Question
A company sells air-conditioners with a 2-year free
maintenance service included in the contract. The customer pays the full consideration upfront at delivery. As per Ind AS 115, revenue should not be recognised fully on the date of sale. Instead, it must be allocated between the product and service obligations. Which of the following is the most appropriate treatment?Solution
Ind AS 115 requires separation of performance obligations. The product revenue is recognised when delivered, while maintenance revenue is recognised over the service period.
Fill the blank with the most meaningful sentence as per the context of the passage.
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Complete the sentence with the appropriate word.
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(A) similar
(B) compared
(C) identical   Â
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