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The CA Institute has deferred a decision on adoption of new 'revenue recognition' concepts that the developed world is hesitating to implement.
The proposal -- whether the new revenue recognition standard (Ind AS 115) should be adopted from April 1, 2016 or deferred --was before the central council of the CA Institute when it met on June 24 and 25.
This proposal will most likely be taken up at the next central council meeting scheduled for July 20, they added.
Ind AS 115 is modelled on the internationally recognised IFRS 15.
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