Ind as 115 - Audio Revision in 55 Mins | Revenue from contract with Customers | Pratik Jagati

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[@savetheworld05]

Sir bas bhi karo ....aap toh rula hi doge 🥹🥹😍😍 80+ guranteed with these efforts ❤ Bas aapka aashirvaad aise hi bana rahe hum logo par ❤

[@jayaharshini1419]

Thank you sir for everything you're contributing to the CA fraternity. Forever grateful for your existence 🙏💜

[@cacherrybhalotia]

sir hi padh rahe hai humlog se jyada

[@kaushalbahety4726]

😂😂

[@souravgidwani9981]

Crux of this first 30 mins 3 points 😂👇 To recognise revenue apply 5 step model out of which first 4 at inception date - 1) indentify contract to customer a) all party approved contracts b) identify each party right regarding g/s transferred c) identify payment terms d) commercial substance e) probable that entity will collect substantial all consideration (ability and intention to pay ) Exception of point 1)- i) contract not exist but gs transferred and all consideration recieved, ii) contract terminated , all consideration recd , non refundable. 2) Identify PO - single or distinct po Distinct PO - sold seperately+ ( no significant integration+ no good significantly modify / customise other good{design and construction} + goods interrelated or interdependent ) other points - cases where distinct goods are continuously provided over period of time (eg security services) - if consumption is symmetrical then consider single po satisfy over period of time. B) consignment arrangement - no revenue recognised - indications - i) product control by entity until sale to customer or specified period expires. ii) entity abe to require return or transfer product to other dealers. iii) no unconditional obligation to dealer for payment. C) principal vs agent - indications of principal -i) primarily responsible for fulfil contract , entity has inventory risk , has discretion in establish price. Principal recognised gross amount , agent recognise net amount(commision/fees) C) non refundable upfront fees - if relate to gs transfer to customer - account to related gs if not then account for advance payment of future gs . D) gift , card voucher of future purchase - book contact liability for future gs discount (1000/1200*200=108😂as per sir eg of 40% discount) 3) determine transaction price - amount of consideration entity expect to be entitled A) Variable consideration (VC) ( incentive, performance bonus etc.) - two methods - i) most likely method - when 2 outcome - whole amount of most likely event taken ii) expected value method - when more than 2 outcome - in the ratio of there probability At each reporting period entity shall update and reassess VC and refund liability. B) significant financial components - ( customer pays before / after entity perform it's obligations then there will be financial component - seperate from revenue and recognise int income or exp as per 109 Over riding provision - customer paid in advance at its discretion, to protect interest payment taken in advance or customer holds payment , future event like royalty on book sold * Not recognise financial component of time bet goods trfd to customer and customer pay is less than 1 year. C) ncc ( non cash consideration) i) measure ncc at fv of ncc receivable if not reliably estimate then reference to standalone selling price of gs , if fv varies after contact inception because of its form - then no adjust transaction price ( change in shares fv ) - If changes other than its form then apply guidance of variable consideration D) consideration payable to customer - net price receivable recognise revenue To be continued 😁

[@rekha6131]

Plz provide for additional 27 min

[@souravgidwani9981]

