Revenue recognition shifted to Ind AS 115's five step model with contract assets/liabilities and transitional rules effective April 1, 2018. The amendment promulgates Ind AS 115, Revenue from Contracts with Customers, effective 1 April 2018, and makes consequential amendments across Ind AS 101, 103, 104, 107, 109, 112, 115 (inserted), 21 (Appendix B on foreign currency and advance consideration) and others. It establishes the five-step revenue recognition model, contract asset/liability presentation, treatment of variable consideration and significant financing components, aligns impairment and initial measurement rules (including trade receivables at transaction price and expected credit loss scope), and prescribes transition options and disclosure requirements.