IND AS 115 & 116 Masterclass (Mumbai)

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

Asgar Khan
Director
BDO India

Asgar is a Director with Assurance practice. He operates out of Mumbai office and has more than 13 years of professional experience in audit and assurance services with expertise in IFRS and Ind AS reporting.

Prior to joining BDO, he has worked with larger accounting firms, where he was part of the India IFRS desk and a member of subject matter expert group for IFRIC 12, IFRS 13, IFRS 15, employee benefits and presentation and disclosure.

Asgar has rich experience in Audit of clients in construction and real estate, manufacturing and service industry. He has experience in IFRS & Ind AS assignments across various industries including

Retail and consumer products, Pharmaceutical companies, Manufacturing companies, IT & ITeS, Construction & Real estate.


Basudev Kalauni
Sr. Manager
BDO India

Basudev is a senior manager with Assurance practice - Mumbai office with more than 8 years of extensive experience providing assistance in accounting advisory services and assurance practice. Before joining BDO, he has been associated with PwC Mumbai.

Basudev has worked on a number of GAAP conversion, statutory audit under Indian GAAP and group reporting`s under US GAAP/IFRS. He is also active in providing internal technical trainings within the Firm

 His major clients include Raymond Group, Nilkamal Group, Century Textiles and Industries Limited, Thomas Cook India Group and MSD India group. His major IFRS/Ind AS assignment are: IFRS financial review of subsidiary of Barclays Bank PLC, IFRS implementation of Rosy Blue Group, Ind AS implementation of Export Import Bank of India, Raymond Group, HCC Infrastructure group, Binani Group, Lafarge, etc.

 


Vaibhav Poddar
Associate Director - Accounting Advisory Services
KPMG In India
Vaibhav has more than 11 years of experience in accounting and finance related matters. He has also led/ other GAAP conversion and audit engagements involving complex accounting issues under IFRS and Indian GAAP. These assignments required collation of information from many locations/ subsidiaries, including reviewing consistency of information across locations and complete project management. He has led projects for preparation/ review of financial information for offering documents with Indian / US Regulators involving financial information prepared under Indian GAAP and IFRS.
 
Vaibhav has worked extensively on IFRS 15 and IFRS 16 implementation projects dealing with complex issues as well. Vaibhav was involved in substantive discussions with KPMG global teams to resolve complex implementation issues. 
Vaibhav has led IFRS/ Ind AS conversions of companies like HPCL, Vodafone, Idea Cellular, Rolta. This required dealing comprehensively with complex accounting issues around revenue recognition, asset accounting, lease classifications, stock options, consolidation, financial instruments, etc.

Fenil Jakharia
Manager - Accounting Advisory Services
KPMG In India

Fenil is a Manager in the Accounting Advisory Services (‘AAS’) with more than 4 years of experience in accounting and finance related matters. Prior to that, Fenil was part of audit practice for a period of 3 years. He specializes in providing IFRS/ Ind AS convergence and technical accounting advice under IFRS. His key clients under Ind AS include Hindustan Petroleum Corporation Limited, Aditya Birla Retail Limited, Tribhovandas Bhimji Zaveri Limited, etc. The Ind AS convergence project requires identifying Ind AS impacts, quantifying the same, training the client staff, having constant interactions with client and its auditors and managing the internal team

 

He was involved in performing IFRS 15 impact assessment for Saleco (subsidiary of Saudi Telecom). He has delivered training on various IFRS topics to regulators of Nepal. He has provided training on topics like consolidation, revenue, income taxes, business combination, first-time adoption of IFRS among others.

He was extensively involved with one of India’s largest FMCG in their nationwide roll out of Goods and Services Tax (‘GST’) for analysing change in their accounting and processes.

Besides above, he was part of projects which include preparation of accounting policy manuals, providing guidance on achieving fast-close of revenue numbers, assistance in implementation of component accounting for major airline company among others.


Hotel Goldfinch
Plot No. 34/21, Central Road, MIDC, Andheri East, Mumbai
022 6688 0909
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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:

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


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Biplab SenGupta
Mob: +91- 8130826342

Email: training@corpkonnect.com  
Website: www.corpkonnect.com