What is ind is relevant to revenue recognition

Question

Accepted Answer

Ind AS 115 is relevant to revenue recognition

Ind AS 115 is a new revenue recognition standard introduced by the Institute of Chartered Accountants of India (ICAI)
It provides a single, comprehensive framework for revenue recognition across all industries
It replaces the previous revenue recognition standards, including Ind AS 18 and Ind AS 11
It requires companies to recognize revenue when control of goods or services is transferred to the customer, rather than when risks and rewards are transferred
It also requires companies to disclose more information about their revenue recognition policies and the nature of their contracts with customers

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