Revenue recognition: ICDS requires profit recognition after initial stage is passed; Ind AS uses a five-step revenue model.

Revenue recognition for construction contracts differs: ICDS III applies the percentage of completion method except in early stages when revenue is limited to costs incurred and a threshold must be met before profit recognition; contract costs are expensed and expected losses recognised proportionately. AS 7 similarly uses percentage-of-completion with recoverability limits and immediate recognition of expected losses. Ind AS 115 requires a five-step model-contract identification, performance obligations, transaction price, allocation and recognition-subject to specified contract scope criteria.

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