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Under Ind AS 101, REVENUE FROM CONTRACTS WITH CUSTOMERS (Ind AS 115) transition can use exemptions including:
ARestatement only of contracts greater than ₹1 crore in value
BFull retrospective application is mandatory without exemptions
CA flat 5% loss provision on all opening revenue balances
DFor COMPLETED CONTRACTS — need not restate contracts that begin AND end within the same annual reporting period; for completed contracts with variable consideration — use the transaction price at the date the contract was completed rather than estimating across comparatives
Answer & Solution
Correct answer: D. For COMPLETED CONTRACTS — need not restate contracts that begin AND end within the same annual reporting period; for completed contracts with variable consideration — use the transaction price at the date the contract was completed rather than estimating across comparatives
Ind AS 115 transition exemptions: (i) need not restate same-year-completed contracts; (ii) use transaction price at completion date for completed variable-consideration contracts; (iii) no requirement to disclose backlog of unsatisfied PO amounts for pre-transition comparative periods. These materially reduce the transition burden where retrospective effort would not change the picture meaningfully.
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