IND AS 115 & 116 Masterclass (Gurgaon)

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

Anup Sharma
Partner
Deloitte Haskins & Sells LLP

Anup Sharma is a Director in the Audit & Assurance practice with Deloitte Haskins & Sells and has over 13 years of experience. 


He has led and managed engagements for several large domestic and multinational companies, as well as SEC clients. He has served several clients across various industries. Anup has also served clients in the manufacturing, life science, financial services and the technology industries. He specializes in IFRS, IGAAP, US GAAP, ISA and PCAOB (Pubic Company Accounting Oversight Board). He has also been involved in various IFRS related conversion and audit projects in and outside India. Anup is a member of Capital Market team in Deloitte.


He has contributed to Firm publications such as the iGAAP Book and other IFRS publications. Anup has represented the firm in professional forums such as ICAI, ICWA, ICSI, CCH and IIFT.


He is a Member of the Institute of Chartered Accountants of India and a CPA (Certified Public Accountant) from the American Institute of CPAs. 


Govind Mohan
Senior Manager - Audit & Assurance
Deloitte Haskins & Sells LLP

Govind is Senior Manager in the Audit & Assurance practice with over 8.5 years of experience, and is based in Gurgaon.

Govind has led and managed engagements for several large domestic and multinational companies. He has served several clients across various industries. He specializes in IFRS, IGAAP, US GAAP and ISA. He has also been involved in various IFRS related conversion and audit engagements in India, Mauritius, London, Cyprus, Singapore and Nepal.

Govind has worked closely with Deloitte member firms in Mauritius, Cyprus, Singapore and London. He has extensive experience in audit and advisory practice. He has also led audits of large private equity funds.

Some of the major clients Govind has served include: Wipro, Softbank Group, IL&FS Group, Bharti Airtel, Red Fort Capital, Moody’s International, ONGC Group, Tata Power, Chambal Fertilizers, IFFCO, WPP Group Entities, etc.


Ramada Gurgaon Central
Site No 2, Sector 44, Gurgaon
0124 - 4886400
Get Direction

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   

Bank Name

HDFC Bank

Beneficiary Name

E Watch Media and Learning Solutions LLP

Current Account No

50200010658471

IFSC Code

HDFC0002649

Brach Name

Sector 62 Noida


For Credit Card Payment: Please contact us

Biplab SenGupta
Mob: +91- 8130826342

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