Describe the Revenue Recognition principal under ind as 115

Question

Accepted Answer

Revenue Recognition principle under IND AS 115 requires revenue to be recognized when control of goods or services is transferred to the customer.

Revenue is recognized when control of goods or services is transferred to the customer.
Revenue is measured at the amount the entity expects to be entitled to in exchange for the goods or services.
Revenue is recognized over time if the customer simultaneously receives and consumes the benefits provided by the entity.
Revenue is recognized at a point in time if the customer does not simultaneously receive and consume the benefits provided by the entity.
Examples: sale of goods, rendering of services, licensing arrangements, construction contracts.

Accepted Answer

Describe the 5 stage model of ind as 115

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