Question
IND AS 115 prescribes a 5-step model for recognition of
revenue, identify the correct sequence of the following steps given below:                  I.   Identify the performance obligations in the contract                 II.   Recognize revenue when (or as) the entity satisfies its performance obligations.               III.   Determine the transaction price              IV.   Allocate the transaction price to the performance obligations in the contract                V.   Identify the contract with the customerSolution
IND AS 115 provides a 5-step model for recognizing revenue from contracts with customers. To achieve the core principle, an entity should apply the following five-step model: Step 1: Identify the contract with the customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies its performance obligations
What is the period within which the Appellate Tribunal under the Prevention of Money-Laundering Act, 2002 shall dispose of the appeal?
The security receipts under SARFAESI Act
How often is the appropriate government required to review and revise the minimum rates of wages under the Minimum Wages Act?
Amit signs an instrument in the following terms "I promise to pay Babu Rs. 10,000 and all other suns which shall be due to him". What is the legal statu...
Who may obtain specific performance of a contract according to the provisions of Specific Relief Act?
Sale is transfer of ownership in exchange of_____.Â
Where a Central Public Information Officer or a State Public Information Officer, as the case may be, intends to disclose any information or record on ...
Which of the following is not an example of vicarious liability?
In which section of Indian Contract Act 1872 provision related to the legal maxim ‘Ex nudo pacto actio non oritur’ is added?
The provisions of the Recovery of Debts and Bankruptcy Act shall not apply where the amount of debt due to any bank or financial institution or to a co...