ICAI defers call on new revenue recognition concepts
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ICAI has deferred a decision on adoption of new 'revenue recognition' concepts that the developed world is hesitating to implement.
The proposal -- whether the new revenue recognition standard (Ind AS 115) should be adopted from April 1, 2016 or deferred -- was before the central council of the CA Institute when it met on June 24-25.
"It was definitely part of the agenda. The central council however did not take up the matter on those two days", sources close to the developments said.
This proposal will most likely be taken up at the next central council meeting scheduled for July 20, they added.
ICAI move to review adoption of the new revenue recognition concepts has been dictated by the International Accounting Standards Board (IASB) move to propose a deferral by one year in the implementation of IFRS 15 (from earlier set 2017 to 2018).
Ind AS 115 is modelled on the internationally recognised IFRS 15. (Business Standard)
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