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Grant Thornton in India presents a monthly bulletin that summarises significant accounting, auditing and related updates, to meet the needs of dynamic Indian businesses, capturing key developments in India and across the globe.

This publication is designed to give an overview of the recent changes to Indian Accounting Standards along with their commercial implications. It covers both the new Standard that has been issued and amendments made to the existing ones.

This article on ‘Lease payments’ aims to help you decide which payments need to be recognised in the measurement of the liability and how changes in those payments are recognised.

After more than 10 years of work, in May 2014, the International Accounting Standards Board (IASB) and Federal Accounting Standards Board (FASB) published their largely converged standards on revenue recognition. The IASB issued IFRS 15 Revenue from Contracts with Customers and FASB issued ASU 2014-09 with the same title. The new standards create a single model for revenue recognition for contracts with customers and will promote greater consistency and comparability across industries and capital markets.

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Ind AS - India converging to IFRS

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