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Ill 42
Financial Reporting
In the last Illustration explained, payment is based on the transaction price agreed upon as per the contract. So we can assume that the agreement would obviously be at a markup price and accordingly, the installments received would also reflect that markup. Plus, since the entity can get paid for work completed we can also assume third criteria is partly fulfilled and revenue is receivable to the extent of work performed. Video Details ------------- Ind AS - CA Final Ind AS 115 Revenue from Contract with Customers #46. 3 Conditions for ascertaining if PO is over a period of time & Illustrations 39 - 43
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