comparison with IFRS 15?

Ind AS 115 uses the terms balance sheet and statement of profit and loss instead of IFRS terminology. Paragraph B57 appears as Deleted, but its number is retained so that Ind AS 115 numbering stays consistent with IFRS 15.

  1. AInd AS 115 uses 'balance sheet' and 'statement of profit and loss', and B57 appears as 'Deleted' with its number retained for consistency with IFRS 15 numberingCorrect
  2. BInd AS 115 uses IFRS terminology, and B57 was renumbered B58
  3. CInd AS 115 uses 'balance sheet', and B57 is retained with unchanged IFRS text
  4. DInd AS 115 uses 'statement of profit and loss', and B57 was moved to Appendix F

Explanation

The comparison states that Ind AS 115 uses 'balance sheet' and 'statement of profit and loss'. It also says B57 appears as 'Deleted', with paragraph numbers retained to stay consistent with IFRS 15 numbering. The other options misstate either the terminology or the treatment of B57.

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