On 28 May 2014, the International Accounting Standards Board and the U.S. Financial Accounting Standards Board issued IFRS 15/ASC 606 Revenue from Contracts with Customers – a new standard that will apply to every entity reporting under IFRS and U.S. GAAP.
In this call, we discussed the main aspects of IFRS 15. The Companies Act, 2013 (the Act) was largely operationalised with effect from 1 April 2014. However, there are a number of implementation issues on which various stakeholders have sought clarifications from the Ministry of Corporate Affairs (MCA). Recently, the MCA has issued various clarifications to the Act and amendments to the Rules relating to various chapters of the Companies Act, 2013. In our call, we discussed the MCA clarifications and amendments.
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