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Companies (Auditor’s Report) Order, 2020(CARO,2020)

Legal ComplianceJune 29, 202415Views 0Likes 0Comments

Table of Contents Overview Applicability of CARO 2020 Detailed Reporting under each clause of CARO 2020 Overview The Ministry of Corporate Affairs (MCA) has announced a new format of statutory audits of companies. The MCA has notified Companies (Auditor’s Report) Order, 2020 on 25 February 2020 (CARO 2020). The order (CARO 2020) replaces the earlier order…

Ind AS 115:Revenue from Contracts with Customers||Step 3: Determining the Transaction Price

FinanceFebruary 17, 202313Views 0Likes 0Comments

Table of Contents Introduction What is the Transaction Price? o Variable Consideration o Constraining estimation of variable consideration o Significant Financing Component o Non-cash Consideration o Consideration payable to a customer Introduction Ind AS 115 Revenue from Contracts with Customers talks about revenue recognized in financial statements. There is a 5-step model to recognize the…