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of <h1>Key Differences Between Ind AS 115 and IFRS 15: Terminology, Transitional Provisions, and Treatment of Penalties Explained</h1> The appendix highlights key differences between Indian Accounting Standard (Ind AS) 115 and International Financial Reporting Standard (IFRS) 15, particularly in terminology and provisions. Ind AS 115 uses terms like 'balance sheet' instead of 'statement of financial position.' Transitional provisions in IFRS 15 are not included in Ind AS 115, as they are covered under Ind AS 101. Ind AS 115 excludes penalties from consideration variability, unlike IFRS 15, and introduces specific paragraphs for accounting treatments of penalties, excise duty presentation, and revenue reconciliation. It also includes guidance on product control transfers with unconditional return rights.
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