Next 26 mins 👇 Step 4 - Allocate transaction price to PO ( eg lift , installation and maintenance services - allocated to observable standalone price but if not available then apply these 3 methods - A) estimate price that customer in market is willing to pay , also refer competitive price B) expected cost + margin approach C) residual approach ( applied when gs not has its established price or previously not sold on standalone basis or if earlier sold but sold in broad range of amount (for eg sometime 2k , sometime 5 k etc..) Ill 54,55 Note - variable consideration and discount not allocated on proportionately on standalone price) Note 2 - subsequently if there is any change in transaction price , it will be re allocated on basis of inception standalone price of gs 5) satisfy PO ( when po satisfy book revenue) - now the question is when PO satisfied ? - when control is transferred to customer - now next question will be when control transferred 😂?- when it has ability has direct to use and prevent to use others for use and obtain substantial benefits. When control transferred over a period of time , if any of below condition met - A) customer simultaneously recieves and consume benefit (eg security guard ) B) asset that customer controls is created and enhanced as entity performs ( eg construction of customer building ) C) asset do not have alternative use to entity ( due to practical or contractual limitation) and entity has right to payment for performance completed till date if customer cancel contract for any reason other than entity failure to perform. Method for measure progress of po over time - Output method - based on measurement value of gs transferred till date ( eg surveys of performance completed till date) Input method - based on entity efforts or inputs (eg cost incurred) Find percent completion by any of method Do Ill 65 Other points - A):Bill and hold - goods hold as per discretion of customer and it is ready to give( anytime customer ask for it ) - so in this case there will be 2 PO - gs sold , custodial service, so allocate to both on fv standalone price . B): Contact cost - for doing contact 2 cost occurs - first that whether contact will done or not cost will occur ( not a contract acquisition cost)and other is cost will only be occured if contact occurs ( commision of dealer if we get contact) - so it will be contract acquisition cost And cost to fulfill contact and performs - ( eg bought hardware,software etc) so these cost allocated as per respective Ind as like 16,38 etc .. C) Repurchase agreement - (i) ( forward contract or call option ) - eg 1 - if sale price is less than repurchase price then it will assume as financing arrangements ( it will be assume loan and diff will be charged to interest and in case of call option if repurchase not done then loan transferred to revenue at the end ) Eg 2 sale price is more than repurchase price - assume it as lease transaction as per ind as 116 ( Sale price 50 k , repurchase price - 35 k ) - security deposit 35 k , lease rent recieved in advance 15 k and over the period transfer this to lease income , at the end of repurchase done , so security deposit to bank and if not then security deposit to revenue ( Apply present value to security deposit) (ii) Now put option - check significant economic incentive - expected market value is less than repurchase price then it is significant economic incentive and apply same enteries as above. And if there is not significant economic incentive apply sale with right to return D): Sale with right to return -( if case of consignment arrangement then no revenue recognised. ) Watch from 52:20

[@xanjiv111]

गुरू पूर्णिमा:गुरू ब्रह्मा गुरू विष्णु, गुरु देवो महेश्वरा गुरु साक्षात परब्रह्म, तस्मै श्री गुरुवे नमः Aap hi humare guru ho. kabir das bani: 'guru govinda do khade kake lagun paon, bali haru guru aapne govinda diyo bataye', Guru and Govinda(Narayan is standing in front of me, who should i bow first? I will bow to Guru first and then to Govinda because Guru showed me the way to Govinda. That is what Guru is and that is what kind of Guru you are to us all. Thank you sir !!!

[@tripti4085]

Leaving this comment to show Gratitude to the teacher... because of whom I am out of that exam and result circle .Not having exams this May coz I am qualified Chartered accountant now and you have a big big role in this sir ... got exemption in sfm because of your teaching.Thakyou from bottom of my heart.

[@ADILHUSSAIN-rz2jb]

Omg sir it is too much to take sir ap jo students k liye efforts de raho iska words me describe karna bohot hi mushkil hai how can a person be soo selfless and always ahead of students to show a ray of hope cannot thank you much sir.. hats off to you💙💙

[@suryanshgarg9045]

No Word to praise your efforts sir, bus yahi khana h Guru ji ko parnam 🙏🏻❤

[@vikashawasthi8420]

U are gem for CA industry.. Thanks a ton ❤

[@ssinha5541]

Fantastic sir thanks a lot 🙏

[@labdhibafna9061]

Thank you so much sir 🙏

[@AkashSharma-vw4qj]

Maza aa gya. Thank you Sir.

[@ghanatejyothi8238]

Tq so much sir 🤗

[@vikashawasthi8420]

Thank you so much Sir ❤🙏

[@deepadaivadnya2032]

Thank you so much sir.

[@ravishah9624]

Thank You Sir 🙏

[@harshaharidas6687]

Thank you sir🙏

[@lavinakhatri4296]

Thankyou sir 🙏🏻

[@sanjaysinghchauhan2228]

Thank you sir

[@santoshshrestha9939]

Tysm sir

[@siddharthchuli6361]

Sir please baki chapters ke bhi audio revision bana dijiye... it is so effective. ❤

[@pratapmandal1473]

Super jarur banaye fi k abr

[@CAhimanshuaggarwal7627]

Sir isma question bhi cover hai kya

[@chintanbajaj8325]

Step 3: 17:00 onwards

[@gds2652]

Thanks. Pls 116 also

[@kishu4601]

36:26 5