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Comparison Chart of ICDS-IV, AS-9 & IndAS-115 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

Extract

..... from the goods or services either on its own or together with other resources that are readily available to the customer, b) Promise to transfer the good or services to the customer is separately identifiable from other promises in the contract (that is, the goods or services is distinct within the context of the contract). A good or service that does not meet these criteria would be combined with other goods or services in the contract until the criteria are met Recognition of Revenue from Contracts with Customers Under ICDS III, contract revenue shall comprise of variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and their capable of being reliably measured. Furth .....

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Comparison Chart of ICDS-IV, AS-9 & IndAS-115 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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..... ue of money Similar to Indian GAAP Revenue is not adjusted for the time value. Transaction price is adjusted for the time value of money when a significant financing component exists. Allocating the transaction price Not covered by ICDS. No guidance included. The transaction price is allocated to each performance obligation identified in the contract on the basis of a relative stand- alone selling price determined at contract inception. The stand-alone selling price is the price at which an entity would sell a promised good or service separately to a customer (the best evidence being the observable price at which the good or service is separately sold in similar circumstances and to similar customers. If not directly observable, estimation .....

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Comparison Chart of ICDS-IV, AS-9 & IndAS-115 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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..... t or input methods) and only if it can reasonably measure its progress towards completion; else, revenue should be recognised only to the extent of contract costs incurred of which recovery is probable. Dividends Dividends are recognised in accordance with the provisions of the Act. Dividends are recognised when the owner’s right to receive the payment is established. When dividends on equity shares are declared from pre-acquisition profits, the same is deducted from cost. If it is difficult to make an allocation of source of dividend between pre-acquisition profits and post-acquisition profits except on an arbitrary basis, the cost of the equity shares is normally reduced by dividends receivable only if they clearly represent a recov .....

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Comparison Chart of ICDS-IV, AS-9 & IndAS-115 - ICDS with Comparisons - Income computation and disclosure standards - Income Tax

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