Ind AS-115 Revenue from Contracts with Customers 

The Ind AS 115 standard outlines principles for recognizing revenue in financial statements, focusing on long-term contracts and critical transactions. It applies to contracts with customers, excluding non-customer contracts such as leases and insurance agreements. Key steps include identifying the contract, determining performance obligations, and allocating transaction prices. Revenue recognition depends on satisfying performance obligations, either over time or at a point in time. Progress towards satisfaction is measured using output or input methods, with adjustments for changes over time. Presentation involves categorizing contracts as assets or liabilities, while disclosure requirements detail contract terms and judgments. Additionally, costs incurred in obtaining or fulfilling contracts are recognized as assets and amortized accordingly.