1. Background and Problem

Ind AS 115 requires revenue from customer contracts to be recognised through a five-step model. For contracts with several deliverables, variable consideration, long durations or percentage-of-completion revenue, the assessment is judgement-heavy and is usually documented in scattered Excel files and Word notes. This creates recurring problems:

1. Inconsistent documentation of judgements across contracts, preparers and years.
2. Manual calculation errors in SSP allocation, progress measurement and journal entries, including small rounding differences that stop vouchers from balancing.
3. Time spent re-keying contract terms from PDF or Word agreements.
4. Weak audit trail showing how each figure was arrived at and who changed what.

2. Solution Overview

StandardPoint is a single-file, offline workpaper tool that walks the CA through the five steps of Ind AS 115 and produces a structured, print-ready workpaper. It is a decision-support aid: every conclusion is derived only from the user's own inputs, and areas of judgement are flagged for professional review rather than decided automatically.

3. Key Features

1. Contract upload: PDF, Word, text or scanned files are read on the user's device and the tool suggests parties, dates, total value, performance obligations, variable-consideration clauses and payment terms. The user reviews before anything is applied.
2. Contract balances and journal entry: Computes contract asset or liability and trade receivable, and prepares an illustrative journal entry.
3. Review flags and score: Highlights incomplete or high-risk areas (for example an undocumented SSP method, a variable-consideration constraint not assessed, or completion above 100%) and gives a workpaper completion score.
4. Disclosure checklist: Ten disclosure items classified as compliant, not compliant, not applicable or review required.
5. Audit trail and calculation trace: Every input change is logged with date, time and previous and new value, and each amount shows how it was calculated. The log can be exported to CSV.
6. Workpaper output: A 15-section printable workpaper with prepared-by and reviewed-by blocks; the workpaper can also be saved as JSON and can be reloaded to revisit and edit and also make necessary changes which are all captured in audit trail.
7. Data privacy: Data is stored only in the browser on the user's device, and uploaded contracts are not sent to any server.

4. How It Is Used in Practice

1. Upload the contract, or enter the profile manually, and confirm the extracted data.
2. Complete Steps 1 to 5, documenting evidence and judgement for each performance obligation.
3. Enter amounts invoiced and cash collected to derive contract balances and the journal entry.
4. Clear the review flags, complete the disclosure checklist and add CA remarks/conclusion.
5. Print or save the workpaper as PDF for the engagement file, and export the audit trail if required.

5. Benefits

1. Consistency: A uniform, step-by-step approach and documentation standard across contracts and team members.
2. Accuracy: Calculations are system-driven and reconcile exactly, which reduces manual errors.
3. Time saving: Less re-keying of contract data and automatic compilation of the workpaper.
4. Review quality: Reviewers see open flags, evidence and the calculation trace in one place.
5. Training value: Useful for educating CA trainees on how the five-step model is applied to real contract facts.
6. Low cost: No licence, server or installation; works in a standard browser, including offline.

6. Limitations and Safeguards

1. Contract extraction is pattern-based and can miss or misread terms. All extracted data must be verified against the signed contract. Scanned documents need an OCR library that loads from the internet on first use.
2. SSP is a management estimate; the tool does not assume any value and requires the method and evidence to be recorded.
3. The journal entry is illustrative and must be adapted to the entity's facts and chart of accounts.
4. The score reflects workpaper completion, not statutory compliance. The tool does not replace professional judgement or management's responsibility for the financial statements, and it is not certified or endorsed by ICAI.

7. Conclusion

StandardPoint shows how a Chartered Accountant can use simple, locally run automation to bring structure, accuracy and an audit trail to a judgement-intensive standard such as Ind AS 115, while keeping the CA's professional judgement at the centre of the assessment. The same approach can be extended to other standards and engagement workpapers.