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of <h1>Revenue recognition for sale of goods, services, interest, royalties and dividends: timing, uncertainty, disclosures, and turnover net of excise duty.</h1> Prescribes principles for recognition of revenue in the statement of profit and loss from (i) sale of goods, (ii) rendering of services, and (iii) use by others of enterprise resources yielding interest, royalties and dividends, and excludes specified categories such as construction contracts, leases, government grants and insurance contracts. For sale of goods, revenue is recognised when property or all significant risks and rewards and control transfer and consideration is not significantly uncertain, deferring recognition where collectability or measurability is not reasonably determinable. For services, revenue is recognised by the proportionate completion method or completed service contract method, aligned to work performed. Interest is recognised on a time basis, royalties on accrual per agreement, and dividends when the right to receive is established; postponement and separate provisioning are required where uncertainties arise, with disclosure of postponements and prescribed turnover presentation net of excise duty.
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