Applicable Indian Accounting Standards, Deferral of #IndAS-15

For the year ended 31^st March, 2017 Companies prescribed in Phase 1 of #IndAS implementation Roadmap will be producing the 1^st set of Financial Statement under IndAS. For the purpose of preparation and presentation, companies are required to comply with the following list of #IndAS and Framework.

1) Framework for the Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards

2) IndAS 101 First-time Adoption of Indian Accounting Standards

3) IndAS 102 Share based Payment

4) IndAS 103 Business Combinations

5) IndAS 104 Insurance Contracts

6) IndAS 105 Non-current Assets Held for Sale and Discontinued Operations

7) IndAS 106 Exploration for and Evaluation of Mineral Resources

8) IndAS 107 Financial Instruments: Disclosures

9) IndAS 108 Operating Segments

10) IndAS 109 Financial Instruments

11) IndAS 110 Consolidated Financial Statements

12) IndAS 111 Joint Arrangements

13) IndAS 112 Disclosure of Interest in Other Entities

14) IndAS 113 Fair Value Measurement

15) IndAS 114 Regulatory Deferral Accounts

16) IndAS 115 Revenue from Contracts with Customers

17) IndAS 1 Presentation of Financial Statements

18) IndAS 2 Inventories

19) IndAS 7 Statement of Cash Flows

20) IndAS 8 Accounting Policies, Changes in Accounting

Estimates and Errors

21) IndAS 10 Events after the Reporting Period

22) IndAS 11 Construction Contracts

23) IndAS 12 Income Taxes

24) IndAS 16 Property, Plant and Equipment

25) IndAS 17 Leases

26) IndAS 18 Revenue

27) IndAS 19 Employee Benefits

28) IndAS 20 Accounting for Government Grants and Disclosure of Government Assistance

29) IndAS 21 The Effects of Changes in Foreign Exchange Rates

30) IndAS 23 Borrowing Costs

31) IndAS 24 Related Party Disclosures

32) IndAS 27 Consolidated and Separate Financial Statements

33) IndAS 28 Investments in Associates

34) IndAS 29 Financial Reporting in Hyperinflationary Economies

35) IndAS 32 Financial Instruments: Presentation

36) IndAS 33 Earnings per Share

37) IndAS 34 Interim Financial Reporting

38) IndAS 36 Impairment of Assets

39) IndAS 37 Provisions, Contingent Liabilities and Contingent Assets

40) IndAS 38 Intangible Assets

41) IndAS 40 Investment Property

42) IndAS 41 Agriculture

Companies (Indian Accounting Standards) Amendment Rules, 2016 has omitted the #IndAS-15  Revenue from Contracts with Customers and issued #IndAS-11 Construction Contract & #IndAS-18 Revenue. Internationally IASB has deferred #IFRS-15 by one year and now it is effective from 01st January, 2018, Indian Regulator #MCA and #ICAI also decided to defer#IndAS-15 for implementation without any further date of application. #IndAS-11 and #IndAS-18 has been introduced and will be applicable until #IndAS-15 will be notified for Implementation.

Stay Tuned for more insights to each #IndAS

Naresh Soneji

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