Accounting Review—Ind AS and Revenue Recognition

Abhinav Mittal (), Puneet Agrawal () and Shuchi Agrawal
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Abhinav Mittal: YOG INFRA
Puneet Agrawal: ALA Legal
Shuchi Agrawal: Chartered Accountant

Chapter Chapter 10 in Hybrid Annuity Model (HAM) of Hybrid Public-Private Partnership Projects, 2023, pp 199-245 from Springer

Abstract: Abstract This chapter details out the accounting standards as applicable on the HAM based road PPP projects in India. From the past experience, it can be gathered that the contracts of road construction awarded for such projects have an average project value of more than INR 500 Cr (USD 70 million). Thus, as per the authors’ view, an SPV engaged in undertaking the HAM projects would need to comply with the Indian Accounting Standards (or Ind AS) as issued by the Central Government in 2015. The Ind AS that is relevant for recognizing of revenue from such projects is Ind AS 115 i.e., “revenue from contracts with customer”. Ind AS 115 is a Five (5) step revenue recognition model wherein the revenue needs to be recognized by following the five steps namely, Identify the contract with the customer, Identify the performance obligations, Determine the transaction price, Allocate the transaction price to the performance obligations, and Recognize revenue as or when performance obligations are satisfied.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:mgmchp:978-981-19-2019-6_10

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DOI: 10.1007/978-981-19-2019-6_10

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