1) Ind AS 115, How to recognised revenue with examples, 5 step model, 3 conditions of satisfied over time.

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Answering a question on Ind AS 115 and revenue recognition

Ind AS 115 provides a 5-step model for revenue recognition
The 5 steps are: identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price, and recognize revenue
Revenue can be recognized over time if certain conditions are met, such as the customer simultaneously receiving and consuming the benefits of the entity's performance
Examples of revenue recognition under Ind AS 115 include software licensing, construction contracts, and long-term service contracts
It is important for auditors to understand Ind AS 115 and how it impacts their clients' financial statements

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