The CA Institute has convened a meeting with apex industry chambers on August 24 to discuss whether adoption of key new revenue standard needed to be pushed back or not.
This new revenue standard - Ind AS 115 - has a big bearing on financial reporting by Corporate India.
"We have called a meeting on August 24. Separate letters seeking their (apex industry chambers) views on this issue has also been sent", Manoj Fadnis, CA Institute President, told Business Line here.
Ind AS 115 - which is slated to be implemented from April 1 next year - could radically change the way revenue is recognized in several industries such as software and telecom.
Indian standard setters are debating whether this effective date needed to be deferred in the wake of International Accounting Standards Board (IASB) putting off the implementation of IFRS 15( equivalent of Ind AS 115) by one year to January 1, 2018.
srivats.kr@thehindu.co.in