Definition: Revenue needs to be recognized when an entity transfers the control of goods and services to customers at an amount that the entity expects to be entitled.
Ind AS 115, a new revenue recognition standard introduced and replaced the below existing Standards.
Ind AS 11-construction contracts
Ind AS 18- revenue recognition
Guidance notes on real estate revenue recognition
Applicability : Standard is applicable from 1 April 2018, i.e., FY 2018–19.
Ind AS 115 is based on a five-step model
New standard has introduced 5 Step model for revenue recognition criteria.
Note: This article is meant for quick reference. Please refer Institute Material for detailed note.
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