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

A student comparing Ind AS 115 with IFRS 15 notes the following differences. Which one is NOT supported by the Ind AS 115 comparison appendix?

The statement that Ind AS 115 removes separate disclosure of impairment losses on contract receivables is unsupported. Paragraph 113 still requires those impairment losses to be disclosed separately from other contracts, unless presented separately in the statement of profit and loss.

  1. AInd AS uses the term 'balance sheet' instead of 'statement of financial position'
  2. BParagraph B57 of IFRS 15 appears as 'Deleted' in Ind AS 115 but its paragraph number is retained
  3. CInd AS 115 requires excise duty included in revenue to be presented separately, through paragraph 109AA
  4. DInd AS 115 removes the requirement to disclose impairment losses on contract receivables separatelyCorrect

Explanation

Ind AS 115 paragraph 113 still requires separate disclosure of impairment losses on receivables or contract assets from customer contracts. The other three statements reflect the comparison appendix: terminology changes, deleted paragraph B57 with number retained, and paragraph 109AA on excise duty. So the last statement is the unsupported one.

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