Appendix 1 - This appendix is not a part of the Indian Accounting Standard. The purpose of this appendix is only to bring out the major differences..... - Companies (Indian Accounting Standards) Rules, 2015

Appendix 1 Note: This appendix is not a part of the Indian Accounting Standard. The purpose of this appendix is only to bring out the major differences, if any, between Indian Accounting Standard (Ind AS) 115 and the corresponding International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers, IFRIC 12, Service Concession Arrangements and SIC 29 Service Concession Arrangements: Disclosures, issued by the International Accounting Standards Board. Comparison with IFRS 15, Revenue from Contracts with Customers, IFRIC 12 and SIC 29 1. Different terminology is used in Ind AS 115 eg the term balance sheet is used instead of statement of financial position and statement of profit and loss is used instead of statement of comprehensive income . 2. The transitional provisions given in IFRS 15 have not been given in Ind AS 115, since all transitional provisions related to Ind ASs, wherever considered appropriate, have been included in Ind AS 101, First-time Adoption of Indian Accounting Standards corresponding to IFRS 1, Firsttime Adoption of International Financial Reporting Standards. 3. As per paragraph of 15 of IFRS 15, an amount of consideration, among other things, can vary because of penalties. However, paragraph 51 of Ind AS 115 has been amended to exclude penalties from the list of examples given in the paragraph 51 due to which an amount of consideration can vary. However, paragraph 51AA has been inserted to explain the accounting treatment of penalties . 4. Paragraph 109AA has been inserted to require an entity to present separately the amount of excise duty included in the revenue recognised in the statement of profit and loss. 5. Paragraph 126AA has been inserted to present reconciliation of the amount of revenue recognised in the statement of profit and loss with the contracted price showing separately each of the adjustments made to the contract price specifying the nature and amount of each such adjustment separately. 6. In Appendix C Application Guidance, paragraph B20AA has been inserted to explain the accounting treatment in case of transfers of control of a product to a customer with an unconditional right of return.