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of <h1>Ind AS 115: How to recognise revenue from customer contracts - identify obligations, measure price, and recognise when control transfers</h1> Ind AS 115 establishes principles for recognising revenue from contracts with customers by depicting transfer of promised goods or services in an amount reflecting expected consideration. It applies to most customer contracts, requires identifying contracts, performance obligations, transaction price (including variable consideration, significant financing, non-cash consideration and payments to customers), and allocating price to obligations based on stand-alone selling prices. Revenue is recognised when control transfers (over time or at a point in time) using consistent progress measures; contract costs that meet specified criteria may be capitalised and amortised. The Standard prescribes presentation as contract assets/liabilities and extensive disclosures of contracts, judgments and assets from contract costs.
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