IND AS 115 & 116 Masterclass (Chennai)

In convergence with IFRS, the Ministry of Corporate Affairs (MCA) issued Ind AS 115, Revenue from Contracts with Customers and is applicable from 1st April 2018.  The new accounting standard is set to transform the way companies in several sectors will measure, recognise and disclose revenues in their financial statements. It provides for numerous additional disclosures, which will significantly enhance transparency of financial statements. The standard is going to significantly change the revenue of companies especially in various sectors.

Ind AS 115, this revenue recognition standard provides for numerous additional disclosures, which will significantly enhance transparency of financial statements.For example, Ind AS 115 will require companies to provide disaggregated revenue information in financial statements. Such disclosure can be on the basis of major product lines, geography, type of market or customer (government, non-government, etc.), contract duration, sales channel, etc, whichever is the most appropriate and relevant for the entity. 

The standard provides guidance on how this disclosure is made and suggests that existing information provided to the CEO, board, analysts, etc may be used. Hence, one need not reinvent the wheel; however, companies will need to make it suitable for disclosure in financial statements.

Technical Session 1: 09:30 AM - 01:00 PM

IND AS 115 - Revenue from contracts with Customers  

  1. Background & Scope:
  • IND AS 11 & IND 18 & Transition to IND AS 115
  • Key impacted sectors
  • Scope of the standard
  • How to apply the standard
  • Applying IND AS 115 to Part of a contract
  • Licenses
  • Sale with a right of return
  • Repurchase Agreements
  • Warranties
  • Certain specific situations like:
    • Principal vs Agent
    • customers’ unexercised rights
    • non-refundable upfront fee
    • consignment arrangements
    • bill and hold arrangements
  1. 5 Step Model of Revenue recognition from contracts - Case Study discussion

  2. Difference between IND AS 11, IND 18, IFRS 15, ASC 606 and IND AS 115
  1. Application Guidance
  1. Contract Modifications

  2. Contracts costs

  3. Presentation and Disclosures


Technical Session 2: 01:45 AM - 03:45 PM

IND AS 116: Leases 

  • Transition from IND AS 17
  • New Definition of  Lease
  • Accounting by lessee
  • Accounting by lessor
  • Sale and Lease back transactions
  • Lease modification
  • Presentation
  • Difference between  IND AS 17, IFRS 16 and ASC 842

Technical Session 3: 04:00 PM - 05:15 PM

Issues and Challenges in IFRS & IND AS Implementation

A few important clarifications of ITFG on Implementation issues & interpretations


Vinay Gulati
Director Accounting Advisory Services
KPMG in India

Vinay has close to 13 years of post-qualification experience. He started his career with KPMG Bahrain in November 2005 as part of the assurance division and moved to the Accounting Advisory Services (AAS) practice of KPMG India in November 2009. He has substantial experience in providing accounting advisory services under multiple reporting frameworks such as IFRS/ Ind AS/ Indian GAAP/ US GAAP and has worked for diverse clients across sectors.

He has led several IFRS/ Ind AS conversion engagements and is an accredited IFRS/ Ind AS resource. He is also currently working on several IFRS 15/ Ind AS 115 transition projects for entities in varied sectors.  He has also managed several other accounting and financial reporting projects viz. technical accounting advisory, IPO advisory, financial reporting process transformation, learning solutions, among others.

He is also a regular speaker at the forums such as RBI Staff College, ICAI, Corporate Study Circles etc. He has also done several trainings under U.S. GAAP and IFRS for clients as well as internal staff. 



R S Vignesh
Associate Director Accounting Advisory Services
KPMG in India

Vignesh has over 10 years of professional experience in providing audit and accounting advisory services. He joined the Accounting Advisory Services (AAS) practice of KPMG, India in 2010 and is an Associate Director in the firm. He specializes in financial reporting and has significant experience in GAAP conversion.

He is working with large business houses in India and the Kingdom of Saudi Arabia advising them on various accounting matters under IFRS, Ind AS and Indian GAAP. He has sound domain knowledge in financial services and manufacturing sector. He’ expertise includes assisting clients in setting up best accounting practices by understanding and addressing their operational weaknesses.

Besides, He is a regular trainer and conducts various training programs on IFRS and Indian GAAP. Prior to joining KPMG, he has worked with Deloitte Haskins and Sells, India as part of their assurance practice.



A S Narayanan
Partner & Co-Founder

Narayanan specializes in providing assurance and GAAP convergence services for listed and large companies. He has over 21 years of experience including his past stint with Deloitte.

Narayanan has extensive experience across a variety of industries including Manufacturing, Construction (EPC), consumer markets etc. He has worked with both large Indian business houses and multinationals. Some of the key large groups handled in the current and recent past include Shriram group, Murugappa group of companies, TVS Srichakra and group, Lucas TVS and group. He has also handled end to end IND AS convergences of listed and large companies.

At Consark, Narayanan is responsible for heading the assurance service line. He also is the technical leader at Consark where his view points are instrumental in the positions adopted by the firm on various accounting, audit and regulatory matters. Apart from the aforesaid functions he drives the quality review process both by setting standards and also ensuring compliance with such standards across the various functions of Consark.

Gowtham Bharadwaj

Gowtham is a Chartered Accountant with an overall experience of more than 10 years. He was involved in the Assurance division of Lovelock and Lewes, Member firm of Price WaterhouseCoopers for almost 6 years.

Gowtham has extensive experience spanning across a sector of industries including IT/ ITES, Manufacturing, Shared Service Centres, Industrial markets, etc. He has been one of the key audit managers on the audit of Cognizant Technology Solutions US Corp and their related Indian entities. He was seconded to the PwC New York office to work on the Integrated Audit for CTS. Some of the other significant clients handled by him are Ford Motor Company, Chemplast Sanmar Limited, Caterpillar, Amalgamation group and Temenos.

Post his stint in PwC, Gowtham worked with Caratlane in setting up business processes and internal controls over various key processes. At Consark he is currently is responsible for leading assignments in statutory audits, internal audits, setting up business processes and controls, SOX/Internal Financial controls amongst others.


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Registration FeesINR 8,500 + 18% GST per delegate

Group Discount: 10% Discount on a Group of 2 or more Delegates

Note: The fees would include Course Material and Lunch & Refreshments at the Hotel

Payment Details:

Cheque/DD: Cheque/DD to be drawn in favour of E Watch Media and Learning Solutions LLP

Please courier the cheque to: B-106, Sector 65, Noida 201301, UP, India

Bank Details for NEFT/RTGS/Cash Deposit   

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E Watch Media and Learning Solutions LLP

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Sector 62 Noida

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Biplab SenGupta
Mob: +91- 8130826342