Senior Audit Assistant 2 Interview Questions and Answers

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 recogn...read more