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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 terminology used in the Indian standard. Which statement is correct?

Ind AS 115 uses the terms 'balance sheet' instead of 'statement of financial position' and 'statement of profit and loss' instead of 'statement of comprehensive income'. This is one of the terminology differences from IFRS 15 noted in the comparison appendix.

  1. AInd AS 115 uses 'statement of financial position' and 'statement of comprehensive income'
  2. BInd AS 115 uses 'balance sheet' and 'statement of profit and loss' instead of the IFRS termsCorrect
  3. CInd AS 115 uses 'balance sheet' but retains 'statement of comprehensive income'
  4. DInd AS 115 has no terminology differences from IFRS 15

Explanation

Appendix 1 notes that different terminology is used: 'balance sheet' replaces 'statement of financial position' and 'statement of profit and loss' replaces 'statement of comprehensive income'. Hence only the second option is right.

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