This Standard will bring much needed uniformity in valuation and accounting of share-based benefits—Name the Standard. Discuss its objective, scope and recognition.

The Standard that brings much-needed uniformity in valuation and accounting of share-based benefits is Ind AS 102, 'Share-based Payment' . Objective of Ind AS 102: The primary objective of Ind AS 102 is to specify the financial reporting by an entity when it undertakes a share-based payment transaction. It requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with such transactions. In essence, it aims to ensure that the economic substance of share-based payment transactions is appropriately recognized in the financial statements. Scope of Ind AS 102: Ind AS 102 applies to all share-based payment transactions, regardless of whether the entity can specifically identify some or all of the goods or services received. This includes: Equity-settled share-based payment transactions: Transactions where the entity receives goods or services as consideration for its equity instruments (e.g., shares or share options). Cash-settled share-based payment transactions: Transactions where the entity acquires goods or services by incurring liabilities to the supplier of those goods or services for amounts that are based on the price (or value) of the entity's shares or other equity instruments. Transactions with cash alternatives: Transactions where the entity or the supplier of goods or services has a choice of settlement in cash or equity instruments. Examples of share-based benefits covered include share options, share appreciation rights, and restricted shares. Recognition under Ind AS 102: An entity is required to recognize goods or services received or acquired in a share-based payment transaction only when it receives the goods or as the services are rendered. The recognition principles are as follows: For goods or services received: An expense is recognized when the goods are consumed or services are received. If the goods or services do not qualify for recognition as assets, they are recognized as expenses immediately. Corresponding increase in equity or liability: If the goods or services are acquired in an equity-settled share-based payment transaction, a corresponding increase in equity is recognized. If the goods or services are acquired in a cash-settled share-based payment transaction, a corresponding liability is recognized. Timing of expense recognition: Expenses arising from consumption of goods or services are recognized over the period during which the services are rendered or the goods are consumed. For instance, services are typically recognized immediately, while goods might be recognized over a period or at a later date depending on their consumption pattern.