Question
Under Ind AS 115, a construction company enters into a
contract to build a dam over 4 years. Revenue is recognized over time based on cost incurred to date. In year 2, 50% of the cost is incurred. How should the company recognize revenue?Solution
Ind AS 115 follows the performance obligation method. If performance is satisfied over time, revenue is recognized proportionately. Since 50% cost is incurred, 50% revenue is recognized, assuming cost-to-cost method is used as the input method.
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