04 September, 2015

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NACAS Seeks Deference of Adoption of IndAS Standard for Revenue Recognition

NACAS Seeks Deference of Adoption of IndAS Standard for Revenue Recognition

The National Advisory Committee On Accounting Standards (NACAS) recommended to the government that India defer its adoption of the Indian Accounting Standard 115 on revenue recognition.

This standard was one of the 10 standards notified by the government earlier this year, as India converges with IFRS starting next year.

 India was slated to be an early adopter of the International Financial Reporting Standards (IFRS) revenue recognition standard. But since the global standard itself is under review, NACAS has recommended a deferral of the Indian standard as well.

NACAS has not recommended a new date for adoption of the revenue recognition standard. The government will take a final view on its applicability.
The National Advisory Committee On Accounting Standards (NACAS) recommended to the government that India defer its adoption of the Indian Accounting Standard 115 on revenue recognition. This standard was one of the 10 standards notified by the government earlier this year, as India converges with IFRS starting next year. India was slated to be an early adopter of the International Financial Reporting Standards (IFRS) revenue recognition standard. But since the global standard itself is under review, NACAS has recommended a deferral of the Indian standard as well.

Read more at: http://www.moneycontrol.com/news/current-affairs/advisory-body-seeks-deferenceadoptionindas-standard_2925361.html?utm_source=ref_article

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