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of <h1>Understanding Ind AS 18: Revenue Recognition for Sales, Services, and Asset Use with Key Exclusions and Conditions</h1> The the Indian Accounting Standard (Ind AS) 18, which governs the recognition and measurement of revenue from various transactions, including the sale of goods, rendering of services, and use of entity assets yielding interest and royalties. Revenue is recognized when it is probable that economic benefits will flow to the entity and can be measured reliably. The standard specifies conditions for recognizing revenue from goods and services, including the transfer of risks and rewards and reliable measurement of costs and revenue. It excludes certain transactions, such as leases and insurance contracts. The document also addresses revenue from barter transactions, customer loyalty programs, and transfers of assets from customers, providing guidance on measurement and recognition.
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