Comparison Chart of ICDS-IV, AS-9 & IndAS-115

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..... ndering of services, interest , royalties and dividen Ind AS 115 requires evaluation of performance obligations to account for distinct goods or services (or a bundle of distinct goods or services, or a series of distinct goods or services i.e. a separate unit of account) based on the following criteria: a) The customer can benefit from the goods or services either on its own or together with other resources that are readily available to the customer, b) Promise to transfer the good or services to the customer is separately identifiable from other promises in the contract (that is, the goods or services is distinct within the context of the contract). A good or service that doe .....

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..... Variable considerations are estimated using either 1) an expected value which is a sum of probability-weighted amounts in a range of possible consideration amounts. An expected value may be appropriate if there are a large number of contracts with similar characteristics, or 2) most likely amount in a range of possible consideration amounts. Most likely amount is appropriate when contract has only two possible outcomes (for example, an entity either achieves a performance bonus or does not). Time value of money Similar to Indian GAAP Revenue is not adjusted for the time value. Transaction price is adjusted for the time value of money when a significant .....

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..... which in most cases coincides with transfer of significant risks and rewards of ownership. Revenue from service transactions is usually recognised as the services are performed either by the proportionate completion method or by the completed service contract method. Revenue is recognised as control of the goods or services underlying the performance obligation is transferred to the customer. The control-based model differs from the risk-and-rewards model. Entities need to determine whether control is transferred over time. If not, it is transferred at a point in time. For each performance obligation satisfied over time, revenue is recognised by measuring the progress toward .....

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