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30 May 2022
Pharmaceutical Industry
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Impact Analysis Of IND AS 115 On Pharmaceutical Industries
IND AS 115 is a new IND AS made effective with effect from 1st April, 2018 to be complied by all the entities which are required to present the financial statements under the IND AS. This Standard is a combination of IND AS 18 – Revenue Recognition and IND AS 11 – Construction Contracts, both the later being discontinued with effect from the introduction of this new Standard.
IND AS 115 works on a 5 step model to recognise the revenue:
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Identify the contract with the customer.
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Identify the performance obligation in the contract.
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Determine the transaction price.
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Allocate the transaction price to the performance obligations.
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Recognize the revenue when the entity satisfies a performance obligation.
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