Comparison of ICDS III, AS-7 & IndAS-115

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ction Contracts Ind AS 115 Revenue from Contracts with Customers Ind AS 109 Financial Instruments Scope AS 7 deals with construction contracts and AS 9 deals with the recognition of revenue arising in the course of ordinary activities of the entity sale of goods, rendering of services and u .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ontract costs are to be recognised as an expense in the period in which they are incurred. Expected loss should be recognised in proportion of work completed Under AS 7 , contract revenue and contract costs are recognised by reference to the percentage of completion method if the outcome of the contract can be estimated reliably; else, revenue is recognised only to the extent of co .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... performance obligations in the contract. 5)Recognise revenue when (or as) the entity satisfies a performance obligation. Identification of contracts ICDS III is similar to Indian GAAP Under AS 7 , a construction contract is a contract which is specifically negotiated for the construction of the asset or a combination of assets that are .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X