https://www.taxtmi.com/caselaws?id=440559 NFRA examined whether a listed entity's annual subscription fee, customer classes, and related business activities should have been assessed and reported as operating segments under Ind AS 108. It found that distinct activities, different contractual rights, and inconsistent filings indicated inadequate segment analysis and deficient disclosures, requiring review and revision of segment reporting. It also reviewed revenue recognition under Ind AS 115, noting concerns where members were denied accommodation despite availability and the entity could not adequately show that performance obligations were satisfied through effective controls. The accounting policies, disclosures, and revenue recognition framework were found deficient, with directions issued for review, documentation, auditor verification, and reporting to the regulator. en-us Wed, 29 Mar 2023 00:00:00 +0530 Mon, 09 Oct 2023 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440559 NFRA examined whether a listed entity's annual subscription fee, customer classes, and related business activities should have been assessed and reported as operating segments under Ind AS 108. It found that distinct activities, different contractual rights, and inconsistent filings indicated inadequate segment analysis and deficient disclosures, requiring review and revision of segment reporting. It also reviewed revenue recognition under Ind AS 115, noting concerns where members were denied accommodation despite availability and the entity could not adequately show that performance obligations were satisfied through effective controls. The accounting policies, disclosures, and revenue recognition framework were found deficient, with directions issued for review, documentation, auditor verification, and reporting to the regulator. Case-Laws Companies Law Wed, 29 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440559