CII and EY are pleased to invite you for a breakfast session on the impact of the recently notified Ind AS 115 (new revenue recognition standard) by the Ministry of Corporate Affairs (MCA). The session will be followed by a brief session on Ind AS 116 (new lease accounting standard).
New Revenue recognition standard differs considerably as compared to existing accounting principles for revenue recognition. The differences could result in changes in the identification of performance obligations, timing of revenue recognition, measurement and disclosures. Transition to new revenue recognition regime is expected to have significant impact across sectors especially in telecom, information technology, engineering and construction, real estate, consumer products and retail. Transition to new revenue recognition standard is not only an accounting change but is likely to have significant impact on the company’s data, systems and processes.
Internationally, on 13 January 2016, the International Accounting Standards Board (IASB) issued IFRS 16, Leases. The new standard represented a fundamental shift in accounting for leases, specifically for lessees. Additionally, it is expected to increase transparency and comparability of published financial information as analysts and investors would be able to see a company’s own assessment of its lease liabilities, calculated using a prescribed methodology under Ind AS.
Ind AS 116 is effective from 1 January 2019, with early application being permitted (as long as IFRS 15, Revenue from Contracts with Customers is also applied).
Dates: 23 May| Mumbai, 25 May| Delhi, 29 May| Chennai