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

Which of the following is a terminology difference between Ind AS 115 and IFRS 15 noted in the official comparison?

Ind AS 115 uses 'balance sheet' in place of IFRS 15's 'statement of financial position', and 'statement of profit and loss' in place of 'statement of comprehensive income'. These are purely terminology differences, with no change of substance implied by the wording.

  1. AInd AS 115 uses 'statement of financial position' while IFRS 15 uses 'balance sheet'
  2. BInd AS 115 uses 'balance sheet' and 'statement of profit and loss' instead of 'statement of financial position' and 'statement of comprehensive income'Correct
  3. CInd AS 115 uses 'turnover' instead of 'revenue'
  4. DInd AS 115 uses 'income statement' instead of 'statement of comprehensive income'

Explanation

The comparison states that Ind AS 115 uses the term 'balance sheet' instead of 'statement of financial position' and 'statement of profit and loss' instead of 'statement of comprehensive income'. The first option reverses this, and the others are not mentioned.

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