Revenue recognition under Ind AS: measure revenue and trade receivables at transaction price unless significant financing exists. Non-compliance concerns arise where companies state revenue is measured at fair value of consideration received or receivable, whereas Ind AS 115 requires revenue to be recognised at the transaction price allocated to performance obligations. Similarly, trade receivables are often incorrectly described as initially recognised at fair value, but Ind AS 109 provides that trade receivables without a significant financing component are initially measured at the transaction price defined in Ind AS 115. Companies and auditors must align policies and disclosures with these Ind AS measurement requirements.