In 2024, Infosys Limited was the second-largest company in India’s information technology software industry. Its software services offerings were diversified across different sectors, with a large part coming from exports. As required by India’s government, Infosys Limited applied Indian accounting standards in its preparation and presentation of financial statements. A senior analyst with an investment advisory firm in India, was asked to evaluate how the new Indian accounting standard, Ind AS 115, impacted the performance of Infosys Limited and its competitors by reviewing financial performance in recent years and results for the last three quarters of fiscal year 2023–24. Which specific ratios will provide an indication of prudent revenue recognition? What was the impact of Ind AS 115 on Infosys?
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