ICAI’s Educational Material on Indian Accounting Standard (Ind AS) 18, Revenue (Revised Sept. 2017) to deal with Implementation Issues
Ind AS 18 on Revenue prescribes the recognition and measurement principles for revenue arising from certain types of transactions and events. Since revenue is an element which can influence the decisions of the users of the financial statements, the principles prescribed in the Standard need to be applied very carefully. Moreover, with regard to certain provisions, need of practical guidance has been felt.
Accordingly, the ICAI has published a booklet (Education Material on Ind AS Revenue – Revised Edition Sept. 2017) which addresses the implementation issues being faced by the stakeholders. Also, this booklet contains summary of Ind AS 18 and key requirements thereof along with Frequently Asked Questions (FAQs) on the implementation issues.