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Voices on Reporting - Special session: Impact of Ind AS 103 and Ind AS 115 on technology sector

Voices on Reporting - Special session

The Indian Accounting Standards (Ind AS) are bringing about a paradigm shift in financial reporting which is affecting many key metrics of financial performance. Areas such as revenue and business combinations are likely to pose interpretation and implementation challenges under the new regime

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The Indian Accounting Standards (Ind AS) are bringing about a paradigm shift in financial reporting which is affecting many key metrics of financial performance. Areas such as revenue and business combinations are likely to pose interpretation and implementation challenges under the new regime. In this session of the Voices on Reporting, we covered the following:

  • Impact of Ind AS 115: The new standard on revenue may change the way technology companies account for their contracts. Each contract includes multiple promises such as a software license, professional services, post-contract customer support, specified upgrades, etc. These products and services would be bundled in different ways under the new guidance. Companies would need to evaluate the impact of Ind AS 115 on revenue recognition, transition and disclosures.
  • Impact of Ind AS 103: The standard provides specific guidance on accounting for business combinations. Under Ind AS 103, all business combinations are accounted for using the purchase method that considers the acquisition date fair values of all assets, liabilities and contingent liabilities of the acquiree. The limited exception to this principle relates to acquisitions between entities under common control. In this session, we discussed the key implementation issues of Ind AS 103 on technology sector.

 

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