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Accounting Review—Ind AS and Revenue Recognition

In: Hybrid Annuity Model (HAM) of Hybrid Public-Private Partnership Projects

Author

Listed:
  • Abhinav Mittal

    (YOG INFRA)

  • Puneet Agrawal

    (ALA Legal)

  • Shuchi Agrawal

    (Chartered Accountant)

Abstract

This chapter details out the accounting standards as applicable on the HAM based road PPP projects in India. From the past experience, it can be gathered that the contracts of road construction awarded for such projects have an average project value of more than INR 500 Cr (USD 70 million). Thus, as per the authors’ view, an SPV engaged in undertaking the HAM projects would need to comply with the Indian Accounting Standards (or Ind AS) as issued by the Central Government in 2015. The Ind AS that is relevant for recognizing of revenue from such projects is Ind AS 115 i.e., “revenue from contracts with customer”. Ind AS 115 is a Five (5) step revenue recognition model wherein the revenue needs to be recognized by following the five steps namely, Identify the contract with the customer, Identify the performance obligations, Determine the transaction price, Allocate the transaction price to the performance obligations, and Recognize revenue as or when performance obligations are satisfied.

Suggested Citation

  • Abhinav Mittal & Puneet Agrawal & Shuchi Agrawal, 2023. "Accounting Review—Ind AS and Revenue Recognition," Management for Professionals, in: Hybrid Annuity Model (HAM) of Hybrid Public-Private Partnership Projects, chapter 0, pages 199-245, Springer.
    • Handle: RePEc:spr:mgmchp:978-981-19-2019-6_10
    DOI: 10.1007/978-981-19-2019-6_10
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