Description
About the product RECOMMENDED
Ind AS 115 – Revenue from Contracts with Customers has far-reaching effects on a company’s financial statements. It affects the top line of almost all organisations reporting under Ind AS. The new 5-step model, clearer guidance on segmenting contracts, multiple element arrangements, contract costs, significant financing components, and extensive disclosures are some of the areas that have changed the whole landscape of revenue recognition. Several new concepts have been introduced keeping in mind that revenue is a critical metric for financial users and there were important differences that existed which needed to be addressed.
The reason why it is of utmost importance to an entity is that it may cause revenue to be recognised earlier in some cases, but later in others compared to previous guidance. This in-depth video and comprehensive e-book provides a full-scale coverage of each and every element of Ind AS 115 which has been explained in a user-friendly language with greater emphasis laid on accounting treatment. Important reporting and technical aspects are also discussed. They are supported with the use of interactive teaching, numerical examples, and case studies that will enable you to understand this complex standard in detail and applying in practice.
What you will learn from the video lecture
- Definition of revenue
- What are ordinary activities
- What is a contract and a customer
- Core principle
- When to recognise revenue and at what amount
- Performance obligation
- Transaction price
- Contract liability and contract asset
- Receivable
- 5-step model for Ind AS 115
- Step 1 – 5 criteria for Identifying the contract
- Existence of a contract
- Combination of contracts with numerical example
- Contract modifications
- Step 2 – Identifying performance obligations
- Distinct goods or services
- Accounting for warranties
- Customer option for additional goods or services
- Customer loyalty program
- Non-refundable upfront fees
- Principal versus agent considerations
- Licensing
- Difference between access and use
- Step 3 – Determine the transaction price
- Variable consideration
- Refund liabilities with numerical example
- Accounting for sale with a right of return
- Constraining estimates of variable consideration
- Accounting for significant financing component
- Non-cash consideration
- Consideration payable to a customer
- Customers’ unexercised rights
- Step 4 – Allocate the Transaction Price to Performance Obligations
- Stand – alone selling price (SASP)
- Allocation based on SASP
- Estimation of SASP
- Adjusted market assessment approach
- Expected cost plus a margin approach
- Residual approach
- Allocation of a discount with numerical example
- Allocation of Variable Consideration
- Changes in the Transaction Price
- Step 5 – Satisfaction of Performance Obligations
- Definition of control
- Benefits of an asset
- When revenue should be recognised at a point in time or over time
- Performance Obligations satisfied over time
- Performance Obligations satisfied at a point in time
- Measuring progress
- What is output method and input method explained through numerical examples
- Repurchase agreements
- A forward or a call option
- Put option
- Consignment arrangements with numerical example
- Indicators of a consignment arrangement
- Bill-and-hold arrangements
- Customer acceptance
- Contract costs
- Costs to obtain a contract
- Costs to fulfill a contract
- Amortisation and impairment
- Presentation
Key features
Session type – Extensive deliberation on Ind AS 115 with maximum use of practical examples and engaging illustrations
e-Book – 170+ pages of concise and comprehensive e-book for deeper knowledge
On-Demand Access – Video can be accessed anywhere, anytime on any device such as PC, Laptop, Tablet and Mobile
Unlimited Views – There is no restriction to the number of views
Study material – You will receive a detailed e-book on Ind AS 115, presentation slides, and a handout of numerical worked examples
Support – Clarification of queries is also offered via digital communication for 1 year from the date of purchase
Watch time: 4 hours 26 minutes
About the e-Book
Illustrative Guide to Ind AS 115
Revenue from Contracts with Customers
This e-Book gives you the most complete and comprehensive guidance on the current revenue standard. Several new concepts relating to revenue recognition have been simplified with the use of more than 100+ worked-out examples and real-life based case studies. Substantial prominence has been laid on accounting treatment with detailed commentary on the application, computation of figures, presentation, and disclosure requirements. This document is your ultimate handbook in understanding the difficulties and intricacies of this complex standard.
Contains:
- An in-depth explanation of the standard written in a lucid language
- More than 100+ practical examples
- 20+ numerical worked-out problems showing income tax effect
- Journal entries, paragraph references, and effect on financial statements illustrated in detail
- 8+ case studies based on industry-specific scenarios
Pages: 177
Mahesh Verma (verified owner) –
It is detail step bystep guide to understand and apply this revenue standard. good valuable video and book
Digvijay Tiwari (verfiied owner) –
this package is a must use for professionals willing to get expert knowledge and work on indas115..great creation!
Barun Goswami (verified owner) –
The ebook and learning video provide a thorough explanation of IND AS 115, suitable for anyone seeking clarity on complex topics. Thank you very much.