Taxmann's Analysis | Revenue Recognition under Ind AS 115 – Insights into Common Pitfalls and Practical Remedies
About this ebook
‣ Failure to Disaggregate Revenue – Reporting total revenue without breaking it down by product, geography, or sales channel.
‣ Missing Disclosure on Revenue Recognition Methods – Using vague phrases like “stage of completion” without explaining the input or output method.
‣ No Reconciliation of Revenue with Contracted Price – Omitting details of discounts, credits, or rebates deducted from the contract value.
‣ Premature Recognition of Claims/Arbitrations – Recording revenue on claims or awards that are not yet enforceable.
‣ Contradictory Statements on Revenue Methods – Mixing input and output methods without clear application or justification.
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