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Ind AS-115: Revenue from Contract with Customers

Topics contained -         Scope & Objective -         Recognition & Five-Step Model ·         Identify whether contract exists with the customer or not ·         Identifying performance obligations (PO) ·         Determining the Transaction price ·         Allocating Transaction Price to Performance Obligations ·         Satisfying performance obligation -         Cost Evaluation -         Disclosure Scope & Objective This Ind AS had been introduced so as to streamline the process of revenue recognition for revenue from contracts entered with customers by an entity operating in any sector/industry. However, there are certain exceptions to the...
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SA 300: Planning an Audit of Financial Statements:

  An auditor being a person responsible to verify and scrutinize the information and report thereupon as to its truthfulness to various stakeholders, is obliged by stringent guidance notes and pre-defined procedures/systems, so as to discharge their duty. Thus, they have to make sure that any engagement that they are taking up as a professional be it involving auditing or simply assurance, be must executed in line with the standards set out by relevant regulatory body. We shall here take a brief understanding of one such standard i.e. ‘SA-300 Planning an Audit of Financial Statements’, laying down roadmap on procedures to be undertaken and aspect to be specially paid attention to post accepting any fresh audit engagement, however before initiating the engagement. Topics covered in this article: ·        Scope & Objective ·        Human Resource Planning ·        Preliminary Engagem...
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