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of <h1>ICDS IV: Revenue Recognition Focuses on Substance Over Form in Leases and Hire Purchase Transactions.</h1> The Income Computation and Disclosure Standards (ICDS) IV outlines the recognition of revenue from leases and hire purchase transactions, emphasizing that transactions should be governed by their substance rather than legal form. Revenue is recognized when risks and rewards are transferred, not necessarily when property is transferred. Lease transactions are not considered sales; lease rent is taxed as income, and the lessor can claim depreciation. In hire purchase agreements, the lessor recognizes the sale and the hirer claims depreciation, aligning with ICDS I's focus on substance over form. Revenue is defined as arising from the use of an assessee's resources by others, limited to interest, royalties, or dividends.
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