Skip to content

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

Which statement about how Ind AS 115 differs from IFRS 15 is correct as per the Comparison in Appendix 1?

Paragraph B57 of IFRS 15 appears as 'Deleted' in Ind AS 115, with its paragraph number retained to keep numbering consistent with IFRS 15. The other statements reverse the true differences in terminology, penalties and excise duty presentation.

  1. AInd AS 115 uses 'statement of financial position' and 'statement of comprehensive income' as terms
  2. BParagraph B57 of IFRS 15 appears as 'Deleted' in Ind AS 115 and its number is retained to stay consistent with IFRS 15 numberingCorrect
  3. CParagraph 51 of Ind AS 115 adds penalties to the list of causes of variable consideration
  4. DParagraph 109AA removes the need to present excise duty separately

Explanation

Appendix 1 states B57 appears as 'Deleted' but its number is retained for consistency. Ind AS uses 'balance sheet' and 'statement of profit and loss'. Penalties are removed, not added, in paragraph 51, and 109AA requires, not removes, separate excise duty presentation.

Did you get it right without looking?

One question tells you little. A timed set on Revenue from Contracts with Customers (Ind AS 115) shows your real accuracy, how long you take and where you lose marks.

Practise Revenue from Contracts with Customers (Ind AS 115)Free diagnostic mock

More Revenue from Contracts with Customers (Ind AS 115) questions