rohit agarwal
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What is the Difference between AS 7and Ind - AS 11?
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CHITRANJAN AGARWAL
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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.
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