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

Which of the following is a correct statement about the differences between Ind AS 115 and IFRS 15?

In Ind AS 115, paragraph B57 of IFRS 15 appears as 'Deleted', but the paragraph number is retained so that numbering stays consistent with IFRS 15. Ind AS also uses 'balance sheet' and 'statement of profit and loss' instead of IFRS terminology, and nothing is renumbered.

  1. AInd AS 115 uses the term 'statement of financial position' and 'statement of comprehensive income' as in IFRS 15
  2. BParagraph B57 of IFRS 15 is shown as 'Deleted' in Ind AS 115, and its number is retained to stay consistent with IFRS 15 numberingCorrect
  3. CParagraph B57 was renumbered so that later paragraphs in Appendix B shift up by one
  4. DInd AS 115 deletes paragraphs 28A-28C of IFRIC 12 and renumbers the remaining paragraphs

Explanation

Paragraph B57 of IFRS 15 appears as 'Deleted' in Ind AS 115, and its number is retained for consistency with IFRS 15 numbering. Ind AS uses 'balance sheet' and 'statement of profit and loss', so the first option is wrong. No renumbering occurs, so the other options are wrong.

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