Skip to content

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

Which statement about the paragraph numbering of Ind AS 115 relative to IFRS 15 and IFRIC 12 is correct, according to the official comparison?

Paragraph B57 of Appendix B of IFRS 15 and paragraphs 28A-28C of IFRIC 12 appear as 'Deleted' in Ind AS 115, but their paragraph numbers are retained. This keeps numbering consistent with IFRS 15 and IFRIC 12, so the gap is deliberate and not renumbered.

  1. AParagraph B57 and paragraphs 28A-28C of IFRIC 12 appear as 'Deleted', but their numbers are retained to keep consistency with IFRS 15 and IFRIC 12Correct
  2. BParagraph B57 was renumbered B58 so that no gap remains
  3. CParagraph B57 was replaced by new Indian text on penalties
  4. DParagraphs 28A-28C were merged into paragraph 51AA

Explanation

The comparison says B57 of Appendix B of IFRS 15 and paragraphs 28A-28C of IFRIC 12 appear as 'Deleted' in Ind AS 115, yet the paragraph numbers are retained for consistency. Penalties are dealt with by 51AA, an unrelated insertion, so the other options confuse separate changes.

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