Comparing Revenue Standards: ICDS-IV, AS-9, and Ind AS 115 on Income, Contracts, and Performance Obligations

The document compares revenue recognition standards across ICDS-IV, AS-9, and Ind AS 115. ICDS-IV focuses on income computation for tax purposes, not book maintenance, and includes retention money in contract revenue. AS-9 deals with revenue from goods, services, interest, royalties, and dividends. Ind AS 115 emphasizes performance obligations, recognizing revenue when control is transferred to the customer, and adjusting transaction prices for significant financing components. Dividends are recognized when the right to receive payment is established, and interest accrues on a time basis. Ind AS 115 requires transaction price allocation based on stand-alone selling prices.