Difference between AS 7and Ind - AS 11

Open uri20170510 32134 1ue0f38?1494421710 rohit agarwal asked over 3 years ago

What is the Difference between AS 7and Ind - AS 11?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CHITRANJAN AGARWAL answered over 3 years ago

Dear Rohit, Difference B/w IND AS 11 AS 7 1 No such specific reference to Borrowing Cost. While AS-7 Includes borrowing costs as per AS 16, Borrowing Costs, in the costs that may be attributable to contract activity in general and can be allocated to specific contracts. 2 Requires that contract revenue shall be measured at fair value of consideration received/receivable. While AS-7 does not recognise fair value concept as contract revenue is measured at consideration received/receivable. 3 Appendix A of Ind AS 11 deals with accounting aspects involved in Service Concession Arrangements and Appendix B of Ind AS 11 deals with disclosures of such arrangements. While AS-7 does not deal with accounting for Service Concession Arrangements. Any other query feel free to contact us.

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