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of <h1>NFRA Highlights Non-Compliance with Ind AS 115 & 109 on Revenue and Trade Receivables by Companies.</h1> The National Financial Reporting Authority (NFRA) has identified non-compliance with Indian Accounting Standards (Ind ASs) by some companies regarding revenue from contracts with customers and trade receivables. It was found that many companies incorrectly recognize revenue at fair value rather than at the transaction price, as required by Ind AS 115. Similarly, trade receivables are often wrongly measured at fair value instead of at the transaction price, as per Ind AS 109. NFRA advises all relevant companies and auditors to adhere strictly to these standards to ensure accurate financial reporting. Company Secretaries are requested to inform their Boards of Directors about this circular.
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