Ind AS 115 | Most Accountants Get This Wrong | #indas #icai

Most accountants get this wrong.

If the company performs first, it may result in a Contract Asset.

If the customer pays first, it may result in a Contract Liability.

The key question is simple:

Who performed first?

That’s the easiest way to remember the difference under Ind AS 115.

#indas #revenue #accounting #castudents #charteredaccountant #icaistudents #revenuerecognition #contract #confusion

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