Revenue from contracts: recognise consideration for transferred goods or services when control passes, accounting for variable amounts and contract costs.

Ind AS 115 requires entities to recognise revenue that depicts transfer of promised goods or services for consideration expected. It prescribes identifying contracts and distinct performance obligations, determining and allocating the transaction price (including estimating and constraining variable consideration and accounting for financing components and non-cash consideration), recognising revenue when control transfers (over time or at a point in time), capitalising incremental contract costs when recoverable, presenting contract assets/liabilities/receivables appropriately, and disclosing qualitative and quantitative contract information.

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