Accounting and Auditing Update


The Accounting and Auditing Update, a monthly publication by KPMG in India aims at providing timely inputs on recent regulatory updates in addition to analytical articles on topics relevant to the sector.

The August 2015 edition of the Accounting and Auditing Update examines the impact of Ind AS 115, Revenue from Contracts with Customers on the real estate sector in light of the guidance available in the current Indian GAAP.


We have also covered significant observations made by the Financial Reporting Review Board of the Institute of Chartered Accountants of India with respect to reporting practices under the Revised Schedule VI of the Companies Act, 1956. The requirements relating to the preparation and presentation of the financial statements under the Schedule III to the Companies Act, 2013 are similar as that of Revised Schedule VI.


Recently, the International Accounting Standards Board (IASB) has proposed clarifications to IFRS 15, Revenue from Contracts with Customers for public consultation. We provide an overview of these clarifications and also highlight the U.S. Financial Accounting Standards Board’s thinking on these proposals.


Finally, in addition to our regular round up of regulatory updates, we also provide a summary of the important proposals set out in the exposure draft on the Conceptual Framework for Financial Reporting issued by the IASB.


This issue includes :


  • Impact of the new revenue standard on the real estate sector 
  • Pushdown accounting: A new basis of accounting in separate financial statements under U.S. GAAP 
  • Plugging gaps in financial reporting: FRRB’s recent observations 
  • The IASB issues an exposure draft on the Conceptual Framework for financial reporting 
  • The IASB proposes clarifications to the new revenue standard 
  • Regulatory updates


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