Revenue recognition: Ind AS 115 modifies terminology, excludes penalties from variable consideration, and adds disclosure requirements. Comparison highlights divergences where Ind AS 115: replaces certain IFRS terminology; omits IFRS 15 transitional provisions due to Ind AS 101; excludes 'penalties' from examples of variable consideration while adding specific guidance on penalties; requires separate presentation of excise duty in revenue; mandates reconciliation of revenue recognised with contracted price specifying each adjustment; and adds guidance on transfers of control when customers have an unconditional right of return.