Brief me about Ind as 115

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Ind AS 115 is a revenue recognition standard that specifies how and when revenue should be recognized in financial statements.

Ind AS 115 replaces the existing revenue recognition standards and provides a comprehensive framework for recognizing revenue from contracts with customers.
It focuses on identifying performance obligations in a contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when the performance obligations are satisfied.
The standard requires entities to assess the transfer of control criteria to determine when revenue should be recognized.
It also includes guidance on accounting for contract modifications, variable consideration, and warranties.
Examples of revenue recognition under Ind AS 115 include software licensing, construction contracts, and long-term service agreements.

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