As an AI language model, I do not have access to the ICAI study material. However, I can provide you with a brief overview of IND AS 115.
IND AS 115 is a new revenue recognition standard that replaces the existing revenue recognition standards, IND AS 11 and IND AS 18. The standard applies to all entities that enter into contracts with customers to transfer goods or services.
The key principles of IND AS 115 are:
- Identify the contract with the customer
- Identify the performance obligations in the contract
- Determine the transaction price
- Allocate the transaction price to the performance obligations
- Recognize revenue when the performance obligations are satisfied
The standard also provides guidance on various topics such as contract modifications, variable consideration, and accounting for costs related to obtaining or fulfilling a contract.
Overall, IND AS 115 aims to provide a more comprehensive and consistent framework for revenue recognition, which will improve comparability across industries and jurisdictions.
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