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

Narmada Infra Ltd's CFO prepares a reconciliation note on Ind AS 115 against IFRS 15. Which statement about paragraph numbering and terminology is correct as per the comparison in Appendix 1?

Paragraph B57 of IFRS 15 appears as Deleted in Ind AS 115, but the paragraph number is retained to stay consistent with IFRS 15 numbering. Ind AS 115 also uses terms like balance sheet and statement of profit and loss instead of the IFRS terminology.

  1. AParagraph B57 of IFRS 15 appears as Deleted in Ind AS 115, but its paragraph number is retained for consistencyCorrect
  2. BParagraph B57 is renumbered B56A in Ind AS 115 to fill the gap
  3. CInd AS 115 uses the terms statement of financial position and statement of comprehensive income, like IFRS 15
  4. DInd AS 115 removes all deleted paragraphs and renumbers the remaining paragraphs

Explanation

Appendix 1 states that paragraph B57 of IFRS 15 appears as Deleted in Ind AS 115, yet the paragraph number is retained to keep consistency with IFRS 15 numbering. It also notes Ind AS 115 uses balance sheet and statement of profit and loss, not the IFRS terms, so the terminology option is wrong. No renumbering is done.

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